Tue, Nov 19, 4:08 PM (14 days ago)
Winvest Group Ltd. (WNLV) reported significant financial changes for the quarter ending September 30, 2024. The company recorded no revenue for Q3 2024, a notable decline from $50,000 in Q3 2023, reflecting ongoing strategic business development efforts. Operating expenses increased to $153,137, up from $94,771 in the prior year, primarily due to higher administrative costs. The net loss narrowed to $39,331 from $63,139 year-over-year, with a basic loss per share of $0.00. Cash on hand rose to $289,039 from $45,070, indicating improved liquidity. Notably, cash flows from investing activities included a gain of $263,578 from the repurchase of investments. Total assets surged to $480,769, primarily due to an increase in project advances to $550,000, while liabilities also grew, resulting in a stockholders' deficit of $795,618. The company continues to rely on interest-free loans from Winvest Group Limited (Cayman) for funding. Management emphasizes the need for additional financing to support operations, as the company has incurred losses since inception and lacks operational cash flow. The effectiveness of the company's internal controls and disclosure procedures remains a concern, with noted deficiencies potentially impacting future financial reporting.