Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries 374Water Releases First Quarter 2024 Results and Provides Business Update By: ACCESSWIRE May 15, 2024 at 16:55 PM EDT New CEO Chris Gannon unveils Product Development, Commercialization and Go-to-Market Objectives DURHAM, NC / ACCESSWIRE / May 15, 2024 / 374Water Inc. (NASDAQ:SCWO), a global leader in cutting-edge, sustainable waste management technologies, today provides a business update and reports its financial results for the first quarter ended March 31, 2024. "In just under a month, we have hit the ground running developing a strategic plan to unlock the value inherent in this enterprise. I have immersed myself in our technology and our market opportunities to chart the best path forward in our product development, commercialization, and go-to-market approach," said Chris Gannon, CEO of 374Water. "We have a massive opportunity in front of us to take advantage of regulatory tailwinds driving demand for technologies like our AirSCWO system. Over the ensuing months, we will provide more detail and clarity on our go forward strategy, with a focus on four key areas: (1) executing on our municipal biosolid/sludge and federal/DOD contractual obligations which is an important proof point; (2) expanding the application of our AirSCWO systems to industrial and other waste streams; (3) securing new manufacturing and engineering facilities; and (4) expanding our compliment of talented engineers and field personnel, as well as our leadership team." Financial Highlights For the three-month period ended March 31, 2024, the Company generated revenue of $315,000 which compares to $801,000 for the three months ending March 31, 2023, a 61% decrease.Our revenue is primarily based on progress toward completion of our sold unit and also includes the sale of treatability services. Costs associated with our sold unit have started to decline as we reach the end of our fabrication and testing, which have had a direct correlation to the reduced revenue recognized this year. This has had a direct impact on our change in revenue year-over-year. Total Operating Expenses for the quarter ended March 31, 2024, increased marginally to $1.9 million from $1.8 million in the prior year quarter driven primarily by an increase in R&D expense. Capital Structure As of March 31, 2024, the Company had working capital of $11.7 million. We are actively working on optimizing our operational efficiencies and exploring new market opportunities, all aimed at long-term value creation while remaining steadfast in our commitment to innovation and excellence. A primary financial goal for the Company is to extend its runway while scaling the business. Business Highlights On April 23, 2024 the Company announced the appointment of Chris Gannon as its new President and Chief Executive Officer. Mr. Gannon brings deep executive leadership experience in multiple disciplines and industries, including environmental technology development, highly engineered product, advanced manufacturing, and global customer support and service with customers in the municipal, industrial, commercial, defense, and medical spaces. In March 2024, the Company announced a new contract with the City of Orlando, highlighted by the deployment of an AirSCWO 6 service unit, which will be integrated into Orlando's Iron Bridge Water Pollution Control Facility. This AirSCWO 6 unit is expected to deploy in 2024. 374Water continued its progress on an expected 2024 deployment to Orange County Sanitation District. The Company is underway with factory acceptance testing and once achieved, will begin mobilizing the unit to Orange County. The Company continues to focus on executing demonstrations and securing demonstration partners within the municipal biosolids, federal and military PFAS, and industrial markets. The Company is in active discussions with major TSDF operators to not only serve as technology development and commercialization partners, focused initially on PFAS intensive waste streams, but also serve as long-term waste destruction partners. The Company places a priority these partnerships as we continue to scale our commercial grade technology to meet growing demand for AirSCWO technology. Earnings