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World Health Energy Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $71,250, compared to $27,799 in the same quarter of the previous year. The increase is attributed to higher sales of products in Israel.
Cost of revenues for the quarter was $51,984, resulting in a gross profit of $19,266, compared to $27,799 in the previous year.
Research and development expenses were $456,184, compared to $427,965 in the previous year. The increase is due to higher consulting fees and service provider costs.
Selling and marketing expenses increased to $46,679 from $6,693, primarily due to increased salaries and related expenses.
General and administrative expenses decreased to $591,347 from $1,112,471, primarily due to a reduction in non-cash share-based compensation expenses.
The company reported an operating loss of $1,074,944 for the quarter, compared to $1,519,330 in the previous year.
Financing income for the quarter was $28,431, compared to financing expenses of $6,908 in the previous year, mainly due to currency exchange differences.
Net loss for the quarter was $1,046,513, compared to $1,527,128 in the previous year. Net loss attributable to the company's stockholders was $964,978, compared to $1,500,678 in the previous year.
Cash and cash equivalents at the end of the period were $59,671, compared to $46,435 at the end of the previous year.
The company continues to face risks related to its financial position, with management expressing substantial doubt about its ability to continue as a going concern beyond the fourth quarter of 2024 without securing additional financing.
World Health Energy Holdings is engaged in the global telecom and cybersecurity technology field, with recent transactions including agreements with Intent HQ Limited and Terra Zone Ltd. to enhance its cybersecurity offerings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the World Health Energy Holdings Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.