Quarta-Rad, Inc. reported a significant decline in financial performance for the fiscal year ending December 31, 2024, with total revenues dropping to $106,797, a decrease of 78.99% from $508,316 in 2023. The company incurred a net loss of $216,755, compared to a net profit of $44,492 in the previous year. This downturn is attributed primarily to reduced inventory and timing of revenue recognition, particularly within its subsidiary, Sellavir, which focuses on AI-driven solutions.
The company's operational strategy has undergone notable changes, including the discontinuation of its RADEX product line at the end of 2023, which eliminated reliance on a Russian supplier. Quarta-Rad has shifted its focus towards expanding its AI capabilities through Sellavir, which is now developing a call center software platform named CenterEye. This strategic pivot aims to leverage AI technology to enhance operational efficiency in the call center industry, targeting users of major platforms like Genesys and Nice.
In terms of operational metrics, Quarta-Rad's total assets decreased to $577,814 as of December 31, 2024, down from $683,314 in 2023. The company reported a working capital deficit of $260,907, compared to a deficit of $46,448 the previous year. As of the end of 2024, Quarta-Rad had 15,674,483 shares of common stock outstanding, with a market value of approximately $11.1 million based on the last sale price. The company continues to operate with a minimal workforce, relying on its two officers, who contribute part-time.
Looking ahead, Quarta-Rad's management has outlined plans to secure additional financing to support its operations and marketing efforts, particularly for Sellavir's AI initiatives. The company is exploring strategic partnerships and cost-reduction strategies to improve its financial position. However, there remains substantial doubt about its ability to continue as a going concern without securing the necessary capital. The management's ability to execute these plans effectively will be critical in determining the company's future viability.
About Quarta-Rad, Inc.
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