Accredited Solutions Inc
For the period ended Sep 30, 2024. Filed Dec 5, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Dec 5, 2024
ASIIStored price and day change unavailable
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-23.
0001477932-24-005218
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-12-05.
0001477932-24-007846
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 47 previous paragraphs and 51 current paragraphs.
32 unchanged; 14 reworded; 5 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
Other Income (Expenses)
Current report
Other income (expenses) for the three months ended September 30, 2024 and 2023, were $4,647,187 and ($216,675), respectively. The difference was caused by the change in the derivative liabilities of $4,683,044 and ($169,306) for the three months ended September 30, 2024 and 2023.
Current report
For the Nine Months Ended September 30, 2024, compared to the Nine Months Ended September 30, 2023
Current report
Other Income (Expenses)
Current report
Other income (expenses) for the nine months ended September 30, 2024 and 2023, were $2,578,659 and ($1,693,169), respectively. The difference was caused by the change in the derivative liabilities of $2,762, 559 and ($1,623,455) for the nine months ended September 30, 2024 and 2023.
Removed paragraphs (1)
Previous report
For the Six Months Ended June 30, 2024, compared to the Six Months Ended June 30, 2023
Reworded paragraphs (14)
Previous wording
We had $102,328 and $222,363 of revenue for the three months ended June 30, 2024 and 2023, respectively. Revenue was lower in 2024 as a result of management focusing on revamping the operations and getting sales force and processes dialed in for future growth.
Current wording
We had $241,136 and $164,515 of revenue for the three months ended September 30, 2024 and 2023, respectively. Revenue was lower in 2024 as a result of management focusing on revamping the operations and getting sales force and processes dialed in for future growth along with an aggressive marketing campaign in 2024.
Previous wording
We had $53,766 and $163,040 of cost of sales and a gross profit of $48,562 and $59,323 for the three months ended June 30, 2024 and 2023, respectively.
Current wording
We had $189,824 and $121,616 of cost of sales and a gross profit of $51,312 and $42,899 for the three months ended September 30, 2024 and 2023, respectively.
Previous wording
Operating income (expenses) for the three months ended June 30, 2024 and 2023, were $63,977 and $11,322 respectively. The increase in operating expenses for the three months ended June 30, 2024 compared to the three months ended June 30, 2023 is due primarily to increased payroll related expenses.
Current wording
Operating expenses for the three months ended September 30, 2024 and 2023, were $426,497 and $77,195 respectively. The increase in operating expenses for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 is due primarily to increased advertising and marketing expense and consulting expense.
Previous wording
Net loss from continuing operations for the three months ended June 30, 2024 and 2023, was $2,079,465 and $1,375,776, respectively. Net loss from discontinued operations for the three months ended June 30, 2024 and 2023, was $0 and $162,173, respectively. Net loss for the three months ended June 30, 2024 and 2023, was $2,079,465 and $1,537,949, respectively.
Current wording
Net income (loss) from continuing operations for the three months ended September 30, 2024 and 2023, was $4,272,002 and ($250,971), respectively. Net loss from discontinued operations for the three months ended September 30, 2024 and 2023, was $0 and $0, respectively. Net income (loss) for the three months ended September 30, 2024 and 2023, was $4,272,002 and ($250,971), respectively.
Previous wording
We had $211,701 and $378,601 of revenue for the six months ended June 30, 2024 and 2023, respectively. Revenue was lower in 2024 as a result of management focusing on revamping the operations and getting sales force and processes dialed in for future growth.
Current wording
We had $452,837 and $543,116 of revenue for the nine months ended September 30, 2024 and 2023, respectively. Revenue was lower in 2024 as a result of management focusing on revamping the operations and getting sales force and processes dialed in for future growth. The Company began an advertising and marketing campaign during the third quarter of 2024.
Previous wording
We had $173,057 and $293,030 of cost of sales and a gross profit of $38,644 and $85,571 for the six months ended June 30, 2024 and 2023, respectively.
Current wording
We had $362,881 and $414,646 of cost of sales and a gross profit of $89,956 and $128,470 for the nine months ended September 30, 2024 and 2023, respectively.
