Mon, Dec 23, 8:35 PM (56 days ago)
Defense Technologies International Corp. (DTII) reported its financial results for the quarter ending October 31, 2024, showing significant challenges in revenue generation and operating expenses. The company recorded no revenue for the current quarter, a decrease from $49,012 in the same quarter of 2023. Total operating expenses increased to $366,065, primarily due to higher consulting and administrative costs, compared to $143,593 in the previous year. Despite these challenges, DTII reported a net income of $398,527 for the quarter, driven by a gain on debt settlements totaling $723,065. As of October 31, 2024, the company had total current assets of $7,827,000, against current liabilities of $1,342,206, resulting in a working capital deficit of $1,334,379. Cash flow from operations showed a net outflow of $40,603, indicating continued reliance on financing activities, which provided $40,660 during the same period. The company faces uncertainties regarding its ability to generate sustainable revenue and manage its working capital effectively, as it has not yet established consistent revenue streams. Future operations will depend on securing additional funding and the successful commercialization of its security technology products.