Winvest Group Ltd Reports Revenue Decline, Reduced Expenses, and Increased Cash Reserves in Latest 10-Q Filing

Winvest Group Ltd, formerly known as Zyrox Mining International Inc., reported significant financial changes in its latest 10-Q filing for the period ending September 30, 2024. The company, which focuses on the development and marketing of biodegradable plastic products, experienced a notable decline in revenue, reporting $0 for the three months ended September 30, 2024, compared to $50,000 for the same period in 2023. For the nine months ended September 30, 2024, revenue totaled $77,340, down from $214,978 in the prior year.

Despite the drop in revenue, the company managed to reduce its operating expenses significantly, which were $398,894 for the nine months ended September 30, 2024, compared to $930,720 for the same period in 2023. This reduction in expenses contributed to a smaller net loss of $101,727 for the nine months ended September 30, 2024, compared to a net loss of $834,203 for the same period in 2023. The loss from operations for the three months ended September 30, 2024, was $(153,137), an increase from $(59,771) in the same quarter of the previous year.

The company reported a gain on investments of $263,578 for the nine months ended September 30, 2024, a significant increase from $14,313 in the prior year. This gain was primarily attributed to proceeds from the repurchase of investments, which totaled $263,967 during the period.

As of September 30, 2024, Winvest Group Ltd had total current assets of $468,792, a substantial increase from $126,110 as of December 31, 2023. Cash on hand also rose to $289,039 from $45,070 at the end of the previous year. However, the company continues to face challenges, with total current liabilities increasing to $1,276,387 from $1,030,595, resulting in a negative working capital deficit of $807,595.

The company has been exploring alternative financing sources to support its operations, which have been funded by Winvest Group Limited (Cayman) through interest-free demand loans. As of September 30, 2024, the accumulated deficit stood at $(104,822,280), reflecting ongoing operational losses since inception.

Strategically, Winvest Group Ltd has undergone significant changes, including a share exchange agreement with Infinity Fund Australia Pty Ltd, which involved the acquisition of shares in exchange for common stock. The company has also seen a substantial increase in its common shares outstanding, rising to 285,159,075 as of September 30, 2024, from 18,326,075 at the end of 2023.

Overall, while Winvest Group Ltd has made strides in reducing expenses and increasing cash reserves, it continues to grapple with revenue generation and operational challenges.