Greenwave Technology Solutions, Inc.
For the period ended Mar 31, 2025. Filed Nov 19, 2025.
View on SEC.govAbout 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.
Mar 31, 2025 · Filed Nov 19, 2025
GWAV$1.96-4.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-15.
0001493152-24-046276
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-11-19.
0001493152-25-024192
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 81 previous paragraphs and 65 current paragraphs.
34 unchanged; 19 reworded; 12 added; 27 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
Our loss from operations increased by $1,069,783 to $3,881,507 during the three months ended March 31, 2025, from $2,811,724 during the three months ended March 31, 2024 for the same reasons discussed above.
Current report
During the three months ended March 31, 2025, our other expenses were $(784,232), as compared to $(5,250,790) for the same period in 2024, a decrease of $4,466,558. There was $0 in gain on settlement of non-convertible notes during the three months ended March 31, 2025, as compared to $24,198. Interest expenses and amortization of debt discount decreased to $(810,853) during the three months ended March 31, 2025 from $(2,194,229) during the three months ended March 31, 2024. Expense for warrants issued for financing decreased to $0 during the three months ended March 31, 2025 from $3,029,927 during the three months ended March 31, 2024. Gain on conversion of convertible notes decreased to $0 from $24,198 during the three months ended March 31, 2024. Other income increased to $26,621 during the three months ended March 31, 2025 from $1,351 during the three months ended March 31, 2024.
Current report
Deemed Dividend
Current report
Net cash provided by financing activities was $7,145,205 during the three months ended March 31, 2025, as compared to $2,627,882 during the three months ended March 31, 2024. During the three months ended March 31, 2025, there were proceeds from sales of common stock and warrants of $9,143,806, cash received for shares still held in abeyance of $1,334,800, bank overdrafts of $227,806, repayment of non-convertible notes of $1,261,207, and repayment of non-convertible notes payable - related party of $2,300,000. During the three months ended March 31, 2024, there were proceeds from warrant exercises, bank overdrafts, factoring advances of $2,574,679, $179,501 and $2,843,950, respectively, while there were repayments of factoring advances, convertible notes, and non-convertible notes of $1,016,389, $1,497,083, and $456,776, respectively.
Current report
Registered Direct Offering and Concurrent Private Placement
Current report
On January 13, 2025, the Company entered into a securities purchase agreement with institutional and accredited investors pursuant to which the Company agreed to sell 68,585 shares of its common stock at a price of $58.32 per share, together with accompanying warrants to purchase an equal number of shares of common stock. The gross proceeds from this offering are approximately US$4.0 million before deducting the financial advisor’s fees and other estimated offering expenses. The warrants are exercisable at $58.32 per share and expire five years from the date of the stockholder approval for their issuance. Participating investors agreed to a prohibition on short sales of the Company’s common stock while they hold the warrants. The offering was effected under the Company’s shelf registration statement.
Current report
Notice of Delinquency from Nasdaq – Q1 Form 10-Q
Current report
On May 23, 2025, the Company received a staff determination letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (Nasdaq) notifying the Company that it had not filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 (the “Q1 10-Q”) and therefore was not in compliance with Nasdaq Listing Rule 5250(c)(1). The Company was advised that it had 60 calendar days to submit a plan to regain compliance. If accepted, Nasdaq may grant an exception of up to 180 calendar days from the original filing due date — which would correspond to a compliance deadline of November 17, 2025. The Company intends to submit such plan but there is no assurance the plan will be accepted or that the Company will achieve compliance within the timeframe.
Current report
Notice of Additional Delinquency from Nasdaq – Q2 Form 10-Q
Current report
On August 22, 2025, the Company received an additional delinquency notification letter from Nasdaq because the Company had failed to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (“Q2 10-Q”), together with the previously delayed Q1 10-Q. The notice states that the Company must submit an updated plan to Nasdaq by September 8, 2025 to regain compliance with Listing Rule 5250(c)(1). If the revised plan is accepted, Nasdaq may grant an exception of up to 180 calendar days from the original filing due date of the Q1 10-Q (i.e., until November 17, 2025). While the notice has no immediate effect on the listing of the Company’s securities (which continue to trade on The Nasdaq Capital Market under the symbol “GWAV”), it underscores the risk of potential delisting if the Company cannot regain compliance.
