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Groove Botanicals, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing the company reported a net loss of $29,833, compared to a net loss of $30,045 in the same quarter the previous year.
Total operating expenses for the quarter were $29,833, compared to $27,795 in the previous year, with an increase in legal and professional fees offset by a reduction in general and administrative expenses.
The company reported no revenue for the quarter and does not expect to generate revenue from the sale of products in the near future.
Dividends on Preferred Stock remained constant at $54,618 for the quarter, contributing to the net loss attributable to common stockholders.
Cash used in operating activities was $63,468 for the six months ended September 30, 2024, compared to $50,822 in the previous year.
Net cash provided by financing activities was $67,913 for the six months ended September 30, 2024, compared to $49,102 in the previous year, primarily from related party advances.
The company had cash of $6,133 as of September 30, 2024, and acknowledged substantial doubt regarding its ability to continue as a going concern.
Groove Botanicals plans to focus on assembling a portfolio of early-stage EV Battery Technologies and is seeking grants and corporate partners to commercialize these technologies.
The filing also details the company's management changes, including the resignation of director Douglas Barton on July 29, 2024.
Groove Botanicals continues to rely on its sole officer and director, Kent Rodriguez, to manage day-to-day operations and maintain lower operational costs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Groove Botanicals Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.