Omnitek Engineering Corp

Previous wording

Operating expenses for the three months period ended June 30, 2024 were $175,546 compared with $171,550 for the three months period ended June 30, 2023, a decrease of $3,996. General and administrative expense for the three months period ended June 30, 2024 were $156,953 compared with $155,917 for the three months period ended June 30, 2023. Major components of general and administrative expenses for the three months period ended June 30, 2024 were professional fees of $39,922, rent expense of $10,825, and salaries and wages of $57,103. This compares with professional fees of $41,096, rent expense of $10,959 and salaries and wages of $57,163 for the three months period ended June 30, 2023. For the three months period ended June 30, 2024 research and development outlays were $17,629 compared with $15,197 for the three months period ended June 30, 2023.

Current wording

Operating expenses for the three-month period ended September 30, 2024 were $149,694 compared with $149,700 in the same period a year ago, a decrease of $6. General and administrative expense for the three-month period ended September 30, 2024 was $131,072 compared with $131,199 for the same period the prior year. Major components of general and administrative expenses for the three-month period ended September 30, 2024 were professional fees of $14,588, rent expense of $10,695, and salaries and wages of $56,951. This compares with professional fees of $16,677, rent expense of $10,869 and salaries and wages of $56,851 for the same prior- year period. For the three-month period ended September 30, 2024 research and development expense was $17,658 compared with $18,065 for the same period last year.

Previous wording

Our net loss for the three months period ended June 30, 2024 was $108,356, or ($0.00) per share, compared with a net loss of $76,906, or ($0.00) per share, for the three months period ended June 30, 2023.

Current wording

Our net loss for the three-month period ended September 30, 2024 was $32,841, or ($0.00) per share, compared with a net loss of $34,717, or ($0.00) per share, for the same period a year ago.

Previous wording

Results for the three months period ended June 30, 2024 reflect the impact of non-cash expenses, including the value of options granted in the amount of $2,694 and depreciation and amortization of $964. For the three month period ended June 30, 2023, non-cash expenses included options granted in the amount of $7,976, depreciation and amortization of $436.

Current wording

Results for the three-month period ended September 30, 2024 reflect the impact of non-cash expenses, including the value of options and warrants granted in the amount of $353 and depreciation and amortization of $964. For the same period in the prior year, non-cash expenses included options and warrants granted in the amount of $2,619 and depreciation and amortization of $436.

Previous wording

Our operating expenses for the six months period ended June 30, 2024 were $320,498 compared to $320,658 the six months period ended June 30, 2023, a decrease of $160. General and administrative expense for the six months period ended June 30, 2024 were $282,997 compared with $286,649 for the six months period ended June 30, 2023. Major components of general and administrative expenses for the six months period ended June 30, 2024 were professional fees of $53,897, rent expense of $21,649 and salaries and wages of $114,133. This compares with professional fees of $62,971, rent expense of $21,918, and salaries and wages of $113,203 for the six months period ended June 30, 2023. Research and development outlays were $36,100 for the six months period ended June 30, 2024 compared to $33,136 for the six months period ended June 30, 2023.

Current wording

Our operating expenses for the nine months period ended September 30, 2024 were $507,839 compared with $470,358 for the same period in the prior year, an increase of $37,481 or 8%. General and administrative expense for the nine months ended September 30, 2024 was $451,716 compared with $417,848 for the same period in 2023. Major components of general and administrative expenses for the nine months ended September 30, 2024 were professional fees of $68,485, rent expense of $32,344 and salaries and wages of $171,083. This compares with professional fees of $79,647, rent expense of 32,787, and salaries and wages of $170,054 for the same period a year ago. Research and development expense was $53,758 for the nine months ended September 30, 2024 compared with $51,201 last year.

Previous wording

Our net loss for the six months period ended June 30, 2024 was $174,814, or $0.01 per share, compared to a net loss of $136,756, or $0.01 per share, for the six months period ended June 30, 2023.