Conference Call Management will hold a conference call at 10:00 am Pacific Time (1:00 pm Eastern Time) on Friday, May 17, 2024, to provide a more detailed business update and discussion of quarterly results. Participants who wish to join the conference by telephone can access the call by dialing (Toll Free) 888-506-0062 or (International) 973-528-0011. Participants may join the live webcast by accessing it at the webcast registration link here: https://www.webcaster4.com/Webcast/Page/3040/50613. A webcast replay will be available through May 31, 2024 on the Investors Section of the Company's website at https://374water.com/investor-relations/. For more on AirSCWO or about our team, visit 374Water.com or follow us on LinkedIn. About 374Water 374Water Inc. (NASDAQ:SCWO) is a global cleantech company with innovative solutions to wastewater treatment and waste management issues. 374Water's AirSCWO technology transforms organic "wastes" into minimal impact, value-added products, effectively shifting the waste management paradigm from disposal to resource recovery. 374Water is leading a new era of creating value in sustainability, eliminating PFAS and protecting our communities. Follow us on LinkedIn. Cautionary Language This press release contains "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. Investor Contact:Heather Crowellir@374water.com Media Contact:Christian Rizzomedia@374water.com 374Water Inc. and SubsidiariesCondensed Consolidated Balance SheetsMarch 31, 2024 (Unaudited) and December 31, 2023 March 31, 2024 December 31, 2023 Assets Current Assets: Cash $ 7,936,161 $ 10,445,404 Accounts receivable, net of allowance 84,324 64,792 Unbilled accounts receivable 1,771,609 1,494,553 Other accounts receivable 34,161 39,749 Inventory, net 2,601,658 2,276,677 Prepaid expenses 921,365 581,085 Total Current Assets 13,349,278 14,902,260 Long-Term Assets: Property, and Equipment, net 223,339 230,971 Intangible asset, net 971,691 988,029 Total Long-Term Assets 1,195,030 1,219,000 Total Assets $ 14,544,308 $ 16,121,260 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable and accrued expenses $ 755,721 $ 572,297 Accrued contract loss provision 600,000 500,000 Accrued legal settlement 135,000 135,000 Unearned revenue 132,768 130,000 Other liabilities 10,408 36,787 Total Current Liabilities 1,633,897 1,374,084 Total Liabilities 1,633,897 1,374,084 Commitments and contingencies (Note 9) Stockholders' Equity Preferred stock: 50,000,000 convertible Series D preferred shares authorized; par value $0.0001 per share, nil issued and outstanding at March 31, 2024 and December 31, 2023 - - Common stock: 200,000,000 common shares authorized, par value $0.0001 per share, 132,670,446 and 132,667,107 shares outstanding at March 31, 2024 and December 31, 2023, respectively 13,266 13,266 Additional paid-in capital 30,872,643 30,684,943 Accumulated deficit (17,977,969 ) (15,953,504 ) Accumulated other comprehensive loss 2,471 2,471 Total Stockholders' Equity 12,910,411 14,747,176 Total Liabilities and Stockholders' Equity $ 14,544,308 $ 16,121,260 374Water, Inc. and SubsidiariesCondensed Consolidated Statements of OperationsFor the three months ended March 31, 2024 and 2023 (Unaudited) 2024 2023 Revenue $ 315,278 $ 801,458 Cost of goods sold 617,298 720,146 Gross margin (302,020 ) 81,312 Operating Expenses Research and development 535,147 355,905 Compensation and related expenses 651,604 718,760 Professional fees 252,705 99,572 General and administrative 459,727 585,659 Total Operating Expenses 1,899,183 1,759,896 Loss from Operations (2,201,203 ) (1,678,584 ) Other Income Interest income 104,620 37,859 Other income 72,118 382 Total Other Income 176,738 38,241 Net Loss before Income Taxes (2,024,465 ) (1,640,343 ) Provision for Income Taxes - - Net Loss $ (2,024,465 ) $ (1,640,343 ) Other comprehensive income Foreign currency translation gain - 824 Unrealized gain on marketable securities - 18,967 Total other comprehensive loss - 19,791 Total comprehensive loss (2,024,465 ) (1,620,552 ) Net Loss per Share - Basic and Diluted $ (0.02 ) $ (0.01 ) Weighted Average Common Shares Outstanding - Basic and Diluted 132,668,777 127,146,695 374Water Inc. and SubsidiariesCondensed Consolidated Statements of Cash