Charging Robotics Inc. (formerly Fuel Doctor Holdings, Inc.) reported its financial results for the nine months ended September 30, 2024, revealing significant changes in its financial position and performance compared to the previous fiscal period.

As of September 30, 2024, total current assets decreased to $25,000 from $51,000 as of December 31, 2023. Total assets also declined to $271,000 from $323,000, while total liabilities surged to $905,000, up from $397,000. This increase in liabilities contributed to a total stockholders’ deficit of $(634,000), a notable decline from $(74,000) at the end of the previous fiscal year.

The company reported an operating loss of $185,000 for the three months ended September 30, 2024, an improvement from a loss of $272,000 in the same period of 2023. The net loss for the same quarter was $192,000, down from $272,000 year-over-year. For the nine months ended September 30, 2024, the net loss was $550,000, slightly higher than the $504,000 loss reported for the same period in 2023. The basic and diluted loss per share improved to $0.02 for the three months ended September 30, 2024, compared to $0.03 in 2023.

Revenues remained stagnant at $0 for both the three and nine months ended September 30, 2024, unchanged from the previous year. Operating expenses increased to $546,000 for the nine months, up from $504,000, primarily due to higher general and administrative costs. Research and development expenses decreased to $226,000 from $294,000 in the prior year.

Strategically, the company acquired 100% of Charging Robotics Ltd. on April 7, 2023, which focuses on developing wireless EV charging technology. The company has also received funding approval for a pilot project from the Israel Innovation Authority, with a budget of approximately $445,000, of which 50% is financed by the authority.

In terms of cash flow, the company reported negative cash flow from operating activities of $(375,000) for the nine months ended September 30, 2024, an improvement from $(511,000) in 2023. Cash at the end of the period was $6,000, down from $111,000 a year earlier. The company has plans to establish subcontractor-based production capabilities and increase its workforce to meet anticipated market demand.

Management noted that disclosure controls and procedures were ineffective due to limited resources, which may hinder future adequate controls. Despite these challenges, management believes the financial statements fairly present the company's financial position in accordance with GAAP.