Company: OMTK
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001096906-25-000867
Chunk: 6

Company: Omnitek Engineering Corp
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 8
Chunk 6
---
ITEM 1. FINANCIAL STATEMENTS 

OMNITEK ENGINEERING CORP.

Condensed Balance Sheets

March 31,
2025
 
December 31,
2024

(Unaudited)
 
(Audited)

ASSETS

CURRENT ASSETS

Cash
 
$45,830 
 
$104,445 

Accounts receivable, net
 
- 
 
11,075 

Accounts receivable – related parties
 
9,024 
 
3,088 

Inventories, net
 
549,298 
 
267,616 

Deposits
 
250,901 
 
495,540 

Total Current Assets
 
855,053 
 
881,764 

Property & Equipment, net
 
7,709 
 
8,673 

LONG-TERM ASSETS

Operating lease – right-of-use asset
 
178,186 
 
212,504 

Long-term deposit
 
13,514 
 
13,514 

Total Long-Term Assets
 
191,700 
 
226,018 

TOTAL ASSETS
 
$1,054,462 
 
$1,116,455 

LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES

Accounts payable and accrued expenses
 
$361,308  
 
$334,223  

Accrued management compensation
 
638,619  
 
636,311  

Accounts payable - related parties
 
138,331  
 
139,834  

Notes payable - related parties
 
95,440  
 
44,940  

Convertible notes payable – related party
 
10,000  
 
10,000  

Customer deposits
 
772,298  
 
845,272  

Operating lease liabilities - current
 
169,538  
 
167,461  

Total Current Liabilities
 
2,185,534  
 
2,178,041  

LONG-TERM LIABILITIES

Loans payable – SBA, net of current portion
 
199,000  
 
199,000  

Operating lease liabilities – long-term
 
43,707  
 
86,878  

Total Long-term Liabilities
 
242,707  
 
285,878  

Total Liabilities
 
2,428,241  
 
2,463,919  

STOCKHOLDERS' DEF