FlowsFor the three months ended March 31, 2024 and 2023 (Unaudited) Cash Flows from Operating Activities 2024 2023 Net loss $ (2,024,465 ) $ (1,640,343 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization expense 24,560 29,105 Issuance of common stock for services 4,500 - Stock-based compensation 183,200 214,924 Gain on foreign currency translation - 824 Increase in inventory reserve 50,000 - Changes in operating assets and liabilities: Accounts receivable (19,532 ) (26,188 ) Unbilled accounts receivable (277,056 ) (754,290 ) Other receivables 5,588 (308,374 ) Inventory (374,981 ) (127,309 ) Prepaid expenses (340,280 ) 23,285 Accounts payable and accrued expenses 183,424 (581,582 ) Accrued contract loss provision 100,000 - Unearned revenue 2,768 5,000 Other liabilities (26,379 ) (13,528 ) Net Cash Used In Operating Activities (2,508,653 ) (3,178,176 ) Cash Flows from Investing Activities Purchase of equipment - (7,303 ) Increase in intangible assets (590 ) (2,705 ) Cash Used In Investing Activities (590 ) (10,008 ) Cash Flowfrom Financing Activities Proceeds from the sale of common stock - 8,294,708 Cash Provided by Financing Activities - 8,294,708 Net (Decrease) Increase in Cash (2,509,243 ) 5,106,224 Cash, Beginning of the Period 10,445,404 4,046,937 Cash, End of the Period $ 7,936,161 $ 9,153,161 SUPPLEMENTAL CASH FLOW DISCLOSURES: Cash paid for interest $ - $ - Cash paid for taxes $ - $ - SOURCE: 374Water Inc. 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374Water Releases First Quarter 2024 Results and Provides Business Update By: ACCESSWIRE May 15, 2024 at 16:55 PM EDT New CEO Chris Gannon unveils Product Development, Commercialization and Go-to-Market Objectives DURHAM, NC / ACCESSWIRE / May 15, 2024 / 374Water Inc. (NASDAQ:SCWO), a global leader in cutting-edge, sustainable waste management technologies, today provides a business update and reports its financial results for the first quarter ended March 31, 2024. "In just under a month, we have hit the ground running developing a strategic plan to unlock the value inherent in this enterprise. I have immersed myself in our technology and our market opportunities to chart the best path forward in our product development, commercialization, and go-to-market approach," said Chris Gannon, CEO of 374Water. "We have a massive opportunity in front of us to take advantage of regulatory tailwinds driving demand for technologies like our AirSCWO system. Over the ensuing months, we will provide more detail and clarity on our go forward strategy, with a focus on four key areas: (1) executing on our municipal biosolid/sludge and federal/DOD contractual obligations which is an important proof point; (2) expanding the application of our AirSCWO systems to industrial and other waste streams; (3) securing new manufacturing and engineering facilities; and (4) expanding our compliment of talented engineers and field personnel, as well as our leadership team." Financial Highlights For the three-month period ended March 31, 2024, the Company generated revenue of $315,000 which compares to $801,000 for the three months ending March 31, 2023, a 61% decrease.Our revenue is primarily based on progress toward completion of our sold unit and also includes the sale of treatability services. Costs associated with our sold unit have started to decline as we reach the end of our fabrication and testing, which have had a direct correlation to the reduced revenue recognized this year. This has had a direct impact on our change in revenue year-over-year. Total Operating Expenses for the quarter ended March 31, 2024, increased marginally to $1.9 million from $1.8 million in the prior year quarter driven primarily by an increase in R&D expense. Capital Structure As of March 31, 2024, the Company had working capital of $11.7 million. We are actively working on optimizing our operational efficiencies and exploring new market opportunities, all aimed at long-term value creation while remaining steadfast in our commitment to innovation and excellence. A primary financial goal for the Company is to extend its runway while scaling the business. Business Highlights On April 23, 2024 the Company announced the appointment of Chris Gannon as its new President and Chief Executive Officer. Mr. Gannon brings deep executive leadership experience in multiple disciplines and industries, including environmental technology development, highly engineered product, advanced manufacturing, and global customer support and service with customers in the municipal, industrial, commercial, defense, and medical spaces. In March 2024, the Company announced a new contract with the City of Orlando, highlighted by the deployment of an AirSCWO 6 service unit, which will be integrated into Orlando's Iron Bridge Water Pollution Control Facility. This AirSCWO 6 unit is expected to deploy in 2024. 