Thu, Aug 22, 10:02 AM (145 days ago)
For the quarter ending June 30, 2024, Flexpoint Sensor Systems, Inc. reported revenue of $58,049, up from $37,506 in Q2 2023, indicating a positive trend in sales. However, operating costs decreased significantly from $218,186 to $136,654, primarily due to reduced professional marketing fees. Despite these improvements, the company recorded a net loss of $120,010 for Q2 2024, an improvement compared to a loss of $210,097 in Q2 2023. For the six-month period, total revenue increased to $71,254 from $49,764 year-over-year. Operating expenses also decreased from $422,961 to $282,270, contributing to a reduced net loss of $292,502 compared to $418,941 in the previous year. The company’s total liabilities rose to $5,221,561, with an accumulated deficit of $31,964,646, raising concerns about its ability to continue as a going concern. Cash flow remains critical, with ongoing reliance on shareholder loans to meet operational needs. Management anticipates that securing long-term contracts could stabilize revenue, but uncertainties remain regarding market conditions post-pandemic.