Tue, Aug 20, 10:08 AM (147 days ago)
For the quarter ended June 30, 2024, Trutankless, Inc. reported revenues of $11,584, a significant increase from $180 in the same quarter last year, attributed to sales of parts for their electric tankless water heaters. Operating expenses surged to $786,606, primarily driven by a 117.9% rise in general and administrative costs, which reached $537,175 due to increased consulting fees. Research and development expenses also rose sharply to $241,931, up 486.8% year-over-year, reflecting intensified product development efforts. The net loss widened to $1,083,601 from $504,256, exacerbated by a loss on extinguishment of debt amounting to $166,800. As of June 30, 2024, the company faced substantial liquidity challenges, with cash dwindling to $584 and an accumulated deficit of $68,154,666. The working capital deficiency stood at $5,853,140. The company continues to rely on financing through equity and debt to sustain operations, raising concerns about its ability to continue as a going concern if revenue generation does not improve. Management plans to seek additional capital and enhance marketing efforts to boost product demand, though there are no guarantees of success.