Mon, May 20, 8:52 PM (154 days ago)
Cytta Corp. reported a net loss of $988,541 for Q1 2024, a significant increase from $663,311 in Q1 2023. Revenues for Q1 2024 were $0, down from $8,118 in Q1 2023. Operating expenses rose to $905,710 in Q1 2024 from $660,121 in Q1 2023, primarily due to increased stock-based compensation and software/demo expenses. The company’s cash position decreased to $441,664 as of March 31, 2024, from $674,824 as of September 30, 2023. Current liabilities increased to $3,035,863 from $2,561,493 during the same period, primarily due to a rise in convertible notes payable. The company continues to face liquidity challenges, with a working capital deficit of $2,072,995. Cytta Corp. is focused on securing additional financing to support ongoing operations and product development.