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GeoSolar Technologies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue for the three months ended September 30, 2024, compared to $12,315 for the same period in the previous year.
General and administrative expenses for the quarter were $267,844, down from $1,007,158 in the previous year, primarily due to a decrease in stock-based compensation.
The company reported a net loss of $345,392 for the quarter, compared to a net loss of $578,047 in the previous year.
Interest expense increased to $77,548 from $38,283, attributed to an increase in interest-bearing debt.
Cash used in operating activities for the nine months ended September 30, 2024, was $74,619, compared to $269,456 in the previous year.
GeoSolar Technologies had a stockholders' deficit of $3,676,762 as of September 30, 2024, compared to $3,005,185 as of December 31, 2023.
The company continues to face substantial doubt about its ability to continue as a going concern, with management planning to seek additional funding through equity financing or related party advances.
The filing also details various related party transactions, including employment agreements and convertible notes.
GeoSolar Technologies plans to use a national network of solar contractors to market and install its SmartGreen™ Home system, which integrates solar power and energy-efficient technologies.
The company is in the development stage and has completed the installation of one SmartGreen™ clean energy system, with a firm backlog of $57,000.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GEOSOLAR TECHNOLOGIES quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.