Trutankless, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a substantial increase in net sales, reporting $179,701 for the three months ended September 30, 2024, compared to just $2,704 for the same period in 2023. For the nine months ended September 30, 2024, net sales reached $191,285, a dramatic rise from $3,469 in the prior year. This growth is attributed to increased sales of parts for Gen 1 products and the launch of Gen 3 residential products.
Despite the revenue growth, Trutankless reported a net loss of $3,420,112 for the third quarter of 2024, up from a loss of $732,490 in the same quarter of 2023. For the nine-month period, the net loss was $4,908,865, compared to $1,958,827 in the previous year. The increase in losses is primarily due to rising operating expenses, which totaled $2,120,243 for the third quarter and $3,416,851 for the nine months, compared to $589,820 and $1,465,624, respectively, in the prior year. Notably, professional fees surged to $1,895,606 for the nine months, reflecting a 1,378.6% increase from $128,199 in 2023, driven by heightened production and financing activities.
The company's total assets as of September 30, 2024, amounted to $2,697,138, a significant increase from $255,791 at the end of 2023. Current assets also rose sharply to $2,523,144 from $26,453. However, total liabilities increased slightly to $7,731,588 from $7,702,756, resulting in a reduced stockholders' deficit of $(5,034,450) compared to $(7,446,965) at the end of 2023.
Cash on hand as of September 30, 2024, was $34,719, up from $21,453 at the end of 2023. The company reported net cash used in operating activities of $(1,668,634) for the nine months, compared to $(1,243,739) in the prior year, while net cash provided by financing activities increased to $1,681,900 from $1,238,900.
Trutankless continues to focus on expanding its product distribution and demand, planning to raise additional capital for these efforts. The company has also faced legal challenges, including a default judgment related to claims of negligence and a settlement with the SEC for civil penalties. As of September 30, 2024, the company had no uncertain tax positions and reported an accumulated deficit of $71,574,778.
About Trutankless, Inc.
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