Omnitek Engineering Corp

For the period ended Sep 30, 2024. Filed Nov 14, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Nov 14, 2024

OMTKStored price and day change unavailable

See the whole filing, with its images and exhibits

Contents

Condensed Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023

Condensed Balance Sheets

	September 30,	December 31,
	2024 (Unaudited)	2023
ASSETS
CURRENT ASSETS
Cash	$41,072	$73,703
Accounts receivable, net	17,167	12,233
Accounts receivable – related parties	1,463	1,304
Inventories, net	277,318	370,838
Deposits	396,826	24,443
Total Current Assets	733,846	482,521
LONG-TERM ASSETS
Property & Equipment, net	9,637	5,667
Operating lease – right-of-use asset	246,362	345,459
Long-term deposit	13,514	13,514
Total Long-Term Assets	269,513	364,640
TOTAL ASSETS	$1,003,359	$847,161
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES
Accounts payable and accrued expenses	$339,863	$323,236
Accrued management compensation	638,619	635,158
Accounts payable - related parties	134,241	131,285
Notes payable - related parties	37,940	37,940
Convertible notes payable – related party	10,000	10,000
Customer deposits	742,346	310,025
Operating lease liabilities - current	160,165	131,868
Total Current Liabilities	2,063,174	1,579,512
LONG-TERM LIABILITIES
Loans payable – SBA, net of current portion	199,000	199,000
Operating lease liabilities – long-term	129,520	254,339
Total Long-term Liabilities	328,520	453,339
Total Liabilities	2,391,694	2,032,851
STOCKHOLDERS' DEFICIT
Common stock, 125,000,000 shares authorized; no par value; 21,948,091 and 21,948,091 shares, respectively, issued and outstanding	8,607,086	8,607,086
Additional paid-in capital	12,072,581	12,067,571
Accumulated deficit	(22,068,002)	(21,860,347)
Total Stockholders' Deficit	(1,388,335)	(1,185,690)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$1,003,359	$847,161
The accompanying notes are an integral part of these condensed unaudited financial statements.

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OMNITEK ENGINEERING CORP.
Condensed Statements of Operations (unaudited)
For the Three · For the Three · For the Nine · For the Nine
Months Ended · Months Ended · Months Ended · Months Ended
September 30, 2024 · September 30, 2023 · September 30, 2024 · September 30, 2023
REVENUES			$277,365			$235,379			$781,412			$712,303
COST OF GOODS SOLD			(156,074)			(133,043)			(465,602)			(413,718)
GROSS MARGIN			121,291			102,336			315,810			298,585
OPERATING EXPENSES
	General and administrative			131,072			131,199			451,716			417,848
	Research and development			17,658			18,065			53,758			51,201
	Depreciation and amortization			964			436			2,365			1,309
		Total Operating Expenses			149,694			149,700			507,839			470,358
LOSS FROM OPERATIONS			(28,403)			(47,364)			(192,029)			(171,773)
OTHER INCOME (EXPENSE)
	Other income			712			18,682			712			18,682
	Interest expense			(5,150)			(6,035)			(15,538)			(17,583)
		Total Other Income (Expense)			(4,438)			12,647			(14,826)			1,099
LOSS BEFORE INCOME TAXES			(32,841)			(34,717)			(206,855)			(170,674)
INCOME TAX EXPENSE			-			-			800			800
NET LOSS			$(32,841)			$(34,717)			$(207,655)			$(171,474)
BASIC AND DILUTED LOSS PER SHARE			$(0.00)			$(0.00)			$(0.01)			$(0.01)
WEIGHTED AVERAGE NUMBER
OF COMMON SHARES OUTSTANDING
-BASIC AND DILUTED			21,948,091			21,948,091			21,948,091			21,948,091
The accompanying notes are an integral part of these condensed unaudited financial statements.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.