Tuesday, May 23, 2023 9:31:57 AM
For the quarterly period ended March 31, 2023
https://www.otcmarkets.com/filing/html?id=16673787&guid=DCu-kaTrf7_TB3h
March 31,2023 December 31, 2022
Cash $27,580 $140,757
Accounts receivable, net $543,119 $337,074
Accounts payable and accrued liabilities $372,830 $170,934
Receivables funding $443,459 $416,731
Short-term notes $496,923 $460,53
Convertible notes, net of discounts $5,351,270 $5,269,250
Interest expense
Interest expense was $157,096 and $80,768 for the three months ended March 31, 2023 and 2022, respectively, an increase of $76,328 or 94.5%, primarily due to penalty interest rates incurred on convertible notes and short term notes which had matured during previous periods.
Net loss
Net loss was $175,717 and $164,985 for the three months ended March 31, 2023 and 2022, respectively, an increase of $10,732 or 6.5%. The increase is primarily due to the increase in interest expense of $76,328, the reduction in the derivative liability movement of $197,476, the reduction in the foreign exchange movement of $92,601, offset by the reduction in amortization of debt discount of $175,911, which is fully discussed above.
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