2024 Q4 Form 10-Q Financial Statement

#000165495424013506 Filed on October 30, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $2.542M $1.470M
YoY Change 72.94% -16.46%
Cost Of Revenue $981.1K $661.1K
YoY Change 48.41% -4.0%
Gross Profit $1.561M $808.9K
YoY Change 92.99% -24.47%
Gross Profit Margin 61.41% 55.03%
Selling, General & Admin $1.241M $1.288M
YoY Change -3.59% -13.04%
% of Gross Profit 79.52% 159.18%
Research & Development $56.34K $76.34K
YoY Change -26.2% -35.41%
% of Gross Profit 3.61% 9.44%
Depreciation & Amortization $65.03K $90.16K
YoY Change -27.87% 14.13%
% of Gross Profit 4.17% 11.15%
Operating Expenses $1.412M $1.710M
YoY Change -17.42% -0.84%
Operating Profit $149.1K -$901.0K
YoY Change -116.55% 37.87%
Interest Expense $93.62K $260.00
YoY Change 35907.69%
% of Operating Profit 62.79%
Other Income/Expense, Net -$90.14K $256.00
YoY Change -35310.94% -30.81%
Pretax Income $58.96K -$900.8K
YoY Change -106.55% 37.91%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $58.96K -$900.8K
YoY Change -106.55% 37.91%
Net Earnings / Revenue 2.32% -61.28%
Basic Earnings Per Share $0.00 -$0.05
Diluted Earnings Per Share $0.00 -$0.05
COMMON SHARES
Basic Shares Outstanding 20.02M shares 20.02M shares 19.82M shares
Diluted Shares Outstanding 20.10M shares 19.82M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $809.0K $1.411M
YoY Change -42.65% -67.46%
Cash & Equivalents $809.0K $1.411M
Short-Term Investments
Other Short-Term Assets $443.3K $532.2K
YoY Change -16.69% -35.97%
Inventory $4.580M $4.482M
Prepaid Expenses $345.8K $442.3K
Receivables $3.146M $2.368M
Other Receivables $164.2K $164.2K
Total Short-Term Assets $9.143M $8.957M
YoY Change 2.08% -27.66%
LONG-TERM ASSETS
Property, Plant & Equipment $914.2K $1.138M
YoY Change -19.69% -11.45%
Goodwill
YoY Change
Intangibles $1.939M $1.815M
YoY Change 6.86% 3.29%
Long-Term Investments
YoY Change
Other Assets $672.6K $596.2K
YoY Change 12.82% 30.0%
Total Long-Term Assets $3.319M $3.233M
YoY Change 2.66% -0.93%
TOTAL ASSETS
Total Short-Term Assets $9.143M $8.957M
Total Long-Term Assets $3.319M $3.233M
Total Assets $12.46M $12.19M
YoY Change 2.23% -22.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.552M $1.249M
YoY Change 24.28% 5.77%
Accrued Expenses $663.2K $786.8K
YoY Change -15.71% 8.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.215M $2.036M
YoY Change 8.82% -33.53%
LONG-TERM LIABILITIES
Long-Term Debt $2.345M $0.00
YoY Change
Other Long-Term Liabilities $546.8K $672.5K
YoY Change -18.69% -14.33%
Total Long-Term Liabilities $2.892M $672.5K
YoY Change 329.99% -14.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.215M $2.036M
Total Long-Term Liabilities $2.892M $672.5K
Total Liabilities $5.107M $2.708M
YoY Change 88.57% -29.61%
SHAREHOLDERS EQUITY
Retained Earnings -$51.05M -$48.60M
YoY Change 5.03% 6.3%
Common Stock $200.2K $198.2K
YoY Change 0.96% 0.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.355M $9.481M
YoY Change
Total Liabilities & Shareholders Equity $12.46M $12.19M
YoY Change 2.23% -22.09%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income $58.96K -$900.8K
YoY Change -106.55% 37.91%
Depreciation, Depletion And Amortization $65.03K $90.16K
YoY Change -27.87% 14.13%
Cash From Operating Activities $105.3K -$161.7K
YoY Change -165.11% -66.15%
INVESTING ACTIVITIES
Capital Expenditures $5.380K $4.300K
YoY Change 25.12% -135.57%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$5.380K -$4.300K
YoY Change 25.12% -64.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000
YoY Change
NET CHANGE
Cash From Operating Activities 105.3K -161.7K
Cash From Investing Activities -5.380K -4.300K
Cash From Financing Activities 0.000
Net Change In Cash 99.93K -166.0K
YoY Change -160.18% -64.29%
FREE CASH FLOW
Cash From Operating Activities $105.3K -$161.7K
Capital Expenditures $5.380K $4.300K
Free Cash Flow $99.93K -$166.0K
YoY Change -160.18% -64.35%

