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NeoVolta Inc (NEOV+4.03%). 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 $590,236 from $764,130 in the same quarter the previous year. The decrease is attributed to macroeconomic factors and regulatory changes in California.
Cost of goods sold for the quarter was $497,389, resulting in a gross profit of $92,847, compared to $121,172 in the previous year.
General and administrative expenses increased to $1,050,119 from $555,160, primarily due to the engagement of a new CEO and additional staff.
Research and development expenses were $8,617 for the quarter, compared to zero in the previous year.
Net loss for the quarter was $964,494, up from $428,715 in the previous year. The company did not recognize any income tax benefit for these net losses.
Cash used in operating activities was $593,031, compared to $179,089 in the previous year. The increase is largely due to the rise in net loss.
NeoVolta secured a line of credit for up to $5,000,000 in September 2024, with no borrowings made under this agreement as of the end of the quarter.
The company had a cash balance of approximately $0.4 million and net working capital of approximately $3.9 million as of September 30, 2024.
NeoVolta does not have any off-balance sheet arrangements as defined by Regulation S-K.
The company identified a material weakness in its internal controls over financial reporting due to a lack of segregation of duties.
NeoVolta continues to focus on expanding its production capacity and product portfolio, with an emphasis on increasing sales in response to recent regulatory changes in California.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NeoVolta Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.