Mon, Apr 28, 8:19 PM (13 days ago)
**NEXT-ChemX Corporation (CHMX) 10-K/A Summary** **Financial Performance:** - **Revenue:** $0 for both 2023 and 2022. - **Net Loss:** $2,511,013 for 2023, up from $1,743,799 in 2022. - **Operating Expenses:** $2,126,383 for 2023, a 27% increase from 2022. - **Earnings per Share:** $(0.09) for 2023, compared to $(0.06) in 2022. **Strategic Overview:** - **Technology:** Focus on ion-Targeting Continuous-Flow Direct Extraction Technology (iTDE) for lithium extraction and other applications. - **Market Position:** Seeking to disrupt traditional extraction methods with a more sustainable and efficient process. - **Partnerships:** Agreement with Clontarf Energy for lithium extraction in Bolivia. **Future Outlook:** - **Pilot Plant:** Construction ongoing, expected completion in Q3 2025. - **Funding:** Seeking additional capital to support operations and growth. - **Market Entry:** Plans to deploy iTDE systems in units based on 40’ containers for ease of deployment and maintenance. **Risk Factors:** - **Financial:** Significant debt and reliance on shareholder loans. - **Operational:** Dependence on key personnel and potential disruptions from geopolitical events. - **Market:** Competition from better-capitalized entities and potential regulatory challenges. **Financial Condition:** - **Assets:** $2,844,915 as of December 31, 2023. - **Liabilities:** $3,932,425, including significant debt to shareholders and employees. - **Cash Flow:** Negative cash flow from operations, indicating financial strain. **Market Position Changes:** - **Share Price:** Volatile, with significant fluctuations due to lack of liquidity. - **Shareholders:** Majority control by NEXT-ChemX (Private), with significant holdings by other key individuals. **Amendments:** - **Intangible Asset:** Reclassified iTDE technology as a finite intangible asset with amortization. - **Balance Sheet:** Adjusted to include $308,365 in retained earnings. - **Debt Restructuring:** Agreements with employees and consultants to defer payments and convert debt to equity. **Conclusion:** NEXT-ChemX Corporation faces significant financial and operational challenges but is pursuing strategic initiatives to commercialize its innovative technology. The company's success will depend on securing additional funding, managing debt, and navigating competitive and regulatory landscapes.