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N2OFF Inc. (NITO+9.40%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenues to $69,481 from $157,618 in the same quarter the previous year. The decrease is attributed to reduced sales in Mexico.
Cost of sales for the quarter increased to $110,523, up from $70,229 in the same quarter of the previous year, primarily due to a one-time inventory write-off in South Africa.
The company reported a gross loss of $41,042 for the quarter, compared to a gross profit of $87,389 in the previous year, with the decline attributed to decreased revenues and inventory write-offs.
Research and development expenses decreased significantly to $249,966 from $1,828,970, due to cost reduction measures and a shift in focus to commercialization.
Selling and marketing expenses decreased to $179,094 from $217,907, reflecting a reduction in personnel and associated costs.
General and administrative expenses decreased to $2,844,967 from $3,481,408, mainly due to reduced share-based compensation and insurance costs.
Financing expenses increased to $117,335 from an income of $43,666, primarily due to interest on a promissory note.
Net loss for the quarter was $3,936,207, down from $5,472,512 in the previous year.
The filing also details investments in the solar energy sector, including a loan agreement with Solterra Renewable Energy Ltd. and a partnership in a solar PV project.
N2OFF continues to face challenges due to the ongoing Israel-Hamas conflict, which has impacted its operations and those of its affiliates.
The company acknowledges the substantial doubt about its ability to continue as a going concern and is seeking additional financing to support its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the N2OFF Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.