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Strategic Environmental & Energy Resources, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenue of $888,800, consistent with the same quarter of the previous year. The company reported a net loss attributable to common stockholders of $461,100 for the quarter.
Operating expenses for the quarter were approximately $1,113,700, with product costs at $613,400 and general and administrative expenses at $178,500.
Interest expense for the quarter was $237,000, consistent with the previous year's quarter. The company also reported a total non-operating expense of $237,000.
As of September 30, 2024, the company's total assets were $1,182,300, with total liabilities at $15,961,800, resulting in a stockholders' deficit of $14,779,500.
The company has experienced recurring losses and has an accumulated deficit of approximately $35.9 million as of September 30, 2024. Current liabilities exceeded current assets by approximately $13.1 million.
The filing outlines the company's dependence on generating additional revenue or obtaining adequate capital to fund operating losses until profitability is achieved.
Strategic Environmental & Energy Resources, Inc. continues to focus on developing organic growth in its operating companies and improving gross and net margins through cost management and overhead reductions.
The filing also discusses various financial agreements and notes payable, including several secured and unsecured notes, some of which are past due.
The company identified a material weakness in its internal controls over financial reporting due to insufficient resources regarding accounting and reporting obligations.
Strategic Environmental & Energy Resources, Inc. does not anticipate cash dividend payments to common stockholders in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Strategic Environmental & Energy Resources Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.