General Overview
We are an innovative bioscience company that has developed an effective germ fighter, DiOx+, a disinfectant sterilizer that kills 99.99% of harmful pathogens without dangerous toxic exposure to the user or the environment. Our DiOx+ is an activated chlorine dioxide (Cl02) broad spectrum disinfectant that kills dangerous pathogens with no residual toxicity. It protects the environment and human health from viruses, bacteria and harmful by-products left by other cleaning sanitizers, without a harsh smell or skin irritation. Our proprietary chemical formulas and processes make DiOx+ ideal for sterilizing mission critical, high value medical equipment and disinfecting air and surfaces in laboratory and hospital environments. DiOx+ helps protect agricultural crops from disease and other pathogens like mold and fungus. It is used in water treatment plants, and helps reduce operational costs in warehousing, distribution centers, and ecommerce 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
Other Expense
Other expense for the three months ended
Other expense for the three months ended
Other income for the three months ended
Net Loss
Net loss for the three months ended
Liquidity 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 increased from
The following is selected information from the statements of cash flow 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
Net (decrease) Increase in Cash During Period
Going Concern
Since
The ability of the Company to continue as a going concern is dependent on the Company's ability to raise additional capital and implement its business plan.
The Company requires additional capital to fully execute its marketing program and fund its current operations and development. Presently we are relying on raising additional funding to meet operational shortfalls. There can be no assurance that continued funding will be available on satisfactory terms. We intend to raise additional capital through the sale of equity, loans, or other short-term financing options.
Off-Balance Sheet Arrangements
We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.
Seasonality
Management does not believe that our current business segment is seasonal to any material extent.
Critical Accounting Polices
There have been no material changes to our critical accounting policies, as
compared to the critical accounting policies and significant judgments and
estimates disclosed in our Annual Report on Form 10-K for the year ended
24 Contingencies
For a discussion of contingencies, see Note 10, Commitments and Contingencies, to the Notes to the Consolidated Financial Statements in "Part I, Item 1. Consolidated Financial Statements (Unaudited)" of the Quarterly Report.
Off-balance Sheet Arrangements
During the period ended
Recent Accounting Pronouncements
For a listing of our new and recently adopted accounting standards, See Note 2, Summary of Significant Accounting Policies, to the note to the consolidated financial statements in "Part I, Item 1. Consolidated Financial Statements (Unaudited)" of this Quarterly Report.
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