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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
☐ TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period
ended December 31, 2023
Commission File
Number: 000-53239
Cavitation Technologies, Inc.
(Exact name of Registrant as Specified in its Charter)
Nevada |
20-4907818 |
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification Number) |
10019 CANOGA AVENUE, CHATSWORTH, CALIFORNIA 91311
(Address, including Zip Code, of Principal Executive Offices)
(818)
718-0905
(Registrant's Telephone Number, Including Area Code)
Securities registered
pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol |
Name of each exchange on which registered |
|
|
|
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file reports), and (2) has
been subject to such filing requirements for the past 90 days. Yes ☒ No
☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No
☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting
company. See definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company"
in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer |
☐ |
Accelerated filer |
☐ |
Non-accelerated Filer |
☒ |
Small reporting company |
☒ |
|
|
Emerging growth company |
☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
☒
State the aggregate market value of
the voting and non-voting common equity held by non-affiliates of the registrant by reference to the price at which the common equity
was last sold, or of the average bid and asked price of such common equity, as of the last business day of the registrant’s most
recently completed second fiscal quarter: $5,465,000 as of December 31, 2023 based on the closing price of $0.02 per share and 273,239,850
shares outstanding.
As
of February 10, 2024 the issuer had 284,289,740 shares of common stock outstanding.
TABLE OF CONTENTS
PART I - FINANCIAL
INFORMATION
ITEM 1. Condensed Consolidated Financial
Statements.
CAVITATION TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
BALANCE SHEETS
| |
| | | |
| | |
| |
December 31, | | |
June 30, | |
| |
2023 | | |
2023 | |
| |
| (unaudited) | | |
| | |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 7,000 | | |
$ | 18,000 | |
Total current assets | |
| 7,000 | | |
| 18,000 | |
| |
| | | |
| | |
Property and equipment, net | |
| – | | |
| 1,000 | |
Equity method investment | |
| 1,000 | | |
| 1,000 | |
Operating lease right of use asset, net | |
| 78,000 | | |
| 113,000 | |
Other assets | |
| 10,000 | | |
| 10,000 | |
Total assets | |
$ | 96,000 | | |
$ | 143,000 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS' DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 121,000 | | |
$ | 120,000 | |
Accrued payroll and payroll taxes due to officers | |
| 372,000 | | |
| 280,000 | |
Note payable | |
| 5,000 | | |
| 5,000 | |
Operating lease liability, current portion | |
| 71,000 | | |
| 68,000 | |
Advances from distributor | |
| 555,000 | | |
| 391,000 | |
Total current liabilities | |
| 1,124,000 | | |
| 864,000 | |
| |
| | | |
| | |
Note payable, non-current | |
| 145,000 | | |
| 145,000 | |
Operating lease liability, non-current portion | |
| 13,000 | | |
| 53,000 | |
Total liabilities | |
| 1,282,000 | | |
| 1,062,000 | |
| |
| | | |
| | |
Commitments and contingencies | |
| – | | |
| – | |
| |
| | | |
| | |
Stockholders' deficit: | |
| | | |
| | |
Preferred stock, $0.001 par value, 10,000,000 shares
authorized, no shares issued and outstanding as of December 31, 2023 and June 30, 2023, respectively | |
| – | | |
| – | |
Common stock, $0.001 par value, 1,000,000,000 shares
authorized, 284,289,740 shares issued and outstanding as of December 31, 2023 and June 30, 2023 | |
| 284,000 | | |
| 284,000 | |
Additional paid-in capital | |
| 26,083,000 | | |
| 26,083,000 | |
Accumulated deficit | |
| (27,553,000 | ) | |
| (27,286,000 | ) |
Total stockholders' deficit | |
| (1,186,000 | ) | |
| (919,000 | ) |
Total liabilities and stockholders' deficit | |
$ | 96,000 | | |
$ | 143,000 | |
See accompanying notes
to the condensed consolidated financial statements
CAVITATION TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited)
AS OF DECEMBER 31,
2023 AND 2022
| |
| | |
| | |
| | |
| |
| |
For the Three Months Ended | | |
For the Six Months Ended | |
| |
December 31, | | |
December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
(unaudited) | | |
(unaudited) | | |
(unaudited) | | |
(unaudited) | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 192,000 | | |
$ | 58,000 | | |
$ | 192,000 | | |
$ | 303,000 | |
Revenue from joint venture | |
| – | | |
| – | | |
| – | | |
| 17,000 | |
Total revenue | |
| 192,000 | | |
| 58,000 | | |
| 192,000 | | |
| 320,000 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of revenue | |
| (34,000 | ) | |
| (13,000 | ) | |
| (34,000 | ) | |
| (62,000 | ) |
Gross profit | |
| 158,000 | | |
| 45,000 | | |
| 158,000 | | |
| 258,000 | |
| |
| | | |
| | | |
| | | |
| | |
General and administrative expenses | |
| 172,000 | | |
| 332,000 | | |
| 386,000 | | |
| 598,000 | |
Research and development expenses | |
| – | | |
| – | | |
| 36,000 | | |
| – | |
Total operating expenses | |
| 172,000 | | |
| 332,000 | | |
| 422,000 | | |
| 598,000 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (14,000 | ) | |
| (287,000 | ) | |
| (264,000 | ) | |
| (340,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other expense | |
| | | |
| | | |
| | | |
| | |
Loss from equity method investment | |
| – | | |
| (11,000 | ) | |
| – | | |
| (29,000 | ) |
Interest expense | |
| (2,000 | ) | |
| (1,000 | ) | |
| (3,000 | ) | |
| (3,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net Loss | |
$ | (16,000 | ) | |
$ | (299,000 | ) | |
$ | (267,000 | ) | |
$ | (372,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net Loss per share, | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
$ | (0.00 | ) | |
$ | (0.00 | ) | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding, | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
| 284,289,740 | | |
| 276,698,831 | | |
| 284,289,740 | | |
| 276,698,831 | |
See accompanying notes
to the condensed consolidated financial statements
CAVITATION TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (Unaudited)
AS OF DECEMBER 31, 2023 AND 2022
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended December 31, 2023 (unaudited) | |
| |
Common Stock | | |
Additional Paid-in | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
Balance at September 30, 2023 | |
| 284,289,740 | | |
$ | 284,000 | | |
$ | 26,083,000 | | |
$ | (27,537,000 | ) | |
$ | (1,170,000 | ) |
Net loss | |
| – | | |
| – | | |
| – | | |
| (16,000 | ) | |
| (16,000 | ) |
Balance at December 31, 2023 | |
| 284,289,740 | | |
$ | 284,000 | | |
$ | 26,083,000 | | |
$ | (27,553,000 | ) | |
$ | (1,186,000 | ) |
| |
Six Months Ended December 31, 2023 (unaudited) | |
| |
Common Stock | | |
Additional Paid-in | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
Balance at June 30, 2023 | |
| 284,289,740 | | |
$ | 284,000 | | |
$ | 26,083,000 | | |
$ | (27,286,000 | ) | |
$ | (919,000 | ) |
Net loss | |
| – | | |
| – | | |
| – | | |
| (267,000 | ) | |
| (267,000 | ) |
Balance at December 31, 2023 | |
| 284,289,740 | | |
$ | 284,000 | | |
$ | 26,083,000 | | |
$ | (27,553,000 | ) | |
$ | (1,186,000 | ) |
| |
Three Months Ended December 31, 2022 (unaudited) | |
| |
Common Stock | | |
Additional Paid-in | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
Balance at September 30, 2022 | |
| 276,698,831 | | |
$ | 277,000 | | |
$ | 26,005,000 | | |
$ | (25,319,000 | ) | |
$ | 963,000 | |
Net loss | |
| – | | |
| – | | |
| – | | |
| (299,000 | ) | |
| (299,000 | ) |
Balance at December 31, 2022 | |
| 276,698,831 | | |
$ | 277,000 | | |
$ | 26,005,000 | | |
$ | (25,618,000 | ) | |
$ | 664,000 | |
| |
Six Months Ended December 31, 2022 (unaudited) | |
| |
Common Stock | | |
Additional Paid-in | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
Balance at June 30, 2022 | |
| 276,698,831 | | |
$ | 277,000 | | |
$ | 26,005,000 | | |
$ | (25,246,000 | ) | |
$ | 1,036,000 | |
Net loss | |
| – | | |
| – | | |
| – | | |
| (372,000 | ) | |
| (372,000 | ) |
Balance at December 31, 2022 | |
| 276,698,831 | | |
$ | 277,000 | | |
$ | 26,005,000 | | |
$ | (25,618,000 | ) | |
$ | 664,000 | |
See accompanying notes
to the condensed consolidated financial statements
CAVITATION TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)
| |
| | | |
| | |
| |
Six Months Ended December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Operating activities: | |
| | | |
| | |
Net loss | |
$ | (267,000 | ) | |
$ | (372,000 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation | |
| 1,000 | | |
| 1,000 | |
Loss from equity method of investment | |
| – | | |
| 29,000 | |
Effect of changes in: | |
| | | |
| | |
Accounts receivable | |
| – | | |
| 1,000 | |
Operating lease right of use asset | |
| 35,000 | | |
| 33,000 | |
Accounts payable and accrued expenses | |
| 92,000 | | |
| 29,000 | |
Advances from distributor, net | |
| 164,000 | | |
| 177,000 | |
Operating lease liability | |
| (36,000 | ) | |
| (34,000 | ) |
Prepaid expenses | |
| – | | |
| 38,000 | |
Net cash used in operating activities | |
| (11,000 | ) | |
| (98,000 | ) |
| |
| | | |
| | |
Net decrease in cash and cash equivalents | |
| (11,000 | ) | |
| (98,000 | ) |
| |
| | | |
| | |
Cash and cash equivalents, beginning of period | |
| 18,000 | | |
| 441,000 | |
Cash and cash equivalents, end of period | |
$ | 7,000 | | |
$ | 343,000 | |
| |
| | | |
| | |
Supplemental disclosures of cash flow information: | |
| | | |
| | |
Cash paid for interest | |
$ | 4,000 | | |
$ | – | |
Cash paid for income taxes | |
$ | – | | |
$ | – | |
See accompanying notes
to the condensed consolidated financial statements
CAVITATION TECHNOLOGIES,
INC.
NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Six months ended December 31, 2023 and 2022
Note 1 - Organization
and Summary of Significant Accounting Policies
Cavitation
Technologies, Inc. (referred to herein, unless otherwise indicated, as “the Company,” “CTi,” “we,”
“us,” and “our”) is a Nevada corporation originally incorporated under the name Bio Energy, Inc. CTi has developed,
patented, and commercialized proprietary technology that may be used in liquid processing applications.
Basis
of Presentation
The accompanying
condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”)
as promulgated in the United States of America (“U.S.”) and with instructions to Form 10-Q pursuant to the rules and regulations
of Securities and Exchange Act of 1934, as amended (the “Exchange Act”) and Article 8-03 of Regulation S-X under the Exchange
Act. Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required by GAAP
for complete financial statements. In the opinion of management, we have included all adjustments considered necessary (consisting of
normal recurring adjustments) for a fair presentation. Operating results for the three and six months ended December 31, 2023 are not
indicative of the results that may be expected for the fiscal year ending June 30, 2024. You should read these unaudited condensed consolidated
financial statements in conjunction with the audited financial statements and the notes thereto included in the Company's annual report
on Form 10-K for the year ended June 30, 2023 filed on October 3, 2023. The condensed consolidated balance sheet as of June 30, 2023 has
been derived from the audited financial statements included in the Form 10-K for that year.
Going
Concern
The accompanying consolidated
financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of
liabilities and commitments in the normal course of business. As reflected in accompanying consolidated financial statements, during
the six months ended December 31, 2023, the Company incurred a net loss of $267,000
and had a stockholders’ deficit of $1,186,000
as of December 31, 2023. These factors, among others, raise substantial doubt about the Company’s ability to continue as a
going concern. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s
June 30, 2023, financial statements, raised substantial doubt about the Company’s ability to continue as a going concern. The
accompanying consolidated financial statements do not include any adjustments that may result from an inability of the Company to
continue as a going concern.
As of December
31, 2023, the Company has cash in the amount of $7,000. The Company’s ability to continue as a going concern is dependent upon its
ability to continue to implement its business plan. Currently, management’s plan is to increase revenues by continuing to license
its technology globally. While the Company believes in the viability of its strategy to increase revenues, there can be no assurances
to that effect. The Company believes it has access to enough cash resources to sustain operations through March 31, 2024.
The Company
may also attempt to raise additional debt and/or equity financing to fund operations and to provide additional working capital. There
is no assurance that such financing will be available in the future or obtained in sufficient amounts necessary to meet the Company’s
needs, that the Company will be able to achieve profitable operations or that the Company will be able to meet its future contractual
obligations. Should management fail to obtain such financing, the Company may curtail its operations.
Use
of Estimates
The preparation
of the consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to
make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities
at the financial statement date and reported amounts of revenue and expenses during the reporting period. Significant estimates are used
in impairment analysis for fixed assets, accrual of potential liabilities, deferred tax assets and valuing our stock options, warrants,
and common stock issued for services, among other items. Actual results could differ from these estimates.
Revenue Recognition
The Company
follows the guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”)
606, Revenue from Contracts with Customers (“ASC 606”). ASC 606 creates a five-step model that requires entities to exercise
judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying
our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price
to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies
the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for
the services it transfers to its clients. Revenue from sale of our Nano Reactors is recognized when products are shipped from our manufacturing
facilities as this is our sole performance obligation under these contracts and we have no continuing obligation to the customer. In addition,
the Company also recognizes revenues from usage fees of certain reactors. Usage fees are recognized based on actual usage by the customer.
Equity
Method Investment
The
Company accounts for investments in entities in which the Company has significant influence over the entity’s financial and
operating policies, but does not control, using the equity method of accounting. The equity method investments are initially
recorded at cost, and subsequently increased for capital contributions and allocations of net income, and decreased for capital
distributions and allocations of net loss. Equity in net income (loss) from the equity method investment is allocated based on the
Company’s economic interest. Equity method investments are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. If it is determined that a loss in value of the equity method investment
is other than temporary, an impairment loss is measured based on the excess of the carrying amount of an investment over its
estimated fair value. Impairment analyses are based on current plans, intended holding periods, and available information at the
time the analysis is prepared. As of December 31, 2023 and June 30, 2023, the carrying value of its equity method investments was
$1,000 for
both periods presented.
Net (Loss) Per Share
The Company’s
computation of loss per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income available to common
stockholders divided by the weighted average common shares outstanding for the period. Diluted income per share reflects the potential
dilution, using the treasury stock method, that could occur if securities or other contracts to issue common stock were exercised or converted
into common stock or resulted in the issuance of common stock that then shared in the income of the Company as if they had been converted
at the beginning of the periods presented, or issuance date, if later. In computing diluted income per share, the treasury stock method
assumes that outstanding options and warrants were exercised and the proceeds are used to purchase common stock at the average market
price during the period. Options and warrants may have a dilutive effect under the treasury stock method only when the average market
price of the common stock during the period exceeds the exercise price of the options and warrants. Potential common shares that have
an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted
EPS.
There were
no adjustments to net (loss) required for purposes of computing diluted earnings per share. At December 31, 2023 and December 31, 2022,
the Company excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock,
from its calculation of its diluted earnings per share, as their effect would have been anti-dilutive.
Schedule of antidilutive shares | |
| | | |
| | |
| |
December 31, 2023 | | |
December 31, 2022 | |
Options | |
| – | | |
| 1,250,000 | |
Warrants | |
| 30,260,574 | | |
| 53,927,834 | |
Concentrations
Cash - cash
is deposited in one financial institution. The balances held at this financial institution at times may be in excess of Federal Deposit
Insurance Corporation (“FDIC”) insurance limits of up to $250,000.
Accounts
Payable and Accrued Expenses – two vendors accounted for 64% and 19% of accounts payable and accrued expenses as of December
31, 2023, respectively. Two vendors accounted for 52% and 36% of accounts payable and accrued expenses as of June 30, 2023.
Revenues
– during the three and six months period ended December 31, 2023, 100% of revenues were from Desmet Ballestra (Desmet). During
the three months and six months ended December 31, 2022, 100% and 95% of revenues, respectively was from Desmet.
Fair
Value Measurement
FASB Accounting
Standards Codification (“ASC”) 820-10 requires entities to disclose the fair value of financial instruments, both assets and
liabilities recognized and not recognized on the balance sheet for which it is practicable to estimate fair value. ASC 820-10 defines
the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing
parties.
The three
levels of the fair value hierarchy are as follows:
|
· |
Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. |
|
|
|
|
· |
Level 2 - Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. |
|
|
|
|
· |
Level 3 - Valuations based on inputs that are unobservable, supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
On December
31, 2023 and June 30, 2023, the fair values of cash and cash equivalents, accounts payable and accrued expenses, and accrued payroll and
payroll taxes approximate their carrying values due to their short-term nature.
Recent Accounting Pronouncements
In June
2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-13, Credit Losses - Measurement of Credit
Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires entities to use a forward-looking approach based on
current expected credit losses (“CECL”) to estimate credit losses on certain types of financial instruments, including trade
receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13 is effective for the Company beginning July
1, 2023, and early adoption is permitted. The Company does not believe the potential impact of the new guidance and related codification
improvements will be material to its financial position, results of operations and cash flows.
Other recent
accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants,
and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present
or future consolidated financial statements.
Note 2 - Contracts with Desmet
Ballestra Group
In October
2021, the Company executed a three-year agreement with Desmet Ballestra (Desmet), a company located in Europe. This agreement is a continuation
of the October 2018 agreement that expired also in October 2021. In accordance with ASC 606, the Company recognizes revenue from the sale
of reactors at the time of shipment of the Nano reactor hardware as shipment is deemed to be the Company’s only performance obligation
and the Company had no more continuing obligation other than the reactor’s two-year standard warranty. Desmet pays for such reactors
on credit terms and the amount of a sale is recorded as a receivable upon acceptance by Desmet.
During
the three and six months ended December 31, 2023, the Company recorded sales of $192,000
from Nano Reactor® sales from Desmet. During the three months ended September 30, 2023 there were no
sales from Nano Reactor to Desmet.
During
the three and six months ended December 31, 2022, the Company recorded total revenue from Desmet of $58,000
and $303,000
from reactor sales, respectively.
As
part of the October 2021 agreement with Desmet, the Company also receives cash advances of $40,000
per month, subject to certain limitations, as advance payment for the sale of reactors. The Company initially records the advances
received as “advances from distributor” a liability account, until such time revenue recognition is met. As of June 30,
2023, outstanding balance of customer advances amounted to $391,000.
During
the six months ended December 31, 2023, advances received from Desmet amounted to $356,000,
reduced by revenues recognized of $192,000.
As of December 31, 2023, outstanding advances from Desmet amounted to $555,000.
Note
3 - Investment in equity method investment
In April
2019, the Company and an unrelated entity, Delaware Water Company, LLC (Delaware) formed a limited liability company called Enviro WaterTek
LLC (“Enviro”). Enviro is owned 50% by the Company and 50% by Delaware, and the Company accounts for its investment in Enviro
under the equity method in accordance with ASC 323 as the Company’s investments in Enviro, an unconsolidated entity and for which
it has the ability to exercise significant influence but not control. From inception up to December 31, 2023, Enviro had no operations.
In September
2021, the Company and Delaware entered into a separate agreement under Enviro for a specific project (referred to as “Ameredev”).
Delaware has certain contracts in place to provide recycled water to operators of certain active oil and gas wells. Under the agreement,
the Company contributed $1.2 million that was used by Ameredev to increase the capacity of certain pipelines and water treatment facilities
operated by Delaware. Pursuant to the agreement, for each barrel of recycled water that Ameredev sells, Delaware will receive $0.10 per
barrel, and the Company will receive $0.05 per barrel (referred to as usage fees), with the balance of net income (loss) from Ameredev
being allocated 70% to Delaware and 30% to the Company. The Ameredev agreement will terminate the earlier of three years (unless extended
by unanimous agreement of the Board and Members of Ameredev) from the date of the agreement or by unanimous agreement of the Board and
Members of Ameredev.
As of December
31, 2023 and June 30, 2023, the balance of the equity method investment amounted to $1,000, for both periods presented.
During the
three and six months ended December 31, 2022, the Company recognized a loss of $17,000 and $29,000 related to the equity method investment.
There
was no
similar transactions during the three months and six months ended December 31, 2023.
Note 4 – Operating
Lease
The Company
leases certain warehouse and corporate office space under an operating lease agreement. We determine if an arrangement is a lease at inception.
Lease assets are presented as operating lease right-of-use assets and the related liabilities are presented as lease liabilities in our
consolidated balance sheets.
Operating
lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease
payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent
our obligation to make lease payments arising from the lease. Generally, the implicit rate of interest in lease arrangements is not readily
determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s
incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The operating lease ROU
asset includes any lease payments made and excludes lease incentives.
The components
of lease expense and supplemental cash flow information related to leases for the period are as follows:
Schedule of lease expense | |
| | |
| |
| |
December 31, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Lease costs: | |
| | | |
| | |
Operating lease (included in general and administrative in the Company’s consolidated statement of operations) | |
$ | 38,000 | | |
$ | 38,000 | |
| |
| | | |
| | |
Other information: | |
| | | |
| | |
Cash paid for amounts included in the measurement of lease liabilities | |
$ | 38,000 | | |
$ | 38,000 | |
| |
| | | |
| | |
Weighted average remaining lease term – operating leases (in years) | |
| 1.0 | | |
| 2.0 | |
Average discount rate – operating leases | |
| 4% | | |
| 4% | |
The supplemental balance sheet information related to leases for the period is as follows: | |
| |
| |
December 31, 2023 | |
Long-term right-of-use assets | |
$ | 78,000 | |
| |
| | |
Short-term operating lease liabilities | |
$ | 71,000 | |
Long-term operating lease liabilities | |
| 13,000 | |
Total operating lease liabilities | |
$ | 84,000 | |
Supplemental cash flow information
related to the lease liabilities are as follows:
Schedule of lease liabilities maturities | |
| |
| |
Operating | |
Year Ending June 30: | |
Lease | |
2024 (remaining 6 months) | |
$ | 40,000 | |
2025 | |
| 47,000 | |
Total lease payments | |
| 87,000 | |
Less: Imputed interest/present value | |
| (3,000 | ) |
Present value of lease liabilities | |
$ | 84,000 | |
Note
5 – Related Party Transactions
Accrued
Payroll and Payroll Taxes
In
prior periods, the Company accrued salaries and estimated payroll taxes due to a former officer of the Company. As of June 30, 2023, total accrued payroll and payroll taxes-related parties amounted $280,000.
