Securetech Innovations Files Q3 2024 10-Q

TL;DR

Securetech Innovations filed their Q3 2024 10-Q. Details on financials and operations.

AI Summary

Securetech Innovations, Inc. filed its 10-Q for the period ending September 30, 2024. The company, previously known as Securetech, Inc., is incorporated in Wyoming and operates in the motor vehicle parts & accessories sector. Their business address is located at 2355 Highway 36 West, Suite 400, Roseville, MN 55113.

Why It Matters

This filing provides investors with an update on Securetech Innovations' financial performance and operational status for the third quarter of 2024.

Risk Assessment

Risk Level: low — The provided text is a standard SEC filing header and does not contain specific financial performance data or forward-looking statements that would indicate a high risk.

Key Players & Entities

• Securetech Innovations, Inc. (company) — Filer
• 20240930 (date) — Period of Report
• 2355 HIGHWAY 36 WEST, SUITE 400 (address) — Business Address
• ROSEVILLE (city) — Business Address City
• MN (state) — Business Address State
• 55113 (zip_code) — Business Address Zip
• Securetech, Inc. (company) — Former Company Name
• 20170406 (date) — Date of Name Change

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value SCTH OTC Pink Exchange Ind

Filing Documents

• scth_form10q093020224.htm (10-Q) — 599KB
• ex311.htm (EX-31.1) — 8KB
• ex312.htm (EX-31.2) — 9KB
• ex321.htm (EX-32.1) — 4KB
• ex322.htm (EX-32.2) — 4KB
• gen19stsec10q9302410q9302_1.jpg (GRAPHIC) — 46KB
• gen19stsec10q9302410q9302_2.jpg (GRAPHIC) — 248KB
• gen19stsec10q9302410q9302_3.jpg (GRAPHIC) — 83KB
• gen19stsec10q9302410q9302_4.jpg (GRAPHIC) — 124KB
• gen19stsec10q9302410q9302_5.jpg (GRAPHIC) — 112KB
• gen19stsec10q9302410q9302_6.jpg (GRAPHIC) — 66KB
• 0001017386-24-000272.txt ( ) — 4222KB
• scth-20240930.xsd (EX-101.SCH) — 16KB
• scth-20240930_cal.xml (EX-101.CAL) — 31KB
• scth-20240930_def.xml (EX-101.DEF) — 43KB
• scth-20240930_lab.xml (EX-101.LAB) — 146KB
• scth-20240930_pre.xml (EX-101.PRE) — 116KB
• scth_form10q093020224_htm.xml (XML) — 234KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements 5

Item 1. Financial Statements 5 CONSOLIDATED BALANCE SHEETS 5 CONSOLIDATED STATEMENTS OF OPERATIONS 6 CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) 7 CONSOLIDATED STATEMENTS OF CASH FLOWS 8

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 9

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 9

Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures About Market Risk 27

Item 3. Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures 28

Item 4. Controls and Procedures 28

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings 30

Item 1. Legal Proceedings 30

Risk Factors 30

Item 1A. Risk Factors 30

Unregistered Sales of Equity Securities and Use of Proceeds 30

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30

Default Upon Senior Securities 30

Item 3. Default Upon Senior Securities 30

Mine Safety Disclosures 30

Item 4. Mine Safety Disclosures 30

Other Information 30

Item 5. Other Information 30

Exhibits 30

Item 6. Exhibits 30 SIGNATURES 32 3 Cautionary Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy, and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would," and other similar expressions and variations, or comparable terminology, or the negatives of any of the foregoing, may identify forward-looking statements (collectively, " forward-looking statements "), but the absence of these words does not mean that a statement is not forward-looking. Our actual results or outcomes could differ materially from those indicated in these forward-looking statements for a variety of reasons, including, among others: Our ability to execute our growth strategies Supply chain disruptions and general price inflation Our ability to maintain favorable relationships with suppliers and manufacturers Competition from more established and better financed competitors Our ability to attract and retain competent and qualified personnel Regulatory changes and developments affecting our business Our ability to obtain additional capital to finance operations Managing a "just right" product inventory size and mix Impacts on our business from epidemics, pandemics, or natural disasters Our ability to remediate the material weakness in our internal control over financial reporting or additional material weaknesses or other deficienci