Current report
Resolution of Minimum Bid Price Deficiency
Current report
As previously reported by the Company, on September 13, 2024, the Company received written notice (the “Notice”) from The Nasdaq Listing Qualification Department (“Nasdaq”) notifying the Company that it was not in compliance with the $1.00 minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq Capital Market (the “Minimum Bid Price Requirement”), as the closing bid price of the Company’s common stock had been below $1.00 per share for 30 consecutive business days. The Notice indicated that the Company has 180 calendar days, or until March 12, 2025, to regain compliance with the Minimum Bid Price Requirement. On March 13, 2025, Nasdaq notified the Company that although the Company has not regained compliance with the Minimum Bid Price Requirement, the Company is eligible to receive an additional 180 calendar day period or until September 8, 2025, to regain compliance with the Minimum Bid Price Requirement, pursuant to Nasdaq Listing Rule 5810(a)(3)(A). On August 13, 2025, the Company’s shareholders approved at its 2025 annual meeting a proposal granting the Board discretionary authority to effect one or more consolidation of the issued and outstanding shares of common stock of the Company, pursuant to which the shares of common stock would be combined and reclassified into one share of common stock at a ratio within the range from 1-for-2 up to 1-for-150. On August 20, 2025, the Company filed a Certificate of Amendment (the “Certificate of Amendment”) to the Company’s Second Amended and Restated Certificate of Incorporation, as amended, to effect a reverse stock split of its issued common stock, par value $0.001 per share, in the ratio of 1-for-110 (the “Reverse Stock Split”), which was effective at 5:00 p.m., eastern time, on August 22, 2025. The common stock began trading on a split-adjusted basis at the market open on Monday, August 25, 2025. On September 9, 2025, the Company received formal notice from the staff of the Listing Qualifications Department of Nasdaq that the Company had regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). As a result, listing matter was closed.
Removed paragraphs (27)
Previous report
For the three months ended September 30, 2024, we generated $8,505,187 in revenues, as compared to $8,181,948 during the same period in 2023, an increase of $323,239. This increase was primarily due to growth in hauling revenue.
Previous report
Our loss from operations decreased by $9,048,961 to $4,436,596 during the three months ended September 30, 2024, from $13,485,557 during the three months ended September 30, 2023 for the reasons discussed above.
Previous report
Other Income (Expense)
Previous report
During the three months ended September 30, 2024, we generated other losses of $(361,070) as compared to $(3,006,463) for the same period in 2023, an increase of $2,645,393. There was a gain on settlement of non-convertible notes and advances of $0 and $557,535 for the three months ended September 30, 2024 and 2023, respectively. Interest expenses and amortization of debt discount increased to $(361,070) during the three months ended September 30, 2024 from $(3,672,861) during the three months ended September 30, 2023. There was a gain on termination of leases of $108,863 during the three months ended September 30, 2023, as compared to none during the same period in 2024.
Previous report
For the Nine Months Ended September 30, 2024 and 2023
Previous report
Revenues
Previous report
Rental incomes decreased $6,940 from $120,040 to $113,100, metal revenues fell $2,945,221 from $19,730,898 to $16,785,677, hauling revenues increased $1,229,786 from $6,763,184 to $7,992,970, and miscellaneous revenue fell $27,410 from $27,522 to $112, during the nine months ended September 30, 2024 as compared to the same period in 2023.
Previous report
Our cost of revenues increased to $15,798,464 for the nine months ended September 30, 2024 from $15,685,232 during the same period in 2023, an increase of $113,232, primarily due to an increase in hauling costs.
Previous report
Our gross profit was $9,093,395 during the nine months ended September 30, 2024, a decrease of $1,863,017 from $10,956,412 during the same period in 2023 primarily due to a decline in margins on the Company’s hauling revenue and an overall decrease in metal revenues.
