Genvor Incorporated Reports $2.88 Million Net Loss for Fiscal Year Ending September 30, 2024

Genvor Incorporated reported a net loss of $2.88 million for the fiscal year ending September 30, 2024, compared to a loss of $1.71 million in the previous year, marking a 69% increase in losses. The company did not generate any revenue during both fiscal years. Operating expenses rose significantly to $2.78 million, up from $1.44 million in 2023, driven primarily by increased research and development costs, which surged by 191% to $240,263, and a 71% rise in compensation and related benefits to $1.32 million. The increase in operating expenses reflects Genvor's ongoing investment in its research initiatives and operational activities.

In terms of strategic developments, Genvor has focused on advancing its proprietary peptide technologies aimed at sustainable crop protection and plant health solutions. The company has been actively engaged in partnerships, including a notable collaboration with Bayer AG, which awarded Genvor its Golden Ticket, providing access to laboratory space and mentorship to accelerate the development of its peptide-based technologies. This partnership is expected to enhance Genvor's capabilities in bringing its products to market, particularly in addressing challenges related to crop diseases and improving agricultural productivity.

Operationally, Genvor's total assets decreased to $35,580 as of September 30, 2024, down from $82,063 the previous year, primarily due to a reduction in cash reserves. The company reported a working capital deficit of approximately $1.73 million, slightly up from $1.72 million in 2023. Genvor's employee headcount remains minimal, with only one full-time employee reported as of the end of the fiscal year. The company continues to rely on external partnerships and collaborations to support its research and development efforts, as it has not yet established a dedicated laboratory facility.

Looking ahead, Genvor's management has expressed concerns regarding its ability to continue as a going concern, citing the need for additional capital to fund operations and research activities. The company plans to pursue financing options, including potential equity or debt offerings, to support its business objectives. However, there are no assurances that Genvor will be successful in raising the necessary funds or achieving profitable operations in the near future. The company anticipates that it will not generate revenue until at least the end of 2025, as it continues to develop and commercialize its peptide technologies.