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Basanite, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenue of $62,836 from product sales, compared to $49,140 in the same quarter of the previous year. The increase in revenue is attributed to a shift in the product families sold to the customer base.
Cost of goods sold for the quarter was $31,127, resulting in a gross profit of $31,709, compared to a loss of $4,500 in the previous year. This improvement is due to reduced inefficiencies in the production process.
Operating expenses for the quarter amounted to $168,856, down from $332,560 in the previous year. The decrease is primarily due to reduced payroll and consulting fees.
The company reported a net loss of $373,992 for the quarter, compared to $499,589 in the previous year. The decrease in net loss is attributed to reduced operating expenses.
Cash used in operating activities was $330,922 for the quarter, compared to $820,824 in the previous year. The reduction in cash use is due to decreased operational activities.
Basanite had a working capital deficiency of $8.8 million as of September 30, 2024. The company acknowledges its dependence on securing additional financing to meet future obligations.
The filing also details various financial agreements, including notes payable and convertible notes with related parties, totaling $2,144,357.
Basanite does not anticipate cash dividend payments to common stockholders in the near future.
The company identified material weaknesses in its internal controls over financial reporting due to a lack of resources with U.S. GAAP expertise.
Basanite continues to focus on expanding its manufacturing capabilities and securing additional product and facility qualifications to increase market acceptance of its products.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Basanite Inc quarterly 10-Q report dated November 18, 2024. To report an error, please email earnings@qz.com.