During the
six months ended December 31, 2023, the Company accrued the payroll of an officer of the Company amounting to $92,000.
As of December
31, 2023, total accrued payroll and payroll taxes-related parties amounted to $372,000.
Note
6 – Notes Payable
In
July 2020, the Company received a loan of $150,000
from the SBA under its Economic Injury Disaster Loan (EIDL) assistance program. The EIDL loan is payable over 30 years, bears
interest at a rate of 3.75%
per annum and secured by all tangible and intangible property of the Company.
Pursuant
to the terms of the SBA EIDL loan agreement, the Company is required to make monthly installment payments of approximately $700 starting
in July 2021. However, the Company was not able to pay the required monthly installment due from July 2021 to April 2023.
In May
2023, the Company was able to cure the payment delay with the SBA and started paying the monthly installment due of approximately
$700. As part of the agreement, all payments will be first applied to accrued interest until the Company becomes current with the
interest due, As of December 31, 2023 and June 30, 2023 approximately $12,000
and $13,000,
respectively, of accrued interest is included in accounts payable and accrued expenses.
As of December
31, 2023 and June 30, 2023, the outstanding loan balance amounted to $150,000, respectively.
Note
7 - Stockholders' Equity
Stock
Warrants
A summary
of the Company's warrant activity and related information for the six months ended on December 31, 2023 is as follows:
Schedule of warrant activity | |
| | | |
| | | |
| | |
| |
Warrants | | |
Weighted- Average Exercise Price | | |
Weighted- Average Remaining Contractual Life (Years) | |
| |
| | |
| | |
| |
Outstanding at June 30, 2023 | |
| 53,657,234 | | |
$ | 0.09 | | |
| 1.82 | |
Granted | |
| – | | |
| – | | |
| – | |
Exercised | |
| – | | |
| – | | |
| – | |
Expired | |
| (23,396,660 | ) | |
| 0.10 | | |
| – | |
Outstanding at December 31, 2023 vested and exercisable | |
| 30,260,574 | | |
$ | 0.08 | | |
| 2.98 | |
There was no intrinsic value
of the outstanding warrants as of December 31, 2023, as the exercise price of these warrants were greater than the market price. The
following table summarizes additional information concerning warrants outstanding and exercisable at December 31, 2023.
Schedule of warrants outstanding and exercisable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants Outstanding |
|
|
Warrants Exercisable |
|
|
|
|
|
|
|
Weighted |
|
|
Weighted |
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
Average |
|
|
Average |
|
|
|
|
|
Average |
|
Exercise |
|
|
Number |
|
|
Remaining |
|
|
Exercise |
|
|
Number |
|
|
Remaining |
|
Price |
|
|
of Shares |
|
|
Life (Years) |
|
|
Price |
|
|
of Shares |
|
|
Life (Years) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.03 |
|
|
6,419,251 |
|
|
4.74 |
|
|
$ |
0.03 |
|
|
6,419,251 |
|
|
|
4.74 |
|
$ |
0.09 |
|
|
23,841,323 |
|
|
2.50 |
|
|
|
0.09 |
|
|
23,841,323 |
|
|
|
2.50 |
|
|
|
|
|
30,260,574 |
|
|
|
|
|
|
|
|
|
30,260,574 |
|
|
|
|
|
Note
8 - Commitments and Contingencies
Royalty
Agreements
On July
1, 2008, the Company entered into Patent Assignment Agreements with two parties, our President and Technology Development Supervisor,
where certain devices and methods involved in the hydrodynamic cavitation processes invented by the President and the Technology Development
Supervisor have been assigned to the Subsidiary. In exchange, the Subsidiary agreed to pay a royalty of 5% of gross revenues to each of
the President and Technology Development Supervisor for licensing of the technology and leasing of the related equipment embodying the
technology. These agreements were subsequently assumed by Cavitation Technologies on May 13, 2010 from its subsidiary. The Company's President
and Technology Development Supervisor both waived their rights to receive royalty payments that have accrued, or that may accrue, on any
gross revenue generated through December 31, 2023.
On April
30, 2008 and as amended on November 22, 2010, our wholly owned subsidiary entered into an employment agreement with our former Director
of Chemical and Analytical Department (the “Inventor”) to receive an amount equal to 5% of actual gross royalties received
from the royalty stream in the first year in which the Company receives royalty payments from the patent which the Inventor was the legally
named inventor, and 3% of actual gross royalties received by the Company resulting from the patent in each subsequent year. As of December
31, 2023 no patents have been granted in which this person is the legally named inventor.
ITEM
2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion
and analysis should be read in conjunction with our financial statements and the related notes. This discussion contains forward-looking
statements based upon current expectations that involve risks and uncertainties, such as its plans, objectives, expectations and intentions.
Its actual results and the timing of certain events could differ materially from those anticipated in these forward-looking statements.
Overview of our Business
Cavitation Technologies,
Inc. ("CTi"), a Nevada corporation, was originally incorporated under the name Bio Energy, Inc. We design and engineer environmentally
friendly technology-based systems that are designed to serve large, growing, global markets such as vegetable oil refining, renewable
fuels, water treatment, algae oil extraction, biodiesel production, water-oil emulsions and crude oil yield enhancement. Our
systems are designed to process industrial liquids at a lower cost and higher yield than conventional technology. We are a process and
product development firm that has developed, patented, and commercialized proprietary technology.
CTi has developed, patented,
and commercialized proprietary technology that can be used for processing of industrial fluids. CTi's patented Nano Reactor® is
the critical components of the CTi Nano Neutralization® System which is commercially proven to reduce operating costs
and increase yields in processing oils and fats. CTi has two issued patents relating to our Nano Reactor® systems
and has filed several national and international patents to employ its proprietary technology in applications including, vegetable oil
refining, biodiesel production, waste water treatment, algae oil extraction, and alcoholic beverage enhancement.
We are engaged in manufacturing
our Nano-Reactors, which are designed to help refine vegetable oils, biodiesel transesterification and treatment of produced and frack
water. Our near-term goal is to continue to sell our systems through our partners, Desmet Ballestra and EW.
During the past several
years we have developed a number of new applications utilizing the core principal of our technology. Our low pressure non-reactors (LPN)
can be utilized in multiple industries that process large volumes of fluids and we anticipate accelerated commercial sales in our fiscal
2024. Further, we have miniaturized our non-reactors to be utilized in various consumer oriented products, such as, processing and enhancing
spirits and wines, drinking water with infusion of vitamins, minerals and cannabidiol (CBD) oil.
We have agreements to
license our technology globally through our strategic partners, Desmet Ballestra Group (Desmet) and Enviro Watertek, LLC (EW) and Alchemy
Beverages, Inc (ABI). Desmet had been providing monthly advances of $40,000. We may need additional funding, and may attempt to raise
additional debt and/or equity financing to fund operations and additional working capital. However, there is no assurance that we will
be successful in obtaining such financing or obtained sufficient amounts necessary to meet our business needs, or that we will be able
to meet our future contractual obligations.
Inflation
Global inflation also
increased during 2022 and in 2023. The Russia and Ukraine conflict and other geopolitical conflicts, as well as related international
response, have exacerbated inflationary pressures, including causing increases in the price for goods and services and global supply chain
disruptions, which have resulted and may continue to result in shortages in food products, materials and services. Such shortages have
resulted and may continue to result in inflationary cost increases for labor, fuel, food products, materials and services, and could continue
to cause costs to increase as well as result in the scarcity of certain materials. We cannot predict any future trends in the rate of
inflation or other negative economic factors or associated increases in our operating costs and how that may impact our business. To the
extent we and our customers we service are unable to recover higher operating costs resulting from inflation or otherwise mitigate the
impact of such costs on our and their business, our revenues and gross profit could decrease, and our financial condition and results
of operations could be adversely affected.
Results of Operations
Results of Operations for the Three Months
Ended December 31, 2023 Compared to the Three Months Ended December 31, 2022
The following is a comparison of our results
of operations for the three months ended December 31, 2023 and 2022.
| |
For the Three Months Ended | | |
| | |
| |
| |
December 31, | | |
| | |
| |
| |
2023 | | |
2022 | | |
$ Change | | |
% Change | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 192,000 | | |
$ | 58,000 | | |
$ | 134,000 | | |
| 231.0% | |
Cost of revenue | |
| (34,000 | ) | |
| (13,000 | ) | |
| (21,000 | ) | |
| 161.6% | |
Gross profit | |
| 158,000 | | |
| 45,000 | | |
| 113,000 | | |
| 251.1% | |
| |
| | | |
| | | |
| | | |
| | |
General and administrative expenses | |
| 172,000 | | |
| 332,000 | | |
| (160,000 | ) | |
| (48.2 | )% |
Research and development expenses | |
| – | | |
| – | | |
| – | | |
| – | |
Total operating expenses | |
| 172,000 | | |
| 332,000 | | |
| (160,000 | ) | |
| (48.2 | )% |
Loss from operations | |
| (14,000 | ) | |
| (287,000 | ) | |
| 273,000 | | |
| (95.1 | )% |
Loss from equity method investment | |
| – | | |
| (11,000 | ) | |
| 11,000 | | |
| (100.0 | )% |
Interest expense | |
| (2,000 | ) | |
| (1,000 | ) | |
| (1,000 | ) | |
| (100.0 | )% |
Net loss | |
$ | (16,000 | ) | |
$ | (299,000 | ) | |
$ | 283,000 | | |
| (94.6 | )% |
Revenue
The Company generates
revenues from the sale of the Nano Reactor® to customers/distributor. Additionally, the Company generates revenues
from its equity method investment, specifically fees from usage of reactors or usage fees.
During the three months
ended December 31, 2023 we recorded $192,000 in revenue compared to $58,000 for the three months ended December 31, 2022. Revenues increased
as the Company delivered on two purchase orders during the current period compared to only one purchase order in the prior period.
Cost of Revenue
During the three months
ended December 31, 2023 and 2022, our cost of revenue amounted to $34,000 and $13,000 respectively during the same period in prior year,
which was the result of the revenue transactions described above.
Operating Expenses
Operating expenses for
the three months ended December 31, 2023 amounted to $172,000 compared with $332,000 for the same period in 2022, a decrease of $160,000
or 48.2%. the decrease in general and administrative expense is primarily due to decreases in salary expenses of $65,000, consulting fees
of $27,000 and professional expenses of $54,000.
Loss from equity
method investment
For the three months
ended December 31, 2022, the Company recognized a loss of $11,000 to account for its 30% share in the net loss from the equity method
investment. There was no similar loss recognized for the three months ended December 31, 2023 as a result of the impairment of the equity
method investment in prior year.
