TOMI Environmental Solutions Inc

NASDAQ:TOMZUnited States

NASDAQ FSI:D. Deficient (Issuer failed to meet continued listing requirements)

04:54 PM EDT, 10/30/2024 (MT Newswires) -- ...

ASSETS September 30, 2024 Current Assets: (Unaudited) December 31, 2023 -------------------- --------------------- Cash and Cash Equivalents $ 809,037 $ 2,339,059 Accounts Receivable - net 3,146,390 2,429,929 Other Receivables 164,150 164,150 Inventories 4,580,115 4,627,103 Vendor Deposits 97,488 29,335 Prepaid Expenses 345,842 371,298 --------------- -------------- Total Current Assets 9,143,022 9,960,874 --------------- -------------- Property and Equipment -- net 914,156 1,048,642 Other Assets: Intangible Assets -- net 1,108,614 1,123,246 Operating Lease - Right of Use Asset 417,190 467,935 Long Term Accounts Receivable - net 206,240 206,240 Other Assets 672,565 550,677 --------------- -------------- Total Other Assets 2,404,609 2,348,098 --------------- -------------- Total Assets $ 12,461,787 $ 13,357,614 =============== ============== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts Payable $ 1,552,223 $ 1,267,029 Accrued Expenses and Other Current Liabilities 537,509 675,491 Current Portion of Long-Term Operating Lease 125,666 115,658 --------------- -------------- Total Current Liabilities 2,215,398 2,058,178 --------------- -------------- Long-Term Liabilities: Long-Term Operating Lease, Net of Current Portion 546,844 642,527 Convertible Notes Payable, net of unamortized debt discount of $255,126 and $301,985 at September 30, 2024 and December 31, 2023, respectively 2,344,874 2,298,015 --------------- -------------- Total Long-Term Liabilities 2,891,718 2,940,542 --------------- -------------- Total Liabilities 5,107,116 4,998,720 Commitments and Contingencies Shareholders' Equity: Cumulative Convertible Series A Preferred Stock; par value $0.01 per share, 1,000,000 shares authorized; 63,750 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 638 638 Cumulative Convertible Series B Preferred Stock; $1,000 stated value; 7.5% Cumulative dividend; 4,000 shares authorized; none issued and outstanding at June 30, 2024 and December 31, 2023, respectively - - Common stock; par value $0.01 per share, 250,000,000 shares authorized; 20,015,205 and 19,923,955 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 200,152 199,240 Additional Paid-In Capital 58,201,140 57,985,245 Accumulated Deficit (51,047,259) (49,826,229) --------------- -------------- Total Shareholders' Equity 7,354,671 8,358,894 --------------- -------------- Total Liabilities and Shareholders' Equity $ 12,461,787 $ 13,357,614 =============== ============== TOMI ENVIRONMENTAL SOLUTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS For The Three Months Ended For The Nine Months Ended September 30, September 30, -------------------------- ---------------------------- 2024 2023 2024 2023 Sales, net $ 2,542,251 $ 1,470,019 $ 6,669,730 $ 5,826,890 Cost of Sales 981,124 661,087 2,583,419 2,376,442 ---------- ---------- ---------- ---------- Gross Profit 1,561,127 808,932 4,086,311 3,450,448 ---------- ---------- ---------- ---------- Operating Expenses: Professional Fees 104,941 207,673 387,267 456,518 Depreciation and Amortization 69,909 93,929 224,384 273,265 Selling Expenses 226,593 283,054 881,927 1,160,752 Research and Development 56,338 76,339 185,923 220,587 Consulting Fees 44,338 44,355 181,068 188,722 General and Administrative 909,906 1,004,618 3,181,304 3,328,726 ---------- ---------- ---------- ---------- Total Operating Expenses 1,412,025 1,709,968 5,041,873 5,628,570 ---------- ---------- ---------- ---------- Income (loss) from Operations 149,102 (901,036) (955,562) (2,178,122) ---------- ---------- ---------- ---------- Other Income (Expense): Interest Income 3,480 256 15,231 1,264 Interest Expense (93,620) - (280,699) - ---------- ---------- ---------- ---------- Total Other Income (Expense) (90,140) 256 (265,468) 1,264 ---------- ---------- ---------- ---------- Income (loss) before income taxes 58,962 (900,780) (1,221,030) (2,176,858) Provision for Income Taxes - - - - ---------- ---------- ---------- ---------- Net Income (loss) $ 58,962 $ (900,780) $(1,221,030) $(2,176,858) ========== ========== ========== ========== Net income (loss) Per Common Share Basic $ 0.00 $ (0.05) $ (0.06) $ (0.11) ========== ========== ========== ========== Diluted $ 0.00 $ (0.05) $ (0.06) $ (0.11) ========== ========== ========== ========== Basic Weighted Average Common Shares Outstanding 20,015,205 19,823,955 19,984,179 19,818,241 ========== ========== ========== ========== Diluted Weighted Average Common Shares Outstanding 20,096,751 19,823,955 19,984,179 19,818,241 ========== ========== ========== ========== For The Three Months Ended For The Nine Months Ended September 30, September 30, ------------------------------ -------------------------------- 2024 2023 2024 2023 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net income (loss) $ 58,962 $ (900,780) $(1,221,030) $(2,176,858) ========= ========= ========== ========== Depreciation and Amortization 69,909 93,929 224,384 273,265 Interest Expense 93,620 - 280,699 - Interest Income (3,480) (256) (15,231) (1,264) Other - - - - --------- --------- ---------- ---------- EBITDA Profit/(Loss) $ 219,011 $ (807,107) $ (731,178) $(1,904,857) Equity Compensation Expense - - 144,307 158,833 Other - - - - --------- --------- ---------- ---------- Adjusted EBITDA Profit/ (Loss) $ 219,011 $ (807,107) $ (586,871) $(1,746,024) ========= ========= ========== ========== Net revenue $2,542,251 $1,470,019 $ 6,669,730 $ 5,826,890 Adjusted EBITDA Margin 9% -55% -9% -30%