Fri, Nov 15, 11:04 AM (18 days ago)
China Teletech Holding Inc. (OTC: CNCT) reported no revenue for the quarter ending September 30, 2024, consistent with the previous year. Operating expenses surged to $8,718 from $1,810 year-over-year, totaling $40,414 for the nine months, reflecting increased professional and administrative fees as the company navigates regulatory requirements. The net loss for Q3 2024 was $8,718, compared to $1,810 in Q3 2023, with a nine-month loss of $40,414 versus $11,507 in the prior year. As of September 30, 2024, the company held no cash, with total liabilities at $71,334, up from $30,920 at year-end 2023. The company continues to rely on related party financing, with advances increasing to $61,117. The absence of revenue and significant losses raise substantial doubt regarding its ability to continue as a going concern. Management is exploring capital raising options and potential mergers or acquisitions to generate revenue. The company’s internal controls were deemed ineffective due to a lack of segregation of duties, which may affect financial reporting reliability.