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>NOTE 1. DESCRIPTION OF BUSINESS</strong></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-INDENT: 45px; text-align:justify;">TOMI Environmental Solutions, Inc., a Florida corporation (“TOMI”, the “Company”, “we”, “our” and “us”) is a global provider of disinfection and decontamination essentials through our premier Binary Ionization Technology® (BIT™) platform, under which we manufacture, license, service and sell our SteraMist® brand of products, including SteraMist® BIT™, a hydrogen peroxide-based mist and fog. Our solution and process are environmentally friendly as the only biproduct from our decontamination process is oxygen and water in the form of humidity. Our solution is organically listed in the United States and Canada as a sustainably green product with no or very little carbon footprint. Our business is organized into four divisions: Life Sciences, Healthcare, Food Safety and Commercial.</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-INDENT: 45px; text-align:justify;">Invented under a defense grant in association with the Defense Advanced Research Projects Agency (“DARPA”) of the U.S. Department of Defense, BIT™ is registered with the U.S. Environmental Protection Agency (the “EPA”) and uses a low percentage hydrogen peroxide as its only active ingredient to produce a fog composed mostly of a hydroxyl radical (<strong><sup style="vertical-align:super">.</sup></strong>OH ion), known as ionized Hydrogen Peroxide (iHP™). Represented by the SteraMist® brand of products, iHP™ produces a germ-killing aerosol that works like a visual non-caustic gas.</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-INDENT: 45px; text-align:justify;">Our products are designed to service a broad spectrum of commercial structures, including, but not limited to, hospitals and medical facilities, bio-safety labs, pharmaceutical facilities, meat and produce processing facilities, food security including storage and transportation, universities and research facilities, vivarium labs, other service industries including cruise ships, office buildings, hotel and motel rooms, schools, restaurants, military barracks, police and fire departments, prisons, and athletic facilities. Our products are also used in single-family homes and multi-unit residences. Additionally, our products have been listed on the EPA’s List N as products that help combat COVID-19 and are actively being used for this purpose.</p>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">Certain reclassifications have been made to prior-year comparative financial statements to conform to the current year's presentation. These reclassifications had no material effect on previously reported results of operations or financial position.</p>
us-gaap Use Of Estimates
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">The preparation of the condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the accompanying consolidated financial statements and the accompanying notes. Actual results could differ materially from these estimates. On an ongoing basis, we evaluate our estimates, including those related to accounts receivable, inventory, fair values of financial instruments, intangible assets, useful lives of intangible assets and property and equipment, fair values of stock-based awards, income taxes, and contingent liabilities, among others. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of our assets and liabilities.</p>
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-0.05
CY2024Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5387596 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. We maintain cash balances at financial institutions which exceed the current Federal Deposit Insurance Corporation limit of $250,000 at times during the year.</p>
CY2024Q3 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
250000 usd
CY2024Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
3709000 usd
CY2024Q3 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
458652 usd
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3909771 usd
tomz Amortization Of Tenant Improvement Allowance
AmortizationOfTenantImprovementAllowance
29395 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
5000 usd
CY2024Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
546844 usd
CY2023Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
39329 usd
CY2020Q2 tomz Proceeds From Service Contract Of Receivables
ProceedsFromServiceContractOfReceivables
30409 usd
us-gaap Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
11297 usd
CY2023Q4 tomz Description Of Convertible Note
DescriptionOfConvertibleNote
The Notes are convertible into shares of our Common Stock, at the option of the holder, at an initial conversion price of $1.25 per share, which shall not exceed $1.55 per share. In addition, we can require Investors to convert the Notes at the then current conversion price at any time after 90 days from the issue date if the Common Stock has a closing bid price of $1.55 per share or higher on any twenty (20) days within a thirty (30) day period of consecutive trading days, or if a “fundamental change” occurs (as defined in the Securities Purchase Agreement)
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
805042 shares
CY2024Q3 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
191481 usd
CY2024Q3 tomz Sales Tax Payable
SalesTaxPayable
4916 usd
CY2024Q3 tomz Allowances For Sales Returns
AllowancesForSalesReturns
0 usd
CY2023Q4 tomz Allowances For Sales Returns
AllowancesForSalesReturns
128390 usd
CY2023 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
26911 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2024Q3 tomz Net Deferred Tax Assets Valuation Allowance
NetDeferredTaxAssetsValuationAllowance
-7851000 usd
tomz Description Of Valuation Allowance
DescriptionOfValuationAllowance
Management believes that based on the available information, it is more likely than not that the remaining U.S. deferred tax assets will not be realized, such that a full of 100% valuation allowance is required against U.S. deferred tax assets

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