10-Q - Appsoft Technologies, Inc. (0001651992) (Filer)

Tue, Nov 19, 9:07 PM (24 days ago)

AppSoft Technologies, Inc. (ticker: APPS) reported a challenging financial performance for Q3 2024, with no revenue generated, maintaining a consistent trend from the previous year. The company incurred a net loss of $10,457,000, up from $4,275,000 in Q3 2023. Total expenses rose significantly to $11,042,000, primarily due to increased professional fees and administrative costs. For the nine months ended September 30, 2024, the net loss narrowed to $39,772,000 from $53,880,000, indicating some improvement despite ongoing operational challenges. Cash flow analysis showed a net cash outflow from operations of $33,003,000, offset by financing activities of $33,000,000. The company's liquidity remains precarious, with a working capital deficit of $34,013,000 as of September 30, 2024. AppSoft's accumulated deficit reached $994,056, raising substantial doubt about its ability to continue as a going concern without securing additional funding. Management plans to focus on capital acquisition and development of new applications, particularly in the burgeoning esports market, which they believe offers significant growth potential. However, the company faces significant uncertainties, including reliance on external financing and competition from larger firms in the mobile app industry.