IIOT-OXYS, Inc., a company specializing in Industrial Internet of Things (IIoT) solutions, has released its Form 10-Q report for the second quarter of 2024. The report highlights significant financial and operational challenges faced by the company during this period.
Financial Highlights
- Revenues: $0 million for the three months ended June 30, 2024, compared to $35,289 for the same period in 2023. The company did not earn any revenues in Q2 2024, indicating a significant decrease from the previous year.
- Gross Profit: $0 million for the three months ended June 30, 2024, compared to $26,794 for the same period in 2023. The absence of revenue in Q2 2024 resulted in no gross profit.
- Net Loss: $(426,763) for the three months ended June 30, 2024, compared to $(283,058) for the same period in 2023. The increase in net loss is attributed to higher operating expenses and other expenses.
- Net Loss Attributable to Common Stockholders: $(426,763) for the three months ended June 30, 2024, compared to $(283,058) for the same period in 2023. This reflects the overall financial performance and challenges faced by the company.
- Net Profit (Loss) Per Share Attributable to Common Stockholders - Basic and Diluted: $(0.00) for both the three months ended June 30, 2024, and 2023. The per-share loss remained consistent despite the increased net loss.
Business Highlights
- Revenue Segments: The company did not report any revenue for the three months ended June 30, 2024, compared to $35,289 in the same period in 2023. For the six months ended June 30, 2024, revenue was $2,500, significantly lower than $78,572 in the same period in 2023.
- Geographical Performance: The company continues to pursue opportunities in the northeast United States for its Structural Health Monitoring (SHM) vertical.
- Future Outlook: The company anticipates challenges in revenue growth for the remainder of 2024 due to difficulties in raising additional capital. However, it is actively pursuing contracts in its SHM vertical and exploring opportunities with local municipalities and state departments of transportation.
SEC Filing: