374Water (US:SCWO)2024-05-15 21:05Financial Performance - Revenue for the three months ended March 31, 2024, was $315,278, a decrease of 61% compared to $801,458 for the same period in 2023[106]. - Net loss for the three months ended March 31, 2024, was $2,024,465, representing a 23% increase from the net loss of $1,640,343 in the same period of 2023[106]. - The company had working capital of $11,715,381 and an accumulated deficit of $17,977,969 as of March 31, 2024[111]. - The company used $2,508,653 of net cash in operations for the three months ended March 31, 2024[111]. Expenses - Research and development expenses increased by 50% to $535,147 for the three months ended March 31, 2024, compared to $355,905 in the same period of 2023[110]. - Professional fees rose significantly by 154% to $252,705 for the three months ended March 31, 2024, from $99,572 in the same period of 2023, primarily due to increased legal and audit fees[109]. Funding and Liquidity - The company has an at-the-market (ATM) equity offering under which it may issue up to $100 million of common stock, with approximately $13.4 million raised through this offering in 2023[112]. - The company anticipates that its current cash balance and access to liquidity will be sufficient to meet financial obligations for at least the next 12 months[115]. Business Operations - The company is focused on the commercialization of its AirSCWO systems, which treat various waste streams and support environmental goals[101]. - Manufacturing of AirSCWO systems is currently outsourced to Merrell Bros., Inc., with plans to potentially establish in-house manufacturing capabilities in key markets[103].