GiveMePower Corporation (GMPW) reported its financial results for the third quarter and nine months ended September 30, 2024, revealing continued challenges in revenue generation and profitability. The company reported no revenue for both the third quarter and the nine-month period, consistent with the same periods in 2023. Operating expenses for Q3 2024 increased to $8,870, up from $8,403 in Q3 2023. For the nine months ended September 30, 2024, total operating expenses rose to $28,005, compared to $19,506 for the same period in 2023. The net loss for Q3 2024 was $(8,870), compared to a loss of $(8,403) in Q3 2023, while the nine-month net loss increased to $(28,005) from $(19,506) in the prior year.

As of September 30, 2024, the company reported total assets of $9,428 and total liabilities of $274,813, resulting in a stockholders' equity deficit of $(265,385). This represents a decrease in equity from $(237,380) as of December 31, 2023, primarily due to the net operating loss incurred during the period. The accumulated deficit increased to $6,621,005 from $6,593,000 at the end of the previous fiscal year.

Cash and cash equivalents improved significantly, reaching $9,428 as of September 30, 2024, compared to $516 at the end of 2023. The company generated $36,992 from financing activities during the nine months ended September 30, 2024, compared to $29,556 in the same period of 2023. However, net cash flows used in operating activities also increased to $(28,050) from $(14,078) year-over-year.

Strategically, GMPW has halted real estate purchases since January 2022, anticipating interest rate hikes that could affect property prices. The company has also discontinued operations of two subsidiaries, Malcom Wingate Cush Franklin LLC and Opportunity Zone Capital LLC, due to their inability to operate profitably and the high carrying costs associated with them.

Looking ahead, GMPW aims to establish a banking and financial services division, transitioning into a financial technology (FINTEC) company. This initiative includes plans for a federally licensed bank and the development of machine learning and AI-enabled underwriting systems, as well as blockchain transaction processing and cryptocurrency services. The company is currently focused on fundraising efforts to support these strategic developments.

As of September 30, 2024, GMPW had no employees, with only the CEO and part-time staff managing operations. The company faces significant challenges, including a lack of effective internal controls and the need for additional capital to sustain operations.