Previous report
Operating Expenses
Previous report
For the nine months ended September 30, 2024 and 2023, our operating expenses were $25,302,888 and $28,467,422 respectively, a decrease of $3,164,534. There was an increase in payroll and related expenses of $796,167 as payroll and related expenses were $5,717,836 for the nine months ended September 30, 2024 as compared to $4,921,669 for the same period in 2023 which was the result of the Company expanding its workforce. Advertising expense decreased by $407,461 to $3,390 for the nine months ended September 30, 2024 as compared to $410,851 for the same period in 2023 as the Company focused on operations. Depreciation of fixed assets, along with amortization of intangible assets, increased by $1,035,418 to $5,217,220 for the nine months ended September 30, 2024 from $4,181,802 in 2023 as a result of the Company acquiring more fixed assets during fiscal year 2024. There were hauling and equipment maintenance costs of $4,161,223 during the nine months ended September 30, 2024, as compared to $2,424,165 in 2023, an increase of $1,737,058, due to the Company expanding its fleet of trucks. Consulting, accounting, and legal expenses increased to $2,480,179 during the nine months ended September 30, 2024 from $1,414,592 during the same period in 2023, an increase of $1,065,587 as a result of the Company having significant corporate activity in the first half of 2024. There was a decrease in rent expenses as a result of the Company acquiring the equipment on certain properties, decreasing $741,467 from $2,700,777 during the nine months ended September 30, 2023 to $1,959,310 during the same period in 2024. There was stock based compensation of $62,375 during the nine months ended September 30, 2024, as compared to $0 during the same period in 2023, an increase of $62,375 primarily related to the Company’s corporate branding. There was a common stock issued for services expense of $3,004,909 during the nine months ended September 30, 2024, as compared to $171,240 during the same period in 2023, an increase of $2,833,669 primarily related to the Company’s registered direct offerings. There was loss on asset of $9,850,850 during the nine months ended September 30, 2023 as compared to $0 during the same period in 2024 reflecting the difference between the fair market value and cost basis of equipment, a decrease of $9,850,850.
Previous report
Our other general and administrative expenses increased to $2,696,446 for the nine months ended September 30, 2024 from $2,391,476 for the same period in 2023, an increase of $304,970, as a result of the Company expanding its operations
Previous report
The change in these expenditures resulted in our total operating expenses decreasing to $25,302,888 during the nine months ended September 30, 2024 compared to $28,467,422 during the nine months ended September 30, 2023, a decline of $3,164,534.
Previous report
Loss from Operations
Previous report
Our loss from operations decreased by $1,301,517 to $16,209,493 during the nine months ended September 30, 2024, from $17,511,010 during the nine months ended September 30, 2023 for the reasons discussed above.
Previous report
During the nine months ended September 30, 2024, we generated other income of $10,672,636, as compared to other losses of $(5,271,747) for the same period in 2023, a change of $15,944,383. There was a gain on settlement of non-convertible notes and advances of $1,056,962 and $632,540 for the nine months ended September 30, 2024 and 2023, respectively. Interest expenses and amortization of debt discount decreased to $(5,053,210) during the nine months ended September 30, 2024 from $(6,730,214) during the nine months ended September 30, 2023. Shares issued for financing of $(52,182), Equity issued for warrant inducement of $(3,029,927) during the nine months ended September 30, 2024 from $0 during the nine months ended September 30, 2023. Loss on conversion of convertible notes increased to $(14,213,480) during the nine months ended September 30, 2024 from $0 during the nine months ended September 30, 2023. Other income increased to $1,351 during the nine months ended September 30, 2024 from $0 during the nine months ended September 30, 2023. There was a gain on tax credit of $0 during the nine months ended September 30, 2024, as compared to $717,064 during the same period in 2023. There was a loss on extinguishment of debt of $(16,351,827) during the nine months ended September 30, 2024, as compared to $0 during the same period in 2023. There was change of derivative liabilities of $48,314,949 during the nine months ended September 30, 2024, as compared to $0 during the same period in 2023. There was a gain on termination of leases of $108,863 during the nine months ended September 30, 2023, as compared to none during the same period in 2024.
