Wed, Oct 2, 9:13 PM (80 days ago)
For the quarter ended July 31, 2024, Defense Technologies International Corp. reported no revenue, maintaining a challenging financial position with a net loss of $467,409, significantly higher than the $136,529 loss in the same period of 2023. Total expenses increased to $163,517, driven by higher general and administrative costs. The company continues to face a working capital deficit of $2,124,771, with current liabilities totaling $2,132,877, primarily due to significant derivative liabilities and payables to related parties. Cash flow from operating activities showed a net outflow of $39,391, reflecting ongoing operational challenges. Despite these difficulties, the company issued 10,686,860 shares for preferred stock conversion and raised $400,000 through related party transactions. The firm has no established revenue sources, relying on debt and equity financing to cover operational costs. Future operations hinge on the successful launch of their advanced passive scanning technology, which they hope will generate revenue following beta testing. The company's ability to continue as a going concern remains uncertain, with management planning to seek additional funding to support operations.