Tue, Nov 12, 5:24 PM (64 days ago)
GeoSolar Technologies, Inc. (GSPT) reported its Q3 2024 results, revealing a significant net loss of $345,392, compared to a loss of $578,047 in Q3 2023. Revenue for the nine months ended September 30, 2024, totaled $12,315, a notable increase from zero in the prior year, primarily attributed to sales activity. However, operating expenses decreased to $1,007,158 from $2,158,672, mainly due to reduced stock-based compensation. The company’s cash position fell to $2,097 from $5,268 at the end of Q2 2024, reflecting ongoing liquidity challenges. Total liabilities rose to $4,697,512, significantly outpacing total assets of $1,020,750, resulting in a stockholders' deficit of $3,676,762. The company continues to face uncertainties regarding its ability to sustain operations, primarily due to its reliance on future financing and the need for profitable operations. Management highlighted the importance of capital raising for future growth, with projected capital requirements of $620,000 for marketing, general administration, and research and development over the next year. Despite progress, the company remains in the developmental stage of its SmartGreen™ Home system and has not yet established a sustainable revenue stream.