Thu, Nov 14, 4:43 PM (95 days ago)
Internet Sciences Inc. (ISI) reported its Q3 2024 financial results, highlighting a revenue of $686,165, a significant increase from zero in Q3 2023. The cost of sales was $580,486, leading to a gross profit of $(850). Total operating expenses rose to $76,587, primarily due to increased general and administrative costs as ISI prepares for a stock market listing. The company reported a net loss of $399,681, significantly higher than the $24,060 loss in Q3 2023, largely due to a non-cash conversion loss of $357,200 from converting Class B to Class A shares. Cash flow from operations improved to $58,098 compared to a cash usage of $201,265 in 2023, driven by the gross profit from sales. ISI ended the quarter with cash of $72,963 but faced a working capital deficit of $49,990. The company is in a critical phase, requiring additional capital for growth and operations, with plans for an Initial Public Offering to raise funds. Overall, ISI's financial health reflects early-stage growth but highlights ongoing challenges in profitability and liquidity.