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION I tem 1. Financial Statements SECURETECH INNOVATIONS, INC. CONSOLIDATED BALANCE SHEETS ASSETS September 30, 2024 (unaudited) December 31, 2023 Current assets: Cash and equivalents $ — $ 5,987 Inventories 10,234 13,656 Deposits 1,114 1,088 Total current assets 11,348 20,731 Property and equipment, net $ 2,749 $ 3,486 Total assets: $ 14,097 $ 24,217 LIABILITIES AND STOCKHOLDERS ' EQUITY Current liabilities: Accounts payable $ 9,187 $ 5,879 Accounts payable, related party 85,978 40,000 Accrued payroll, related party 269,918 112,328 Bank overdraft 182 — Credit cards payable 14,807 14,564 Notes payable, related party 29,611 — Taxes payable 1,115 317 Total current liabilities $ 410,797 $ 173,088 Total liabilities $ 410,797 $ 173,088 Stockholders' equity (deficit): Preferred stock, $ 0.001 par value, 50,000,000 shares authorized; 3,400 and 3,200 shares issued and outstanding, respectively 3 3 Common stock, $ 0.001 par value, 500,000,000 shares authorized; 78,076,881 and 79,862,655 shares issued and outstanding, respectively 78,077 79,863 Additional paid-in capital 1,089,240 1,076,391 Accumulated deficit ( 1,564,020 ) ( 1,305,128 ) Total stockholders' deficit $ ( 396,700 ) $ ( 148,871 ) Total liabilities and stockholders' equity $ 14,097 $ 24,217 The accompanying notes to the financial statements are an integral part of these statements. 5 Table of Contents SECURETECH INNOVATIONS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) For the three months ended September 30, For the nine months ended September 30, 2024 2023 2024 2023 Revenues: Sales $ — $ 4,450 $ 14,235 $ 42,050 Cost of goods sold — 1,194 3,421 11,211 Gross profit — 3,256 10,814 30,839 Expenses: General and administrative $ 81,642 $ 69,906 $ 265,868 $ 311,183 Research and development — 1,740 — 8,501 Total expen

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2024 (unaudited) NOTE 1 – Summary of Significant Accounting Policies Organization SecureTech Innovations, Inc. (" Company " or " SecureTech ") was incorporated under the laws of the State of Wyoming on March 2, 2017, under the name SecureTech, Inc. The Company amended its Articles of Incorporation on December 20, 2017, to change its name to SecureTech Innovations, Inc. On November 19, 2021 and November 25, 2021, SecureTech incorporated wholly-owned subsidiaries Piranha Blockchain, Inc. under the laws of the State of Wyoming and Piranha Blockchain, Ltd. under the International Business Company (IBC) laws of Anguilla, British West Indies, respectively (collectively, " Piranha "). SecureTech, an innovative growth company, specializes in developing and marketing cutting-edge security and safety devices and technologies. Our mission is to preserve life, protect property, and prevent crime. Notably, SecureTech is the creator of Top Kontrol , a groundbreaking anti-theft and anti-carjacking system that can halt an in-progress carjacking without any intervention from the driver. Additionally, we are developing advanced cybersecurity technologies for blockchain and cryptocurrency ecosystems, covering areas such as mining, digital asset storage, and secure trading exchanges through our subsidiary, Piranha Blockchain. Unaudited Interim Financial Information The Company's unaudited condensed interim financial statements have been prepared per accounting principles generally accepted in the United States (" GAAP ") for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of Management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The balance sheet as of Decembe

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