Versus Systems Inc. Files Q3 2024 10-Q
Ticker: VS · Form: 10-Q · Filed: Nov 14, 2024 · CIK: 1701963
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
VS: Q3 2024 10-Q filed. Financials and ops update for the period ending Sept 30.
AI Summary
Versus Systems Inc. filed its 10-Q for the quarterly period ended September 30, 2024. The company, incorporated in British Columbia, operates in computer processing and data preparation services. Its principal executive office is located in Vancouver, Canada.
Why It Matters
This filing provides investors with the latest financial performance and operational details for Versus Systems Inc. during the third quarter of 2024.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new disclosures.
Key Players & Entities
- Versus Systems Inc. (company) — Registrant
- September 30, 2024 (date) — Quarterly period end date
- 20241114 (date) — Filing date
- 001-39885 (dollar_amount) — Commission File Number
- Vancouver, Canada (company) — Principal executive office location
FAQ
What is the filing date of this 10-Q report?
The filing date of this 10-Q report is November 14, 2024.
For which quarterly period is this 10-Q report filed?
This 10-Q report is filed for the quarterly period ended September 30, 2024.
What is the company's name as specified in its charter?
The company's name is Versus Systems Inc.
In which jurisdiction was Versus Systems Inc. incorporated?
Versus Systems Inc. was incorporated in British Columbia.
What is the Commission File Number for Versus Systems Inc.?
The Commission File Number for Versus Systems Inc. is 001-39885.
Filing Stats: 4,375 words · 18 min read · ~15 pages · Grade level 16.3 · Accepted 2024-11-14 14:45:49
Filing Documents
- ea0219148-10q_versus.htm (10-Q) — 817KB
- ea021914801ex31-1_versus.htm (EX-31.1) — 11KB
- ea021914801ex31-2_versus.htm (EX-31.2) — 12KB
- ea021914801ex32-1_versus.htm (EX-32.1) — 4KB
- ea021914801ex32-2_versus.htm (EX-32.2) — 5KB
- image_001.jpg (GRAPHIC) — 2KB
- 0001213900-24-098269.txt ( ) — 4382KB
- vs-20240930.xsd (EX-101.SCH) — 38KB
- vs-20240930_cal.xml (EX-101.CAL) — 30KB
- vs-20240930_def.xml (EX-101.DEF) — 200KB
- vs-20240930_lab.xml (EX-101.LAB) — 346KB
- vs-20240930_pre.xml (EX-101.PRE) — 201KB
- ea0219148-10q_versus_htm.xml (XML) — 472KB
Financial Statements (Unaudited)
Financial Statements (Unaudited) 1 Unaudited Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023. 2 Unaudited Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023. 3 Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023. 4 Notes to the Unaudited Condensed Consolidated Financial Statements 5 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 28 Item 4.
Controls and Procedures
Controls and Procedures 28 PART II OTHER INFORMATION 29 Item 1.
Legal Proceedings
Legal Proceedings 29 Item 1A.
Risk Factors
Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Default Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31
Signatures
Signatures 32 i PART I. FINANCIAL INFORMATION
: Financial Statements
Item 1: Financial Statements Versus Systems Inc. Condensed Consolidated Balance Sheets (Unaudited) September 30, December 31, 2024 2023 ($) ($) ASSETS Current assets Cash 471,248 4,689,007 Receivables, net of allowance 754 18,222 Prepaids 770,935 160,474 Total current assets 1,242,937 4,867,703 Restricted deposit - 8,679 Property and equipment, net - 1,935 Total assets 1,242,937 4,878,317 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued liabilities 25,783 286,427 Deferred revenue 1,164 35,049 Total liabilities 26,947 321,476 Commitments and contingencies (Note 12) Stockholders' equity Share capital Common stock and additional paid in capital, no par value. Unlimited authorized shares; 2,506,015 common shares and no Class A shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 147,290,988 147,130,123 Accumulated other comprehensive income 276,947 248,287 Accumulated deficit ( 138,666,829 ) ( 135,434,022 ) 8,901,106 11,944,388 Non-controlling interest ( 7,685,116 ) ( 7,387,547 ) Total stockholders' equity 1,215,990 4,556,841 Total liabilities and stockholders' equity 1,242,937 4,878,317 The accompanying notes are an integral part of these condensed interim consolidated financial statements. 1 Versus Systems Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) Three Months Ended Three Months Ended Nine months Ended Nine months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 ($) ($) ($) ($) REVENUES Revenues 3,848 22,950 57,288 236,953 Cost of revenues - 23,570 40,277 79,497 Gross margin 3,848 ( 620 ) 17,011 157,456 EXPENSES Research and development 11,462 272,111 118,077 1,056,918 Selling, general and administrative 521,410 1,617,161 3,429,062 4,473,710 Total operating expenses 532,872 1,889,272 3,5