Tue, Nov 19, 7:38 PM (59 days ago)
SecureTech Innovations, Inc. (SCTH) reported a significant decline in financial performance for the third quarter ending September 30, 2024. Revenue fell to $0 from $4,450 in Q3 2023, marking a 100% decrease, largely attributed to management's focus on securing financing rather than sales. Gross profit margins plummeted to 0%, down from 73.2% a year prior. Total operating expenses rose to $81,642, a 14% increase, primarily due to higher professional fees. The company recorded a net loss of $83,703, compared to a loss of $68,012 in Q3 2023. For the nine months ending September 30, total revenue was $14,235, down 66% from $42,050 in the same period last year. The total stockholders’ deficit widened to $396,700, reflecting ongoing operational challenges and an accumulated deficit of $1,564,020. Liquidity remains a concern, with total assets decreasing to $14,097 from $24,217 at year-end 2023, while total liabilities surged to $410,797. The company continues to explore additional financing options, including a Regulation A+ offering planned for late 2024, amid a going concern opinion from auditors indicating substantial doubt about its ability to continue operations.