Interest expense
For the three months
ended December 31, 2023 and 2022, interest expense amounted to $2,000 and $1,000. This represents interest expense on SBA loans.
Net loss
Net loss was $16,000
and $299,000 for the three months ended December 31, 2023 and 2022. The decrease in loss of $283,000 was due to the increase in revenues
and the decrease in operating expenses, as discussed above.
Results of Operations for the Six Months
Ended December 31, 2023 compared to the Six Months Ended December 31, 2022
The following is a comparison of our results
of operations for the six months ended December 31, 2023 and 2022.
| |
For the Six Months Ended | | |
| | |
| |
| |
December 31, | | |
| | |
| |
| |
2023 | | |
2022 | | |
$ Change | | |
% Change | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 192,000 | | |
$ | 303,000 | | |
$ | (111,000 | ) | |
| (36.6 | )% |
Revenue from related party | |
| – | | |
| 17,000 | | |
| (17,000 | ) | |
| (100.0 | )% |
Cost of revenue | |
| (34,000 | ) | |
| (62,000 | ) | |
| (28,000 | ) | |
| 45.2% | |
Gross profit | |
| 158,000 | | |
| 258,000 | | |
| (100,000 | ) | |
| (38.8 | )% |
| |
| | | |
| | | |
| | | |
| | |
General and administrative expenses | |
| 386,000 | | |
| 598,000 | | |
| (212,000 | ) | |
| (35.5 | )% |
Research and development expenses | |
| 36,000 | | |
| – | | |
| 36,000 | | |
| 100.0% | |
Total operating expenses | |
| 422,000 | | |
| 598,000 | | |
| (176,000 | ) | |
| (29.4 | )% |
Loss from operations | |
| (264,000 | ) | |
| (340,000 | ) | |
| (76,000 | ) | |
| 22.4% | |
Income from equity method investment | |
| – | | |
| (29,000 | ) | |
| (29,000 | ) | |
| 100.0% | |
Interest expense | |
| (3,000 | ) | |
| (3,000 | ) | |
| – | | |
| –% | |
Net loss | |
$ | (267,000 | ) | |
$ | (372,000 | ) | |
$ | (105,000 | ) | |
| 28.2% | |
Revenue
The Company generates
revenues from the sale of the Nano Reactor® to customers/distributor as well as share in gross profit from the sale
of such reactors by our distributors to their customers. Additionally, the Company generates revenues from its equity method investment.
During the six months
ended December 31, 2023 we recorded $192,000 in revenue compared to $303,000 for the six months ended December 31, 2022. Revenues decreased
since the Company received two purchase orders from Desmet during the current period compared to four purchase orders in the prior period.
In addition, the Company also recognized usage fees of $0 during the current period compared to $17,000 during the prior period.
Cost of Revenue
During the six months
ended December 31, 2023 and 2022, our cost of sales amounted to $34,000 and $62,000, respectively, which was the result of the revenue
transactions described above.
Operating Expenses
Operating expenses for
the six months ended December 31, 2023 amounted to $386,000 compared with $598,000 for the same period in 2022, a decrease of $212,000
or 35.8%. The decrease is primarily due to a decrease in salary expenses of $102,000, a decrease in professional fees of $56,000 and a
decrease in consulting fees of $41,000.
Research and development
(R&D) expenses for the six months ended December 31, 2023 and 2022 were $36,000 and $0, respectively. R&D expenses were incurred
on a new cold plasma technology.
Loss from equity
method investment
For the six months ended
December 31, 2022, the Company recognized a loss of $29,000, to account for its 30% share in the net loss from the equity method investment.
There was no similar loss recognized for the six months ended December 31, 2023 as a result of the impairment of the equity method investment
in prior year.
Interest
expense
For the three months
ended December 31, 2023 and 2022, interest expense amounted to $3,000 and $3,000. This represents interest expense on SBA loans.
Net loss
Net loss was $267,000
and $372,000 for the six months ended December 31, 2023 and 2022. The decrease in loss of $105,000 was due to the decrease in operating
expenses, as discussed above.
Liquidity and Capital
Resource
During the six months
ended December 31, 2023 the Company incurred a net loss of $267,000 and used cash from operations of $11,000 and had a working capital
deficit of $1,117,000 as of December 31, 2023. These factors, among others, raise substantial doubt about the Company’s ability
to continue as a going concern within one year of the date that the financial statements are issued. In addition, the Company’s
independent registered public accounting firm, in its report on the Company’s June 30, 2023 financial statements, has expressed
substantial doubt about the Company’s ability to continue as a going concern.
As of December 31, 2023
we had cash and cash equivalents on hand of $7,000 and are not generating sufficient revenues to fund operations. In addition, management
believes we may require additional funds to continue to operate our business. Management's plan is to generate income from operations
by continuing to license our technology globally through our strategic partners, Desmet Ballestra Group (Desmet), Enviro Watertek (EW)
and Alchemy Beverages, Inc. (ABI). Pursuant to our contract with Desmet, Desmet has been providing us monthly advances of $40,000 through
October 1, 2024 to be applied against future reactor sales.
We may also attempt to
raise additional debt and/or equity financing to fund operations and provide additional working capital. However, there is no assurance
that such financing will be consummated or obtained in sufficient amounts necessary to meet the Company's needs, that the Company will
be able to achieve profitable operations or that the Company will be able to meet its future contractual obligations. Should management
fail to obtain such financing, the Company may curtail its operations.
Cash Flow
Net cash used in operating
activities during the six months ended December 31, 2023 amounted to $11,000 compared to $98,000 for the same period in fiscal 2022. Funding
for the operating activities was provided primarily by sales of our systems to Desmet, advances from distributor and cash reserves.
Critical Accounting
Policies
Use of Estimates
The preparation of the
consolidated financial statements in conformity with accounting principles generally accepted in the U.S requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the financial
statement date and reported amounts of revenue and expenses during the reporting period. Significant estimates are used for allowance
for impairment analysis for property and equipment, accrual of potential liabilities, valuation allowance for deferred tax assets, and
assumption in valuing our stock options, warrants, and common stock issued for services, among other items. Actual results could differ
from these estimates.
Revenue Recognition
The Company follows the
guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue
from Contracts with Customers (“ASC 606”). ASC 606 creates a five-step model that requires entities to exercise judgment when
considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance
obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate
performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step
model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services
it transfers to its clients. Revenue from sale of our Nano Reactors is recognized when products are shipped from our manufacturing facilities
as this is our sole performance obligation under these contracts and we have no continuing obligation to the customer. In addition, the
Company also recognizes revenues from usage fees of certain reactors. Usage fees are recognized based on actual usage by the customer.
Recently Issued Accounting
Standards
See Note 1 of the Condensed
Consolidated Financial Statements for a discussion of recently issued accounting standards.
ITEM 3. Quantitative and Qualitative Disclosures
about Market Risk.
Not applicable for smaller reporting companies.
ITEM 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
In accordance with rule
13a-15(a), CTi management must maintain disclosure controls and procedures as defined in Rule 13a-15(e) of the Securities and Exchange
Act of 1934, or the Exchange Act, to provide reasonable assurance that information required to be disclosed by the Company in reports
that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the
Securities and Exchange Commission rules and forms, and accumulated and communicated to the Company's management, including its principal
executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
In accordance with Rule
13a-15(b) and (c), management must also evaluate the effectiveness of these disclosure control and procedures at the end of each fiscal
year. As of December 31, 2023 the Company carried out an evaluation, under the supervision and with the participation of its principal
executive officer and principal financial officer, of the effectiveness of the design and operation of the Company's disclosure controls
and procedures. Based upon that evaluation, the Company's principal executive officer and principal financial officer concluded that these
disclosure controls and procedures were not effective as of December 31, 2023.
Changes in Internal Control over Financial
Reporting
There were no changes
in internal control over financial reporting during the second quarter of fiscal 2023 that have materially affected or are reasonably
likely to materially affect the company's internal control over financial reporting.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
We know of no material,
existing or pending legal proceeding against our Company, nor are we involved as a plaintiff in any material proceeding or pending litigation.
There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse
party or has a material interest adverse to our interest.
Item 2. Unregistered Sales of Equity Securities
and Use of Proceeds.
None
Item 3. Defaults Upon Senior Securities.
None
Item 4. Mine Safety Disclosures.
None
Item 5. Other Information.
None
Item 6. Exhibits, Financial Statement Schedules.
|
|
|
Incorporated
by Reference |
Exhibit |
|
Filed |
|
|
|
|
Number |
Exhibit Description |
Herewith |
Form |
Pd. Ending |
Exhibit |
Filing Date |
|
|
|
|
|
|
|
3(i)(a) |
Articles
of Incorporation - original name of Bioenergy, Inc. |
|
SB-2 |
N/A |
3.1 |
October
19, 2006 |
3(i)(b) |
Articles
of Incorporation - Amended and Restated |
|
10-Q |
December
31, 2008 |
3-1 |
February
17, 2009 |
3(i)(c) |
Articles
of Incorporation - Amended and Restated |
|
10-Q |
June
30, 2009 |
3-1 |
May
14, 2009 |
3(i)(d) |
Articles
of Incorporation - Amended; increase in authorized shares |
|
8-K |
N/A |
N/A |
October
29, 2009 |
3(i)(e) |
Articles
of Incorporation - Certificate of Amendment; forward split |
|
10-Q |
December
31, 2009 |
3-1 |
November
16, 2009 |
10.1 |
Patent
Assignment Agreement between the Company and Roman Gordon dated July 1, 2008 |
|
8-K |
June
30, 2009 |
10.1 |
May
18, 2010 |
10.2 |
Patent
Assignment Agreement between the Company and Igor Gorodnitsky dated July 1, 2008 |
|
8-K |
June
30, 2009 |
10.2 |
May
18, 2010 |
10.3 |
Assignment
of Patent Assignment Agreement between the Company and Roman Gordon |
|
8-K |
June
30, 2009 |
10.3 |
May
18, 2010 |
10.4 |
Assignment
of Patent Assignment Agreement between the Company and Igor Gorodnitsky |
|
8-K |
June
30, 2009 |
10.4 |
May
18, 2010 |
10.5 |
Employment
Agreement between the Company and Roman Gordon date March 17, 2008 |
|
10K/A |
June
30, 2009 |
10.3 |
October
20, 2011 |
10.6 |
Employment
Agreement between the Company and Igor Gorodnitsky dated March 17, 2008 |
|
10K/A |
June
30, 2009 |
10.4 |
October
20, 2011 |
10.7 |
Employment
and Confidentiality and Invention Assignment Agreement between the Company and Varvara Grichko dated April 30, 2008 |
|
10-Q |
December
31, 2010 |
10.3 |
February
11, 2011 |
10.8 |
Board
of Director Agreement - James Fuller |
|
10-Q |
December
31, 2011 |
10.12 |
October
20, 2011 |
10.9 |
Technology
and License Agreement with Desmet Ballestra dated 14 May 2012 |
|
10-K |
June
30, 2012 |
10.1 |
October
15, 2012 |
10.10 |
Short
Term Loan Agreement - CEO |
|
10-K |
June
30, 2012 |
10.11 |
October
15, 2012 |
10.11 |
Loan
Agreement - Desmet Ballestra - Oct. 26, 2010 |
|
|
|
|
|
14.1 |
Code
of Business Conduct and Ethics* |
|
10-K |
June
30, 2011 |
14.1 |
September
28, 2011 |
31.1 |
Certificate of Principal Executive Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002 |
X |
|
|
|
|
31.2 |
Certificate of Principal Financial Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002 |
X |
|
|
|
|
32.1 |
Certification of Principal Executive Officer pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
X |
|
|
|
|
32.2 |
Certification of Principal Financial Officer pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
X |
|
|
|
|
|
|
|
|
|
|
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101.INS |
Inline XBRL Instance Document (the instance document does not appear
in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) |
X |
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101.SCH |
Inline XBRL Taxonomy Extension Schema Document |
X |
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101.CAL |
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
X |
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101.DEF |
Inline XBRL Taxonomy Extension Definition Linkbase Document |
X |
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101.LAB |
Inline XBRL Taxonomy Extension Label Linkbase Document |
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* In accordance with
Regulation S-K 406 of the Securities Act of 1934, we undertake to provide to any person without charge, upon request, a copy of our “Code
of Business Conduct and Ethics”. A copy may be requested by sending an email to info@cavitationtechnologies.com.
