Mon, Aug 19, 7:48 PM (148 days ago)
For Q2 2024, IIOT-OXYS, Inc. reported no revenues, a significant decline from $35,289 in Q2 2023, leading to a net loss of $426,763 compared to $283,058 in the prior year. Operating expenses decreased to $104,672 from $130,080, primarily due to reduced professional fees. The six-month period ending June 30, 2024, also saw a drop in revenues to $2,500 from $78,572, resulting in a net loss of $647,381, up from $461,228 in 2023. Cash flow improved, with a balance of $8,262, driven by $17,600 from financing activities, compared to a decrease of $25,440 in 2023. Current liabilities surged, notably derivative liabilities increasing to $942,770 from $535,653, reflecting ongoing financial distress and reliance on external financing. The company faces significant operational challenges, including difficulties in capital raising and reliance on strategic partnerships for future revenue growth, particularly in the Smart Manufacturing and Structural Health Monitoring sectors. Management expresses uncertainty about liquidity and the company's ability to continue as a going concern without adequate capital.