ENERTECK CORP

2022 Q3 Form 10-Q Financial Statement

#000147793222005880 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $370.00 $37.74K $11.09K
YoY Change -95.96% -42.44% -29.99%
Cash & Equivalents $372.00 $37.74K $11.09K
Short-Term Investments
Other Short-Term Assets $31.91K $50.28K $68.65K
YoY Change -10.79% -11.49% -12.5%
Inventory $184.5K $186.7K $194.9K
Prepaid Expenses $31.91K $50.28K
Receivables $23.00K $7.540K $24.30K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $239.7K $282.3K $299.0K
YoY Change 86.07% 32.81% 70.68%
LONG-TERM ASSETS
Property, Plant & Equipment $6.289K $1.081K $1.097K
YoY Change 437.52% -11.18% -16.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $37.52K $37.52K $37.52K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $146.9K $144.9K $148.0K
YoY Change -4.78% -8.02% -7.92%
TOTAL ASSETS
Total Short-Term Assets $239.7K $282.3K $299.0K
Total Long-Term Assets $146.9K $144.9K $148.0K
Total Assets $386.7K $427.1K $447.0K
YoY Change 36.56% 15.43% 33.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $264.0K $258.9K $298.8K
YoY Change 10.89% 0.67% 7.68%
Accrued Expenses $291.8K $2.244M $7.238M
YoY Change -95.81% 14.5% 8.27%
Deferred Revenue
YoY Change
Short-Term Debt $3.993M $3.893M $3.743M
YoY Change 19.45% 18.58% 22.4%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.83M $11.58M $11.33M
YoY Change 11.6% 11.18% 12.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.83M $11.58M $11.33M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $11.83M $11.58M $11.33M
YoY Change 11.6% 11.18% 10.82%
SHAREHOLDERS EQUITY
Retained Earnings -$40.98M -$40.68M
YoY Change 2.96%
Common Stock $36.38K $36.38K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$11.44M -$11.15M -$10.88M
YoY Change
Total Liabilities & Shareholders Equity $386.7K $427.1K $447.0K
YoY Change 36.56% 15.43% 33.07%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Entity Registrant Name
EntityRegistrantName
ENERTECK CORPORATION
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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10701 Corporate Drive
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etck Nature Of Operationspolicttextblock
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">EnerTeck Corporation, a Delaware corporation, and its wholly owned subsidiary, EnerTeck Chemical Corp. (“EnerTeck Sub”) (collectively referred to as the “Company”) are headquartered in Houston, Texas. The Company specializes in the sales, marketing and manufacture of a fuel borne catalytic engine treatment for diesel engines known as EnerBurn®. The use of EnerBurn in diesel engines improves fuel economy, lowers smoke, and decreases engine wear and the dangerous emissions of both Nitrogen Oxide (NOx) and microscopic airborne solid matter (particulates). Principal target markets have included the trucking, heavy construction, maritime shipping, railroad and mining industries, as well as federal, state and international government applications. Key uncertainties and risks to the Company include, but are not limited to, if and how quickly the EnerBurn technology is accepted by the market and the effects future technological changes and environmental regulatory requirements may have on the need for diesel fuel additives.</p>
us-gaap Use Of Estimates
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In preparing the accompanying condensed unaudited interim consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed unaudited interim consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. </p>
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etck Going Concernpolicytextblock
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In accordance with ASC Subtopic 205-40, <em>Going Concern</em>, management evaluates whether relevant conditions and events that, when considered in the aggregate, indicate that it is probable the Company will be unable to meet its obligations as they become due within one year after the date that the consolidated financial statements are issued. When relevant conditions or events, considered in the aggregate, initially indicate that it is probable that the Company will be unable to meet its obligations as they become due within one year after the date that the consolidated financial statements are issued (and therefore they raise substantial doubt about the Company’s ability to continue as a going concern), management evaluates whether its plans that are intended to mitigate those conditions and events, when implemented, will alleviate substantial doubt about the Company’s ability to continue as a going concern. Management’s plans are considered only to the extent that 1) it is probable that the plans will be effectively implemented and 2) it is probable that the plans will mitigate the conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the six months ended June 30, 2022 and 2021, the Company incurred recurring net losses of $565,661 and $600,299, respectively. Further, most of the Company’s notes payable are overdue and payment may be demanded at any time. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company’s continuation as a going concern is contingent upon its ability to obtain additional financing and to generate revenues and cash flow to meet its obligations on a timely basis. The Company has been able to obtain cash in the past through private placements and issuing promissory notes and believes that these avenues will remain available to the Company. These financings are intended to mitigate the substantial doubt raised by the Company’s historical operating results and satisfying estimated liquidity needs 12 months from the issuance of the consolidated financial statements. However, there is no certainty that additional financing can be obtained in the future at terms acceptable to the Company.</p>
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etck Warrants Extended Expiration Date Description
WarrantsExtendedExpirationDateDescription
On July 3, 2021, and effective retroactively to May 17, 2021 (the expiration date of such 2,050,000 warrants), the Board of Directors authorized and approved the extension of the expiration dates of such warrants to December 31, 2026.
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LessAccumulatedDepriciation
269242 usd
CY2021Q4 etck Less Accumulated Depriciation
LessAccumulatedDepriciation
269210 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1081 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1113 usd
CY2022Q2 us-gaap Depreciation
Depreciation
16 usd
CY2021Q2 us-gaap Depreciation
Depreciation
104 usd
us-gaap Depreciation
Depreciation
32 usd
us-gaap Depreciation
Depreciation
104 usd
CY2022Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
4940000 shares
CY2022Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
4940000 shares
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
28567 usd
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
28904 usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1235070 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y9M21D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
0.09
etck Vested And Exercisable
VestedAndExercisable
1235070 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P2Y9M21D
CY2022Q2 etck Sharebased Compensation Arrangement By Sharebased Payment Award Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardNonvestedWeightedAverageGrantDateFairValue
0.09
CY2013Q4 us-gaap Proceeds From Grantors
ProceedsFromGrantors
100000.0 usd
CY2013Q4 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.05 pure
CY2022Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
14283 usd
CY2021Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
14812 usd
CY2021Q4 us-gaap Customer Advances Current
CustomerAdvancesCurrent
50900 usd
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
275766 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
253007 usd
us-gaap Revenues
Revenues
18664 usd
CY2021Q2 us-gaap Other Selling General And Administrative Expense
OtherSellingGeneralAndAdministrativeExpense
116608 usd
us-gaap Other Selling General And Administrative Expense
OtherSellingGeneralAndAdministrativeExpense
203262 usd
CY2022Q2 us-gaap Operating Expenses
OperatingExpenses
228251 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-268421 usd
us-gaap Revenues
Revenues
18664 usd

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0001477932-22-005880.txt Edgar Link pending
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etck-20220630.xsd Edgar Link pending
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