Previous report
During the nine months ended September 30, 2024, there was a deemed dividend of $52,574,896 for the reduction of exercise price of warrants, as compared to $1,638,952 during the same period in 2023, a change of $50,935,944 .
Previous report
During the nine months ended September 30, 2024, there was a deemed dividend of $23,953,940 for the reduction of the conversion price of convertible notes, as compared to $5,022,200 during the same period in 2023, a change of $18,931,740.
Previous report
Our net loss was $82,065,693 during the nine months ended September 30, 2024 as compared to $29,443,909 during the same period in 2023, a change of $52,621,784, for the reasons discussed above.
Previous report
Net cash provided by financing activities was $38,711,738 during the nine months ended September 30, 2024, as compared to cash used in financing activities of $4,792,304 during the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Company received $2,843,950 from the issuance of factoring advances, $40,369,116 from the sale of common stock with warrants, $2,834,632 from warrant exercises, and $247,842 from bank overdrafts, while utilizing $2,548,331 in the repayment of non-convertible notes, $3,538,388 for the repayment of factoring advances, and $1,497,083 for the repayment of convertible notes. During the nine months ended September 30, 2023, the Company received $3,746,109 from the issuance of factoring advances, $1,000,000 from the issuance of non-convertible notes, $13,118,750 from the sale of convertible notes, $825,000 from bridge financing, $205,719 from bank overdrafts, $2,841,181 from the sale of common stock, and $8,240 from the cash exercise of warrants, while utilizing $4,381,809 in the repayment of non-convertible notes and utilizing $12,570,886 for the repayment of factoring advances.
Previous report
Special Meeting of Stockholders on July 19, 2024
Previous report
On July 19, 2024, the Company held a special meeting of stockholders at which stockholders approved (i) the adoption of an amendment to the Company’s Amended and Restated By-laws to decrease the number of shares of Common Stock needed to establish a quorum for meetings of stockholders; (ii) amendment to the Company’s 2024 Equity Incentive Plan to increase the number of shares of the Company’s Common Stock available and reserved for issuance thereunder to 3,000,000, subject to certain conditions; and (iii) the issuance of warrants to purchase up to an aggregate of 3,104,382 shares of Common Stock, and the issuance of the shares of Common Stock issuable upon the exercise of such warrants, in accordance with Nasdaq Listing Rule 5635(d).
Previous report
Notice of Failure to Satisfy a Continued Listing Rule or Standard
Previous report
On September 13, 2024, the Company received a letter (the “Nasdaq Staff Deficiency Letter”) from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, for the last thirty (30) consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 per share requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2).
Previous report
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days, or until March 12, 2025, to regain compliance. The letter states that the Nasdaq staff will provide written notification that the Company has achieved compliance with Rule 5550(a)(2) if at any time before March 12, 2025, the bid price of the Company’s common stock closes at $1.00 per share or more for a minimum of ten (10) consecutive business days. The Nasdaq Staff Deficiency Letter has no immediate effect on the listing or trading of the Company’s common stock.
Previous report
The Company intends to monitor the bid price of its common stock and consider available options if its common stock does not trade at a level likely to result in the Company regaining compliance with Nasdaq’s minimum bid price rule by March 12, 2025.
Previous report
If the Company does not regain compliance with Rule 5550(a)(2) by March 12, 2025, the Company may be eligible for an additional 180 calendar day compliance period. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and would need to provide written notice of its intention to cure the deficiency during the second compliance period, for example, by effecting a reverse stock split, if necessary. However, if it appears to the Nasdaq staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq would notify the Company that its securities would be subject to delisting. In the event of such a notification, the Company may appeal the Nasdaq staff’s determination to delist its securities. There can be no assurance that the Company will be eligible for the additional 180 calendar day compliance period, if applicable, or that the Nasdaq staff would grant the Company’s request for continued listing subsequent to any delisting notification.
Reworded paragraphs (19)
Previous wording
We were formed in April 26, 2013 as a technology platform developer under the name MassRoots, Inc. In October 2021, we changed our corporate name from “MassRoots, Inc.” to “Greenwave Technology Solutions, Inc.” We sold all of our social media assets on October 28, 2021 and have discontinued all operations related to our social media business. On September 30, 2021, we closed our acquisition of Empire Services, Inc. (“Empire”), which operates 13 metal recycling facilities in Virginia, North Carolina, and Ohio. The acquisition was effective October 1, 2021 upon the effectiveness of the Certificate of Merger in Virginia.
