Mon, Jun 17, 8:14 PM (82 days ago)
Sonoma Pharmaceuticals, Inc. filed its annual report on Form 10-K for the fiscal year ended March 31, 2024. The company reported a net loss of $4,835,000, a slight improvement from the $5,151,000 net loss in the prior year. Revenue decreased by 4% to $12,735,000, primarily due to fluctuations in over-the-counter animal health care sales and timing of orders. Operating expenses decreased by 14% to $7,575,000 due to cost containment efforts. Research and development expenses increased significantly to $1,871,000 due to expanded product development and regulatory efforts. The gross profit margin improved to 37% from 34% in the prior year. The company has a working capital of $8,829,000 and cash and cash equivalents of $3,128,000. Management expressed substantial doubt about the company's ability to continue as a going concern, citing the need for additional capital to sustain operations and meet obligations. The company plans to seek additional capital through equity offerings, debt financings, or corporate collaborations.