Fri, Sep 20, 9:13 PM (21 days ago)
HNO International, Inc. reported a net loss of $496,621 for Q3 2024, compared to a loss of $459,806 in Q3 2023. Revenue for the quarter was $4,241, a decline from $13,000 year-over-year, primarily from hydrogen engineering services. Operating expenses rose to $490,250 due to increased contract labor and administrative costs. The company's accumulated deficit reached $43,194,383, with a working capital deficit of $1,649,621. Cash on hand decreased to $78,917 from $235,159 at the previous quarter-end. Cash used in operating activities was $1,380,178, while financing activities provided $1,592,612, largely from related party advances and stock sales. The company faces substantial doubt regarding its ability to continue as a going concern, reliant on future capital raises to sustain operations. The management is exploring various financing options and implementing cost-saving measures. The report emphasizes uncertainties regarding future operations influenced by regulatory changes and market conditions.