As of September 30, 2024, NewHydrogen, Inc. reported total current assets of $2,512,750, a decrease from $3,688,752 as of December 31, 2023. Total assets also declined to $2,533,180 from $3,712,262 during the same period. Current liabilities significantly reduced to $3,636 from $9,810, while total shareholders’ equity fell to $(955,769) from $217,139, indicating a deterioration in the company's financial position.
For the three months ended September 30, 2024, NewHydrogen recorded total operating expenses of $442,502, slightly up from $440,513 in Q3 2023. The net loss for this quarter was $(438,741), a marginal improvement from $(440,092) in the prior year. For the nine months ended September 30, 2024, total operating expenses were $1,351,578, down from $2,734,545 in the same period of 2023. The net loss for the nine months was $(1,347,183), significantly reduced from $(2,733,210) in the previous year.
Operating expenses for Q3 2024 included selling and marketing expenses of $83,539, an increase from $36,361 in Q3 2023, attributed to higher service provider costs. General and administrative expenses decreased to $267,794 from $314,186, while research and development expenses slightly increased to $90,142 from $88,939.
The company did not generate any revenues for the nine months ended September 30, 2024, and reported a net cash used in operating activities of $(1,189,145), compared to $(790,889) in the same period of 2023. Cash at the end of the period was $2,489,296, down from $4,043,808 a year earlier.
NewHydrogen's accumulated deficit as of September 30, 2024, stood at $177,479,768. The company has not engaged in equity financing during the reported periods, relying instead on proceeds from the sale of securities to meet capital needs. Management expressed confidence that current cash balances would support operations for the next 24 months, although additional resources will be necessary in 2025.
The company is focused on developing clean energy technologies, particularly its ThermoLoop™ technology aimed at producing low-cost green hydrogen. Despite the challenges, management believes that the company has sufficient working capital to cover operating expenses for the next fifteen months.
About NewHydrogen, Inc.
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