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GenFlat Holdings Inc. (GFLT0.00%) has submitted its Form 10-Q filing for the quarterly period ended December 31, 2024.
The filing details the company's financial statements, which show a net loss of $846,207 for the three months ended December 31, 2024, compared to a net loss of $500,651 for the same period in the previous year.
Revenue for the three months ended December 31, 2024, was reported as $0, with costs of revenue amounting to $52,717, primarily due to depreciation and transportation expenses.
Research and development expenses for the quarter were $52,000, reflecting increased engineering and consulting activities.
General and administrative expenses increased to $739,674 from $501,611 in the previous year, due to higher compensation, consulting, and marketing expenses.
For the six months ended December 31, 2024, GenFlat reported revenue of $7,894, with costs of revenue totaling $105,911.
The company recorded a net loss of $2,614,609 for the six months ended December 31, 2024, compared to a net loss of $634,303 for the same period in 2023.
Cash used in operating activities for the six months ended December 31, 2024, was $656,533, a decrease from $1,800,355 used in the same period of the previous year.
GenFlat's cash balance as of December 31, 2024, was $340,967, with working capital of $190,416.
The company acknowledges substantial doubt about its ability to continue as a going concern, citing the need for additional financing and sales to meet future obligations.
GenFlat has initiated a sales and marketing plan and intends to raise funds through an equity offering to support its operations.
The filing also includes disclosures about related party transactions, stock-based compensation, and the company's lease agreements.
GenFlat does not have any off-balance sheet arrangements and has identified material weaknesses in its internal control over financial reporting.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GenFlat Holdings Inc. quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.