Sintx Technologies(SINT) - 2023 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2023, total revenue increased to $539,000, a 318% increase compared to $129,000 in the same period in 2022[90] - Product revenue rose to $240,000, reflecting a 138% increase from $101,000 in the same period last year[90] - Grant and contract revenue surged to $299,000, marking a 968% increase from $28,000 in the same period in 2022[90] - Gross profit for the three months ended March 31, 2023, was $421,000, a 759% increase compared to $49,000 in the same period in 2022[90] - The company incurred a net loss of $293,000 for the three months ended March 31, 2023, compared to a net loss of $2.85 million in the same period in 2022[90] Expenses - Research and development expenses increased to $2.2 million, a 33% rise from $1.65 million in the same period last year[90] - General and administrative expenses rose to $1.17 million, a 37% increase from $856,000 in the same period in 2022[90] Other Income - Other income increased significantly to $3.26 million, a 9226% increase compared to $35,000 in the same period in 2022[90] Cash Flow - Net cash used in operating activities was $4.9 million for the three months ended March 31, 2023, an increase of $1.7 million compared to $3.2 million for the same period in 2022[108] - Cash provided by financing activities was $11.5 million for the three months ended March 31, 2023, compared to no cash provided during the same period in 2022[110] - The net cash used in investing activities remained unchanged at $0.2 million for the three months ended March 31, 2023, compared to the same period in 2022[109] Financing and Capital Resources - The Company closed a public offering of 2,150,000 units on February 10, 2023, generating gross proceeds of approximately $12.0 million[102] - The Company completed a rights offering on October 17, 2022, resulting in gross proceeds of approximately $4.7 million[103] - The Company does not currently seek additional equity or debt financing, and any future financing may not be available on favorable terms[105] - Management believes existing capital resources will be sufficient to fund operations for at least the next 12 months, through May 2024[106] Debt and Liabilities - The accumulated deficit as of March 31, 2023, was $262.7 million, slightly up from $262.5 million as of December 31, 2022[99] - The Business Loan of approximately $350,000 was paid in full during the first quarter of 2023, with no outstanding balance as of March 31, 2023[111] - As of March 31, 2023, related party debt had an outstanding balance of $150,000, being repaid in monthly installments until August 1, 2024[112] - The Company does not have any off-balance sheet arrangements[115] Strategic Focus - The company is focusing on expanding the use of silicon nitride in various applications, including personal protection products, to leverage its antiviral properties[100]