Conectisys Corporation, a shell company incorporated on February 2, 1986, has reported significant changes in its financial performance for the three and nine months ended September 30, 2024. The company, which has not generated revenue since 2008 and currently operates with no customers or employees, has shifted from a net loss to net earnings. For the three months ended September 30, 2024, Conectisys recorded net earnings of $11,320, compared to a net loss of $(1,300) for the same period in 2023. Similarly, for the nine months ended September 30, 2024, the company reported net earnings of $3,992, a notable improvement from a net loss of $(5,600) in the prior year.

General and administrative expenses for the three months ended September 30, 2024, were $(11,320), reflecting a reduction in costs compared to $1,300 in the same period of 2023. This trend continued for the nine-month period, where expenses decreased from $5,600 to $(3,992). Earnings per share for the three months ended September 30, 2024, were reported at $0.01, a significant improvement from $(0.00) in the previous year. However, for the nine months ended September 30, 2024, earnings per share remained at $(0.0), compared to $(0.01) in 2023.

The company’s financial position shows a decrease in total current liabilities, which fell from $49,706 as of December 31, 2023, to $45,714 as of September 30, 2024. Accounts payable also decreased from $31,694 to $17,638 during the same period. However, advances from an officer increased from $18,012 to $28,076, indicating reliance on internal funding.

Conectisys is actively seeking to identify and acquire a target company for long-term growth, with no specific industry or geographical restrictions. The company has expressed intentions to pursue financing options, including equity or debt, to support its operations and merger ambitions. However, there is substantial doubt regarding its ability to continue as a going concern without adequate funding. The company has no current arrangements for additional financing, and existing shareholders are not expected to provide future support.

The CEO has identified material weaknesses in internal controls over financial reporting, primarily due to a lack of employees and financial resources. The company continues to face legal contingencies and recognizes liabilities when losses are probable and estimable.