Fri, Jun 14, 9:16 PM (85 days ago)
Sparta Commercial Services, Inc. filed an amended Form 10-Q/A for the quarter ending January 31, 2024, primarily due to the initial filing's financial statements not being reviewed by an independent public accountant as required by SAS100. The amendment includes reviewed financials and updated certifications from the company's officers. Key financial highlights include: - Total revenue decreased to $151,433 from $189,042 year-over-year, primarily due to a reduction in information technology services. - Operating expenses decreased by 30% to $866,886, attributed mainly to lower compensation and consulting fees. - The net loss for the period was $675,291, a significant change from the net income of $4,536,254 in the prior year, driven by losses in the fair value of derivative liabilities. - Cash flow from operations was negative at $499,244, with financing activities providing $500,633, resulting in a slight cash increase to $5,417. - The company continues to face substantial doubt about its ability to continue as a going concern, with an accumulated deficit of $66.8 million and a working capital deficit of $9.8 million. Future operations depend on securing additional financing, which remains uncertain.