SunHydrogen, Inc. reported its financial results for the third quarter ended September 30, 2024, revealing no revenue generation for the period, consistent with the same quarter in the previous year. The company continues to focus on developing a solar-powered nanoparticle system for hydrogen production from water, aiming to provide a cost-effective green hydrogen solution.
For the three months ended September 30, 2024, SunHydrogen incurred total operating expenses of $1,036,427, an increase from $998,730 in the same period of 2023. The net loss for the quarter was $(2,046,838), significantly higher than the $(448,112) loss reported in Q3 2023. This increase in net loss is primarily attributed to an unrealized loss on the company's investment in TECO, which amounted to $(1,010,411) in other expenses, compared to a gain of $550,618 in the prior year.
Cash used in operating activities rose to $(704,064) in Q3 2024, compared to $(474,766) in Q3 2023. However, the company saw a substantial increase in cash provided by financing activities, which totaled $2,165,303, up from $217,826 in the previous year. This increase is largely due to net proceeds from common stock purchase agreements, which amounted to $2,201,925 for the quarter, compared to $243,975 in Q3 2023.
As of September 30, 2024, SunHydrogen reported cash and cash equivalents of $40,506,034, a slight increase from $39,044,795 at the end of June 2024. Total current assets remained stable at $43,147,994, while total liabilities decreased to $586,889 from $759,514 in the previous quarter. Total shareholders’ equity increased to $41,888,270, up from $41,723,202.
The company continues to engage in research agreements with the University of Iowa and the University of Michigan, with balances due as of September 30, 2024, of $274,120 and $40,091, respectively. Additionally, SunHydrogen has made strategic investments in TECO, increasing its ownership to 13.29% as of the reporting date.
Management has acknowledged material weaknesses in disclosure controls and procedures, which they are addressing through additional analyses and the engagement of an outside financial consultant. Despite these challenges, management believes that the financial statements fairly present the company's financial condition and results of operations.
About SUNHYDROGEN, INC.
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