Catalyst Crew Technologies Reports No Revenue, Reduced Losses in Q3 2024, Raises Concerns Over Going Concern

Catalyst Crew Technologies Corp. (formerly Blue Chip Technologies Corp.) reported its financial results for the third quarter and the nine months ended September 30, 2024. The company continues to face challenges, with no revenue generated during both the three-month and nine-month periods, consistent with the same periods in 2023.

For the three months ended September 30, 2024, total operating expenses significantly decreased to $33,668 from $2,939,764 in the same period of 2023. This reduction is primarily attributed to decreased stock-based compensation. The net loss for the quarter was $43,481, a substantial improvement compared to a net loss of $2,938,336 in the prior year.

For the nine months ended September 30, 2024, total operating expenses were $2,315,892, down from $2,959,488 in the same period of 2023. The net loss for this period was $2,343,608, compared to a net loss of $2,974,948 in the previous year, indicating a positive trend in reducing losses.

The company’s current liabilities increased to $647,971 as of September 30, 2024, from $500,363 at the end of 2023. Accounts payable and accrued liabilities also rose to $243,238 from $152,851 during the same timeframe. The accumulated deficit grew to $(28,475,871) as of September 30, 2024, compared to $(26,132,263) at the end of 2023.

Catalyst Crew Technologies underwent significant strategic changes, including a shift in business focus following the acquisition of big data analytics assets for the gaming and gambling industry on March 20, 2023. However, as of June 11, 2024, the company ceased operations related to these analytics and relinquished interests in existing subsidiaries. The company also acquired Facial Recognition Technology solutions and associated intellectual property for $1.00 on June 9, 2024.

Leadership changes included the resignation of Andrew Gaudet as President and CEO on September 18, 2023, with Gurneet Kaur appointed to the role. Kaur later sold her shares to Waqas Nakhwa, who became the controlling shareholder and assumed leadership on June 7, 2024, after Kaur's resignation.

The company’s financial statements raise substantial doubt about its ability to continue as a going concern, primarily due to reliance on external funding without firm financing agreements in place. As of September 30, 2024, the company had no current assets and a working capital deficit of $647,971.