SIGNATURES
PURSUANT TO THE REQUIREMENTS
OF THE SECURITIES EXCHANGE ACT OF 1934, THIS REPORT HAS BEEN SIGNED BELOW BY THE FOLLOWING PERSONS ON BEHALF OF THE REGISTRANT AND IN
THE CAPACITIES AND ON THE DATES INDICATED
SIGNATURE |
|
TITLE |
|
DATE |
|
|
|
|
|
|
|
|
|
|
/s/ N. Voloshin |
|
President; Member of Board of Directors |
|
February 14, 2024 |
N. Voloshin |
|
(Principal Executive Officer) |
|
|
|
|
|
|
|
/s/ N. Voloshin |
|
Chief Financial Officer |
|
February 14, 2024 |
N. Voloshin |
|
(Principal Financial Officer) |
|
|
|
|
|
|
|
Exhibit 31.1
Certification
I, N. Voloshin, certify that:
1. I have reviewed this quarterly report for
the period ending December 31, 2023 on Form 10-Q of Cavitation Technologies, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows
of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;
(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the
end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter
in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal
control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed,
based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to
record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's internal control over financial reporting.
Date: February 14, 2024 |
/s/ N. VOLOSHIN |
|
Name: N. Voloshin |
|
Title: Chief Executive Officer |
Exhibit 31.2
Certification
I, N. Voloshin, certify that:
1. I have reviewed this quarterly report for the period ending December 31, 2023 on Form 10-Q of Cavitation Technologies, Inc.
2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows
of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;
(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the
end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter
in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal
control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed,
based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to
record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's internal control over financial reporting.
Date: February 14, 2024 |
/s/ N. VOLOSHIN |
|
Name: N. Voloshin |
|
Title: Chief Financial Officer |
Exhibit 32.1
CERTIFICATION
I, N. Voloshin, Chief Executive Officer of Cavitation Technologies,
Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:
The Quarterly Report on Form 10-Q of the Company for the quarter ended
December 31, 2023 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934
(15 U.S.C. 78m); and
The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company.
Date: February 14, 2024 |
/s/ N. VOLOSHIN |
|
Name: N. Voloshin |
|
Title: Chief Executive Officer |
A signed original of this written statement required by Section 906
has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff
upon request.
Exhibit 32.2
CERTIFICATION
I, N. Voloshin, Principal Financial Officer of Cavitation Technologies,
Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:
The Quarterly Report on Form 10-Q of the
Company for the quarter ended December 31, 2023 (the “Report”) fully complies with the requirements of Section
13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and
The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company.
Date: February 14, 2024 |
/s/ N. VOLOSHIN |
|
Name: N. Voloshin |
|
Title: Principal Financial Officer |
A signed original of this written statement required by Section 906
has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff
upon request.
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v3.24.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
|
Dec. 31, 2023 |
Jun. 30, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 7,000
|
$ 18,000
|
Total current assets |
7,000
|
18,000
|
Property and equipment, net |
0
|
1,000
|
Equity method investment |
1,000
|
1,000
|
Operating lease right of use asset, net |
78,000
|
113,000
|
Other assets |
10,000
|
10,000
|
Total assets |
96,000
|
143,000
|
Current liabilities: |
|
|
Accounts payable and accrued expenses |
121,000
|
120,000
|
Accrued payroll and payroll taxes due to officers |
372,000
|
280,000
|
Note payable |
5,000
|
5,000
|
Operating lease liability, current portion |
71,000
|
68,000
|
Advances from distributor |
555,000
|
391,000
|
Total current liabilities |
1,124,000
|
864,000
|
Note payable, non-current |
145,000
|
145,000
|
Operating lease liability, non-current portion |
13,000
|
53,000
|
Total liabilities |
1,282,000
|
1,062,000
|
Commitments and contingencies |
|
|
Stockholders' deficit: |
|
|
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of December 31, 2023 and June 30, 2023, respectively |
0
|
0
|
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 284,289,740 shares issued and outstanding as of December 31, 2023 and June 30, 2023 |
284,000
|
284,000
|
Additional paid-in capital |
26,083,000
|
26,083,000
|
Accumulated deficit |
(27,553,000)
|
(27,286,000)
|
Total stockholders' deficit |
(1,186,000)
|
(919,000)
|
Total liabilities and stockholders' deficit |
$ 96,000
|
$ 143,000
|
X |
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v3.24.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
|
Dec. 31, 2023 |
Jun. 30, 2023 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
10,000,000
|
10,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
1,000,000,000
|
1,000,000,000
|
Common stock, shares issued |
284,289,740
|
284,289,740
|
Common stock, shares outstanding |
284,289,740
|
284,289,740
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Total revenue |
$ 192,000
|
$ 58,000
|
$ 192,000
|
$ 320,000
|
Cost of revenue |
(34,000)
|
(13,000)
|
(34,000)
|
(62,000)
|
Gross profit |
158,000
|
45,000
|
158,000
|
258,000
|
General and administrative expenses |
172,000
|
332,000
|
386,000
|
598,000
|
Research and development expenses |
0
|
0
|
36,000
|
0
|
Total operating expenses |
172,000
|
332,000
|
422,000
|
598,000
|
Loss from operations |
(14,000)
|
(287,000)
|
(264,000)
|
(340,000)
|
Other expense |
|
|
|
|
Loss from equity method investment |
0
|
(11,000)
|
0
|
(29,000)
|
Interest expense |
(2,000)
|
(1,000)
|
(3,000)
|
(3,000)
|
Net Loss |
(16,000)
|
(299,000)
|
(267,000)
|
(372,000)
|
Revenue From Customers [Member] |
|
|
|
|
Total revenue |
192,000
|
58,000
|
192,000
|
303,000
|
Revenue From Joint Venture [Member] |
|
|
|
|
Total revenue |
$ 0
|
$ 0
|
$ 0
|
$ 17,000
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.24.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - $ / shares
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Income Statement [Abstract] |
|
|
|
|
Net Loss per share, Basic |
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
Net Loss per share, Diluted |
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
Weighted average shares outstanding, Basic |
284,289,740
|
276,698,831
|
284,289,740
|
276,698,831
|
Weighted average shares outstanding, Diluted |
284,289,740
|
276,698,831
|
284,289,740
|
276,698,831
|
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- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.24.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Jun. 30, 2022 |
$ 277,000
|
$ 26,005,000
|
$ (25,246,000)
|
$ 1,036,000
|
Beginning balance, shares at Jun. 30, 2022 |
276,698,831
|
|
|
|
Net loss |
|
|
(372,000)
|
(372,000)
|
Ending balance, value at Dec. 31, 2022 |
$ 277,000
|
26,005,000
|
(25,618,000)
|
664,000
|
Ending balance, shares at Dec. 31, 2022 |
276,698,831
|
|
|
|
Beginning balance, value at Sep. 30, 2022 |
$ 277,000
|
26,005,000
|
(25,319,000)
|
963,000
|
Beginning balance, shares at Sep. 30, 2022 |
276,698,831
|
|
|
|
Net loss |
|
|
(299,000)
|
(299,000)
|
Ending balance, value at Dec. 31, 2022 |
$ 277,000
|
26,005,000
|
(25,618,000)
|
664,000
|
Ending balance, shares at Dec. 31, 2022 |
276,698,831
|
|
|
|
Beginning balance, value at Jun. 30, 2023 |
$ 284,000
|
26,083,000
|
(27,286,000)
|
(919,000)
|
Beginning balance, shares at Jun. 30, 2023 |
284,289,740
|
|
|
|
Net loss |
|
|
(267,000)
|
(267,000)
|
Ending balance, value at Dec. 31, 2023 |
$ 284,000
|
26,083,000
|
(27,553,000)
|
(1,186,000)
|
Ending balance, shares at Dec. 31, 2023 |
284,289,740
|
|
|
|
Beginning balance, value at Sep. 30, 2023 |
$ 284,000
|
26,083,000
|
(27,537,000)
|
(1,170,000)
|
Beginning balance, shares at Sep. 30, 2023 |
284,289,740
|
|
|
|
Net loss |
|
|
(16,000)
|
(16,000)
|
Ending balance, value at Dec. 31, 2023 |
$ 284,000
|
$ 26,083,000
|
$ (27,553,000)
|
$ (1,186,000)
|
Ending balance, shares at Dec. 31, 2023 |
284,289,740
|
|
|
|
X |
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v3.24.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Operating activities: |
|
|
Net loss |
$ (267,000)
|
$ (372,000)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation |
1,000
|
1,000
|
Loss from equity method of investment |
0
|
29,000
|
Effect of changes in: |
|
|
Accounts receivable |
0
|
1,000
|
Operating lease right of use asset |
35,000
|
33,000
|
Accounts payable and accrued expenses |
92,000
|
29,000
|
Advances from distributor, net |
164,000
|
177,000
|
Operating lease liability |
(36,000)
|
(34,000)
|
Prepaid expenses |
0
|
38,000
|
Net cash used in operating activities |
(11,000)
|
(98,000)
|
Net decrease in cash and cash equivalents |
(11,000)
|
(98,000)
|
Cash and cash equivalents, beginning of period |
18,000
|
441,000
|
Cash and cash equivalents, end of period |
7,000
|
343,000
|
Supplemental disclosures of cash flow information: |
|
|
Cash paid for interest |
4,000
|
0
|
Cash paid for income taxes |
$ 0
|
$ 0
|
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v3.24.0.1
Organization and Summary of Significant Accounting Policies
|
6 Months Ended |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization and Summary of Significant Accounting Policies |
Note 1 - Organization
and Summary of Significant Accounting Policies
Cavitation
Technologies, Inc. (referred to herein, unless otherwise indicated, as “the Company,” “CTi,” “we,”
“us,” and “our”) is a Nevada corporation originally incorporated under the name Bio Energy, Inc. CTi has developed,
patented, and commercialized proprietary technology that may be used in liquid processing applications.
