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OriginClear, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue and a cost of sales of $6,439, resulting in a gross loss of $6,439.
Selling and marketing expenses for the quarter increased to $731,792 from $470,231 in the same quarter the previous year, primarily due to expanded marketing activities.
General and administrative expenses were $530,651, up from $477,619, driven by higher costs associated with outside services.
Other income and expenses improved to $1,092,372 from a loss of $821,147 in the previous year, primarily due to a gain from changes in fair value of derivative liabilities and conversion of debt.
The company reported a net loss of $2,774,476 for the quarter, an improvement from a net loss of $3,302,949 in the previous year.
Cash used in operating activities was $3,145,012 for the nine months ended September 30, 2024, compared to $1,283,296 in the same period the previous year.
Cash used in investing activities was $1,495,008, a decrease from $3,006,485 in the previous year, primarily due to reduced purchase of SPAC notes payable.
Cash provided by financing activities was $4,395,719, down from $7,222,992, due to reduced proceeds from convertible secured promissory notes.
OriginClear had a working capital deficit of $44,003,800 as of September 30, 2024, up from $32,249,892 at the end of 2023.
The filing details various financial agreements, including convertible promissory notes and preferred stock transactions.
OriginClear continues to focus on its Water On Demand initiative, aiming to provide water treatment services on a per-gallon basis through Design-Build-Own-Operate contracts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the OriginClear Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.