Mon, Jul 15, 9:01 PM (54 days ago)
For the quarter ended March 31, 2024, DarkPulse, Inc. reported significant financial challenges. Revenue plummeted to $10,850 from $1,537,833 in the same period last year, primarily due to decreased contributions from subsidiaries like Wildlife Specialists and TJM Electronics. The gross profit margin was 98%, driven by a substantial reduction in cost of revenues. However, operating expenses also saw a significant decrease, with selling, general, and administrative expenses dropping to $157,111 from $1,013,833, and salaries, wages, and payroll taxes falling to $211,877 from $1,547,208. The company recorded an operating loss of $534,995, down from $14,606,074 in the prior year. Net loss attributable to DarkPulse, Inc. was $533,389, a substantial improvement from $14,019,568. Cash flow from operations was negative at $91,687, indicating ongoing liquidity issues. The balance sheet shows a stockholders' deficit of $17,071,135, with current liabilities exceeding current assets by $18,532,909. The liquidation of Optilan (UK) Limited had a material adverse impact, contributing to impairments and bad debt expenses. Future operations depend heavily on securing additional financing and managing intercompany debts.