Thu, Nov 14, 9:19 PM (64 days ago)
Forza X1, Inc. (FRZA) reported significant financial challenges for Q3 2024, resulting in a net loss of $895,702, a 14% improvement from $1,046,314 in Q3 2023. Revenues dropped to zero from $18,559, reflecting the company's decision to wind down its electric boat development. Operating expenses decreased by 32% to $852,451, primarily due to reduced staffing and R&D costs. As of September 30, 2024, total assets declined to $11,957,426, down from $16,921,844 at year-end 2023. Cash and cash equivalents also fell by 27% to $7,200,427. Current liabilities reduced significantly by 87% to $113,801, indicating improved liquidity. The company is pursuing a merger with Twin Vee PowerCats Co., approved by stockholders on November 11, 2024. However, uncertainties regarding future operations persist, especially given the lack of revenue generation and ongoing operational losses. The merger aims to consolidate resources and mitigate financial strain, although the market conditions and operational adjustments will significantly impact future performance.