GeoSolar Technologies, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, revealing significant changes in its financial position compared to the previous fiscal period. The company, which is not classified as a shell company, had 65,552,040 shares of common stock outstanding as of November 12, 2024.

As of September 30, 2024, total current assets increased to $61,009 from $16,899 as of December 31, 2023. Total assets rose from $976,640 to $1,020,750 during the same period. However, total current liabilities also increased to $4,697,512 from $3,981,825, resulting in a total liabilities figure that remained unchanged. The accumulated deficit grew from $(12,949,047) to $(14,138,699), and total stockholders' deficit increased from $(3,005,185) to $(3,676,762).

In terms of revenue, GeoSolar Technologies reported total revenue of $12,315 for the nine months ended September 30, 2024, a notable increase from $0 in the same period of 2023. However, the company did not generate any revenue for the three months ended September 30, 2024, consistent with the same period in 2023. Gross profit for the nine-month period was $2,022. Operating expenses decreased significantly, with expenses for the three months ending September 30, 2024, at $267,844, down from $539,764 in the prior year. For the nine months, operating expenses were $1,007,158, a reduction from $2,158,672 in 2023. The net loss for the three months ended September 30, 2024, was $(345,392), an improvement from $(578,047) in the same period of 2023. The nine-month net loss also improved to $(1,189,652) from $(2,265,641).

Cash flows used in operating activities decreased to $(74,619) for the nine months ended September 30, 2024, compared to $(269,456) in 2023. Cash at the end of the period was $2,097, down from $14,369 a year earlier.

The company formed a new subsidiary, Sustainable Housing Development Corporation, in June 2022, which has yet to begin operations. Management expressed substantial doubt about the company's ability to continue as a going concern due to recurring losses and future liquidity needs. The CEO's salary was reduced from $180,000 to $120,000, and the company accrued compensation payable to key executives totaling $352,200.

GeoSolar Technologies continues to develop its SmartGreen™ Home system, designed to enhance energy efficiency in residential and commercial buildings. The company completed one installation and has a backlog of $57,000 as of November 1, 2024.