Sativus Tech Corp. (formerly Seedo Corp.) reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a decrease in total current assets, which fell to $323,000 from $1,137,000 as of December 31, 2023. Cash and cash equivalents also declined to $128,000 from $176,000 during the same period. Total assets decreased to $791,000, down from $1,408,000, while total liabilities increased slightly to $3,275,000 from $3,130,000.

The company reported an operating loss of $155,000 for the three months ended September 30, 2024, an improvement from a loss of $268,000 in the same period of 2023. Research and development expenses decreased to $93,000 from $161,000 year-over-year. Despite the operating loss, Sativus Tech achieved a net profit of $2,019,000 for the quarter, compared to $984,000 in the previous year. However, the net loss attributable to equity holders increased to $2,070,000 from $1,082,000.

For the nine months ended September 30, 2024, the company reported a net loss of $782,000, compared to a loss of $333,000 for the same period in 2023. Operating losses improved to $611,000 from $713,000 year-over-year. The company’s cash flow from operations showed a negative trend, with $380,000 used in operating activities, although this was an improvement from $630,000 in the prior year.

Sativus Tech's strategic focus remains on the development of automated systems for growing saffron and other vegetables through its subsidiary, Saffron-Tech Ltd. The company aims to enhance yield significantly compared to traditional methods while minimizing environmental impact. Recent leadership changes include the appointment of Shmulik Yannay as CEO on October 28, 2024, following the resignation of Tal Wilkes Glazer.

The company continues to face challenges regarding its financial stability, with independent auditors expressing concerns about its ability to continue as a going concern without additional financing. Sativus Tech plans to finance its operations through existing cash, cost reductions, and potential future equity and debt securities issuances. The accumulated deficit as of September 30, 2024, stood at $23,482,000, reflecting ongoing financial pressures.