Omnitek Engineering Corp
For the period ended Dec 31, 2024. Filed Apr 15, 2025.
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FY2024 · Filed Apr 15, 2025
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Extracted filing text, with the paragraph anchors used by the comparison.
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Balance Sheets as of December 31, 2024 and
Balance Sheets
| December 31, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| ASSETS | ||
| CURRENT ASSETS | ||
| Cash | $104,445 | $73,703 |
| Accounts receivable, net | 11,075 | 12,233 |
| Accounts receivable - related parties | 3,088 | 1,304 |
| Inventories, net | 267,616 | 370,838 |
| Deposits | 495,540 | 24,443 |
| Total Current Assets | 881,764 | 482,521 |
| PROPERTY & EQUIPMENT, net | 8,673 | 5,667 |
| OTHER ASSETS | ||
| Operating lease – right-of-use asset | 212,504 | 345,459 |
| Long-term deposit | 13,514 | 13,514 |
| Total Long-Term Assets | 234,691 | 364,640 |
| TOTAL ASSETS | $1,116,455 | $847,161 |
| LIABILITIES AND STOCKHOLDERS' DEFICIT | ||
| CURRENT LIABILITIES | ||
| Accounts payable and accrued expenses | $334,223 | $323,236 |
| Accrued management compensation | 636,311 | 635,158 |
| Accounts payable - related parties | 139,834 | 131,285 |
| Notes payable - related parties | 44,940 | 37,940 |
| Convertible notes payable – related party | 10,000 | 10,000 |
| Customer deposits | 845,272 | 310,025 |
| Operating lease liabilities - current | 167,461 | 131,868 |
| Total Current Liabilities | 2,178,041 | 1,579,512 |
| LONG-TERM LIABILITIES | ||
| Loans payable – SBA | 199,000 | 199,000 |
| Operating lease liabilities – long-term | 86,878 | 254,339 |
| Total Long-term Liabilities | 285,878 | 453,339 |
| Total Liabilities | 2,463,919 | 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 | 12,072,934 | 12,067,571 |
| Accumulated deficit | (22,027,484) | (21,860,347) |
| Total Stockholders' Deficit | (1,347,464) | (1,185,690) |
| TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $1,116,455 | $847,161 |
The accompanying notes are an integral part of these financial statements.
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