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Sativus Tech Corp (SATT0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on the development of agriculture and technological products through its subsidiary, Saffron Tech. Saffron Tech is working on a fully automated system for growing saffron and other vegetables.
Saffron Tech has developed a Controlled Environment Agriculture (CEA) technology for saffron cultivation and is preparing to launch a pilot site for commercial production. The technology aims to provide consistent saffron yield irrespective of external conditions.
The company reported research and development expenses of $687,000 for 2024, an increase from $253,000 in 2023, due to a smaller grant from the Israeli Innovation Authority.
General and administrative expenses decreased to $271,000 in 2024 from $562,000 in 2023, primarily due to a reduction in share-based expenses.
Sativus Tech reported a net loss of $1.02 million for 2024, compared to a net loss of $587,000 in 2023. The net loss attributable to equity holders was $680,000 for 2024.
Cash and cash equivalents decreased by $80,000 during 2024, with net cash used in operating activities amounting to $488,000.
The company raised funds through various means, including an investment agreement with Dreamtech Co Ltd, which involved an initial $1 million investment with an additional $1 million contingent on successful saffron cultivation in Korea.
Sativus Tech's interest in Saffron Tech stands at 54% following various fundraising rounds.
The company identified material weaknesses in its internal controls over financial reporting, including a lack of audit committee and insufficient documentation of review procedures.
Sativus Tech's shares are quoted on the NASDAQ OTC Bulletin Board under the symbol 'SATT', with 4,215,571 shares outstanding as of December 31, 2024.
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 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.