Fri, May 24, 6:22 PM (150 days ago)
Graphene & Solar Technologies Ltd. (GSTX) reported a net loss of $745,462 for the six months ended March 31, 2024, compared to a net loss of $376,359 for the same period in 2023. The company had no revenue in either period. Operating expenses increased significantly to $736,578 from $342,745, driven by higher professional services costs. Current liabilities rose to $5,637,573 from $4,997,159, primarily due to increased accounts payable and accrued interest. The company’s cash position was $1,520 at the end of March 31, 2024, compared to $1,094 at the end of September 30, 2023. GSTX is focused on advanced materials and water technologies, with projects in thin films, quartz material, and graphene. The company is also exploring acquisition opportunities in critical resources, green hydrogen, and ammonia production. Despite ongoing efforts, the company faces significant financial challenges, including a working capital deficit of $5,624,818. Management is seeking additional funding through debt and equity markets to sustain operations. The report highlights the company's need for improved internal controls and the ongoing efforts to address financial reporting weaknesses.