AppSoft Technologies, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing significant challenges in revenue generation and profitability. The company recorded total revenue of $585 for both the three and nine-month periods, unchanged from the previous year. This stagnation in revenue is indicative of ongoing difficulties in the mobile app market, where the company primarily operates.

For the three months ended September 30, 2024, AppSoft reported a net loss of $10,457, a notable increase from a net loss of $4,275 in the same period of 2023. Total expenses for this quarter rose to $11,042, compared to $4,275 in the prior year, with Selling, General and Administrative (SG&A) expenses escalating to $3,038 from $827. For the nine months ended September 30, 2024, the net loss improved to $39,187 from $45,980 in 2023, despite total expenses remaining high at $39,772.

The company's financial position as of September 30, 2024, shows total current assets of $5, down from $8 at the end of 2023, while total current liabilities increased to $34,018 from $27,839. This resulted in a working capital deficit of $34,013, compared to $27,831 at the end of the previous fiscal year. The accumulated deficit has also grown to $994,056, up from $954,874 at the end of 2023.

AppSoft's management has expressed substantial doubt about the company's ability to continue as a going concern over the next 12 months, primarily due to its financial performance. To address these challenges, management is focusing on securing additional equity funding, monitoring working capital requirements, and maintaining corporate overhead in line with available cash resources.

The company has also been active in managing its debt, with total liabilities reaching $459,561 as of September 30, 2024, up from $420,382 at the end of 2023. Notably, borrowings under a drawdown note from Bryan Glass Securities, Inc. have totaled $223,123, with $176,877 remaining available for advances.

Despite these financial hurdles, AppSoft continues to pursue growth opportunities in the mobile app and esports markets, emphasizing the need for additional capital to fund development and marketing initiatives. The company remains committed to its strategy of developing and acquiring new apps while navigating the complexities of the current economic landscape.