As of September 30, 2024, Bubblr, Inc. reported total assets of $1,121,253, a notable decrease from $1,583,101 at the end of 2023. This decline was primarily driven by a reduction in total current assets, which fell to $5,843 from $95,171, while total non-current assets decreased to $1,115,410 from $1,487,930. The company experienced a significant increase in total liabilities, which rose to $3,031,054 from $2,079,226, resulting in a stockholders' equity deficit of $(1,909,801), compared to $(496,125) at the end of the previous fiscal year.
In terms of revenue performance, for the three months ended September 30, 2024, Bubblr reported net sales of $1,415, reflecting a 22.9% increase from $1,151 in the same period of 2023. The gross profit for this quarter was $1,275, up from $1,151. Operating expenses saw a significant reduction, totaling $471,942, down 61.9% from $1,237,257 in Q3 2023. This led to an operating loss of $(470,667), an improvement from $(1,236,106) in the prior year. The net loss before income tax for Q3 2024 was $(496,838), a decrease from $(1,170,933) in Q3 2023, with a net comprehensive loss of $(496,838) compared to $(1,101,947) the previous year.
For the nine months ended September 30, 2024, net sales totaled $4,087, a substantial increase from $1,151 in the same period of 2023, with gross profit rising to $2,936 from $1,151. Operating expenses for the nine months were $1,664,018, down 42.0% from $3,229,063, resulting in an operating loss of $(1,661,082), an improvement from $(1,991,806). The net loss after income tax for the nine months was $(1,668,843), significantly reduced from $(3,128,486) in the prior year.
As of September 30, 2024, the company reported a working capital deficit of $(2,009,279), an increase from $(1,392,300) at the end of 2023. Cash used in operating activities for the nine months was $(214,009), showing improvement from $(412,603) in the same period of 2023. However, cash provided by financing activities decreased to $221,410 from $382,970 in the previous year.
About Bubblr Inc.
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