Leet Technology Inc. reported a significant decline in financial performance for the first quarter of 2025, with revenues dropping to $3,884 compared to $196,653 in the same period of 2024. The company attributed this decrease primarily to the absence of revenue from a white label project with Smart Communications, Inc., a major telecommunications provider in the Philippines. The cost of revenue also decreased to $146,497 from $156,986, reflecting reduced expenses related to platform server rentals and network bandwidth.
The company's net loss for the quarter increased to $250,765, up from $123,070 in the prior year. This rise in net loss was largely driven by the substantial drop in revenue. General and administrative expenses decreased to $98,483 from $168,471, mainly due to lower legal and professional fees, consultancy fees, and salaries. Despite these reductions, the overall financial health of the company remains concerning, as it reported a working capital deficit of $4,395,578 and accumulated losses of $13,051,231 as of March 31, 2025.
In terms of operational metrics, Leet Technology's cash and cash equivalents stood at $13,067, a decrease from $33,248 at the end of 2024. The company has been actively pursuing additional financing to support its operations, as its current cash reserves are insufficient to meet its obligations in the coming year. The company’s reliance on financial support from stockholders and related parties is critical for its survival, as indicated in the filing.
Leet Technology operates primarily in the esports sector, providing tournament management and team services through its Matchroom.net platform. The company has not reported any significant acquisitions or product launches during this period. However, it continues to engage with major customers in Malaysia, India, and the Philippines, with a focus on enhancing its service offerings. The company’s employee headcount remains stable, with no significant changes reported.
Looking ahead, Leet Technology's management has expressed uncertainty regarding its ability to continue as a going concern without securing additional financing. The company is actively seeking funding options but acknowledges the risks associated with its financial position. The outlook remains cautious, as the company navigates a challenging market environment while striving to stabilize its operations and improve its financial performance.
About Leet Technology Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.