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NextNRG Inc. (NXXT-11.80%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including a net loss of $16,189,008 for the year. The company reported revenues of $27,770,279, an increase from the previous year. Cost of sales was $25,467,415, leading to a gross profit margin.
Operating expenses for the year were $8,505,461, slightly down from the previous year. Depreciation and amortization expenses were recorded at $1,079,522.
The company reported other expenses, including interest expenses amounting to $8,248,642, and a loss on debt extinguishment related to related-party transactions.
NextNRG's cash and cash equivalents increased to $438,299 as of December 31, 2024. The company raised funds through debt financing and equity issuances to support its operations.
The filing also highlights the company's strategic initiatives, including the expansion into new markets and the development of renewable energy solutions. NextNRG plans to leverage its technology in wireless EV charging and smart microgrid systems.
NextNRG acknowledges the challenges it faces, including the need for additional capital to support its operations and growth plans. The company has relied on related-party transactions for funding and is exploring further financing options.
The company continues to focus on improving operational efficiency and expanding its customer base to enhance revenue generation.
NextNRG's management is actively pursuing strategies to address liquidity concerns and ensure the company's ability to continue as a going concern.
The filing includes detailed information on recent developments, including promissory notes and shareholder approvals related to potential equity issuances.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NextNRG Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.