Overview
We are an innovative bio-scientific company that has developed an effective germ fighter, DiOx+, a disinfectant sterilizer that kills 99.99% of harmful pathogens without harmful toxic exposure to the user or the environment. Our DiOx+ is a broad-spectrum, activated chlorine dioxide (Cl02) sanitizer that kills dangerous pathogens with no residual toxicity. It protects the environment and human health from harmful viruses, bacteria and by-products left behind by other cleaning disinfectants, without unpleasant odor or skin irritation. Our proprietary chemical formulas and processes make DiOx+ ideal for sterilizing mission-critical and high-value medical equipment and for disinfecting air and surfaces in laboratory and hospital environments. DiOx+ helps protect agricultural crops against diseases and other pathogens such as molds and fungi. It is used in water treatment plants and helps reduce operating costs in warehouses, distribution centers and e-commerce support facilities.
Results of operations for the three months ended
For the Three Months ended March 31, 2022 2021 Change ($) Change (%) Revenue$ 25,451 $ 20,236 5,215 25.8 % Cost of revenue 8,285 12,115 (3,830 ) (31.6 )% Gross profit 17,166 8,121 9,045 111.4 % Operating expenses 606,533 372,649 233,884 62.8 % Loss from operations (589,367 ) (364,528 ) (224,839 ) (61.6 )% Other income (expense) (3,978,168 ) 968,474 (4,946,642 ) (510.8 )% Net loss$ (4,567,535 ) $ 603,946 $ (5,171,481 ) (856 )% 22 Revenue
Revenue increased by
Cost of Revenue
The Company’s cost of sales was
Operating Expenses
Operating expenses for the three months ended
resulting from the fair value of common shares issued under advisory agreements and general and administrative expenses of approximately
Other Expense
Other expenses for the three months ended
Other expenses for the three months ended
the expense resulting from the change in fair value of derivatives,
Other income for the three months ended
the result resulting from the change in fair value of derivative instruments,
Net Loss
Net loss for the three months ended
Cash and capital resources
Our working capital deficiency as ofMarch 31, 2022 , andDecember 31, 2021 , was as follows: March 31, December 31, 2022 2021 Current Assets$ 73,921 $ 127,104 Current Liabilities$ 73,080,066 $ 71,626,880 Working Capital Deficit$ (73,006,145 ) $ (71,499,776 ) 23
The overall working capital deficit went from
Here is a selection of information from the cash flow statements for the three months ended
March 31, March 31, 2022 2021 Cash used in Operating Activities$ (151,165 ) $ (214,820 ) Cash used in Investing Activities$ (14,914 ) $ - Cash provided by Financing Activities$ 145,394 $ 239,378
(Decrease) Net increase in cash during the period
Going Concern
Since
The Company’s ability to continue as a going concern depends on its ability to raise additional capital and implement its business plan.
The Company requires additional capital to fully execute its commercialization program and fund its current operations and development. Currently, we rely on additional fundraising to fill operational gaps. There can be no assurance that continued financing will be available on satisfactory terms. We intend to raise additional capital through the sale of shares, loans or other short-term financing options.
Off-balance sheet arrangements
We do not have any material off-balance sheet arrangements that have or are reasonably likely to have a present or future effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or our capital resources which are important to our shareholders.
Seasonality
Management does not believe that our current industry is seasonal to any significant degree.
Critical Accounting Polices
There have been no material changes in our critical accounting policies, from the critical accounting policies and material judgments and estimates disclosed in our Annual Report on Form 10-K for the year ended
24 Contingencies
For an analysis of contingencies, see note 10, Commitments and contingencies, of the notes to the consolidated financial statements in “Part I, point 1. Consolidated financial statements (unaudited)” of the quarterly report.
Off-balance sheet arrangements
During the period ended
Recent accounting pronouncements
For a list of our new and recently adopted accounting standards, see Note 2, Summary of Significant Accounting Policies, in the Note to the Consolidated Financial Statements in “Part I, Item 1. Consolidated Financial Statements (Unaudited)” of this report. quarterly.
© Edgar Online, source