Fri, Jul 12, 9:27 PM (57 days ago)
IIOT-OXYS, Inc.’s Form 10-Q for the quarter ended March 31, 2024, reveals significant financial challenges. The company reported a substantial decrease in revenue, from $43,283 in Q1 2023 to $2,500 in Q1 2024, an 87% decline. Operating expenses were $66,682, primarily due to payroll and amortization costs. The net loss for Q1 2024 was $220,618, compared to $178,170 in Q1 2023. The company’s cash flow from operating activities was slightly positive at $761, but it faces a working capital deficit of $2.28 million and an accumulated deficit of $10.66 million, raising substantial doubt about its ability to continue as a going concern. The company is actively seeking additional capital and considering strategic options, including potential mergers or acquisitions, to sustain operations.