Current wording

Our net loss for the nine months period ended September 30, 2024 was $207,655 or ($0.01) per share, compared with a net loss of $171,474, or ($0.01) per share, in the prior year.

Previous wording

Results for the six months period ended June 30, 2024 reflect the impact of non-cash expenses, including the value of options granted in the amount of $4,657 and depreciation and amortization of $1,401. For the six-month period ended June 30, 2023, non-cash expenses included the value of options granted of $10,538 and depreciation and amortization of $873.

Current wording

Results for the nine months period ended September 30, 2024 reflect the impact of non-cash expenses, including the value of options and warrants granted in the amount of $5,010 and depreciation and amortization of $2,365. For the nine-month period in the prior-year, non-cash expenses included the value of options and warrants granted of $13,157 and depreciation and amortization of $1,309.

Previous wording

At June 30, 2024, our current liabilities totaled $1,770,942 and our current assets totaled $481,833, resulting in negative working capital of $1,289,109.

Current wording

At September 30, 2024, our current liabilities totaled $2,063,174 and our current assets totaled $733,846 resulting in negative working capital of $1,329,328.

Previous wording

We have historically incurred significant losses, which have resulted in a total accumulated deficit of $22,035,161 at June 30, 2024.

Current wording

We have historically incurred significant losses, which have resulted in a total accumulated deficit of $22,068,002 at September 30, 2024.

Previous wording

We realized a negative cash flow from operations of $29,514 for the six months period ended June 30, 2024 compared with a negative operating cash flow of $61,891 during the six months period ended June 30, 2023.

Current wording

We realized a negative cash flow from operations of $26,295 for the nine months period ended September 30, 2024, compared with a negative cash flow of $64,332 during the same period the prior year.

Previous wording

Included in the operating loss of $125,978 for the six months period ended June 30, 2024 are non-cash expenses, which are not a drain on our capital resources. During the period, these non-cash expenses include the value of options granted in the amount of $4,657 and depreciation and amortization of $1,401. Additionally, the operating loss included general and administrative expenses of $282,997 and research and development expenses of $36,100.

Current wording

Included in the operating loss of $192,029 for the nine-month period ended September 30, 2024 are non-cash expenses, which are not a drain on our capital resources. During this period, these non-cash expenses included the value of options granted in the amount of $5,010 and depreciation and amortization of $2,365. Additionally, the operating loss included general and administrative expenses of $451,716 and research and development expenses of $53,758.

Previous wording

The cash flow from financing activities was $0.00 for the six month period ended June 30, 2024 compared with a positive cash flow of $15,113 for the six month period ended June 30, 2023.

Current wording

We realized a $0.00 cash flow from financing activities for the nine months ended September 30, 2024 compared with positive cash flow of $15,113 for the same period the prior year. The positive cash flow for the same period in the prior year was due to proceeds from related party note payable.

Previous wording

Trade receivables are carried at original invoice amount less an estimate made for doubtful receivables based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful accounts by identifying troubled accounts and by using historical experience applied to an aging of accounts. Trade receivables are written off when deemed uncollectible. Recoveries of trade receivables previously written off are

Current wording

Trade receivables are carried at original invoice amount less an estimate made for doubtful receivables based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful accounts by identifying troubled accounts and by using historical experience applied to an aging of accounts. Trade receivables are written off when deemed uncollectible. Recoveries of trade receivables previously written off are recorded when received.

Previous wording

Products - The Company recognizes revenue from the sale of products as performance obligations are satisfied. This type of revenue is primarily generated from the sale of finished products to customers. Those sales predominantly contain a single delivery element and revenue is recognized at a single point in time when ownership, risks and rewards transfer. Upon fulfilment of the performance obligation, the customer is provided an invoice demonstrating transfer of control to the customer. Control passes FOB shipping point.

Current wording

Products - The Company recognizes revenue from the sale of products as performance obligations are satisfied. Those sales predominantly contain a single delivery element, and revenue is recognized at a single point in time when ownership and risks transfer (i.e. the performance obligation has been satisfied). In general, ownership and risk passes FOB shipping point, or as negotiated.