IIOT-OXYS Reports No Revenue and Increased Losses in Latest Financial Filing

IIOT-OXYS, Inc. reported significant financial challenges in its latest 10-Q filing for the quarter ending September 30, 2024. The company recorded no revenue for the quarter, a stark decline from $19,714 in the same period last year. For the nine months ending September 30, 2024, revenues totaled $2,500, down from $98,286 in the prior year. The company incurred a net loss of $126,199 for the third quarter and $773,580 for the nine-month period, compared to losses of $62,674 and $523,901, respectively, in the previous year. The lack of revenue and increased operating expenses, which rose to $155,831 from $102,272 year-over-year, contributed to these losses.

The company's balance sheet reflects a decrease in total assets, which fell to $167.4 million from $207.5 million at the end of 2023. Current assets also declined significantly, primarily due to a drop in cash and cash equivalents, which increased slightly to $3,181 from $644 at the beginning of the year. Current liabilities surged to $2.8 million, up from $2.2 million, driven by increases in accounts payable and accrued liabilities. The accumulated deficit reached $11.2 million, raising concerns about the company's ability to continue as a going concern.

Strategically, IIOT-OXYS has been focusing on its partnerships and potential revenue streams in the Smart Manufacturing and Structural Health Monitoring sectors. The company is pursuing contract extensions with its main contractor for the Department of Transportation and exploring new opportunities with local municipalities. However, the company faces significant headwinds, including difficulties in raising capital, which have limited its sales and marketing efforts. The management team has not received compensation since mid-April 2023, further complicating the company's financial situation.

Operationally, the company has not reported any significant changes in customer counts or user statistics, and it continues to rely on its strategic partnership with Aingura IIoT, S.L. for expertise and resources. The company has also been actively managing its expenses, with a focus on reducing operating costs. Despite these efforts, the outlook remains uncertain, as the company has not been able to secure adequate funding to support its operations and growth initiatives.

Looking ahead, IIOT-OXYS acknowledges the challenges it faces in generating revenue and securing necessary capital. The management is exploring various options, including potential mergers or acquisitions, to enhance its financial stability. The company remains committed to leveraging its technological assets and partnerships to navigate the current market conditions and pursue future growth opportunities.