KwikClick, Inc. reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a substantial decline in revenue, with net revenues for the three months ending September 30, 2024, totaling $32,532, a 64% decrease from $91,088 in the same period of 2023. For the nine months ended September 30, 2024, revenues were $76,569, down 66% from $227,883 in the prior year. This decline is attributed to fewer vendor and influencer promotions in 2024, although management anticipates future growth through the development of KWIK services and new partnerships.

Total operating costs and expenses for the three months ended September 30, 2024, were $338,267, significantly reduced from $1,316,340 in the same quarter of 2023. For the nine-month period, operating costs decreased from $3,090,868 in 2023 to $1,385,283 in 2024. The majority of this reduction is linked to decreased management and payroll expenses, as well as cuts in research and development and general administrative costs.

Despite these reductions, the company reported a net loss of $(368,578) for the three months ended September 30, 2024, compared to a net loss of $(1,189,718) in the same quarter of 2023. For the nine months, the net loss was $(1,443,893), an improvement from $(2,840,559) in the previous year. The company’s accumulated deficit as of September 30, 2024, stood at $(11,846,423).

On the balance sheet, cash and cash equivalents increased significantly to $426,108 as of September 30, 2024, compared to $27,632 at the end of the same period in 2023. Total current assets also rose to $451,625 from $80,689. However, the company reported a working capital deficit of $3,195,178, with approximately 76% of its liabilities owed to majority shareholder Mr. Fred Cooper, who has provided substantial working capital advances.

KwikClick's strategic developments included the issuance of 2,500,000 equity units for total cash proceeds of $500,000 during the three months ended September 30, 2024. The company is actively seeking additional funding to support its operations and strategic objectives, raising concerns about its ability to continue as a going concern. Furthermore, the company is facing litigation regarding intellectual property ownership, which it plans to vigorously contest.