Previous wording
Operating expenses for the six months ended June 30, 2024 and 2023, were $122,887 and $93,025, respectively. The increase in expenses for the six months ended June 30, 2024 compared to the six months ended June 30, 2023 is due primarily to increased payroll related expenses.
Current wording
Operating expenses for the nine months ended September 30, 2024 and 2023, were $549,384 and $210,967, respectively. The increase in expenses for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 is due primarily to increased advertising and marketing expense and consulting expense.
Previous wording
Net loss from continuing operations for the six months ended June 30, 2024 and 2023, was $2,152,771 and $1,572,149, respectively. Net loss from discontinued operations for the six months ended June 30, 2024 and 2023, was $0 and $197,251, respectively. Net loss for the six months ended June 30, 2024 and 2023, was $2,152,771 and $1,769,400, respectively.
Current wording
Net income (loss) from continuing operations for the nine months ended September 30, 2024 and 2023, was $2,119,231 and ($1,775,418), respectively. Net loss from discontinued operations for the nine months ended September 30, 2024 and 2023, was $0 and $197,251, respectively. Net income (loss) for the nine months ended September 30, 2024 and 2023, was $2,119,231 and ($1,972,669), respectively.
Previous wording
We had cash used in operations of $36,490 the six months ended June 30, 2024, compared to $43,482 for the six months ended June 30, 2023.
Current wording
We had cash used in operations of $244,813 the nine months ended September 30, 2024, compared to $9,497 for the nine months ended September 30, 2023.
Previous wording
We had cash used in investing activities of $0 and $541 for the six months ended June 30, 2024 and 2023, respectively.
Current wording
We had cash used in investing activities of $0 and $541 for the three months ended September 30, 2024 and 2023, respectively.
Previous wording
We had cash provided by financing activities of $42,350 for the six months ended June 30, 2024, compared to cash provided by financing activities of $19,600 for the six months ended June 30, 2023.
Current wording
We had cash provided by financing activities of $256,000 for the nine months ended September 30, 2024, compared to cash provided by financing activities of $29,950 for the nine months ended September 30, 2023.
Previous wording
As of June 30, 2024, the Company had cash and cash equivalents of $6,779. We do not have sufficient resources to effectuate our business. We expect to incur a minimum of $100,000 in expenses during the next twelve months of operations. We estimate that these expenses will be comprised primarily of general expenses including overhead, inventory purchases, legal and accounting fees.
Current wording
As of September 30, 2024, the Company had cash and cash equivalents of $12,106. We do not have sufficient resources to effectuate our business. We expect to incur a minimum of $100,000 in expenses during the next twelve months of operations. We estimate that these expenses will be comprised primarily of general expenses including overhead, inventory purchases, legal and accounting fees.
Previous wording
As of June 30, 2024, the Company has primarily been funded by the advances from related parties. As of June 30, 2024, related party advances of $12,350, related party notes totaled $374,102, net of discounts, and third-party notes totaled $945,840, net of discounts, respectively.
Current wording
As of September 30, 2024, the Company has primarily been funded by the advances from related parties and convertible notes. As of September 30, 2024, the Company had received related party advances of $9,000, funds from notes payable totaling $132,500, net of discounts, and funds from convertible notes payable totaling $130,000, net of discounts, respectively.
Previous wording
The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As reflected in the financial statements, the Company had a working capital deficit of $7,219,468 at June 30, 2024, a net loss of $2,152,771 for the six months ended June 30, 2024, and $36,490 of cash used in operating activities for the six months ended June 30, 2024, which raises substantial doubt as to the Company’s ability to continue as a going concern for a period of one year from the issuance of the interim financial statements.
Current wording
The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As reflected in the financial statements, the Company had a working capital deficit of $1,227,987 at September 30, 2024, a net income of $2,119,231 for the nine months ended September 30, 2024, and $244,813 of cash used in operating activities for the nine months ended September 30, 2024, which raises substantial doubt as to the Company’s ability to continue as a going concern for a period of one year from the issuance of the interim financial statements.