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Energy & WTR Dev Corp (EAWD-11.11%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $840,674, compared to $1,065,589 in the same quarter the previous year. The decrease in net loss is attributed to a reduction in general and administrative expenses.
General and administrative expenses decreased to $492,648 from $809,988 in the previous year, primarily due to reductions in professional fees and other general administrative expenses.
Other expenses increased by $91,982 to $348,026, mainly due to an increase in interest expense, offset by a change in the fair value of derivative liabilities and an increase in other income.
For the nine months ended September 30, 2024, the company reported a net loss of $2,700,175, up from $2,394,648 in the previous year. The increase in net loss is primarily due to higher interest expenses.
The company had $4,575 in cash as of September 30, 2024. Operating cash flow used was $880,529, compared to $1,553,442 in the previous year, reflecting a decrease in cash used by working capital items.
Energy & WTR Dev Corp reported total assets of $1,237,125 as of September 30, 2024, with significant components including inventory, prepaid expenses, and property and equipment.
The company continues to focus on expanding its operations in Germany and Mexico, aiming to generate revenues through sales of its sustainable water and energy solutions.
Management plans to raise additional funds through equity securities and reduce expenses by centralizing operations. The company acknowledges its dependence on achieving a level of revenue adequate to support its cost structure.
Energy & WTR Dev Corp is working on remediating material weaknesses in its internal control over financial reporting, including hiring a new part-time Chief Financial Officer and enhancing its accounting policies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Energy & WTR Dev Corp quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.