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SunHydrogen Inc (HYSR+0.18%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing no revenue for the period. Operating expenses totaled $1,257,942, slightly down from $1,264,882 in the same quarter the previous year.
The company reported a net loss of $3,471,062 for the quarter, compared to a net loss of $3,028,707 in the previous year. The increase in net loss was primarily due to an unrealized loss on the company's investment in TECO.
Cash used in operating activities was $1,568,936 for the six months ended December 31, 2024, compared to $948,952 for the same period in 2023. The increase was attributed to changes in prepaid expenses and accounts payable.
The company did not engage in any investing activities during the six months ended December 31, 2024, compared to $2,000,000 used in investing activities in the previous year.
Cash provided by financing activities was $2,156,096 for the six months ended December 31, 2024, primarily due to proceeds from a Purchase Agreement for the sale of common stock.
SunHydrogen's working capital decreased to $39,273,251 as of December 31, 2024, from $42,386,683 as of June 30, 2024, primarily due to a decrease in equity securities.
The company continues to develop its nanoparticle-based hydrogen generator technology, aiming to produce renewable hydrogen using sunlight and water.
SunHydrogen acknowledges its dependence on raising capital through financing transactions and future revenue to continue operations.
The company identified a material weakness in its internal controls over financial reporting due to segregation of duties, and engaged an outside financial consultant to address the issue.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SunHydrogen Inc quarterly 10-Q report dated February 10, 2025. To report an error, please email earnings@qz.com.