Current wording
We were formed on April 26, 2013 as a technology platform developer under the name MassRoots, Inc. In October 2021, we changed our corporate name from “MassRoots, Inc.” to “Greenwave Technology Solutions, Inc.” We sold all of our social media assets on October 28, 2021 for cash consideration equal to $10,000 and have discontinued all operations related to our social media business. On September 30, 2021, we closed our acquisition of Empire Services, Inc. (“Empire”), which operates 13 metal recycling facilities in Virginia, North Carolina, and Ohio. The acquisition was effective October 1, 2021 upon the effectiveness of the Certificate of Merger in Virginia.
Previous wording
We operate an automotive shredder at our Kelford, North Carolina location and a second automotive shredder at our Carrollton, Virginia location is expected to come online in the fourth quarter of 2024. Our shredders are designed to produce a denser product and, in concert with advanced separation equipment, more refined recycled ferrous metals, which are more valuable as they require less processing to produce recycled steel products. In totality, this process reduces large metal objects like auto bodies into baseball-sized pieces of shredded recycled metal.
Current wording
We operate an automotive shredder at our Kelford, North Carolina location and a second automotive shredder at our Carrollton, Virginia location is expected to come online in the second quarter of 2024. Our shredders are designed to produce a denser product and, in concert with advanced separation equipment, more refined recycled ferrous metals, which are more valuable as they require less processing to produce recycled steel products. In totality, this process reduces large metal objects like auto bodies into baseball-sized pieces of shredded recycled metal.
Previous wording
Empire is headquartered in Chesapeake, Virginia and employs 167 people as of November 8, 2024.
Current wording
Empire is headquartered in Chesapeake, Virginia and employs 150 people as of November 19, 2025.
Previous wording
Our main sources of unprocessed metal we purchase are end-of-life vehicles, old equipment, appliances and other consumer goods, and scrap metal from construction or manufacturing operations. We acquire this unprocessed metal from a wide base of suppliers including large corporations, industrial manufacturers, retail customers, and government organizations who unload their metal at our facilities or we pick it up and transport it from the supplier’s location. Currently, our operations and main suppliers are located in the Hampton Roads and northeastern North Carolina markets. In the second quarter of 2023, we expanded our operations by opening a metal recycling facility in Cleveland, Ohio.
Current wording
Our main sources of unprocessed metal we purchase are end-of-life vehicles, old equipment, appliances and other consumer goods, and scrap metal from construction or manufacturing operations. We acquire this unprocessed metal from a wide base of suppliers including large corporations, industrial manufacturers, retail customers, and government organizations who unload their metal at our facilities or we pick it up and transport it from the supplier’s location. Currently, our operations and main suppliers are located in the Hampton Roads and northeastern North Carolina markets. As of the second quarter of 2023, the Company expanded our operations by opening a metal recycling facility in Cleveland, Ohio.
Previous wording
For the nine months ended September 30, 2024, we generated $24,891,859 in revenues, as compared to $26,641,644 during the same period in 2023, a decrease of $1,749,785. This decrease was primarily due to a decline in metal revenue as the Company accumulated inventories in 2024.
Current wording
For the three months ended March 31, 2025, we generated $7,333,710 in revenues, as compared to $8,504,777 during the same period in 2024, a decrease of $1,171,067. This decrease was primarily due to a decline in metal revenue.
Previous wording
Rental incomes increased $2,440 from $35,660 to $38,100, metal revenues fell $317,862 from $5,495,255 to $5,177,393, and hauling revenues grew $638,661 from $2,651,033 to $3,289,694, during the three months ended September 30, 2024 as compared to the same period in 2023.
Current wording
Rental incomes decreased by $6,500 from $30,500, to $24,000, metal revenues fell $1,822,840 from $6,220,385 to $4,397,545, and hauling revenues grew $658,272 from $2,253,892 to $2,912,164, during the three months ended March 31, 2025 as compared to the same period in 2024.
