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Cavitation Technologies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue recorded for the period. The company had a net loss of $227,000, compared to a net loss of $251,000 in the same quarter the previous year.
General and administrative expenses were $218,000 for the quarter, a slight increase from $214,000 in the previous year. Research and development expenses decreased significantly to $8,000 from $36,000.
The company reported a stockholders' deficit of $707,000 as of September 30, 2024, with accumulated deficit reaching $27,074,000. Cash and cash equivalents at the end of the period were $2,000.
Cavitation Technologies entered into a Patent Assignment and License Back Agreement with Desmet, receiving $880,000 in cash for the assignment of certain patents and trademarks. The agreement provides Cavitation Technologies with a worldwide, exclusive, transferable, and royalty-free license for specific fields.
The company continues to face substantial doubt about its ability to continue as a going concern, as raised by its independent registered public accounting firm. Management plans to increase revenues by licensing its technology globally.
Cavitation Technologies may seek additional debt and/or equity financing to fund operations and meet future obligations. There is no assurance that such financing will be available or sufficient.
The company is engaged in several projects, including water treatment and remediation in the Permian Basin, water remediation in agriculture, a business venture with Alchemy Beverages, Inc., and the development of new technologies like Hydro-Plasma.
The report notes that global inflation and geopolitical conflicts continue to pose risks, potentially affecting operating costs and financial results.
Cavitation Technologies' management concluded that its disclosure controls and procedures were not effective as of September 30, 2024. No changes in internal control over financial reporting were noted during the period.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cavitation Technologies Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.