Basis
of Presentation
The accompanying
condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”)
as promulgated in the United States of America (“U.S.”) and with instructions to Form 10-Q pursuant to the rules and regulations
of Securities and Exchange Act of 1934, as amended (the “Exchange Act”) and Article 8-03 of Regulation S-X under the Exchange
Act. Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required by GAAP
for complete financial statements. In the opinion of management, we have included all adjustments considered necessary (consisting of
normal recurring adjustments) for a fair presentation. Operating results for the three and six months ended December 31, 2023 are not
indicative of the results that may be expected for the fiscal year ending June 30, 2024. You should read these unaudited condensed consolidated
financial statements in conjunction with the audited financial statements and the notes thereto included in the Company's annual report
on Form 10-K for the year ended June 30, 2023 filed on October 3, 2023. The condensed consolidated balance sheet as of June 30, 2023 has
been derived from the audited financial statements included in the Form 10-K for that year.
Going
Concern
The accompanying consolidated
financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of
liabilities and commitments in the normal course of business. As reflected in accompanying consolidated financial statements, during
the six months ended December 31, 2023, the Company incurred a net loss of $267,000
and had a stockholders’ deficit of $1,186,000
as of December 31, 2023. These factors, among others, raise substantial doubt about the Company’s ability to continue as a
going concern. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s
June 30, 2023, financial statements, raised substantial doubt about the Company’s ability to continue as a going concern. The
accompanying consolidated financial statements do not include any adjustments that may result from an inability of the Company to
continue as a going concern.
As of December
31, 2023, the Company has cash in the amount of $7,000. The Company’s ability to continue as a going concern is dependent upon its
ability to continue to implement its business plan. Currently, management’s plan is to increase revenues by continuing to license
its technology globally. While the Company believes in the viability of its strategy to increase revenues, there can be no assurances
to that effect. The Company believes it has access to enough cash resources to sustain operations through March 31, 2024.
The Company
may also attempt to raise additional debt and/or equity financing to fund operations and to provide additional working capital. There
is no assurance that such financing will be available in the future or obtained in sufficient amounts necessary to meet the Company’s
needs, that the Company will be able to achieve profitable operations or that the Company will be able to meet its future contractual
obligations. Should management fail to obtain such financing, the Company may curtail its operations.
Use
of Estimates
The preparation
of the consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to
make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities
at the financial statement date and reported amounts of revenue and expenses during the reporting period. Significant estimates are used
in impairment analysis for fixed assets, accrual of potential liabilities, deferred tax assets and valuing our stock options, warrants,
and common stock issued for services, among other items. Actual results could differ from these estimates.
Revenue Recognition
The Company
follows the guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”)
606, Revenue from Contracts with Customers (“ASC 606”). ASC 606 creates a five-step model that requires entities to exercise
judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying
our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price
to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies
the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for
the services it transfers to its clients. Revenue from sale of our Nano Reactors is recognized when products are shipped from our manufacturing
facilities as this is our sole performance obligation under these contracts and we have no continuing obligation to the customer. In addition,
the Company also recognizes revenues from usage fees of certain reactors. Usage fees are recognized based on actual usage by the customer.
Equity
Method Investment
The
Company accounts for investments in entities in which the Company has significant influence over the entity’s financial and
operating policies, but does not control, using the equity method of accounting. The equity method investments are initially
recorded at cost, and subsequently increased for capital contributions and allocations of net income, and decreased for capital
distributions and allocations of net loss. Equity in net income (loss) from the equity method investment is allocated based on the
Company’s economic interest. Equity method investments are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. If it is determined that a loss in value of the equity method investment
is other than temporary, an impairment loss is measured based on the excess of the carrying amount of an investment over its
estimated fair value. Impairment analyses are based on current plans, intended holding periods, and available information at the
time the analysis is prepared. As of December 31, 2023 and June 30, 2023, the carrying value of its equity method investments was
$1,000 for
both periods presented.
Net (Loss) Per Share
The Company’s
computation of loss per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income available to common
stockholders divided by the weighted average common shares outstanding for the period. Diluted income per share reflects the potential
dilution, using the treasury stock method, that could occur if securities or other contracts to issue common stock were exercised or converted
into common stock or resulted in the issuance of common stock that then shared in the income of the Company as if they had been converted
at the beginning of the periods presented, or issuance date, if later. In computing diluted income per share, the treasury stock method
assumes that outstanding options and warrants were exercised and the proceeds are used to purchase common stock at the average market
price during the period. Options and warrants may have a dilutive effect under the treasury stock method only when the average market
price of the common stock during the period exceeds the exercise price of the options and warrants. Potential common shares that have
an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted
EPS.
There were
no adjustments to net (loss) required for purposes of computing diluted earnings per share. At December 31, 2023 and December 31, 2022,
the Company excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock,
from its calculation of its diluted earnings per share, as their effect would have been anti-dilutive.
Schedule of antidilutive shares | |
| | | |
| | |
| |
December 31, 2023 | | |
December 31, 2022 | |
Options | |
| – | | |
| 1,250,000 | |
Warrants | |
| 30,260,574 | | |
| 53,927,834 | |
Concentrations
Cash - cash
is deposited in one financial institution. The balances held at this financial institution at times may be in excess of Federal Deposit
Insurance Corporation (“FDIC”) insurance limits of up to $250,000.
Accounts
Payable and Accrued Expenses – two vendors accounted for 64% and 19% of accounts payable and accrued expenses as of December
31, 2023, respectively. Two vendors accounted for 52% and 36% of accounts payable and accrued expenses as of June 30, 2023.
Revenues
– during the three and six months period ended December 31, 2023, 100% of revenues were from Desmet Ballestra (Desmet). During
the three months and six months ended December 31, 2022, 100% and 95% of revenues, respectively was from Desmet.
Fair
Value Measurement
FASB Accounting
Standards Codification (“ASC”) 820-10 requires entities to disclose the fair value of financial instruments, both assets and
liabilities recognized and not recognized on the balance sheet for which it is practicable to estimate fair value. ASC 820-10 defines
the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing
parties.
The three
levels of the fair value hierarchy are as follows:
|
· |
Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. |
|
|
|
|
· |
Level 2 - Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. |
|
|
|
|
· |
Level 3 - Valuations based on inputs that are unobservable, supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
On December
31, 2023 and June 30, 2023, the fair values of cash and cash equivalents, accounts payable and accrued expenses, and accrued payroll and
payroll taxes approximate their carrying values due to their short-term nature.
Recent Accounting Pronouncements
In June
2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-13, Credit Losses - Measurement of Credit
Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires entities to use a forward-looking approach based on
current expected credit losses (“CECL”) to estimate credit losses on certain types of financial instruments, including trade
receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13 is effective for the Company beginning July
1, 2023, and early adoption is permitted. The Company does not believe the potential impact of the new guidance and related codification
improvements will be material to its financial position, results of operations and cash flows.
Other recent
accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants,
and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present
or future consolidated financial statements.
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v3.24.0.1
Contracts with Desmet Ballestra Group
|
6 Months Ended |
Dec. 31, 2023 |
Contracts With Desmet Ballestra Group |
|
Contracts with Desmet Ballestra Group |
Note 2 - Contracts with Desmet
Ballestra Group
In October
2021, the Company executed a three-year agreement with Desmet Ballestra (Desmet), a company located in Europe. This agreement is a continuation
of the October 2018 agreement that expired also in October 2021. In accordance with ASC 606, the Company recognizes revenue from the sale
of reactors at the time of shipment of the Nano reactor hardware as shipment is deemed to be the Company’s only performance obligation
and the Company had no more continuing obligation other than the reactor’s two-year standard warranty. Desmet pays for such reactors
on credit terms and the amount of a sale is recorded as a receivable upon acceptance by Desmet.
During
the three and six months ended December 31, 2023, the Company recorded sales of $192,000
from Nano Reactor® sales from Desmet. During the three months ended September 30, 2023 there were no
sales from Nano Reactor to Desmet.
During
the three and six months ended December 31, 2022, the Company recorded total revenue from Desmet of $58,000
and $303,000
from reactor sales, respectively.
As
part of the October 2021 agreement with Desmet, the Company also receives cash advances of $40,000
per month, subject to certain limitations, as advance payment for the sale of reactors. The Company initially records the advances
received as “advances from distributor” a liability account, until such time revenue recognition is met. As of June 30,
2023, outstanding balance of customer advances amounted to $391,000.
During
the six months ended December 31, 2023, advances received from Desmet amounted to $356,000,
reduced by revenues recognized of $192,000.
As of December 31, 2023, outstanding advances from Desmet amounted to $555,000.
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v3.24.0.1
Investment in equity method investment
|
6 Months Ended |
Dec. 31, 2023 |
Equity Method Investments and Joint Ventures [Abstract] |
|
Investment in equity method investment |
Note
3 - Investment in equity method investment
In April
2019, the Company and an unrelated entity, Delaware Water Company, LLC (Delaware) formed a limited liability company called Enviro WaterTek
LLC (“Enviro”). Enviro is owned 50% by the Company and 50% by Delaware, and the Company accounts for its investment in Enviro
under the equity method in accordance with ASC 323 as the Company’s investments in Enviro, an unconsolidated entity and for which
it has the ability to exercise significant influence but not control. From inception up to December 31, 2023, Enviro had no operations.
In September
2021, the Company and Delaware entered into a separate agreement under Enviro for a specific project (referred to as “Ameredev”).
Delaware has certain contracts in place to provide recycled water to operators of certain active oil and gas wells. Under the agreement,
the Company contributed $1.2 million that was used by Ameredev to increase the capacity of certain pipelines and water treatment facilities
operated by Delaware. Pursuant to the agreement, for each barrel of recycled water that Ameredev sells, Delaware will receive $0.10 per
barrel, and the Company will receive $0.05 per barrel (referred to as usage fees), with the balance of net income (loss) from Ameredev
being allocated 70% to Delaware and 30% to the Company. The Ameredev agreement will terminate the earlier of three years (unless extended
by unanimous agreement of the Board and Members of Ameredev) from the date of the agreement or by unanimous agreement of the Board and
Members of Ameredev.
As of December
31, 2023 and June 30, 2023, the balance of the equity method investment amounted to $1,000, for both periods presented.
During the
three and six months ended December 31, 2022, the Company recognized a loss of $17,000 and $29,000 related to the equity method investment.
There
was no
similar transactions during the three months and six months ended December 31, 2023.
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v3.24.0.1
Operating Lease
|
6 Months Ended |
Dec. 31, 2023 |
Operating Lease |
|
Operating Lease |
Note 4 – Operating
Lease
The Company
leases certain warehouse and corporate office space under an operating lease agreement. We determine if an arrangement is a lease at inception.
Lease assets are presented as operating lease right-of-use assets and the related liabilities are presented as lease liabilities in our
consolidated balance sheets.
Operating
lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease
payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent
our obligation to make lease payments arising from the lease. Generally, the implicit rate of interest in lease arrangements is not readily
determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s
incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The operating lease ROU
asset includes any lease payments made and excludes lease incentives.
