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Forward Water Technologies Announces June 30, 2024 Financial Results
TORONTO, ON / ACCESSWIRE / August 29, 2024 / Forward Water Technologies Corp. (TSXV:FWTC) (the "...
About this update from Forward Water Technologies Corp
[{"type":"text","content":"Forward Water Technologies Announces June 30, 2024 Financial ResultsTORONTO, ON / ACCESSWIRE / August 29, 2024 / Forward Water Technologies Corp. (TSXV:FWTC) (the \"Company\") is pleased to announce that it has filed its condensed consolidated interim financial statements and related management's discussion and analysis for the three months ended June 30, 2024 (fiscal year Q1, 2025). Copies of these financial statements and related management's discussion and analysis can be found on the Company's issuer profile at www.sedarplus.ca. All financial information in this news release is reported in Canadian dollars, unless otherwise indicated.Three Months Ended June 30, 2024 Financial HighlightsRevenue was $8,895 for the three months ended June 30, 2024, compared to $3,349 in the prior period in 2023.Total expenses were $251,350 for the three months ended June 30, 2024, compared to $630,251 a decrease of $378,901 or 60% compared to the same period in 2023.Net loss and comprehensive loss were $261,950 for the year ended June 30, 2024, compared to a loss of $596,477, a reduction of $344,527 or 60% for the same period in 2023.Basic and diluted loss per share were $0.00 and $0.01 for the same period in 2023.Operating Highlights and Recent Corporate DevelopmentsOn May 14, 2024, the Company announced that it had entered into a letter of intent dated May 13, 2024, which outlines the general terms and conditions of a proposed business combination, by way of an amalgamation, arrangement, or other similar form of transaction, which will result in Fraser Mackenzie Accelerator Corp (\"FMAC\") becoming a wholly-owned subsidiary of FWTC.On May 24, 2024, the Company announced that it closed the issuance of the $225,000 of debentures. [NTD: this should be $225,000 as only $225,000 was closed on May 24. This was correct in the version of the MD&A I reviewed but I see that it was also changed to $250,000 in the MD&A sent to Anna for filingOn June 10, 2024, the Company announced the resignation of Andrew Pasternak from the Board of Directors.On July 11, 2024 the Company announced that it has initiated new projects via direct customer contact in the food and beverage space to enable more efficient wastewater handling in the production of food and beverage products with globally positioned multinational manufacturers. FWTC has entered into early ...