AmpliTech (US:AMPG)2023-11-13 16:00Financial Performance - Revenues decreased from $5,435,654 for Q3 2022 to $3,387,169 for Q3 2023, a decline of approximately 37.69%[144] - Gross profit for Q3 2023 was $1,482,781, down from $2,660,915 in Q3 2022, representing a decrease of 44.28%[146] - For the nine months ended September 30, 2023, revenues decreased by 23.46% to $11,572,699 from $15,119,216 in the same period of 2022[150] - Gross profit for the nine months ended September 30, 2023 was $5,266,771, down 25% from $7,022,232 in the same period of 2022[152] - The company reported a net loss of $887,709 for Q3 2023 compared to a net income of $576,916 in Q3 2022[149] - The company recorded a net loss of $1,942,436 for the nine months ended September 30, 2023, compared to a net income of $211,001 in the same period of 2022[154] Expenses - Research and development costs increased by 91.23% from $222,549 in Q3 2022 to $425,573 in Q3 2023, driven by hiring for the AGMDC division[148] - Selling, general and administrative expenses decreased by approximately 4.98% to $5,677,778 for the nine months ended September 30, 2023[152] Cash Position - Cash and cash equivalents as of September 30, 2023, were $5,457,706, down from $13,290,222 as of December 31, 2022[156] - The company plans to finance internal growth through cash on hand, operations, borrowings, or equity offerings[157] Internal Controls - As of September 30, 2023, the company's disclosure controls and procedures were deemed ineffective by the CEO and CFO, failing to provide reasonable assurance for timely reporting as required by SEC rules[161] - There were no changes affecting the internal control over financial reporting during the reporting period[162] - The company does not expect its disclosure controls and procedures to prevent all errors and fraud, acknowledging limitations in achieving desired control objectives[160]