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Correlate Energy Corp. (CIPI0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $4,540,082 from $930,277 in the same quarter the previous year. The increase is attributed to the recognition of revenues on three additional projects.
Cost of revenues for the quarter was $4,632,496, resulting in a gross loss of $92,414 compared to a gross profit of $232,021 in the previous year. The loss is due to unexpected cost overruns on a core project.
Operating expenses for the quarter were $1,577,773, down from $1,820,560 in the previous year, primarily due to lower stock-based compensation and general administrative expenses.
Other expenses totaled $624,282, compared to $1,795,178 in the previous year, with the decrease driven by lower amortization of debt discount and interest expenses.
Net loss for the quarter was $2,294,469, down from $3,383,717 in the previous year.
Cash used in operating activities was $2,106,583, while cash used in investing activities was $79,196. Cash provided by financing activities was $1,091,408.
Correlate Energy had a cash balance of $318,008 as of September 30, 2024, compared to $1,412,379 at December 31, 2023.
The filing also details various financial agreements, including debt conversion agreements and convertible note agreements.
The company reported a loss on settlement of liabilities totaling $16,861,344 during the period.
Correlate Energy continues to focus on expanding its operations and recognizes the need for additional financing to sustain its business plans.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Correlate Energy Corp. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.