Fri, Aug 16, 10:13 AM (151 days ago)
Quarta-Rad, Inc. reported a significant decline in financial performance for the year ended December 31, 2023, with total revenues dropping 53.81% to $508,316 from $1,100,431 in 2022. This decline was primarily attributed to temporary distribution restrictions affecting its Quarta-Rad segment, which recorded a net loss of $80,260, contrasting with a net income of $83,429 in the previous year. Conversely, its subsidiary Sellavir Inc. posted a net income of $124,752, a substantial increase from a net loss of $68,851 in 2022, driven by enhanced AI capabilities and increased sales. Operating expenses decreased by 24.33% to $196,129, reflecting cost-cutting measures. The company ended 2023 with cash reserves of $72,625 but faced a working capital deficit of $46,448. Despite the challenges, Quarta-Rad aims to secure additional financing to expand its operations and marketing efforts. The company has also shifted its focus from radiation detection devices to AI-driven solutions, particularly in the call center industry, as it seeks to diversify revenue streams amidst ongoing geopolitical risks impacting supply chains.