Welsis Corp. reported significant financial challenges in its latest 10-Q filing for the three months ended December 31, 2024. The company recorded no revenue during this period, a decrease from $2,000 in the same quarter of the previous year. Operating expenses rose to $22,244, up from $14,265, contributing to a net loss of $24,256 compared to a net loss of $13,264 in the prior year. The increase in losses was attributed to higher professional fees and other expenses, reflecting the company's ongoing operational struggles.
The company's balance sheet shows a notable increase in liabilities, with total current liabilities rising to $90,769 from $71,696 as of September 30, 2024. This increase was primarily due to higher accounts payable and accrued liabilities. Welsis Corp. also reported an accumulated deficit of $189,692 as of December 31, 2024, compared to $165,436 at the end of the previous fiscal period. The company's working capital deficiency worsened to $86,663, indicating ongoing liquidity issues.
Strategically, Welsis Corp. has undergone significant changes, including a shift in management and a new focus on the cryptocurrency sector. Following the acquisition of a majority stake by Skywest Pinnacle Limited in April 2024, Kwok Boon Kit was appointed as the new CEO. Additionally, the company announced the launch of TokenTraders.net, a cryptocurrency exchange platform, in September 2024, marking its entry into the blockchain industry. This pivot aims to diversify the company's offerings and potentially improve its financial outlook.
Operationally, Welsis Corp. has not reported any customer counts or user statistics for its teletherapy services, which have been suspended since the management change. The company has also not disclosed any geographic expansion data or product adoption rates for its new cryptocurrency platform. As of the latest filing, the employee headcount remains unchanged at 2,752,667 shares issued and outstanding, with no new hires reported.
Looking ahead, Welsis Corp. acknowledges the need for additional capital to sustain its operations and implement its business plan. The company plans to raise funds through equity or debt securities, although it has not established specific arrangements for future financing. Management expressed uncertainty regarding its ability to continue as a going concern, emphasizing the importance of generating sufficient revenue and securing additional funding to support its operations in the coming months.
About Welsis Corp.
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