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AgriFORCE Growing Systems Ltd. (AGRI-6.56%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenue from the sale of hydroxyl generating devices totaling $41,315. This marks the first recorded sales of these products.
Operating expenses for the quarter increased significantly to $5,605,455, primarily due to a $4,137,271 impairment of intangible assets related to the Manna patent.
The company reported a net loss of $5,847,365 for the quarter, compared to a loss of $3,493,053 in the same quarter the previous year.
Cash used in operating activities was $3,429,189 for the nine months ended September 30, 2024, compared to $5,437,592 in the same period the previous year.
AgriFORCE had cash and cash equivalents of $1,373,294 as of September 30, 2024, down from $3,878,578 at the end of the previous year.
The company completed the acquisition of Radical Clean Solutions, Inc. (RCS) on August 16, 2024, increasing its ownership from 14% to 100%.
AgriFORCE plans to continue expanding its product offerings and distribution networks, focusing on hydroxyl devices and its UN(THINK) Foods brand.
The company is addressing liquidity challenges and is seeking additional capital through debt or equity financing to support its operations and growth initiatives.
AgriFORCE's management has undergone restructuring, with Jolie Kahn appointed as Chief Executive Officer and Richard Wong resuming his role as Chief Financial Officer.
The company has initiated a share repurchase program, authorized to repurchase up to $1 million of its outstanding common shares over a six-month period.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AgriFORCE Growing Systems Ltd. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.