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Forza X1, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's decision to discontinue its business related to the development and sale of electric boats utilizing its proprietary outboard electric motor. This decision was made on July 11, 2024, to retain cash and reduce expenditures.
On August 12, 2024, Forza X1 entered into a Merger Agreement with Twin Vee PowerCats Co, which is intended to qualify as a tax-free reorganization.
Forza X1 reported a net loss of $895,702 for the three months ended September 30, 2024, compared to a net loss of $1,046,314 in the same period of the previous year.
Operating expenses for the quarter decreased to $852,451 from $1,258,966 in the previous year. The decrease was primarily due to reductions in staffing and winding down operations.
The company had cash and cash equivalents of $7,200,427 as of September 30, 2024, compared to $9,821,531 on December 31, 2023.
Forza X1's cash used in operating activities was $2,411,753 for the nine months ended September 30, 2024, a decrease from $3,877,991 in the same period of the previous year.
The filing notes that Forza X1's common stock has been suspended from trading on The Nasdaq Capital Market and now trades on the OTC Markets system under the symbol 'FRZA'.
The company has identified material weaknesses in its internal control over financial reporting and has ceased its remediation plan due to the pending merger.
Forza X1's management anticipates that the merger with Twin Vee PowerCats Co will be consummated in the near future, subject to customary closing conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Forza X1 Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.