NEXT-ChemX Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting significant changes in its financial position compared to the previous fiscal period.
As of September 30, 2024, the company’s total assets increased to $3.85 million from $3.30 million as of December 31, 2023. This growth was accompanied by a substantial rise in total current assets, which reached $694.7 thousand, up from $140.3 thousand at the end of 2023. However, total liabilities also surged to $5.70 million from $3.93 million, resulting in a stockholders’ equity deficit of $(1.85 million), compared to $(629.4 thousand) at the end of the previous year.
Operating expenses for the third quarter of 2024 decreased to $319.4 thousand from $403.4 thousand in Q3 2023. For the nine months ended September 30, 2024, operating expenses totaled $1.16 million, down from $1.42 million in the same period of the previous year. Despite the reduction in operating expenses, the company reported a loss from operations of $(319.4 thousand) for Q3 2024, an improvement from $(403.4 thousand) in Q3 2023. The net loss for Q3 2024 was $(354.5 thousand), significantly lower than the $(922.9 thousand) loss reported in Q3 2023. For the nine months ended September 30, 2024, the net loss was $(1.22 million), compared to $(1.78 million) for the same period in 2023.
The company experienced a notable change in other income, reporting $14.4 thousand in Q3 2024, a recovery from an expense of $(500.0 thousand) in Q3 2023. For the nine months ended September 30, 2024, other income totaled $72.8 thousand, compared to an expense of $(296.9 thousand) in the prior year.
Cash flow analysis indicated that NEXT-ChemX used $1.03 million in operating activities for the nine months ended September 30, 2024, compared to $366.5 thousand in the same period of 2023. However, the company secured $1.07 million from financing activities in 2024, up from $399.0 thousand in 2023. The cash balance at the end of September 2024 was $35.4 thousand, a decrease from $60.9 thousand at the end of September 2023.
Overall, NEXT-ChemX Corporation's financial results for the third quarter and nine months reflect a strategic focus on reducing operating expenses while navigating increased liabilities and a continuing net loss.
About NEXT-ChemX Corporation.
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