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Cyber Enviro-Tech, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing sales of $10,666 from temporary operations at a salt water disposal facility in Oklahoma. The cost of sales was $5,265, resulting in a gross margin of $5,401.
Operating expenses totaled $673,472, with professional fees at $17,500, general and administrative expenses at $236,236, and consulting fees at $419,736. The company reported an operating loss from continuing operations of $668,071.
Other income and expenses included a change in the fair value of derivatives of $38,747 and interest expense of $166,984, leading to a total other expense of $153,538.
The net loss from continuing operations was $821,609, while the loss from discontinued operations was $10,280, resulting in a net loss of $831,889 for the quarter.
Cyber Enviro-Tech, Inc. is planning to spin-off its Alvey oil field operations into a new entity called Phoenix Well Development Inc, with a pro rata stock distribution to current shareholders.
As of September 30, 2024, the company had total assets of $5,766,753, including current assets of $594,925 and assets from discontinued operations of $3,496,275. Current liabilities were $1,205,067, with long-term liabilities of $1,825,417.
The company acknowledges its dependence on raising additional capital to meet its business plans, which raises substantial doubt about its ability to continue as a going concern.
Cyber Enviro-Tech, Inc. continues to focus on expanding its water and oil filtration operations and developing initial commercial tests with significant clients in the Middle East and Texas.
During the nine months ended September 30, 2024, the company recorded a net loss of $2,702,410, compared to a net loss of $2,298,055 in the same period the previous year.
The filing also details various financial activities, including the issuance of convertible notes and the conversion of debt to equity, as well as plans for future operations and potential asset spin-offs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cyber Enviro-Tech Inc quarterly 10-Q report dated November 20, 2024. To report an error, please email earnings@qz.com.