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Sativus Tech Corp (SATT0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing research and development expenses of $417,000, compared to $301,000 for the same period in the previous year. This increase is attributed to continued investment in agriculture technology products.
General and administrative expenses decreased to $194,000 from $412,000 in the same period of the previous year.
The company reported a net profit of $2,019,000 for the three months ended September 30, 2024, compared to a net loss of $782,000 for the nine months ended September 30, 2024.
Financial income for the three months ended September 30, 2024, was $2,174,000, compared to $1,252,000 in the same period of the previous year. This was primarily due to revaluations of the convertible component in convertible loans.
Cash used in operating activities was $380,000, while cash provided by investing activities was $345,000, primarily due to a decrease in short-term deposits.
Sativus Tech Corp had a working capital deficit of $2,952,000 as of September 30, 2024. The company acknowledges its dependence on obtaining necessary financing to meet future obligations.
The filing also details various convertible loan agreements and related financial instruments, including extensions of loan agreements to December 31, 2024.
Sativus Tech Corp continues to focus on developing its agriculture technology products, particularly in the field of saffron cultivation, through its subsidiary Saffron Tech.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sativus Tech Corp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.