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Trutankless, Inc. 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 revenues to $179,701 from $2,704 in the same quarter the previous year. This increase is attributed to sales of parts for Gen 1 trutankless residential and light commercial products and the start of sales of new Gen 3 trutankless residential products.
Cost of goods sold for the quarter was $115,480, compared to $10,225 in the same quarter of the previous year.
The company reported operating expenses of $2,120,243 for the quarter, compared to $589,820 in the previous year. The expenses primarily consisted of general and administrative expenses of $123,578, research and development expenses of $136,124, and professional fees of $1,860,541.
Trutankless reported a net loss of $3,420,112 for the quarter, compared to a net loss of $732,490 in the previous year. The increase in net loss was attributed to higher operating expenses and financing incentive related expenses.
As of September 30, 2024, Trutankless had $34,719 in cash and an accumulated deficit of $71,574,778. The company acknowledged substantial doubt about its ability to continue as a going concern.
Trutankless plans to raise additional capital and invest in sales and marketing to increase product distribution and demand.
The filing also details various financial agreements, including convertible notes payable and notes payable.
Trutankless does not have any off-balance sheet arrangements that could materially affect its financial condition.
The company continues to focus on developing its trutankless water heaters and expanding its market presence through wholesale plumbing distributors.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Trutankless Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.