374Water continued its progress on an expected 2024 deployment to Orange County Sanitation District. The Company is underway with factory acceptance testing and once achieved, will begin mobilizing the unit to Orange County. The Company continues to focus on executing demonstrations and securing demonstration partners within the municipal biosolids, federal and military PFAS, and industrial markets. The Company is in active discussions with major TSDF operators to not only serve as technology development and commercialization partners, focused initially on PFAS intensive waste streams, but also serve as long-term waste destruction partners. The Company places a priority these partnerships as we continue to scale our commercial grade technology to meet growing demand for AirSCWO technology. Earnings Conference Call Management will hold a conference call at 10:00 am Pacific Time (1:00 pm Eastern Time) on Friday, May 17, 2024, to provide a more detailed business update and discussion of quarterly results. Participants who wish to join the conference by telephone can access the call by dialing (Toll Free) 888-506-0062 or (International) 973-528-0011. Participants may join the live webcast by accessing it at the webcast registration link here: https://www.webcaster4.com/Webcast/Page/3040/50613. A webcast replay will be available through May 31, 2024 on the Investors Section of the Company's website at https://374water.com/investor-relations/. For more on AirSCWO or about our team, visit 374Water.com or follow us on LinkedIn. About 374Water 374Water Inc. (NASDAQ:SCWO) is a global cleantech company with innovative solutions to wastewater treatment and waste management issues. 374Water's AirSCWO technology transforms organic "wastes" into minimal impact, value-added products, effectively shifting the waste management paradigm from disposal to resource recovery. 374Water is leading a new era of creating value in sustainability, eliminating PFAS and protecting our communities. Follow us on LinkedIn. Cautionary Language This press release contains "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. Investor Contact:Heather Crowellir@374water.com Media Contact:Christian Rizzomedia@374water.com 374Water Inc. and SubsidiariesCondensed Consolidated Balance SheetsMarch 31, 2024 (Unaudited) and December 31, 2023 March 31, 2024 December 31, 2023 Assets Current Assets: Cash $ 7,936,161 $ 10,445,404 Accounts receivable, net of allowance 84,324 64,792 Unbilled accounts receivable 1,771,609 1,494,553 Other accounts receivable 34,161 39,749 Inventory, net 2,601,658 2,276,677 Prepaid expenses 921,365 581,085 Total Current Assets 13,349,278 14,902,260 Long-Term Assets: Property, and Equipment, net 223,339 230,971 Intangible asset, net 971,691 988,029 Total Long-Term Assets 1,195,030 1,219,000 Total Assets $ 14,544,308 $ 16,121,260 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable and accrued expenses $ 755,721 $ 572,297 Accrued contract loss provision 600,000 500,000 Accrued legal settlement 135,000 135,000 Unearned revenue 132,768 130,000 Other liabilities 10,408 36,787 Total Current Liabilities 1,633,897 1,374,084 Total Liabilities 1,633,897 1,374,084 Commitments and contingencies (Note 9) Stockholders' Equity Preferred stock: 50,000,000 convertible Series D preferred shares authorized; par value $0.0001 per share, nil issued and outstanding at March 31, 2024 and December 31, 2023 - - Common stock: 200,000,000 common shares authorized, par value $0.0001 per share, 132,670,446 and 132,667,107 shares outstanding at March 31, 2024 and December 31, 2023, respectively 13,266 