Company: TOMZ
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001654954-25-004233
Chunk: 1156

Company: TOMI Environmental Solutions, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 7
Chunk 1156
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3, respectively, representing a decrease of $57,000, or 20%.  The decrease in consulting fees is due to termination of select external consulting agreements, with remaining consultants agreeing to reduce their consultant fees, as part of our cost-reduction measures implemented June 2024.

General and Administrative Expense

   For The Year Ended December 31,  Change    2024  2023  $ General and Administrative  $5,123,000  $4,571,000  $552,000 

General and administrative expense includes salaries and payroll taxes, rent, insurance expense, utilities, office expense, product registration costs and credit loss expense.

 36Table of Contents

General and administrative expenses were $5,123,000 and $4,571,000 for the years ended December 31, 2024 and 2023, respectively, an increase of $552,000 in the current year period. The increase in general and administrative expenses was attributable to a charge incurred in connection with the increase to our reserve for expected credit losses in the amount of $959,000, offset by a decrease in executive compensation and reduced overhead related to the closing of a satellite office space.

Other Income and Expense

   For The Year Ended December 31,  Change    2024  2023  $ Interest Income  $17,000  $12,000  $5,000 Interest Expense  (389,000)  (65,000)  (324,000)Other Income (Expense) $(372,000) $(53,000) $(319,000)

Interest income was approximately $17,000 and $12,000 for the years ended December 31, 2024 and 2023, respectively. 

Interest expense was $389,000 and $65,000 for the years ended December 31, 2024 and 2023, respectively.  The increase in interest expense is primarily attributable to the convertible notes which were outstanding for a full year in 2024 compared to the last fiscal quarter for 2023.

Provision for Income Taxes

    For The Years Ended December 31,  Change    2024  2023  $ Provision for Income Tax Expense (Benefit)   $-  $-  $- 

Provision for income tax was $