Kinetic Seas Inc.
For the period ended Dec 31, 2024. Filed Apr 24, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Apr 24, 2025
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2023-12-31; filed 2024-04-10.
0001683168-24-002276
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2024-12-31; filed 2025-04-24.
0001683168-25-002782
Item 7. 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 51 previous paragraphs and 51 current paragraphs.
41 unchanged; 8 reworded; 2 added; 2 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 (2)
Current report
Revenues and cost of sales
Current report
During the year ended December 31, 2024 the Company emerged from shell status and generated $210, 584 in consulting revenue compared to $-0- during the year ended December 31, 2023. Cost of sales for consulting labor was $157,776 for the year ended December 31, 2024 compared to $-0- in 2023. All of our revenue for the year ended December 31, 2024 came from one customer. Loss of this customer could have a material adverse impact on the Company’s operations.
Removed paragraphs (2)
Previous report
Revenues
Previous report
The Company did not generate any revenues during the years ended December 31, 2023 or 2022. The Company does not believe that revenues in the 2023 fiscal year are reflective of future revenues, as the Company expects to begin revenue generating operations in the first quarter of fiscal 2024 as a result of its recent entry into the AI business.
Reworded paragraphs (8)
Previous wording
During the year ended December 31, 2023 the Company incurred $121,538 in operating expenses compared to $75,653 in operating expenses during the prior year ended December 31, 2022. Operating expenses for the 2023 fiscal year were primarily comprised of legal and accounting fees, Delaware taxes and other fees associated with being a public company. The higher level of operating expenses in fiscal 2023 as compared to fiscal 2022 is attributable to expenses incurred as part of the Company’s entry into the AI business. The Company expects that operating expenses will be trend materially higher in future periods as the Company begins paying regular compensation to existing officers and directors, hires additional employees, and incurs other costs associated with the commencement of operations.
Current wording
During the year ended December 31, 2024 the Company incurred $3,820,014 in operating expenses compared to $121,538 in operating expenses during the prior year ended December 31, 2023. Operating expenses for the 2024 fiscal year were primarily comprised of legal and accounting fees, investor relation services, salaries, Delaware taxes and other fees associated with being a public company. The higher level of operating expenses in fiscal 2024 as compared to fiscal 2023 is attributable to expenses incurred as part of the Company’s entry into the Ai business. The Company expects that operating expenses will be trend materially higher in future periods as the Company begins paying regular compensation to existing officers and directors, hires additional employees, and incurs other costs associated with the commencement of operations.
Previous wording
During the year ended December 31, 2023 the Company incurred $39,424 in other expenses, as compared to $18,478 of other expenses during the prior year ended December 31, 2022. In each year, other expenses consisted of interest accrued on loans made to the Company by entities affiliated with management. The higher level of interest expense in fiscal 2023 as compared to fiscal 2022 is attributable to higher loan balances in 2023 as the Company borrowed money to finance its ongoing general and administrative expenses.
Current wording
During the year ended December 31, 2024 the Company incurred $129,916 in other expenses, as compared to $39,424 of other expenses during the prior year ended December 31, 2023. In each year, other expenses consisted of interest accrued on loans made to the Company by entities affiliated with management. The higher level of interest expense in fiscal 2024 as compared to fiscal 2023 is attributable to higher loan balances in 2023 as the Company borrowed money to finance its ongoing general and administrative expenses.
Previous wording
During the year ended December 31, 2023 the Company incurred a net loss of ($160,962), or ($0.03) per share, as compared to a net loss of ($94,131), or ($0.02) per share, during the prior year ended December 31, 2022. The increase in the Company’s net loss in fiscal 2023 as compared to fiscal 2022 is attributable to the factors discussed above.
Current wording
During the year ended December 31, 2024 the Company incurred a net loss of $(3,897,122) or ($0.18) per share, as compared to a net loss of $160,962, or ($0.03) per share, during the prior year ended December 31, 2023. The increase in the Company’s net loss in fiscal 2024 as compared to fiscal 2023 is attributable to the factors discussed above.
Previous wording
As of December 31, 2023, the Company had $17,931 in cash on hand.
Current wording
As of December 31, 2024, the Company had $4,947 in cash on hand.
Previous wording
During the year ended December 31, 2023 the Company had a net loss of ($160,962).
Current wording
During the year ended December 31, 2024 the Company had a net loss of ($3,897,122).
Previous wording
Cash flows used in operating activities were ($113,719) for the year ended December 31, 2023 compared to cash flows used of ($63,287) for the year ended December 31, 2022. The increase in cash flows used in operating activities for fiscal 2023 compared to fiscal 2022 is primarily attributable to a higher net loss in fiscal 2023.
Current wording
Cash flows used in operating activities were ($1,072,140) for the year ended December 31, 2024 compared to cash flows used of ($133,719) for the year ended December 31, 2023. The increase in cash flows used in operating activities for fiscal 2024 compared to fiscal 2023 is primarily attributable to a higher net loss in fiscal 2024.
Previous wording
Cash flows used in investing activities were ($13,326) for the year ended December 31, 2023 compared to cash flows used in investing activities of $-0- for the year ended December 31, 2022. The entire increase during fiscal 2023 period compared to fiscal 2022 in cash flows used by investing activities is due to the purchase of equipment to be used in our new of business.
Current wording
Cash flows used in investing activities were ($100,178) for the year ended December 31, 2024 compared to cash flows used in investing activities of $13,326 for the year ended December 31, 2023. The entire increase during the fiscal 2024 period compared to fiscal 2023 in cash flows used by investing activities is due to the purchase of equipment to be used in our new of business.
Previous wording
Cash flows provided by financing activities were $163,600 for the year ended December 31, 2023 compared to cash flows provided by financing activities of $60,000 for the year ended December 31, 2022. The increase in cash flows provided by financing activities in fiscal 2023 is primarily attributable to $71,600 received from the private placement of common stock. The remaining increase in cash flows from financing activities is attributable to the receipt of advances from related parties of $92,000 in fiscal 2023 as compared to $60,000 in fiscal 2022.
Current wording
Cash flows provided by financing activities were $1,159,334 for the year ended December 31, 2024 compared to cash flows provided by financing activities of $163,600 for the year ended December 31, 2023. The increase in cash flows provided by financing activities during the year ended December 31, 2024 compared to December 31, 2023 is primarily attributable to $911,050 received from the private placement of common stock and $231,164 in the 2024 period compared to $71,600 in proceeds from common stock issued for cash and $92,000 in advances by related parties in the 2023 period.