In This Story
Next-ChemX Corp (CHMX+0.24%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports that the company's financial statements for the quarter have not been reviewed by a registered public accounting firm due to the disqualification of its previous auditor, BF Borgers CPA PC. A new auditor, Fruci & Associates II PLLC, has been appointed but has not completed the review.
Next-ChemX Corp reported a net loss of $1,219,391 for the nine months ended September 30, 2024, compared to a net loss of $1,778,554 for the same period in 2023.
The company has incurred an accumulated deficit of $7,273,354 as of September 30, 2024, and continues to face substantial doubt regarding its ability to continue as a going concern.
Next-ChemX Corp's primary focus is the commercialization of its Ion-Targeting Continuous-Flow Direct Extraction Technology (iTDE Technology), with ongoing efforts to complete its pilot plant systems.
The company has faced legal challenges, including a Third Turnover Order from a Texas court concerning shares owned by a private Texas corporation with a similar name. The company plans to appeal the order.
Next-ChemX Corp has not issued any shares of common stock during the nine months ended September 30, 2024, but has issued preferred stock to its director and president.
The company continues to rely on advances from related parties and deferral of salaries to support its operations, with a total of $2,163,254 owed to directors, officers, and employees as of September 30, 2024.
The company has identified material weaknesses in its internal controls over financial reporting and is working to improve its control environment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Next-ChemX Corp quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.