Cyber Enviro-Tech Reports $6.37 Million Net Loss for Fiscal Year 2024

Cyber Enviro-Tech, Inc. (CETI) reported a net loss of $6.37 million for the fiscal year ending December 31, 2024, a significant increase from the $4.34 million loss recorded in 2023. The company's total operating expenses decreased by 26.9% to $2.85 million, down from $3.90 million in the previous year. This reduction was primarily driven by a 48.9% decrease in consulting fees, which fell to $1.67 million from $3.27 million, as the company shifted its compensation structure away from stock-based payments. However, general and administrative expenses surged by 103.3%, largely due to increased costs in supplies, rent, and testing related to meat packing operations.

In terms of strategic developments, CETI is in the process of spinning off its Alvey Oil Field operations, which has been classified as a discontinued operation. The company is focusing on expanding its water and oil remediation technologies, particularly in the Middle East and Texas. CETI has also entered into agreements with consultants to enhance its business-to-business sales strategy, targeting sectors such as oil and gas and meat packing. As of December 31, 2024, CETI had 11 consultants but no full-time employees, reflecting a lean operational structure.

CETI's financial position showed total assets of $3.57 million, a decrease from $5.87 million in 2023, while total liabilities increased to $4.07 million from $3.90 million. The company reported current liabilities of $2.46 million, which included accounts payable and convertible notes payable. The increase in liabilities was attributed to higher interest expenses and the need for additional financing to support ongoing operations. CETI's cash and cash equivalents at year-end were $59,411, down from $239,417 in the previous year, indicating a tightening liquidity position.

The company has indicated that its future success will depend on its ability to generate revenue and secure additional financing. CETI plans to pursue private investments and is exploring opportunities to raise capital through convertible debentures. The management has expressed optimism about achieving commercial success, although it acknowledges the substantial doubt regarding its ability to continue as a going concern without additional funding. CETI's forward-looking statements emphasize the importance of expanding its market presence and enhancing product adoption rates in various industries.

Overall, Cyber Enviro-Tech, Inc. is navigating a challenging financial landscape while attempting to pivot its business model towards water remediation technologies. The company's strategic focus on partnerships and geographic expansion, coupled with its ongoing efforts to manage costs, will be critical as it seeks to stabilize its operations and improve its financial outlook in the coming fiscal year.