Wed, May 15, 11:28 AM (205 days ago)
SEATech Ventures Corp.'s Form 10-Q for the quarter ended March 31, 2024, reports a significant decline in financial performance. Key points include: 1. **Revenue and Profitability**: No revenue was generated in Q1 2024 compared to $148,000 in Q1 2023. The gross profit fell from $32,000 to zero. This was due to no revenue deals in Q1 2024. 2. **Expenses**: General and administrative expenses increased to $43,540 from $38,600, primarily due to higher professional fees. Selling and distribution expenses slightly decreased to $25 from $805. 3. **Net Loss**: The net loss widened significantly to $43,565 from $7,405, driven by higher administrative costs and lack of revenue. 4. **Cash Flow**: Operating activities used $14,472 in cash, an improvement from $69,756 used in Q1 2023. Cash and cash equivalents stood at $25,686, down from $65,783. 5. **Balance Sheet**: Total assets decreased to $101,042 from $185,624, primarily due to reductions in accounts receivable and cash. Liabilities decreased slightly to $372,462 from $413,610. 6. **Future Outlook**: The company faces substantial doubt about its ability to continue as a going concern, reliant on financing activities for liquidity. The cancellation of the acquisition of Just Supply Chain Limited also impacted future operations. 7. **Internal Controls**: Material weaknesses in internal control over financial reporting were identified, including inadequate segregation of duties and insufficient written policies. Overall, SEATech Ventures Corp. experienced a challenging quarter with increased losses and reduced liquidity, highlighting uncertainties in its future operations.