Previous wording
Our cost of revenues decreased to $4,959,908 for the three months ended September 30, 2024 from $5,251,001 during the same period in 2023, a decrease of $291,093, primarily due to a decline in the cost of metal revenues.
Current wording
Our cost of revenues decreased to $3,847,047 for the three months ended March 31, 2025 from $5,240,516 during the same period in 2024, a decrease of $1,393,469, primarily due to a decrease in hauling costs.
Previous wording
Our gross profit was $3,545,279 during the three months ended September 30, 2024, an increase of $614,322 from $2,930,947 during the same period in 2023 primarily due to growth in hauling revenue and lower costs of metal revenues.
Current wording
Our gross profit was $3,486,663 during the three months ended March 31, 2025, an increase of $222,402 from $3,264,261 during the same period in 2024 primarily due to an increase in margins on the Company’s hauling and metal revenue.
Previous wording
For the three months ended September 30, 2024 and 2023, our operating expenses were $7,981,875 and $16,416,504 respectively, a decrease of $8,434,629. There was an increase in payroll and related expenses of $800,854 as payroll and related expenses were $2,273,985 for the three months ended September 30, 2024 as compared to $1,473,131 for the same period in 2023 which was the result of expanding operations. Advertising expense decreased by $393,984 to $1,016 for the three months ended September 30, 2024 as compared to $395,000 for the same period in 2023 as the Company focused on operations. Depreciation of fixed assets, along with amortization of intangible assets, increased by $363,952 to $1,926,173 for the three months ended September 30, 2024 from $1,562,221 in 2023 as a result of the Company acquiring more fixed assets during fiscal year 2024. There were hauling and equipment maintenance costs of $1,785,388 during the three months ended September 30, 2024, as compared to $604,032 in 2023, an increase of $1,181,356, due to the Company expanding its fleet of trucks. Consulting, accounting, and legal expenses decreased to $246,034 during the three months ended September 30, 2024 from $939,345 during the same period in 2023, a decrease of $693,311 as a result of the Company not having significant corporate activity in the third quarter of 2024. There was an increase in rent expenses as a result of the Company entering into new leases in 2024, increasing $27,628 from $643,550 during the three months ended September 30, 2023 to $671,178 during the same period in 2024. There was a Stock based compensation for services expense of $0 during the three months ended September 30, 2024, as compared to $171,240 during the same period in 2023, a decrease of $171,240 primarily related to the Company’s registered direct offerings. There was stock based compensation of $20,709 during the three months ended September 30, 2024, as compared to $0 during the same period in 2023, an increase of $20,709 primarily related to the Company’s corporate branding. There was loss on asset of $9,850,850 during the three months ended September 30, 2023 as compared to $0 during the same period in 2024 reflecting the difference between the fair market value and cost basis of equipment, a decrease of $9,850,850.
Current wording
For the three months ended March 31, 2025 and 2024, our operating expenses were $7,368,170 and $6,075,985 respectively, an increase of $1,292,185. There was an increase in payroll and related expenses of $236,457 as payroll and related expenses were $1,974,485 for the three months ended March 31, 2025 as compared to $1,738,028 for the same period in 2024. Advertising expense increased by $51,025 to $53,399 for the three months ended March 31, 2025 as compared to $2,374 for the same period in 2024. Depreciation of fixed assets, along with amortization of intangible assets, increased by $480,428 to $2,119,243 for the three months ended March 31, 2025 from $1,638,815 in 2024 as a result of the Company acquiring more fixed assets during fiscal year 2024 and first quarter 2025. There were hauling and equipment maintenance costs of $1,273,857 during the three months ended March 31, 2025, as compared to $601,562 in 2024, an increase of $672,295. Consulting, accounting, and legal expenses decreased to $523,563 during the three months ended March 31, 2025 from $612,271 during the same period in 2024, a decrease of $88,708 as a result of the Company having significant corporate activity in 2024. There was a decrease in rent expenses as a result of the Company acquiring the equipment on certain properties, decreasing $227,183 from $443,872 during the three months ended March 31, 2024 to $261,689 during the same period in 2025. There was $100,000 in equity issued for services expense and stock compensation during the three months ended March 31, 2025, as compared to $288,900 and $20,833 respectively during the same period in 2024.
