SEATech Ventures Corp. reported significant financial changes in its 10-Q filing for the period ending September 30, 2024. Total current assets decreased sharply to $25.1 million from $179.9 million as of December 31, 2023. Total assets also fell to $30.1 million from $185.6 million in the same timeframe. Current liabilities decreased to $360.3 million from $413.6 million, while the accumulated deficit increased to $(998.0 million) from $(896.9 million). The total stockholders’ deficit widened to $(330.2 million) compared to $(228.0 million) at the end of the previous fiscal year.

For the three months ended September 30, 2024, SEATech reported revenue of $248.3 million, with a gross profit of $60.6 million. However, the company incurred a net loss of $(25.3 million), an improvement from the $(45.7 million) loss reported for the same period in 2023. The comprehensive loss also decreased to $(26.5 million) from $(45.7 million) year-over-year. General and administrative expenses were reduced to $(27.2 million) from $(45.7 million) in the prior year, contributing to the narrower loss.

For the nine months ended September 30, 2024, the net loss increased to $(101.1 million) from $(70.0 million) in the same period of 2023. General and administrative expenses for this nine-month period also decreased to $(103.0 million) from $(129.8 million) year-over-year. The comprehensive loss for the nine months was $(102.2 million), compared to $(70.0 million) in the previous year.

Cash and cash equivalents at the end of the reporting period stood at $22.1 million, down from $49.6 million a year earlier. The company reported net cash used in operating activities of $(27.3 million) for the nine months ended September 30, 2024, an improvement from $(86.0 million) in the same period of 2023. Notably, SEATech generated $650,000 from investing activities, contrasting with a $(650,000) outflow in the previous year.

In terms of strategic developments, SEATech Ventures Corp. has a history of acquisitions, including the recent attempt to acquire Just Supply Chain Limited (JSCL) on October 13, 2023, which was later canceled on May 6, 2024, due to valuation issues. The company returned 21.8 million shares held as treasury shares following the cancellation. As of September 30, 2024, SEATech had 114.4 million common shares outstanding and paid-in capital of $657.8 million.