CCTC.OIDCatalyst Crew Technologies CORP
10-Q: Catalyst Crew Technologies Corp. Reports Q1 2025 Results: No Revenue, Net Loss Reported
Sentiment:
Quarterly Report
Catalyst Crew Technologies Corp. reports no revenue and a net loss for the quarter ended March 31, 2025, alongside ongoing concerns about its ability to continue as a going concern.
Capital raiseThe company intends to fund operations through increased sales and debt and/or equity financing arrangements.The company plans to seek additional financing in a private equity offering to secure funding for operations.There is no assurance that the company will be successful in raising additional capital.
Worse than expectedThe company reported no revenue.The company has a significant working capital deficit.There is a material weakness in internal control over financial reporting.The company's ability to continue as a going concern is uncertain.
Summary
- Catalyst Crew Technologies Corp. reported its financial results for the quarter ended March 31, 2025.
- The company recorded no revenue for the three months ended March 31, 2025, and March 31, 2024.
- Operating expenses decreased to $24,455 for the three months ended March 31, 2025, from $42,220 for the same period in 2024.
- The company's net loss was $24,455 for the three months ended March 31, 2025, compared to a net loss of $42,220 for the three months ended March 31, 2024.
- The company had a working capital deficit of $598,030 as of March 31, 2025, compared with a working capital deficit of $573,575 as of December 31, 2024.
- The company's management has identified a material weakness in its internal control over financial reporting due to a lack of segregation of duties.
- The company's ability to continue as a going concern is dependent on obtaining additional financing.
- As of May 14, 2025, the company had 29,276,895 shares of common stock issued and outstanding.
Sentiment
Score: 3
Explanation: The document presents a concerning financial picture with no revenue, a significant working capital deficit, a material weakness in internal controls, and a going concern warning. While the net loss decreased, the overall outlook is negative.
Positives
- The net loss decreased from $42,220 in Q1 2024 to $24,455 in Q1 2025.
- Operating expenses decreased from $42,220 in Q1 2024 to $24,455 in Q1 2025.
Negatives
- The company reported no revenue for the quarter.
- The company has a significant working capital deficit of $598,030.
- There is a material weakness in internal control over financial reporting.
- The company's ability to continue as a going concern is uncertain.
Risks
- The company's ability to continue as a going concern is uncertain and dependent on securing additional financing.
- The company has a material weakness in internal control over financial reporting, which could lead to misstatements in financial reporting.
- The company's lack of revenue generation poses a significant risk to its financial stability.
- The company's significant working capital deficit limits its operational flexibility.
Future Outlook
The company intends to fund operations through increased sales and debt and/or equity financing arrangements, which may be insufficient to fund expenditures or other cash requirements, and plans to seek additional financing in a private equity offering to secure funding for operations.
Industry Context
Without specific details on Catalyst Crew Technologies' intended business activities, it's difficult to provide a precise industry context. However, the report indicates a shift away from big data analytics in gaming and finance. The lack of revenue and going concern issues suggest the company is struggling to establish itself in its new direction.
Comparison to Industry Standards
- Given the lack of revenue and the company's early stage, it's difficult to draw meaningful comparisons to industry standards.
- Many early-stage companies in technology or other sectors experience losses and rely on funding, but the going concern warning signals a more precarious situation.
- Without knowing the specific industry Catalyst Crew Technologies is now targeting, it's impossible to benchmark against comparable companies or projects.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| President, Chief Executive Officer, Treasurer, Chief Financial Officer, Secretary and Director | Gurneet Kaur | Waqas Nakhwa | 2024-06-07 | Resignation of Ms. Kaur |
Related Party Transactions
- As of March 31, 2025 and December 31, 2024, the Company had notes due to the shareholder of $88,042 and 88,042, respectively.
- The notes carry an interest rate of 10% and are due upon demand.
- During the three months ended March 31, 2025 and 2024, the Company recorded interest expense of $2,171 and 2,195 respectively.
Stakeholder Impact
- Shareholders face significant risk due to the company's financial instability and going concern uncertainty.
- Employees' job security is uncertain due to the company's financial difficulties.
- Creditors face increased risk of non-payment due to the company's financial condition.
Next Steps
- The company plans to seek additional financing in a private equity offering.
- The company intends to implement internal controls to address the material weakness in financial reporting, upon obtaining sufficient capital and operations.
- The company needs to successfully develop its contemplated plan of operations and transition to profitable operations.
Key Dates
| Date | Description |
|---|---|
| 2008-09-11 | Catalyst Crew Technologies Corp. (Blue Chip Technologies Corp.) was incorporated in the State of Nevada. |
| 2015-02-05 | The Company changed its name to better reflect its anticipated new business direction. |
| 2023-03-20 | The Company entered into an Asset Purchase Agreement with JT Technologies LLC. |
| 2023-05-26 | The Company changed its name to Blue Chip Technologies Corporation. |
| 2023-09-18 | Mr. Andrew Gaudet resigned from the positions of President, Chief Executive Officer, Treasurer, Chief Financial Officer, and Secretary. |
| 2023-09-18 | The Company entered into an Executive Employment with Gurneet Kaur whereby Ms. Kaur agreed to serve as the Company's Chief Executive Officer, President, Chief Financial Officer, Treasurer, Secretary, and as Chairman of the Company's Board of Directors. |
| 2024-06-05 | Ms. Kaur sold, by way of Stock Purchase Agreement (the SPA), 72,944,965 restricted shares of the Company's common stock to Waqas Nakhwa. |
| 2024-06-07 | The Company received notice of resignation from Ms. Kaur from the positions of President, Chief Executive Officer, Treasurer, Chief Financial Officer, Secretary and Director of the Company. |
| 2024-06-07 | The Company's Board of Directors appointed Mr. Nakhwa to serve as President, Chief Executive Officer, Treasurer, Chief Financial Officer, Secretary and Chairman of the Board of Directors. |
| 2024-06-09 | The Company entered into an Asset Transfer Agreement with Mr. Nakhwa. |
| 2024-06-11 | The Company's Board of Directors voted to cease all prior operations of the Company involving big data analytics software for use in the gaming and financial technology industries. |
| 2024-06-11 | The Company's Board of Directors voted to relinquish and disavow any and all interest in existing subsidiaries as of June 11, 2024. |
| 2024-06-11 | The Company's Board of Directors voted to amend the Company's Articles of Incorporation to change the name of the Company to Catalyst Crew Technologies Corp. |
| 2024-07-01 | The Company's Board of Directors approved a Change to its Articles of Incorporation, as amended, with the Secretary of Nevada to change the Company's corporate name to Catalyst Crew Technologies Corp. |
| 2025-03-31 | End of the quarterly period for this report. |
| 2025-05-14 | As of this date, the registrant had 29,276,895 shares of common stock issued and outstanding. |
| 2025-05-15 | Date these financial statements were available to be issued. |
| 2025-05-19 | Date of signatures on the report. |
Keywords
financial results, net loss, revenue, going concern, internal control, working capital, Catalyst Crew Technologies, 10-Q
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