Tue, Nov 19, 5:22 PM (24 days ago)
NEXT-ChemX Corporation (CHMX) reported a net loss of $1,219,391 for the nine months ending September 30, 2024, a decrease from a loss of $1,778,554 in the prior year, indicating improved operational efficiency. Revenue remains at zero, with total operating expenses reduced to $1,163,868 from $1,421,663 year-over-year. The company continues to face liquidity challenges, with cash flow from operations consuming $1,033,072, reflecting increased investments in pilot plant projects and loans to third parties. As of September 30, 2024, total current assets rose to $694,685, while liabilities surged to $5,702,132, leading to a stockholders' deficit of $1,848,714. The company’s principal asset, the iTDE Technology, is valued at $3,150,114 and classified as indefinite intangible, with no amortization recorded. The ongoing development of pilot plants aims to commercialize this technology for extracting lithium and other elements. Management expresses concerns about the company's ability to continue as a going concern, emphasizing the need for additional capital to support operations and the completion of pilot plants. The company is also navigating legal challenges related to a court order affecting its shares, which could impact future operations.