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Titan Environmental Solutions Inc (TESI0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $8,300,038 from $5,568,224 in the same quarter the previous year. The increase is attributed to the acquisition of Standard Waste Services.
Cost of revenues for the quarter was $7,173,029, compared to $4,703,784 in the same quarter of the previous year, reflecting the expanded operations.
The company reported a gross profit of $1,127,009 for the quarter, compared to $864,440 in the previous year.
Operating expenses totaled $16,236,068, down from $25,926,991 in the previous year, largely due to a decrease in goodwill impairment expenses.
Net loss for the quarter was $18,167,196, compared to $142,155,870 in the previous year. The decrease is primarily due to a reduction in loss on extinguishment and issuance of share rights.
The company completed the acquisition of Standard Waste Services for approximately $16.1 million, which included cash, note payables, and Series A Preferred Stock.
Titan sold its subsidiary Recoup Technologies, Inc. for $1,000,000, which included a promissory note and debt cancellation.
Cash used in operating activities was $564,775, while cash used in investing and financing activities was $5,619,633 and $6,156,403, respectively.
Titan had a working capital deficit of $16,344,202 as of September 30, 2024, and acknowledges the need for additional financing to meet future obligations.
The filing also details various financial agreements, including a new convertible promissory note agreement with Titan Group Partners, LLC.
Titan 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 Titan Environmental Solutions Inc Com quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.