Mon, Aug 19, 8:03 PM (148 days ago)
For the quarter ended June 30, 2024, NEXT-ChemX Corporation reported no revenue, consistent with the same quarter of the previous year, while operating expenses decreased to $362,290 from $581,572. The net loss for the quarter was $345,933, slightly improved from a loss of $397,723 in Q2 2023. Total current assets increased significantly to $616,875 from $140,327, primarily due to a rise in financial assets. However, total liabilities surged to $5,271,181, up from $3,932,425, driven by increased accounts payable and accrued liabilities, which totaled $2,823,752. The company continues to face significant financial challenges, with an accumulated deficit of $6,918,859 and ongoing cash burn of $861,765 for the first half of 2024, compared to $169,669 in the same period of 2023. Management anticipates further losses until the successful commercialization of its ion extraction technology. The company’s ability to continue as a going concern is uncertain, hinging on securing additional funding estimated at $3 million to meet operational needs. The ongoing litigation and regulatory issues add to operational uncertainties, impacting future performance and cash flow.