Thu, Sep 5, 7:20 PM (131 days ago)
Cyber Enviro-Tech, Inc. reported a net loss of $900,350 for Q2 2024, slightly improved from a loss of $947,978 in Q2 2023. Year-to-date losses increased to $2,020,521, up from $1,452,025 in the prior year, primarily due to rising general and administrative expenses, which surged 421% due to increased testing and marketing efforts. Operating expenses decreased 27% to $631,013 in Q2 2024, driven by lower consulting fees. Total assets decreased to $5,674,154 from $5,870,722, with current assets at $499,469. Current liabilities rose to $1,297,410, including substantial convertible notes payable. The company’s cash position weakened, with cash and equivalents down to $98,134 from $239,417. Cyber Enviro-Tech is in the process of spinning off its Alvey oil field operations, which are categorized as discontinued operations, reflecting ongoing strategic shifts. The company’s financial health remains uncertain, with substantial doubt about its ability to continue as a going concern without additional financing. Future operations will heavily depend on successful capital raises and operational revenue generation.