Wed, May 15, 1:07 PM (309 days ago)
AgriFORCE Growing Systems Ltd. reported a net loss of $3.3 million for Q1 2024, an increase from the $1.7 million loss in Q1 2023. Operating expenses decreased by 52% due to cost-cutting measures, including reductions in wages, professional fees, and investor relations. However, other expenses increased due to changes in the fair value of derivative liabilities and losses on debt extinguishment. The company held $2.9 million in cash as of March 31, 2024, down from $3.9 million at year-end 2023. AgriFORCE continues to face liquidity challenges and anticipates needing additional financing to sustain operations and growth. Recent financing activities include multiple tranches of convertible debentures, with the latest tranche in April 2024 raising $550,000. The company is focused on commercializing its UN(THINK) Awakened Flour™ and expanding its Hydroxyl clean room systems. Management changes include the resignation of the President of AgriFORCE Solutions and the reappointment of Richard Wong as CFO.