10-Q - Quest Water Global, Inc. (0001487091) (Filer)

Tue, Nov 12, 10:37 PM (62 days ago)

Quest Water Global, Inc. (QWTR) reported its 10-Q for the quarter ended September 30, 2024, revealing ongoing financial challenges. The company recorded no revenue for the quarter, consistent with the same period in 2023. Total expenses slightly decreased to $137,329 from $140,498 year-over-year, primarily due to stable management fees. However, net loss narrowed marginally to $137,329 from $140,498, leading to a loss per share of $0.001. For the nine months ending September 30, 2024, total expenses rose to $610,054 from $433,939, driven by significant stock-based compensation of $187,355. Consequently, the net loss for this period increased to $610,054, compared to $433,939 in 2023. As of September 30, 2024, the company reported total assets of $5,486,000 against liabilities of $2,263,089, resulting in a working capital deficiency of $2,257,895 and an accumulated deficit of $12,445,439. Cash flow from operations remained negative, with $438,019 used in operating activities. The company relies heavily on advances from related parties for financing and faces substantial doubt regarding its ability to continue as a going concern. Future operations will depend on securing additional funding, estimated at $990,000 over the next 12 months, to support ongoing projects in water-scarce regions.