Mon, Jul 15, 5:13 PM (54 days ago)
NEXT-ChemX Corporation's Form 10-Q for the quarter ending March 31, 2024, reports several key financial and operational updates. The company experienced a net loss of $518,963, an increase from the $457,973 loss in the same period in 2023, primarily due to higher operating expenses and interest costs. Current assets increased to $216,830 from $140,327 at the end of 2023, but liabilities also rose significantly to $4,526,557, leading to a stockholders' deficit of $1,148,326. The company has ongoing efforts to commercialize its iTDE Technology for ion extraction and is constructing pilot plants to demonstrate scalability and efficiency. However, the report is deemed deficient as the financial statements were not reviewed by a registered public accounting firm due to the recent disqualification of its previous auditors. The company has appointed new auditors and plans to refile the report after the required review. The financial outlook remains uncertain with significant doubts about the company's ability to continue as a going concern without additional capital.