Wed, Jul 3, 7:53 PM (66 days ago)
IIOT-OXYS, Inc. filed its Form 10-K for the fiscal year ending December 31, 2023. The company reported total revenues of $114,666 and a net loss of $1,136,460. Operating expenses were $731,430, including $244,083 in payroll costs and $49,500 in amortization of intangible assets. The company recorded other expenses of $374,530, largely due to a $185,973 loss on debt extinguishment. IIOT-OXYS's cash balance decreased to $644, primarily due to $146,564 used in operating activities. The company faces substantial doubt about its ability to continue as a going concern due to ongoing net losses and a working capital deficit of $2,067,461. Despite this, management is optimistic about potential revenue growth in 2024, driven by current contracts and strategic partnerships. The company has significant convertible debt and preferred stock, impacting its financial condition.