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Sharps Technology Inc. Warrant (STSSW-10.88%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Sharps Technology Inc. is a medical device company focused on developing and commercializing patented smart-safety syringe products. The company has not yet generated revenue and reported a net loss of $9,296,202 for the year.
The company completed several financing activities during 2024, raising net proceeds of approximately $5.9 million to support working capital and capital expenditures.
Sharps Technology Inc. reported a working capital deficit of $2,011,678 as of December 31, 2024, compared to working capital of $1,145,569 as of December 31, 2023. The company plans to finance future operations through additional equity offerings and other funding sources.
The filing details the company's acquisition of Safegard Medical, a syringe manufacturing facility in Hungary, which was completed in July 2022. The acquisition was accounted for as an asset acquisition.
The report outlines various legal proceedings involving the company, including a lawsuit filed by a co-founder and former Chief Technology Officer, Barry Berler, seeking damages for alleged unpaid consulting fees and other claims.
The company has identified a material weakness in its internal controls over financial reporting, which it is addressing as part of its efforts to strengthen its financial reporting processes.
Sharps Technology Inc. continues to focus on expanding its manufacturing capabilities and increasing production capacity to support future revenue growth from its Securegard and Sologard syringe product lines.
The company acknowledges that it is an emerging growth company and a smaller reporting company, which allows it to take advantage of reduced reporting requirements.
The filing also discusses the company's efforts to comply with Nasdaq listing requirements, noting that it has received a notice of non-compliance with the minimum bid price requirement and is taking steps to address this issue.
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. Warrant annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.