Tue, May 14, 4:42 PM (245 days ago)
GeoSolar Technologies, Inc. reported a net loss of $429,942 for Q1 2024, a decrease compared to a net loss of $807,725 in Q1 2023, primarily due to reduced stock-based compensation. Operating expenses were $376,394, down from $773,850 in the previous year. Interest expenses increased to $53,548 due to higher interest-bearing debt. The company’s cash position improved to $22,785 from $5,268 at the end of 2023, driven by $80,000 raised from issuing common stock and warrants. However, the company continues to face liquidity challenges, with substantial doubt about its ability to continue as a going concern. Total liabilities increased to $4,141,415, with stockholders' deficit widening to $3,150,537. GeoSolar is in the development stage, focusing on its SmartGreen™ Home system, which integrates solar power and energy-efficient technologies. The company anticipates significant capital requirements for marketing, general administration, and R&D over the next year, with no immediate revenue generation expected. Management is seeking additional funding through equity or debt financing to sustain operations.