Wed, Aug 14, 7:01 PM (153 days ago)
Basanite, Inc. reported a challenging financial performance for the quarter ending June 30, 2024. Revenue from product sales decreased significantly to $86,891, down from $153,406 in the same period last year, primarily due to manufacturing constraints. The cost of goods sold also fell, resulting in a gross profit of $56,697, but the company still recorded a net loss of $423,181, compared to a loss of $619,851 in Q2 2023. Operating expenses decreased to $228,935, reflecting cost-cutting measures. As of June 30, 2024, Basanite's total assets were $437,637, down from $554,656 at year-end 2023, while liabilities increased to $8,245,327, leading to a stockholders' deficit of $7,807,690. The company continues to face liquidity challenges, with an accumulated deficit of $56.9 million and a working capital deficiency of $7.8 million. Future operations are uncertain, hinging on successful fundraising efforts to support manufacturing expansion and product demand. The company is also at risk of delisting from the OTCQB due to non-compliance with financial reporting standards, necessitating immediate corrective actions.