Previous wording
Our other general and administrative expenses increased to $1,057,392 for the three months ended September 30, 2024 from $777,135 for the same period in 2023, an increase of $280,257, as a result of the Company expanding operations.
Current wording
Our other general and administrative expenses increased to $1,246,469 for the three months ended March 31, 2025 from $729,330 for the same period in 2024, an increase of $517,139 as a result of the Company’s growth initiatives.
Previous wording
The change in these expenditures resulted in our total operating expenses declining to $7,981,875 during the three months ended September 30, 2024 compared to $16,416,504 during the three months ended September 30, 2023, a decrease of $8,434,629.
Current wording
The change in these expenditures resulted in our total operating expenses increasing to $7,368,170 during the three months ended March 31, 2025 compared to $6,075,985 during the three months ended March 31, 2024, an increase of $1,292,185.
Previous wording
During the three months ended September 30, 2024, there was a deemed dividend of $0 for the reduction of exercise price of warrants, as compared to $1,638,952 during the same period in 2023, a change of $1,638,952.
Current wording
During the three months ended March 31, 2025, there was a deemed dividend of $2,999,964 for the reduction of exercise price of warrants, as compared to $1,444,324 during the same period in 2024, a change of $1,555,640.
Previous wording
During the three months ended September 30, 2024, there was a deemed dividend of $0 for the reduction of the conversion price of convertible notes, as compared to $5,022,200 during the same period in 2023, a change of $5,022,200.
Current wording
During the three months ended March 31, 2025, there was a deemed dividend of $0 for the reduction of the conversion price of a debt note, as compared to $23,953,940 during the same period in 2024, a change of $23,953,940.
Previous wording
Our net loss was $4,797,666 during the three months ended September 30, 2024 as compared to $23,153,172 during the same period in 2023, a change of $18,355,506, for the reasons discussed above.
Current wording
Our net loss was $7,665,703 during the three months ended March 31, 2025 as compared to $33,460,778 during the same period in 2024, a reduction of $25,795,075, for the reasons discussed above.
Previous wording
Net cash used in operating activities for the nine months ended September 30, 2024 was $14,756,026 as compared to $2,587,000 for the nine months ended September 30, 2023. For the nine months ended September 30, 2024, the cash flows used in operating activities were driven by a net loss of $5,536,857, amortization of right of use assets, net -related party of $76,874, amortization of right of use assets of $162,057, depreciation and amortization of $5,217,220, Decrease in due to related parties of $2,070,402, decrease of prepaid expenses of $293,136, decrease of accounts payable and accrued expenses of $929,322, payment of operating lease liabilities – related party of $83,430, payment of operating lease liabilities of $110,732 Stock based compensation for services of $3,004,909, change in derivative liabilities of $48,314,949, loss on the extinguishment of debt of $16,351,827, equity issued for warrant inducement of $3,029,927, stock based compensation of $62,375, loss on the conversion of debt of $14,213,480, a gain on the settlement of non-convertible notes and advances of $1,056,962, interest and amortization of debt discount of $5,053,210, an increase in accounts receivable of $1,384,461, increase in inventories of $1,944,850, and a decrease in accrued payroll and related expenses of $202,804. For the nine months ended September 30, 2023, the cash flows used in operating activities were driven by a net loss of $22,782,757, amortization of right of use assets, net -related party of $1,404,791, amortization of right of use assets of $184,757, loss on asset of $9,850,850, depreciation and amortization of $4,181,802, accrual of due to related parties of $1,018,349, increase of prepaid expenses of $388,972, a decrease of accounts payable and accrued expenses of $607,901, a decrease in operating lease liabilities of $1,572,248, a gain on the settlement of non-convertible notes and advances of $632,540, interest and amortization of debt discount of $6,730,214, an increase in accounts receivable of $277,871, increase in inventories of $42,945, increase in security deposit of $25,000, a gain on termination of operating lease liability of $108,863, Stock based compensation for services of $171,240 and accrued payroll and related expenses of $224,204.
