Welsis Corp., a company engaged in consulting services and aiming to expand into the teletherapy sector, has released its Form 10-Q report for the quarter ended December 31, 2023. The report outlines significant financial and operational challenges faced by the company, including a notable decrease in revenue and an increased net loss.
Financial Highlights
- Revenue (Consulting): $2,000, a decrease from $3,500 in the same period last year.
- Net Income (Loss): $(13,264), an increased net loss compared to $(9,211) in the previous year, primarily due to higher operating expenses.
- Net Loss per common share: Basic: $(0.00), unchanged from the previous year.
- Net Loss per common share: Diluted: $(0.00), consistent with the basic net loss per share, with no change from the prior year.
Business Highlights
- Revenue Segments: The company generated $2,000 in revenue from consulting services during the three months ended December 31, 2023, compared to $3,500 in the same period in 2022, indicating a decrease in consulting revenue year-over-year.
- Operational Challenges: Welsis Corp. is facing significant operational challenges, as evidenced by a net loss of $13,264 for the three months ended December 31, 2023. This loss is primarily attributed to professional fees, consulting expenses, and depreciation expenses.
- Going Concern: There is substantial doubt about the company's ability to continue as a going concern due to its accumulated deficit of $154,017 as of December 31, 2023, and ongoing net losses. The company is attempting to commence operations and generate sufficient revenue but may require additional funding.
- Future Outlook: Management intends to raise additional funds through private or public offerings to support daily operations and implement the business plan. The company is focused on commencing operations in the teletherapy sector and generating sufficient revenue to sustain its business.
- Impact of COVID-19: The company acknowledges that the extent of the impact of the COVID-19 outbreak on its financial performance is uncertain and could materially affect future operating results.
SEC Filing: