Financial Performance - Sales decreased from $3,387,169 for the three months ended September 30, 2023, to $2,834,512 for the three months ended September 30, 2024, a decrease of $552,657 or approximately 16.32%[139] - Gross profit was $1,347,929 for the three months ended September 30, 2024, compared to $1,482,781 for the three months ended September 30, 2023, a decrease of $134,852, or 9.10%[140] - Sales decreased from $11,572,699 for the nine months ended September 30, 2023, to $7,655,285 for the nine months ended September 30, 2024, a decrease of $3,917,414 or approximately 33.85%[145] - Gross profit for the nine months ended September 30, 2024, was $3,287,646, a decrease of $1,979,125 or 37.58% compared to the same period in 2023[146] - The Company reported a net loss of $1,189,683 for the three months ended September 30, 2024, an increase of $301,974, or 34.02% compared to the same period in 2023[145] - The Company reported a net loss of $7,421,118 for the nine months ended September 30, 2024, an increase of $5,478,682, or 282.05% compared to the same period in 2023[152] Research and Development - Research and development costs for the three months ended September 30, 2024, were $572,422, an increase of $146,849, or 34.51% compared to the same period in 2023[143] Expenses - Selling, general and administrative expenses increased to $6,063,047 for the nine months ended September 30, 2024, from $5,677,778 for the same period in 2023, an increase of $385,269 or approximately 6.79%[147] Cash and Deficits - As of September 30, 2024, the Company had cash and cash equivalents of $1,076,537 and an accumulated deficit of $17,190,841[156] Future Outlook - The Company expects to generate operating losses and negative operating cash flows for the remainder of the year and into early next quarter of 2025, although it anticipates that operating losses will be reduced by revenue from new products developed earlier this year[157] Internal Controls - As of September 30, 2024, the company's disclosure controls and procedures were deemed ineffective, failing to provide reasonable assurance for timely reporting as required by SEC rules[163] - The company has not experienced any changes that materially affect its internal control over financial reporting during the reporting period[164] - The management plans to enhance corporate oversight and address identified material weaknesses in internal controls[165] Legal Proceedings - There are no pending legal proceedings involving the company or its properties[167]
AmpliTech (AMPG) - 2024 Q3 - Quarterly Report