Wed, Aug 14, 7:17 PM (153 days ago)
For the quarter ending June 30, 2024, OriginClear, Inc. reported a significant decline in revenue, generating only $6.6k compared to $13.1k in the prior year. Operating expenses rose to $1.34 million, leading to a loss from operations of $1.34 million. The company experienced a net income of $3.6 million, a notable improvement from a loss of $7.7 million in Q2 2023, primarily driven by changes in derivative liabilities. However, for the six-month period, total revenue decreased to $6.6k from $13.1k, with a larger net loss of $12.3 million compared to $4.6 million in 2023. Cash flow showed a net decrease of $253.3k, with cash and equivalents at $32.9k as of June 30, 2024. The working capital deficit increased to $42.3 million, attributed to rising non-cash derivative liabilities. The company remains focused on its subsidiary, Water On Demand, Inc. (WODI), and is navigating uncertainties related to financing and operational sustainability. The management emphasizes the need for additional capital to support ongoing and future operations, highlighting significant reliance on investor funding and potential mergers.