13,266 Additional paid-in capital 30,872,643 30,684,943 Accumulated deficit (17,977,969 ) (15,953,504 ) Accumulated other comprehensive loss 2,471 2,471 Total Stockholders' Equity 12,910,411 14,747,176 Total Liabilities and Stockholders' Equity $ 14,544,308 $ 16,121,260 374Water, Inc. and SubsidiariesCondensed Consolidated Statements of OperationsFor the three months ended March 31, 2024 and 2023 (Unaudited) 2024 2023 Revenue $ 315,278 $ 801,458 Cost of goods sold 617,298 720,146 Gross margin (302,020 ) 81,312 Operating Expenses Research and development 535,147 355,905 Compensation and related expenses 651,604 718,760 Professional fees 252,705 99,572 General and administrative 459,727 585,659 Total Operating Expenses 1,899,183 1,759,896 Loss from Operations (2,201,203 ) (1,678,584 ) Other Income Interest income 104,620 37,859 Other income 72,118 382 Total Other Income 176,738 38,241 Net Loss before Income Taxes (2,024,465 ) (1,640,343 ) Provision for Income Taxes - - Net Loss $ (2,024,465 ) $ (1,640,343 ) Other comprehensive income Foreign currency translation gain - 824 Unrealized gain on marketable securities - 18,967 Total other comprehensive loss - 19,791 Total comprehensive loss (2,024,465 ) (1,620,552 ) Net Loss per Share - Basic and Diluted $ (0.02 ) $ (0.01 ) Weighted Average Common Shares Outstanding - Basic and Diluted 132,668,777 127,146,695 374Water Inc. and SubsidiariesCondensed Consolidated Statements of Cash FlowsFor the three months ended March 31, 2024 and 2023 (Unaudited) Cash Flows from Operating Activities 2024 2023 Net loss $ (2,024,465 ) $ (1,640,343 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization expense 24,560 29,105 Issuance of common stock for services 4,500 - Stock-based compensation 183,200 214,924 Gain on foreign currency translation - 824 Increase in inventory reserve 50,000 - Changes in operating assets and liabilities: Accounts receivable (19,532 ) (26,188 ) Unbilled accounts receivable (277,056 ) (754,290 ) Other receivables 5,588 (308,374 ) Inventory (374,981 ) (127,309 ) Prepaid expenses (340,280 ) 23,285 Accounts payable and accrued expenses 183,424 (581,582 ) Accrued contract loss provision 100,000 - Unearned revenue 2,768 5,000 Other liabilities (26,379 ) (13,528 ) Net Cash Used In Operating Activities (2,508,653 ) (3,178,176 ) Cash Flows from Investing Activities Purchase of equipment - (7,303 ) Increase in intangible assets (590 ) (2,705 ) Cash Used In Investing Activities (590 ) (10,008 ) Cash Flowfrom Financing Activities Proceeds from the sale of common stock - 8,294,708 Cash Provided by Financing Activities - 8,294,708 Net (Decrease) Increase in Cash (2,509,243 ) 5,106,224 Cash, Beginning of the Period 10,445,404 4,046,937 Cash, End of the Period $ 7,936,161 $ 9,153,161 SUPPLEMENTAL CASH FLOW DISCLOSURES: Cash paid for interest $ - $ - Cash paid for taxes $ - $ - SOURCE: 374Water Inc. View the original press release on accesswire.com
New CEO Chris Gannon unveils Product Development, Commercialization and Go-to-Market Objectives DURHAM, NC / ACCESSWIRE / May 15, 2024 / 374Water Inc. (NASDAQ:SCWO), a global leader in cutting-edge, sustainable waste management technologies, today provides a business update and reports its financial results for the first quarter ended March 31, 2024. "In just under a month, we have hit the ground running developing a strategic plan to unlock the value inherent in this enterprise. I have immersed myself in our technology and our market opportunities to chart the best path forward in our product development, commercialization, and go-to-market approach," said Chris Gannon, CEO of 374Water. "We have a massive opportunity in front of us to take advantage of regulatory tailwinds driving demand for technologies like our AirSCWO system. Over the ensuing months, we will provide more detail and clarity on our go forward strategy, with a focus on four key areas: (1) executing on our municipal biosolid/sludge and federal/DOD contractual obligations which is an important proof point; (2) expanding the application of our AirSCWO systems to industrial and other waste streams; (3) securing new manufacturing and engineering facilities; and (4) expanding our compliment of talented engineers and field personnel, as