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IIOT-OXYS Inc (ITOX) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing shows that the company did not earn any revenue for the three months ended September 30, 2024, compared to $19,714 in the same period in 2023. Operating expenses for the quarter increased to $155,831 from $102,272 in the previous year.
The company reported a net loss of $126,199 for the quarter, compared to a net loss of $62,674 in the same period the previous year. The increase in net loss is primarily due to higher operating expenses and a decrease in revenue.
For the nine months ended September 30, 2024, the company reported revenues of $2,500, a significant decrease from $98,286 in the same period in 2023. Operating expenses for the nine months were $327,186, down from $410,757 in the prior year.
The company recorded a net loss of $773,580 for the nine months ended September 30, 2024, compared to a net loss of $523,901 in the same period in 2023. The increase in net loss is attributed to a decrease in revenue and changes in the fair market value of derivative liabilities.
The filing highlights that IIOT-OXYS Inc has a working capital deficit of $2,801,570 and an accumulated deficit of $11,217,177 as of September 30, 2024. These factors raise substantial doubt about the company's ability to continue as a going concern.
The company is exploring options to secure additional funding, including potential mergers or acquisitions, to address its financial challenges.
IIOT-OXYS Inc continues to focus on developing hardware, software, and algorithms for energy, structural, agricultural, and medical applications.
The company acknowledges its dependence on raising capital to support its operations and future growth. It is actively seeking opportunities to expand its revenue streams through strategic partnerships and new contracts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the IIOT-OXYS Inc quarterly 10-Q report dated January 10, 2025. To report an error, please email earnings@qz.com.