In This Story
Flexpoint Sensor Systems, Inc. (FLXT-3.33%) 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 revenue to $51,871 from $21,594 in the same quarter the previous year. The increase is attributed to repeat orders from existing customers and design contracts.
Total operating costs and expenses decreased to $135,607 from $195,610 in the same quarter of the previous year, with the decrease primarily due to reduced professional marketing fees.
The company reported a net loss of $126,212 for the quarter, compared to a net loss of $205,026 in the previous year.
Cash was overdrawn by $13,459 as of September 30, 2024, compared to an overdraft of $11,315 at the end of the previous year.
Flexpoint's liabilities increased to $5,335,648 from $4,969,302, with the increase due to additional on-demand notes and accrued interest.
Revenue for the nine months ended September 30, 2024 was $123,125, up from $71,358 in the same period of the previous year.
Total operating costs and expenses for the nine months were $417,876, down from $618,570, with the decrease mainly due to reduced professional marketing fees.
Net loss for the nine months was $418,714, compared to $623,966 in the same period of the previous year.
The filing indicates that the company continues to face liquidity challenges and will require additional financing to fund operations.
Flexpoint has received $1,472,427 in funding from holders of convertible notes, which has not yet been formalized into convertible notes.
Management is seeking additional funding to provide operating capital until revenues are sufficient to sustain operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Flexpoint Sensor Systems, Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.