well as our leadership team." Financial Highlights For the three-month period ended March 31, 2024, the Company generated revenue of $315,000 which compares to $801,000 for the three months ending March 31, 2023, a 61% decrease.Our revenue is primarily based on progress toward completion of our sold unit and also includes the sale of treatability services. Costs associated with our sold unit have started to decline as we reach the end of our fabrication and testing, which have had a direct correlation to the reduced revenue recognized this year. This has had a direct impact on our change in revenue year-over-year. Total Operating Expenses for the quarter ended March 31, 2024, increased marginally to $1.9 million from $1.8 million in the prior year quarter driven primarily by an increase in R&D expense. Capital Structure As of March 31, 2024, the Company had working capital of $11.7 million. We are actively working on optimizing our operational efficiencies and exploring new market opportunities, all aimed at long-term value creation while remaining steadfast in our commitment to innovation and excellence. A primary financial goal for the Company is to extend its runway while scaling the business. Business Highlights On April 23, 2024 the Company announced the appointment of Chris Gannon as its new President and Chief Executive Officer. Mr. Gannon brings deep executive leadership experience in multiple disciplines and industries, including environmental technology development, highly engineered product, advanced manufacturing, and global customer support and service with customers in the municipal, industrial, commercial, defense, and medical spaces. In March 2024, the Company announced a new contract with the City of Orlando, highlighted by the deployment of an AirSCWO 6 service unit, which will be integrated into Orlando's Iron Bridge Water Pollution Control Facility. This AirSCWO 6 unit is expected to deploy in 2024. 374Water continued its progress on an expected 2024 deployment to Orange County Sanitation District. The Company is underway with factory acceptance testing and once achieved, will begin mobilizing the unit to Orange County. The Company continues to focus on executing demonstrations and securing demonstration partners within the municipal biosolids, federal and military PFAS, and industrial markets. The Company is in active discussions with major TSDF operators to not only serve as technology development and commercialization partners, focused initially on PFAS intensive waste streams, but also serve as long-term waste destruction partners. The Company places a priority these partnerships as we continue to scale our commercial grade technology to meet growing demand for AirSCWO technology. Earnings Conference Call Management will hold a conference call at 10:00 am Pacific Time (1:00 pm Eastern Time) on Friday, May 17, 2024, to provide a more detailed business update and discussion of quarterly results. Participants who wish to join the conference by telephone can access the call by dialing (Toll Free) 888-506-0062 or (International) 973-528-0011. Participants may join the live webcast by accessing it at the webcast registration link here: https://www.webcaster4.com/Webcast/Page/3040/50613. A webcast replay will be available through May 31, 2024 on the Investors Section of the Company's website at https://374water.com/investor-relations/. For more on AirSCWO or about our team, visit 374Water.com or follow us on LinkedIn. About 374Water 374Water Inc. (NASDAQ:SCWO) is a global cleantech company with innovative solutions to wastewater treatment and waste management issues. 374Water's AirSCWO technology transforms organic "wastes" into minimal impact, value-added products, effectively shifting the waste management paradigm from disposal to resource recovery. 