Stratos Renewables Corporation reported significant financial changes in its 10-Q filing for the nine months ended September 30, 2024. The company’s total assets decreased to $15,521 from $80,292 as of December 31, 2023. Correspondingly, total stockholders’ equity fell sharply from $76,492 to $13,921 during the same period.
Operating expenses for the nine months ended September 30, 2024, were $62,571, a substantial reduction from $564,160 in the prior year. This decrease in operating expenses contributed to a reduced loss from operations, which was $(62,571) for 2024 compared to $(564,160) for 2023. The net loss for the nine months ended September 30, 2024, was $(62,571), significantly improved from $(564,160) in the previous year. The net loss per share for this period was $(0.00), compared to $(0.01) in 2023, with shares used in the calculation decreasing from 78,076,755 to 49,005,865.
In the third quarter of 2024, operating expenses were reported at $9,883, down from $518,461 in Q3 2023. The loss from operations for Q3 2024 was $(9,883), compared to $(518,461) in Q3 2023, with a net loss also reflecting this trend at $(9,883) versus $(518,461) in the prior year. The net loss per share for Q3 2024 remained at $(0.00), while it was $(0.01) in Q3 2023, with shares used in the calculation decreasing from 66,393,216 to 49,005,865.
The company’s cash position showed a decline, with cash at the beginning of the nine-month period at $80,292, dropping to $15,521 by the end of September 2024. In contrast, cash at the end of the same period in 2023 was $106,975. Net cash used in operating activities for the nine months ended September 30, 2024, was $(64,771), a decrease from $(293,025) in 2023.
Stratos Renewables has not recognized any revenue to date, adhering to ASC 606 for revenue recognition. The company, which initially operated in the import/export business for hydrocarbons and bio-fuels, ceased operations in 2014 and was revived in June 2021, currently exploring acquisition opportunities. The company has maintained a constant number of preferred shares at 300,000 and common shares at 49,005,865 across the reporting periods.
About Stratos Renewables Corp
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