COCONNECT, INC.

CIK:0001088638|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Consolidated Statements of Operations (Unaudited)
Revenues	$ 267,345	$ 1,208,758	$ 1,878,272	$ 3,665,053
Cost of revenues	222,867	446,843	800,910	1,405,262
Gross profit	44,478	761,915	1,077,362	2,259,791
Operating Expenses:
Management consulting	108,225	220,725	415,925	642,075
Professional fees	22,449	87,485	94,126	153,881
Wages and benefits	141,766	202,068	492,897	593,597
General and administrative	80,508	90,114	252,153	344,304
Total Operating Expenses	352,948	600,392	1,255,101	1,733,857
Income (loss) from operations	(308,470)	161,523	(177,739)	525,934
Other Income (Expense)
Interest income	5,432	16,267	21,498	26,839
Loss on disposal of property and equipment	0	0	0	(329)
Total other income	5,432	16,267	21,498	26,510
Income (loss) before provision (benefit) for income taxes	(303,038)	177,790	(156,241)	552,444
Provision (benefit) for income taxes	(79,360)	48,193	(38,751)	149,485
Net income (loss)	$ (223,678)	$ 129,597	$ (117,490)	$ 402,959
Basic and diluted income (loss) per common share
Basic	$ (0.01)	$ 0.00	$ (0.00)	$ 0.01
Diluted	$ (0.01)	$ 0.00	$ (0.00)	$ 0.01
Weighted average number of common shares outstanding
Basic	34,505,520	34,505,520	34,505,520	34,505,520
Diluted	34,505,520	34,505,520	34,505,520	34,505,520

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ (117,490)	$ 402,959
Depreciation	9,656	11,288
Loss on disposal of property and equipment	0	329
Deferred tax	(38,751)	48,630
Changes in operating assets and liabilities:
Accounts receivable	96,165	(239,201)
Unbilled receivables	(413,561)	(492,434)
Income tax receivable	0	77,477
Prepaid expenses and other current assets	(1,076)	(80,392)
Accounts payable and accrued expenses	(100,171)	199,816
Unearned revenues	(61,241)	(238,719)
Net cash used in operating activities	(626,469)	(310,247)
Cash flows from investing activities:
Proceeds from sale of equipment	0	1,200
Purchase of property and equipment	0	(8,646)
Net cash used in investing activities	0	(7,446)
Net change in cash	(626,469)	(317,693)
Cash, beginning of period	1,137,010	1,712,771
Cash, end of period	510,541	1,395,078
Supplemental Cash Flow Information
Income taxes paid (net of refunded)	1,278	23,378
Interest paid	$ 0	$ 0

Consolidated Balance Sheets - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 510,541	$ 1,137,010
Accounts receivable	158,164	254,329
Unbilled receivables	2,093,490	1,679,929
Prepaid expenses and other current assets	30,274	29,198
Total Current Assets	2,792,469	3,100,466
Property and equipment, net	28,242	37,898
TOTAL ASSETS	2,820,711	3,138,364
Current liabilities:
Accounts payable and accrued expenses	112,949	213,120
Unearned revenues	59,955	121,196
Total Current Liabilities	172,904	334,316
Deferred tax liabilities	184,940	223,691
Total Liabilities	357,844	558,007
Stockholders' Equity
Preferred stock: 1,000,000 shares authorized; $0.001 par value; no shares issued and outstanding	0	0
Common stock: 125,000,000 shares authorized; $0.001 par value; 34,505,520 shares issued and outstanding	34,506	34,506
Additional paid in capital	62,865	62,865
Retained earnings	2,365,496	2,482,986
Total Stockholders' Equity	2,462,867	2,580,357
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,820,711	$ 3,138,364