374Water is leading a new era of creating value in sustainability, eliminating PFAS and protecting our communities. Follow us on LinkedIn. Cautionary Language This press release contains "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. Investor Contact:Heather Crowellir@374water.com Media Contact:Christian Rizzomedia@374water.com 374Water Inc. and SubsidiariesCondensed Consolidated Balance SheetsMarch 31, 2024 (Unaudited) and December 31, 2023 March 31, 2024 December 31, 2023 Assets Current Assets: Cash $ 7,936,161 $ 10,445,404 Accounts receivable, net of allowance 84,324 64,792 Unbilled accounts receivable 1,771,609 1,494,553 Other accounts receivable 34,161 39,749 Inventory, net 2,601,658 2,276,677 Prepaid expenses 921,365 581,085 Total Current Assets 13,349,278 14,902,260 Long-Term Assets: Property, and Equipment, net 223,339 230,971 Intangible asset, net 971,691 988,029 Total Long-Term Assets 1,195,030 1,219,000 Total Assets $ 14,544,308 $ 16,121,260 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable and accrued expenses $ 755,721 $ 572,297 Accrued contract loss provision 600,000 500,000 Accrued legal settlement 135,000 135,000 Unearned revenue 132,768 130,000 Other liabilities 10,408 36,787 Total Current Liabilities 1,633,897 1,374,084 Total Liabilities 1,633,897 1,374,084 Commitments and contingencies (Note 9) Stockholders' Equity Preferred stock: 50,000,000 convertible Series D preferred shares authorized; par value $0.0001 per share, nil issued and outstanding at March 31, 2024 and December 31, 2023 - - Common stock: 200,000,000 common shares authorized, par value $0.0001 per share, 132,670,446 and 132,667,107 shares outstanding at March 31, 2024 and December 31, 2023, respectively 13,266 13,266 Additional paid-in capital 30,872,643 30,684,943 Accumulated deficit (17,977,969 ) (15,953,504 ) Accumulated other comprehensive loss 2,471 2,471 Total Stockholders' Equity 12,910,411 14,747,176 Total Liabilities and Stockholders' Equity $ 14,544,308 $ 16,121,260 374Water, Inc. and SubsidiariesCondensed Consolidated Statements of OperationsFor the three months ended March 31, 2024 and 2023 (Unaudited) 2024 2023 Revenue $ 315,278 $ 801,458 Cost of goods sold 617,298 720,146 Gross margin (302,020 ) 81,312 Operating Expenses Research and development 535,147 355,905 Compensation and related expenses 651,604 718,760 Professional fees 252,705 99,572 General and administrative 459,727 585,659 Total Operating Expenses 1,899,183 1,759,896 Loss from Operations (2,201,203 ) (1,678,584 ) Other Income Interest income 104,620 37,859 Other income 72,118 382 Total Other Income 176,738 38,241 Net Loss before Income Taxes (2,024,465 ) (1,640,343 ) Provision for Income Taxes - - Net Loss $ (2,024,465 ) $ (1,640,343 ) Other comprehensive income Foreign currency translation gain - 824 Unrealized gain on marketable securities - 18,967 Total other comprehensive loss - 19,791 Total comprehensive loss (2,024,465 ) (1,620,552 ) Net Loss per Share - Basic and Diluted $ (0.02 ) $ (0.01 ) Weighted Average Common Shares Outstanding - Basic and Diluted 132,668,777 127,146,695 374Water Inc. and SubsidiariesCondensed Consolidated Statements of Cash FlowsFor the three months ended March 31, 2024 and 2023 (Unaudited) Cash Flows from Operating Activities 2024 2023 Net loss $ (2,024,465 ) $ (1,640,343 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization expense 24,560 29,105 Issuance of common stock for services 4,500 - Stock-based compensation 183,200 214,924 Gain on foreign currency translation - 824 Increase in inventory reserve 50,000 - Changes in operating assets and liabilities: Accounts receivable (19,532 ) (26,188 ) Unbilled accounts receivable (277,056 ) (754,290 ) Other receivables 5,588 (308,374 ) Inventory (374,981 ) (127,309 ) Prepaid expenses (340,280 ) 23,285 Accounts payable and accrued expenses 183,424 (581,582 ) Accrued contract loss provision 100,000 - Unearned revenue 2,768 5,000 Other liabilities (26,379 ) (13,528 ) Net Cash Used In Operating Activities (2,508,653 ) (3,178,176 ) Cash Flows from Investing Activities Purchase of equipment - (7,303 ) Increase in intangible assets (590 ) (2,705 ) Cash Used In Investing Activities (590 ) (10,008 ) Cash Flowfrom Financing Activities Proceeds from the sale of common stock - 8,294,708 Cash Provided by Financing Activities - 8,294,708 Net (Decrease) Increase in Cash (2,509,243 ) 5,106,224 Cash, Beginning of the Period 10,445,404 4,046,937 Cash, End of the Period $ 7,936,161 $ 9,153,161 SUPPLEMENTAL CASH FLOW DISCLOSURES: Cash paid for interest $ - $ - Cash paid for taxes $ - $ - SOURCE: 374Water Inc. View the original press release on accesswire.com