Quest Water Global, Inc. reported significant financial developments in its 10-Q filing for the period ending September 30, 2024. The company experienced a notable increase in total current assets, which rose to $5,194,000 from $1,532,000 as of December 31, 2023. Total assets also increased to $5,486,000, up from $2,199,000. However, total liabilities increased substantially to $2,263,089, compared to $1,837,103 in the previous fiscal period, contributing to a total stockholders’ deficit of $(2,257,603), worsening from $(1,834,904).

For the three months ended September 30, 2024, Quest Water reported total expenses of $137,329, a slight decrease from $140,498 in the same period of 2023. The loss before other income for the three months was $(137,329), an improvement from $(140,498) year-over-year. However, for the nine months ended September 30, 2024, total expenses surged to $610,054, compared to $433,939 in the prior year, leading to a net loss of $(610,054) for the nine-month period, up from $(433,939) in 2023.

The company’s cash position improved slightly, with cash at the end of the period reported at $12, compared to $42 at the end of the same period in 2023. Net cash used in operating activities remained relatively stable, with $(438,019) for the nine months ended September 30, 2024, compared to $(431,838) in 2023. Advances from related parties were consistent, totaling $438,028 for both periods.

Strategically, the company continues to rely on financial support from shareholders and the ability to secure equity financing, as indicated by its going concern status. The amount owed to principal shareholders increased, with $2,171,471 reported as of September 30, 2024. Additionally, the company incurred $371,250 in management fees to its President and Vice President, unchanged from the previous year.

The investment in AQUAtap Oasis Partnership S.A.R.L. was adjusted, leading to a restatement of financial statements for September 30, 2023. The balance owed to AQUAtap decreased to $21,898 from $41,273 as of December 31, 2023.

Overall, while Quest Water Global, Inc. has seen improvements in certain asset categories, it continues to face challenges with increasing liabilities and net losses, necessitating ongoing financial support and strategic adjustments.