Fri, May 17, 6:41 PM (157 days ago)
Omnitek Engineering Corp. reported a net loss of $66,458 for Q1 2024, compared to a net loss of $59,850 in Q1 2023. Revenues increased slightly to $237,077 from $225,204 year-over-year. However, the gross margin declined to 35% from 42%, primarily due to higher cost of goods sold. Operating expenses decreased marginally by $4,153, with general and administrative expenses slightly down to $126,045 from $130,730. Cash flow from operations was negative, at $53,499, compared to negative $2,142 in the prior year. The company continues to face liquidity challenges with a working capital deficit of $1,169,497. Management believes existing resources and projected sales will fund operations for the next 12 months but acknowledges uncertainties about achieving profitability and securing additional capital. The company's financial position remains precarious, casting doubt on its ability to continue as a going concern.