Mon, Jun 30, 8:39 PM (14 days ago)
**Summary of Genvor Incorporated (GNVRF) Q2 2024 Financial Performance** Genvor Incorporated, a Nevada-based company focused on plant-based defense technology, reported no revenue for the quarter ended June 30, 2024. The company incurred significant operating expenses, totaling $571,833 for the quarter, primarily driven by research and development ($43,801), professional fees ($264,801), and compensation and related benefits ($234,408). This resulted in a net loss of $601,877, or $0.03 per share, compared to a net loss of $215,029, or $0.01 per share, in the same period of 2023. For the nine months ended June 30, 2024, Genvor reported a net loss of $2,725,359, or $0.14 per share, compared to a net loss of $615,860, or $0.03 per share, in the same period of 2023. Operating expenses for the nine months totaled $2,624,309, with significant increases in professional fees ($1,085,290), compensation and related benefits ($1,188,373), and research and development expenses ($206,911). The company's cash position was critically low, with only $141 in cash as of June 30, 2024, down from $44,354 at the end of the previous fiscal year. The working capital deficit was approximately $1,582,000, and the company has raised substantial doubt about its ability to continue as a going concern. Genvor plans to raise additional capital through debt or equity financing to support its operations and implement its business plan. **Key Trends and Uncertainties:** - Significant increase in operating expenses, particularly in professional fees and compensation. - Continued lack of revenue, raising concerns about the company's ability to generate income. - Critical cash position and working capital deficit, indicating potential liquidity issues. - Dependence on external financing to continue operations. **Future Operations Impact:** Genvor's ability to secure additional financing will be crucial for its continued operations. The company's strategic collaborations, such as the Golden Ticket award from Bayer, may provide opportunities for growth and development. However, the lack of revenue and increasing expenses pose significant challenges that need to be addressed to ensure the company's sustainability.