DarkPulse, Inc. Files Q2 2024 10-Q Report

TL;DR

**DarkPulse Q2 10-Q filed. Financials and ops update.**

AI Summary

DarkPulse, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors are presented.

Why It Matters

This report provides investors with a crucial update on DarkPulse's financial health and operational progress during the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information and disclosures that can reveal significant risks and opportunities for the company.

Key Numbers

• 20240630 — End of Reporting Period (Indicates the specific date up to which financial information is reported.)
• 20240819 — Filing Date (Shows when the company submitted this quarterly report to the SEC.)

Key Players & Entities

• DarkPulse, Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240819 (date) — Filing date of the report
• Klever Marketing Inc (company) — Former company name
• Videocart Inc (company) — Former company name

FAQ

Key Financial Figures

• $0.0001 — nding of the registrant's common stock, $0.0001 par value per share, outstanding as of
• $19.4 million — l months. The Company has approximately $19.4 million intercompany payables due from Optilan
• $250,000 — it Insurance Corporation ("FDIC") up to $250,000. To reduce its risk associated with the

Filing Documents

• darkpulse_i10q-063024.htm (10-Q) — 1002KB
• darkpulse_ex3101.htm (EX-31.1) — 9KB
• darkpulse_ex3201.htm (EX-32.1) — 3KB
• 0001683168-24-005901.txt ( ) — 5749KB
• dpls-20240630.xsd (EX-101.SCH) — 48KB
• dpls-20240630_cal.xml (EX-101.CAL) — 67KB
• dpls-20240630_def.xml (EX-101.DEF) — 196KB
• dpls-20240630_lab.xml (EX-101.LAB) — 372KB
• dpls-20240630_pre.xml (EX-101.PRE) — 330KB
• darkpulse_i10q-063024_htm.xml (XML) — 806KB

—FINANCIAL

PART I—FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3

Management's

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Quantitative and

Item 3. Quantitative and Qualitative Disclosures About Market Risk 42

Controls and Procedures

Item 4. Controls and Procedures 42

—OTHER INFORMATION

PART II—OTHER INFORMATION 44

Legal Proceedings

Item 1. Legal Proceedings 44

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48

Other Information

Item 5. Other Information 48

Exhibits

Item 6. Exhibits 48

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements DARKPULSE, INC. Consolidated Balance Sheets June 30 December 31 2024 2023 Unaudited Audited ASSETS CURRENT ASSETS: Cash and cash equivalents $ 953 $ 11,912 Accounts receivable, net 897,399 868,948 Due from related party – – Prepaid expenses and other current assets 75,196 76,185 TOTAL CURRENT ASSETS 973,548 957,045 NON-CURRENT ASSETS: Property and equipment, net 704,923 743,282 Operating lease right-of-use assets 473,491 496,685 Patents, net 228,149 253,663 Notes receivable, related party – – Investment in related party – 1,500,000 Other assets, net 161,677 161,677 TOTAL NON-CURRENT ASSETS 1,568,240 3,155,307 TOTAL ASSETS $ 2,541,788 $ 4,112,353 LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES: Accounts payable and accrued expenses $ 16,128,871 $ 15,663,273 Convertible notes, net 91,971 120,925 Notes payable, current 2,435,691 1,923,868 Derivative liability 94,759 108,958 Loan payable, current 570,487 570,487 Loan payable, related party 361,747 361,747 Secured debenture, current 183,208 183,208 Operating lease liabilities - current 80,400 80,400 Other current liabilities 70,745 70,461 TOTAL CURRENT LIABILITIES 20,017,879 19,083,326 NON-CURRENT LIABILITIES: Secured debenture 916,042 916,042 Loan payable 291,968 291,968 Operating lease liabilities - non-current 472,220 496,335 TOTAL NON-CURRENT LIABILITIES 1,680,230 1,704,345 TOTAL LIABILITIES 21,698,110 20,787,671 Commitments and contingencies – – STOCKHOLDERS' DEFICIT: Series A Super Voting preferred stock - par value $ 0.01 ; 100 shares designated, 100 shares issued and outstanding at both June 30, 2024 and December 31, 2023 1 1 Convertible preferred stock - Series D, par value $ 0.01 , 100,000 shares designated, 88,235 shares issued and outstanding as of both June 30, 2024 and December 31, 2023 883 883 Common stock, par val

financial statements

financial statements 4 DARKPULSE, INC. Consolidated Statement of Stockholders' Deficit For the Six Months Ended June 30, 2024 and 2023 Unaudited Preferred Stock Series A Series D Common stock Common stock to be issued Shares Amount Shares Amount Shares Amount Shares Amount Balance at December 31, 2022 100 $ 1 88,235 $ 883 6,427,395,360 $ 642,740 – $ – Common stock issued for cash, net of fees – – – – 531,671,500 53,167 – – Issuance of common stock for legal settlement – – – – 297,000,000 29,700 – – Common Stock to be issued – – – – – – – – Foreign currency adjustment – – – – – – – – Net loss – – – – – – – – Balance at March 31, 2023 100 $ 1 88,235 $ 883 7,256,066,860 $ 725,608 – $ – Common stock issued for cash, net of fees – – – – 203,842,371 20,384 – – Issuance of common stock for legal settlement – – – – – – – – Common Stock to be issued – – – – – – – – Foreign currency adjustment – – – – – – – – Net loss – – – – – – – – Balance at June 30, 2023 (audited) 100 $ 1 88,235 $ 883 7,459,909,231 $ 745,992 – $ – Balance at December 31, 2023 100 1 88,235 883 8,100,117,720 798,346 – 205,000 Common stock issued for cash, net of fees – – – – 52,162,997 5,218 – – Issuance of common stock for legal settlement – – – – – – – – Common Stock to be issued – – – – – – – – Foreign currency adjustment – – – – – – – – Net loss – – – – – – – – Balance at March 31, 2024 100 $ 1 88,235 $ 883 8,152,280,717 $ 803,564 – $ 205,000 Common stock issued for cash, net of fees – – – – 498,293,650 48,638 – – Issuance of common stock for conversion of convertible debt – – – – 111,267,868 11,127 – – Common Stock to be issued – – – – 166,666,666 – – – Foreign currency adjustment – – – – – – – – Net loss – – – – – – – – Balance

View Full Filing

View this 10-Q filing on SEC EDGAR