SPARTA COMMERCIAL SERVICES, INC. (SRCO) Form 10-Q — Sep 21, 2026
Sparta Commercial Services' 10-Q for the quarter ended July 31, 2026 shows revenue fell 51% year over year to $47,698 from $96,688, driven primarily by a collapse in merchant financing fees. Net loss came in at $535,277, with $499,518 attributable to common stockholders, versus a $482,329 common-stockholder loss a year earlier. The company disclosed substantial doubt about its ability to continue as a going concern, citing an accumulated deficit of $72,289,995, a working capital deficit of $11,842,251, and only $54,738 in cash. Management estimates it needs roughly $1,000,000 in additional financing over the next twelve months and states it currently has no committed funding sources.
Key figures
- Revenue
- 47698
- Revenue Yoy
- -51% (a decrease of $48,990 from $96,688)
- Total Assets
- 93572
- Cash Position
- 54738
- Shares Outstanding
- 56208843
- Accumulated deficit
- 72289995
- Full time employees
- 4
- Part time employees
- 3
- Derivative liabilities
- 756109
- Working capital deficit
- 11842251
- Convertible note proceeds
- 110000
- Interest expense on notes
- 187104
- Operating expenses quarter
- 496870
- Prior year quarter revenue
- 96688
- Provision for credit losses
- 105900
- Notes payable current portion
- 9504042
- Loss on extinguishment of debt
- 36802
- Unregistered stock sale proceeds
- 60000
- Additional financing needed next 12 months
- 1000000
- Gain on change in fair value of derivative liability
- 143226
AI analysis
The rest of the AI analysis, red flags and sentiment are part of Signal8 Pro.
AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.