Sintx Technologies(SINT) - 2024 Q1 - Quarterly Report

Revenue and Profit - For the three months ended March 31, 2024, total revenue increased by $148,000, or 27%, to $687,000 compared to $539,000 in the same period in 2023[96]. - Product revenue rose by $69,000, or 29%, to $309,000, while grant and contract revenue increased by $79,000, or 26%, to $378,000[96][97]. - Gross profit for the quarter was $464,000, reflecting a $43,000 increase, or 10%, from $421,000 in the prior year[96]. Expenses - Cost of revenue increased by $105,000, or 89%, to $223,000, primarily due to the increase in revenue[96][98]. - Research and development expenses decreased by $181,000, or 8%, to $2,019,000, attributed to lower patent and consulting costs[96][99]. - General and administrative expenses decreased by $46,000, or 4%, to $1,123,000, mainly due to reduced employee recruiting costs[96][100]. - Sales and marketing expenses decreased by $64,000, or 21%, to $246,000, primarily due to lower payroll and consulting costs[96][102]. Net Loss - The company incurred a net loss of $886,000 for the three months ended March 31, 2024, compared to a net loss of $293,000 in the same period in 2023, representing a 202% increase in loss[96][106]. Cash Flow - Net cash used in operating activities decreased to $2.7 million for the three months ended March 31, 2024, from $4.9 million in the same period of 2023, a reduction of $2.2 million[118]. - Cash provided by financing activities was $5.3 million for the three months ended March 31, 2024, down from $11.5 million in the same period of 2023, a decrease of $6.2 million[120]. - The Company reported a net increase in cash of $2.4 million for the three months ended March 31, 2024, compared to a net increase of $6.4 million in the same period of 2023[116]. Financing Activities - On March 26, 2024, the company closed a public offering of 28,400,000 shares at a price of $0.047, raising approximately $1.3 million before expenses[110]. - The Company closed a public offering of 2,150,000 units on February 10, 2023, generating gross proceeds of approximately $12.0 million[112]. - The Company allocated approximately $5.4 million of the gross proceeds from the February 2023 offering to common stock and prefunded warrants[112]. - The Company has entered into an Equity Distribution Agreement allowing for the sale of up to $1.1 million in common stock, with $1.0 million raised as of March 1, 2024[114]. Debt and Credit - As of March 31, 2024, the related party debt had an outstanding balance of $26,000, with payments scheduled to end on August 1, 2024[122]. - The Company has no outstanding balance on the Wells Fargo line of credit as of March 31, 2024, and the account has been closed[123]. Other Income - Other income decreased by $953,000, or 29%, to $2,311,000, mainly due to a decrease in non-cash derivative expense[96][104]. Off-Balance Sheet Arrangements - The Company has not made any off-balance sheet arrangements as defined in Item 303(a)(4) of Regulation S-K[124]. Rights Offering - The Company completed a rights offering on October 17, 2022, resulting in gross proceeds of approximately $4.7 million[113].