Current wording
Net cash used in operating activities for the three months ended March 31, 2025 was $4,161,414 as compared to $3,460,823 for the three months ended March 31, 2024. For the three months ended March 31, 2025, the cash flows used in operating activities were driven by a net loss of $4,665,739, amortization of right of use assets of $80,004, depreciation and amortization of $2,119,243, increase in due to related parties of $256,840, decrease in prepaid expenses of $633,136, a decrease of accounts payable and accrued expenses of $705,606, a decrease in operating lease liabilities of $61,764, stock based compensation of $100,000, interest and amortization of debt discount of $810,853, an increase in accounts receivable of $1,023,478, and increases in inventories of $1,665,367. For the three months ended March 31, 2024, the cash flows used in operating activities were driven by a net loss of $8,062,514, amortization of right of use assets (related-party) of $24,980, amortization of right of use assets of $48,935, depreciation and amortization of $1,638,815, decrease of due to related parties of $903,462, decrease of prepaid expenses of $113,261, a decrease of accounts payable and accrued expenses of $1,649,694, a decrease in operating lease liabilities of $25,385, a decrease in operating lease liabilities (related-party) of $39,791, stock based compensation of $309,773, equity issued for warrant inducement of $3,029,927, interest and amortization of debt discount of $2,194,229, gain on the conversion of notes of $24,198, an increase in accounts receivable of $296,832, shares issued for financing of $52,183, and increases in inventories of $199,791.
Previous wording
Net cash used in investing activities was $10,302,216 and $1,577,768 for the nine months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024, there was cash used in the purchase of equipment of $6,720,035 and the purchase of equipment – related party of $3,582,181. For the nine months ended September 30, 2023, there was cash used in the purchase of equipment – related party of $1,660,537 and cash received for advance of asset of $82,769.
Current wording
Net cash used in investing activities was $(58,500) and $0 for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025, there was cash used in the purchase of equipment of $210,500 and cash received for the disposal of assets of $152,000.
Previous wording
As of September 30, 2024, we had cash on hand of $15,199,655. We currently have no external sources of liquidity such as arrangements with credit institutions that will have or are reasonably likely to have a current or future effect on our financial condition or immediate access to capital.
Current wording
As of March 31, 2025, we had cash on hand of $5,501,755. We currently have no external sources of liquidity such as arrangements with credit institutions that will have or are reasonably likely to have a current or future effect on our financial condition or immediate access to capital.
Previous wording
As of September 30, 2024, the Company had cash of $15,199,655 and working capital (current assets in excess of current liabilities) of $6,766,724. The accumulated deficit as of September 30, 2024 was $(477,931,850). These conditions raise substantial doubt about the Company’s ability to continue as a going concern for one year from the issuance of the unaudited condensed consolidated financial statements.
Current wording
As of March 31, 2025, the Company had cash of $5,501,755 and a working capital deficit (current liabilities in excess of current assets) of $(7,478,957). The accumulated deficit as of March 31, 2025 was $(503,978,049). These conditions raise substantial doubt about the Company’s ability to continue as a going concern for one year from the issuance of the unaudited condensed consolidated financial statements.
Previous wording
Our contractual obligations are included in our notes to the unaudited condensed consolidated financial statements included in Part I, Item I of this Quarterly Report on Form 10-Q. To the extent that funds generated from our operations, together with our existing capital resources, are insufficient to meet future requirements, we will be required to obtain additional funds through equity or debt financings. No assurance can be given that any additional financing will be made available to us or will be available on acceptable terms should such a need arise.
Current wording
Our contractual obligations are included in our notes to the condensed consolidated financial statements included in Part I, Item I of this Quarterly Report on Form 10-Q. To the extent that funds generated from our operations, together with our existing capital resources, are insufficient to meet future requirements, we will be required to obtain additional funds through equity or debt financings. No assurance can be given that any additional financing will be made available to us or will be available on acceptable terms should such a need arise.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Net Loss Available to Common Stockholders