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Sharps Technology, 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 significant revenue from syringe sales. The company reported a net loss of $1,685,060 for the quarter, compared to $2,022,344 in the same quarter the previous year.
Research and development expenses decreased to $145,611 from $225,191, attributed to reduced activities and a shift towards manufacturing.
General and administrative expenses were $1,869,598, down from $2,133,167, due to decreases in payroll, consulting fees, and stock compensation expenses.
Other expenses for the quarter were $70,905, compared to income of $17,620 in the previous year, primarily due to accreted interest costs associated with debt financing.
The company recorded a fair market value gain of $416,560 on warrant liabilities, reflecting adjustments required for outstanding warrants.
Sharps Technology reported a working capital of $67,820 as of September 30, 2024, not expected to be sufficient for the next 12 months, raising substantial doubt about its ability to continue as a going concern.
The filing details legal proceedings involving claims from a co-founder and a lawsuit from Plastomold Industries Ltd. The company believes these claims are without merit and intends to defend itself vigorously.
Sharps Technology continues to focus on securing financing and increasing production capacity to support future sales and commercialization of its syringe products.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sharps Technology Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.