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Cryomass Technologies Inc (CRYM-4.21%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports revenues of $5,000 for the three months ended September 30, 2024, compared to no revenues in the same period of the previous year.
Operating expenses for the quarter were $870,859, down from $1,373,304 in the previous year, primarily due to reductions in personnel costs and general administrative expenses.
The company recorded a net loss of $1,101,933 for the quarter, compared to a net loss of $1,453,866 in the previous year.
For the nine months ended September 30, 2024, Cryomass reported revenues of $24,189, compared to no revenues in the same period of the previous year.
Total operating expenses for the nine months were $3,038,395, down from $9,179,576 in the previous year, mainly due to the absence of impairment charges recorded in 2023.
The company reported a net loss of $5,276,129 for the nine months ended September 30, 2024, compared to a net loss of $9,414,198 in the previous year.
As of September 30, 2024, Cryomass had cash and cash equivalents of $183,439 and a working capital deficit of $6,946,821.
The company disclosed substantial doubt about its ability to continue as a going concern, citing insufficient cash to fund operations for the next twelve months.
Cryomass continues to focus on developing and licensing its CryoSift Separator™ technology for cannabis and hemp processing.
The company terminated its Patent License and Equipment Rental Agreement with RubberRock Inc. on July 22, 2024, due to non-compliance with material terms.
Cryomass is working with an extensive pipeline of cultivators and processors in various markets, including the USA and Canada.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cryomass Technologies Inc quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.