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Cyber App Solutions (CYRB0.00%) Corp. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that the company reported no helium revenue for the quarter, a decrease from $121,958 in the same quarter of the previous year. This is attributed to the idling of the helium processing plant due to mechanical issues.
Operating expenses for the quarter increased to $1,705,585 from $1,296,308 in the previous year, with general and administrative expenses accounting for a significant portion of the increase.
The company recorded a net loss of $13,098,662 for the quarter, compared to $4,037,359 in the previous year. The increase in net loss is primarily due to notes payable modification costs and unrealized losses on the fair value of notes payable.
Interest expense for the quarter was $723,299, down from $850,867 in the previous year. The decrease is attributed to lower interest on short-term borrowings.
Cyber App Solutions has entered into a Forbearance and Settlement Agreement with Kips Bay Select LP and Cyber One LTD to address defaults on its 2023 Convertible Notes.
The company reported a working capital deficit of $23,236,019 as of September 30, 2024, primarily due to outstanding notes payable.
The filing outlines ongoing legal proceedings, including a summary judgment ruling against its subsidiary Proton Green, LLC, and a lawsuit filed by Alpha Carta, Ltd.
Cyber App Solutions continues to explore financing strategies to address its liquidity needs and plans to develop its helium and CO2 resources further.
The company has identified material weaknesses in its internal controls over financial reporting and is in the process of remediation.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cyber App Solutions quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.