The components
of lease expense and supplemental cash flow information related to leases for the period are as follows:
Schedule of lease expense | |
| | |
| |
| |
December 31, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Lease costs: | |
| | | |
| | |
Operating lease (included in general and administrative in the Company’s consolidated statement of operations) | |
$ | 38,000 | | |
$ | 38,000 | |
| |
| | | |
| | |
Other information: | |
| | | |
| | |
Cash paid for amounts included in the measurement of lease liabilities | |
$ | 38,000 | | |
$ | 38,000 | |
| |
| | | |
| | |
Weighted average remaining lease term – operating leases (in years) | |
| 1.0 | | |
| 2.0 | |
Average discount rate – operating leases | |
| 4% | | |
| 4% | |
The supplemental balance sheet information related to leases for the period is as follows: | |
| |
| |
December 31, 2023 | |
Long-term right-of-use assets | |
$ | 78,000 | |
| |
| | |
Short-term operating lease liabilities | |
$ | 71,000 | |
Long-term operating lease liabilities | |
| 13,000 | |
Total operating lease liabilities | |
$ | 84,000 | |
Supplemental cash flow information
related to the lease liabilities are as follows:
Schedule of lease liabilities maturities | |
| |
| |
Operating | |
Year Ending June 30: | |
Lease | |
2024 (remaining 6 months) | |
$ | 40,000 | |
2025 | |
| 47,000 | |
Total lease payments | |
| 87,000 | |
Less: Imputed interest/present value | |
| (3,000 | ) |
Present value of lease liabilities | |
$ | 84,000 | |
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v3.24.0.1
Related Party Transactions
|
6 Months Ended |
Dec. 31, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note
5 – Related Party Transactions
Accrued
Payroll and Payroll Taxes
In
prior periods, the Company accrued salaries and estimated payroll taxes due to a former officer of the Company. As of June 30, 2023, total accrued payroll and payroll taxes-related parties amounted $280,000.
During the
six months ended December 31, 2023, the Company accrued the payroll of an officer of the Company amounting to $92,000.
As of December
31, 2023, total accrued payroll and payroll taxes-related parties amounted to $372,000.
|
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v3.24.0.1
Notes Payable
|
6 Months Ended |
Dec. 31, 2023 |
Debt Disclosure [Abstract] |
|
Notes Payable |
Note
6 – Notes Payable
In
July 2020, the Company received a loan of $150,000
from the SBA under its Economic Injury Disaster Loan (EIDL) assistance program. The EIDL loan is payable over 30 years, bears
interest at a rate of 3.75%
per annum and secured by all tangible and intangible property of the Company.
Pursuant
to the terms of the SBA EIDL loan agreement, the Company is required to make monthly installment payments of approximately $700 starting
in July 2021. However, the Company was not able to pay the required monthly installment due from July 2021 to April 2023.
In May
2023, the Company was able to cure the payment delay with the SBA and started paying the monthly installment due of approximately
$700. As part of the agreement, all payments will be first applied to accrued interest until the Company becomes current with the
interest due, As of December 31, 2023 and June 30, 2023 approximately $12,000
and $13,000,
respectively, of accrued interest is included in accounts payable and accrued expenses.
As of December
31, 2023 and June 30, 2023, the outstanding loan balance amounted to $150,000, respectively.
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v3.24.0.1
Stockholders' Equity
|
6 Months Ended |
Dec. 31, 2023 |
Equity [Abstract] |
|
Stockholders' Equity |
Note
7 - Stockholders' Equity
Stock
Warrants
A summary
of the Company's warrant activity and related information for the six months ended on December 31, 2023 is as follows:
Schedule of warrant activity | |
| | | |
| | | |
| | |
| |
Warrants | | |
Weighted- Average Exercise Price | | |
Weighted- Average Remaining Contractual Life (Years) | |
| |
| | |
| | |
| |
Outstanding at June 30, 2023 | |
| 53,657,234 | | |
$ | 0.09 | | |
| 1.82 | |
Granted | |
| – | | |
| – | | |
| – | |
Exercised | |
| – | | |
| – | | |
| – | |
Expired | |
| (23,396,660 | ) | |
| 0.10 | | |
| – | |
Outstanding at December 31, 2023 vested and exercisable | |
| 30,260,574 | | |
$ | 0.08 | | |
| 2.98 | |
There was no intrinsic value
of the outstanding warrants as of December 31, 2023, as the exercise price of these warrants were greater than the market price. The
following table summarizes additional information concerning warrants outstanding and exercisable at December 31, 2023.
Schedule of warrants outstanding and exercisable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants Outstanding |
|
|
Warrants Exercisable |
|
|
|
|
|
|
|
Weighted |
|
|
Weighted |
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
Average |
|
|
Average |
|
|
|
|
|
Average |
|
Exercise |
|
|
Number |
|
|
Remaining |
|
|
Exercise |
|
|
Number |
|
|
Remaining |
|
Price |
|
|
of Shares |
|
|
Life (Years) |
|
|
Price |
|
|
of Shares |
|
|
Life (Years) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.03 |
|
|
6,419,251 |
|
|
4.74 |
|
|
$ |
0.03 |
|
|
6,419,251 |
|
|
|
4.74 |
|
$ |
0.09 |
|
|
23,841,323 |
|
|
2.50 |
|
|
|
0.09 |
|
|
23,841,323 |
|
|
|
2.50 |
|
|
|
|
|
30,260,574 |
|
|
|
|
|
|
|
|
|
30,260,574 |
|
|
|
|
|
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v3.24.0.1
Commitments and Contingencies
|
6 Months Ended |
Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
8 - Commitments and Contingencies
Royalty
Agreements
On July
1, 2008, the Company entered into Patent Assignment Agreements with two parties, our President and Technology Development Supervisor,
where certain devices and methods involved in the hydrodynamic cavitation processes invented by the President and the Technology Development
Supervisor have been assigned to the Subsidiary. In exchange, the Subsidiary agreed to pay a royalty of 5% of gross revenues to each of
the President and Technology Development Supervisor for licensing of the technology and leasing of the related equipment embodying the
technology. These agreements were subsequently assumed by Cavitation Technologies on May 13, 2010 from its subsidiary. The Company's President
and Technology Development Supervisor both waived their rights to receive royalty payments that have accrued, or that may accrue, on any
gross revenue generated through December 31, 2023.
On April
30, 2008 and as amended on November 22, 2010, our wholly owned subsidiary entered into an employment agreement with our former Director
of Chemical and Analytical Department (the “Inventor”) to receive an amount equal to 5% of actual gross royalties received
from the royalty stream in the first year in which the Company receives royalty payments from the patent which the Inventor was the legally
named inventor, and 3% of actual gross royalties received by the Company resulting from the patent in each subsequent year. As of December
31, 2023 no patents have been granted in which this person is the legally named inventor.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.0.1
Organization and Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The accompanying
condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”)
as promulgated in the United States of America (“U.S.”) and with instructions to Form 10-Q pursuant to the rules and regulations
of Securities and Exchange Act of 1934, as amended (the “Exchange Act”) and Article 8-03 of Regulation S-X under the Exchange
Act. Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required by GAAP
for complete financial statements. In the opinion of management, we have included all adjustments considered necessary (consisting of
normal recurring adjustments) for a fair presentation. Operating results for the three and six months ended December 31, 2023 are not
indicative of the results that may be expected for the fiscal year ending June 30, 2024. You should read these unaudited condensed consolidated
financial statements in conjunction with the audited financial statements and the notes thereto included in the Company's annual report
on Form 10-K for the year ended June 30, 2023 filed on October 3, 2023. The condensed consolidated balance sheet as of June 30, 2023 has
been derived from the audited financial statements included in the Form 10-K for that year.
|
Going Concern |
Going
Concern
The accompanying consolidated
financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of
liabilities and commitments in the normal course of business. As reflected in accompanying consolidated financial statements, during
the six months ended December 31, 2023, the Company incurred a net loss of $267,000
and had a stockholders’ deficit of $1,186,000
as of December 31, 2023. These factors, among others, raise substantial doubt about the Company’s ability to continue as a
going concern. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s
June 30, 2023, financial statements, raised substantial doubt about the Company’s ability to continue as a going concern. The
accompanying consolidated financial statements do not include any adjustments that may result from an inability of the Company to
continue as a going concern.
As of December
31, 2023, the Company has cash in the amount of $7,000. The Company’s ability to continue as a going concern is dependent upon its
ability to continue to implement its business plan. Currently, management’s plan is to increase revenues by continuing to license
its technology globally. While the Company believes in the viability of its strategy to increase revenues, there can be no assurances
to that effect. The Company believes it has access to enough cash resources to sustain operations through March 31, 2024.
The Company
may also attempt to raise additional debt and/or equity financing to fund operations and to provide additional working capital. There
is no assurance that such financing will be available in the future or obtained in sufficient amounts necessary to meet the Company’s
needs, that the Company will be able to achieve profitable operations or that the Company will be able to meet its future contractual
obligations. Should management fail to obtain such financing, the Company may curtail its operations.
|
Use of Estimates |
Use
of Estimates
The preparation
of the consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to
make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities
at the financial statement date and reported amounts of revenue and expenses during the reporting period. Significant estimates are used
in impairment analysis for fixed assets, accrual of potential liabilities, deferred tax assets and valuing our stock options, warrants,
and common stock issued for services, among other items. Actual results could differ from these estimates.
|
Revenue Recognition |
Revenue Recognition
The Company
follows the guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”)
606, Revenue from Contracts with Customers (“ASC 606”). ASC 606 creates a five-step model that requires entities to exercise
judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying
our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price
to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies
the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for
the services it transfers to its clients. Revenue from sale of our Nano Reactors is recognized when products are shipped from our manufacturing
facilities as this is our sole performance obligation under these contracts and we have no continuing obligation to the customer. In addition,
the Company also recognizes revenues from usage fees of certain reactors. Usage fees are recognized based on actual usage by the customer.
|
Equity Method Investment |
Equity
Method Investment
The
Company accounts for investments in entities in which the Company has significant influence over the entity’s financial and
operating policies, but does not control, using the equity method of accounting. The equity method investments are initially
recorded at cost, and subsequently increased for capital contributions and allocations of net income, and decreased for capital
distributions and allocations of net loss. Equity in net income (loss) from the equity method investment is allocated based on the
Company’s economic interest. Equity method investments are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. If it is determined that a loss in value of the equity method investment
is other than temporary, an impairment loss is measured based on the excess of the carrying amount of an investment over its
estimated fair value. Impairment analyses are based on current plans, intended holding periods, and available information at the
time the analysis is prepared. As of December 31, 2023 and June 30, 2023, the carrying value of its equity method investments was
$1,000 for
both periods presented.
|
Net (Loss) Per Share |
Net (Loss) Per Share
The Company’s
computation of loss per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income available to common
stockholders divided by the weighted average common shares outstanding for the period. Diluted income per share reflects the potential
dilution, using the treasury stock method, that could occur if securities or other contracts to issue common stock were exercised or converted
into common stock or resulted in the issuance of common stock that then shared in the income of the Company as if they had been converted
at the beginning of the periods presented, or issuance date, if later. In computing diluted income per share, the treasury stock method
assumes that outstanding options and warrants were exercised and the proceeds are used to purchase common stock at the average market
price during the period. Options and warrants may have a dilutive effect under the treasury stock method only when the average market
price of the common stock during the period exceeds the exercise price of the options and warrants. Potential common shares that have
an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted
EPS.
