Graphene & Solar Technologies Ltd Reports Mixed Financial Results, Establishes New Subsidiary for Solar Manufacturing Initiatives

Graphene & Solar Technologies Ltd (GSTX) reported its financial performance for the quarter ending June 30, 2024, revealing significant changes compared to the previous fiscal period. As of June 30, 2024, total current assets increased to $12,476 from $12,202 as of September 30, 2023. However, total assets decreased to $14,182 from $18,130 during the same period. Notably, total current liabilities saw a substantial decline from $4,997,159 to $2,374,997, resulting in a working capital deficit of $2,362,521.

The company reported no revenues for both the three-month periods ending June 30, 2024, and 2023, leading to no cost of sales or gross profits. Operating expenses decreased to $304,825 from $398,254 year-over-year, while total operating expenses for the nine months ending June 30, 2024, rose to $1,041,403 from $740,999 in the prior year. The net loss for the three months ending June 30, 2024, was $(418,139), slightly higher than the $(395,465) loss reported for the same period in 2023. The nine-month net loss also increased to $(1,163,601) from $(771,824) year-over-year.

The company experienced a loss from discontinued operations of $103,308 in the latest quarter, which was not present in the previous year. Other comprehensive income turned negative at $(38,243) compared to a positive $22,695 in the prior year, leading to a net comprehensive loss of $(456,382) for the quarter, up from $(372,770).

GSTX's financial position reflects a total stockholders’ deficit of $(2,360,815) as of June 30, 2024, an improvement from $(4,979,029) as of September 30, 2023. The company has accumulated comprehensive income of $451,269,917, indicating a significant increase from $421,292,610 in the previous period.

Strategically, GSTX has established a new subsidiary, The Quartz & Silicon Materials Company Ltd (QSM), to manage its solar manufacturing initiatives, which include partnerships and projects in Australia, the USA, and New Zealand. The company aims to capitalize on the growing solar market, which is expanding at over 10% annually, and is focused on reshoring solar manufacturing in alignment with government incentives.

Additionally, GSTX has paused active development in graphene applications due to challenges in achieving scalable production but continues to monitor the sector. The company has also restructured its shareholding in US Thin-Film Corporation, now holding a 19% minority stake, and is exploring various acquisition opportunities in critical resource assets and sustainable technologies.