I-ON Digital Corp. reported its financial results for the third quarter of 2024, revealing significant challenges in revenue generation and profitability. As of September 30, 2024, the company recorded net sales of $0 for the quarter, a stark decline from $32,625 in the same period of 2023. For the nine months ended September 30, 2024, net sales totaled $32,625, down from $65,250 in the prior year. The cost of sales for the nine months was $21,000, compared to $48,667 in 2023.

The company's total expenses from operations surged to $344,289 for the third quarter of 2024, up from $119,068 in the same quarter of 2023. For the nine-month period, total operating expenses reached $771,208, compared to $458,498 in the previous year. This increase was primarily driven by higher professional fees, which rose to $334,469 for the nine months ended September 30, 2024, from $225,590 in 2023.

I-ON Digital Corp. reported a net loss of $475,435 for the third quarter of 2024, compared to a loss of $114,110 in the same quarter of 2023. The nine-month net loss also widened to $1,208,962 from $441,915 in the prior year. The company's accumulated retained earnings further deteriorated, reaching $(4,705,463) as of September 30, 2024, compared to $(3,496,501) at the end of 2023.

The company’s financial condition reflects a substantial increase in total current liabilities, which rose to $2,113,778 as of September 30, 2024, from $853,808 at the end of 2023. Total current assets increased to $308,795, up from $145,839, primarily due to a significant rise in cash and cash equivalents, which reached $199,959 compared to $36,075 at the end of 2023.

Strategically, I-ON Digital Corp. has made notable moves, including the acquisition of Orebits Corp. in December 2023, which added approximately $17.6 million in value to the company's consolidated balance sheets without increasing liabilities. The company has also focused on developing two digital platforms aimed at establishing a stable revenue source, although these are still in the testing phase.

Management changes occurred in January 2023, leading to new technology development and acquisition strategies. The company continues to rely on funding from related parties, with advances totaling $815,061 for the nine months ended September 30, 2024, compared to $152,690 in the same period of 2023.