There were
no adjustments to net (loss) required for purposes of computing diluted earnings per share. At December 31, 2023 and December 31, 2022,
the Company excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock,
from its calculation of its diluted earnings per share, as their effect would have been anti-dilutive.
Schedule of antidilutive shares | |
| | | |
| | |
| |
December 31, 2023 | | |
December 31, 2022 | |
Options | |
| – | | |
| 1,250,000 | |
Warrants | |
| 30,260,574 | | |
| 53,927,834 | |
|
Concentrations |
Concentrations
Cash - cash
is deposited in one financial institution. The balances held at this financial institution at times may be in excess of Federal Deposit
Insurance Corporation (“FDIC”) insurance limits of up to $250,000.
Accounts
Payable and Accrued Expenses – two vendors accounted for 64% and 19% of accounts payable and accrued expenses as of December
31, 2023, respectively. Two vendors accounted for 52% and 36% of accounts payable and accrued expenses as of June 30, 2023.
Revenues
– during the three and six months period ended December 31, 2023, 100% of revenues were from Desmet Ballestra (Desmet). During
the three months and six months ended December 31, 2022, 100% and 95% of revenues, respectively was from Desmet.
|
Fair Value Measurement |
Fair
Value Measurement
FASB Accounting
Standards Codification (“ASC”) 820-10 requires entities to disclose the fair value of financial instruments, both assets and
liabilities recognized and not recognized on the balance sheet for which it is practicable to estimate fair value. ASC 820-10 defines
the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing
parties.
The three
levels of the fair value hierarchy are as follows:
|
· |
Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. |
|
|
|
|
· |
Level 2 - Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. |
|
|
|
|
· |
Level 3 - Valuations based on inputs that are unobservable, supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
On December
31, 2023 and June 30, 2023, the fair values of cash and cash equivalents, accounts payable and accrued expenses, and accrued payroll and
payroll taxes approximate their carrying values due to their short-term nature.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements
In June
2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-13, Credit Losses - Measurement of Credit
Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires entities to use a forward-looking approach based on
current expected credit losses (“CECL”) to estimate credit losses on certain types of financial instruments, including trade
receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13 is effective for the Company beginning July
1, 2023, and early adoption is permitted. The Company does not believe the potential impact of the new guidance and related codification
improvements will be material to its financial position, results of operations and cash flows.
Other recent
accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants,
and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present
or future consolidated financial statements.
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v3.24.0.1
Organization and Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Schedule of antidilutive shares |
Schedule of antidilutive shares | |
| | | |
| | |
| |
December 31, 2023 | | |
December 31, 2022 | |
Options | |
| – | | |
| 1,250,000 | |
Warrants | |
| 30,260,574 | | |
| 53,927,834 | |
|
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v3.24.0.1
Operating Lease (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Operating Lease |
|
Schedule of lease expense |
Schedule of lease expense | |
| | |
| |
| |
December 31, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Lease costs: | |
| | | |
| | |
Operating lease (included in general and administrative in the Company’s consolidated statement of operations) | |
$ | 38,000 | | |
$ | 38,000 | |
| |
| | | |
| | |
Other information: | |
| | | |
| | |
Cash paid for amounts included in the measurement of lease liabilities | |
$ | 38,000 | | |
$ | 38,000 | |
| |
| | | |
| | |
Weighted average remaining lease term – operating leases (in years) | |
| 1.0 | | |
| 2.0 | |
Average discount rate – operating leases | |
| 4% | | |
| 4% | |
The supplemental balance sheet information related to leases for the period is as follows: | |
| |
| |
December 31, 2023 | |
Long-term right-of-use assets | |
$ | 78,000 | |
| |
| | |
Short-term operating lease liabilities | |
$ | 71,000 | |
Long-term operating lease liabilities | |
| 13,000 | |
Total operating lease liabilities | |
$ | 84,000 | |
|
Schedule of lease liabilities maturities |
Schedule of lease liabilities maturities | |
| |
| |
Operating | |
Year Ending June 30: | |
Lease | |
2024 (remaining 6 months) | |
$ | 40,000 | |
2025 | |
| 47,000 | |
Total lease payments | |
| 87,000 | |
Less: Imputed interest/present value | |
| (3,000 | ) |
Present value of lease liabilities | |
$ | 84,000 | |
|
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v3.24.0.1
Stockholders' Equity (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Equity [Abstract] |
|
Schedule of warrant activity |
Schedule of warrant activity | |
| | | |
| | | |
| | |
| |
Warrants | | |
Weighted- Average Exercise Price | | |
Weighted- Average Remaining Contractual Life (Years) | |
| |
| | |
| | |
| |
Outstanding at June 30, 2023 | |
| 53,657,234 | | |
$ | 0.09 | | |
| 1.82 | |
Granted | |
| – | | |
| – | | |
| – | |
Exercised | |
| – | | |
| – | | |
| – | |
Expired | |
| (23,396,660 | ) | |
| 0.10 | | |
| – | |
Outstanding at December 31, 2023 vested and exercisable | |
| 30,260,574 | | |
$ | 0.08 | | |
| 2.98 | |
|
Schedule of warrants outstanding and exercisable |
Schedule of warrants outstanding and exercisable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants Outstanding |
|
|
Warrants Exercisable |
|
|
|
|
|
|
|
Weighted |
|
|
Weighted |
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
Average |
|
|
Average |
|
|
|
|
|
Average |
|
Exercise |
|
|
Number |
|
|
Remaining |
|
|
Exercise |
|
|
Number |
|
|
Remaining |
|
Price |
|
|
of Shares |
|
|
Life (Years) |
|
|
Price |
|
|
of Shares |
|
|
Life (Years) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.03 |
|
|
6,419,251 |
|
|
4.74 |
|
|
$ |
0.03 |
|
|
6,419,251 |
|
|
|
4.74 |
|
$ |
0.09 |
|
|
23,841,323 |
|
|
2.50 |
|
|
|
0.09 |
|
|
23,841,323 |
|
|
|
2.50 |
|
|
|
|
|
30,260,574 |
|
|
|
|
|
|
|
|
|
30,260,574 |
|
|
|
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v3.24.0.1
Organization and Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Net loss |
$ 16,000
|
$ 299,000
|
$ 267,000
|
$ 372,000
|
|
|
|
|
Stockholders' deficit |
1,186,000
|
$ (664,000)
|
1,186,000
|
$ (664,000)
|
$ 919,000
|
$ 1,170,000
|
$ (963,000)
|
$ (1,036,000)
|
Cash |
7,000
|
|
7,000
|
|
18,000
|
|
|
|
Equity Method Investments |
$ 1,000
|
|
$ 1,000
|
|
$ 1,000
|
|
|
|
One Vendor [Member] | Accounts Payable [Member] | Product Concentration Risk [Member] |
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
64.00%
|
|
52.00%
|
|
|
|
Two Vendors [Member] | Accounts Payable [Member] | Product Concentration Risk [Member] |
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
19.00%
|
|
36.00%
|
|
|
|
Desmet [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Concentration risk percentage |
100.00%
|
100.00%
|
100.00%
|
95.00%
|
|
|
|
|
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Contracts with Desmet Ballestra Group (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Dec. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2023 |
Customer advances |
$ 555,000
|
|
|
$ 555,000
|
|
$ 391,000
|
Desmet [Member] |
|
|
|
|
|
|
Revenue |
|
|
$ 58,000
|
|
$ 303,000
|
|
Contract terms |
|
|
|
$40,000
per month
|
|
|
Customer advances |
555,000
|
|
|
$ 555,000
|
|
$ 391,000
|
Advances received |
|
|
|
356,000
|
|
|
Revenue recognized during period |
|
|
|
192,000
|
|
|
Desmet [Member] | Nano Reactor Sales [Member] |
|
|
|
|
|
|
Revenue |
$ 192,000
|
$ 0
|
|
$ 192,000
|
|
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v3.24.0.1
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|
3 Months Ended |
6 Months Ended |
|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2023 |
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Equity method investment |
$ 1,000
|
|
$ 1,000
|
|
$ 1,000
|
Loss from equity method investment |
0
|
$ (11,000)
|
0
|
$ (29,000)
|
|
Ameredev [Member] |
|
|
|
|
|
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|
|
|
|
|
Loss from equity method investment |
$ 0
|
$ 17,000
|
$ 0
|
$ 29,000
|
|
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v3.24.0.1
Operating Lease (Details - Lease Cost) - USD ($)
|
6 Months Ended |
|
Dec. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2023 |
Operating Lease |
|
|
|
Operating lease cost |
$ 38,000
|
$ 38,000
|
|
Cash paid for amounts included in the measurement of lease liabilities |
$ 38,000
|
$ 38,000
|
|
Weighted average remaining lease term - operating leases (in years) |
1 year
|
2 years
|
|
Average discount rate - operating leases |
4.00%
|
4.00%
|
|
Long-term right-of-use assets |
$ 78,000
|
|
$ 113,000
|
Short-term operating lease liabilities |
71,000
|
|
68,000
|
Long-term operating lease liabilities |
13,000
|
|
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Stockholders' Equity (Details - Warrant activity) - Warrant [Member]
|
6 Months Ended |
Dec. 31, 2023
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Warrants outstanding, beginning balance | shares |
53,657,234
|
Weighted average exercise price, warrants outstanding, beginning price | $ / shares |
$ 0.09
|
Weighted average remaining contractual life |
1 year 9 months 25 days
|
Warrants granted | shares |
0
|
Weighted average exercise price, granted | $ / shares |
$ 0
|
Warrants exercised | shares |
0
|
Weighted average exercise price, exercised | $ / shares |
$ 0
|
Warrants expired | shares |
(23,396,660)
|
Weighted average exercise price, expired | $ / shares |
$ 0.10
|
Warrants vested and exercisable | shares |
30,260,574
|
Weighted average exercise price, vested and exercisable | $ / shares |
$ 0.08
|
Weighted average remaining contractual life, exercisable and vested |
2 years 11 months 23 days
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v3.24.0.1
Stockholders' Equity (Details - Warrants by exercise price)
|
6 Months Ended |
Dec. 31, 2023
$ / shares
shares
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Number of warrant outstanding |
30,260,574
|
Number of warrant exercisable |
30,260,574
|
Exercise Price 0.03 [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Number of warrant outstanding |
6,419,251
|
Weighted average remaining life warrants outstanding |
4 years 8 months 26 days
|
Weighted average exercise price | $ / shares |
$ 0.03
|
Number of warrant exercisable |
6,419,251
|
Weighted average remaining life warrants exercisable |
4 years 8 months 26 days
|
Exercise Price 0.09 [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Number of warrant outstanding |
23,841,323
|
Weighted average remaining life warrants outstanding |
2 years 6 months
|
Weighted average exercise price | $ / shares |
$ 0.09
|
Number of warrant exercisable |
23,841,323
|
Weighted average remaining life warrants exercisable |
2 years 6 months
|
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