Company: OMTK
Filing Date: 2025-04-16
Form Type: 10-K/A
Source: 0001096906-25-000528
Chunk: 59

Company: Omnitek Engineering Corp
Filing Date: 2025-04-16
Form: 10-K/A
Chunk 59
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     Products | 2023      
 Long-term 
 Contract  |     Total |
|:---------------------|:----|:--|-------------:|:----------|----------:|:----|:--|-------------:|:----------|----------:|
| Domestic             |     | $ |      359,343 | -         |   359,343 |     | $ |      342,146 | -         |   342,146 |
| International        |     |   |      660,383 |           |   660,383 |     |   |      713,168 |           |   713,168 |
|                      |     | $ |    1,019,726 |           | 1,019,726 |     | $ |    1,055,314 |           | 1,055,314 |
| Filters              |     |   |      491,939 | -         |   491,939 |     |   |      528,917 | -         |   528,917 |
| Components           |     |   |      527,787 | -         |   527,787 |     |   |      526,397 | -         |   526,397 |
| Engineering Services |     |   |            - |           |         - |     |   |            - |           |         - |
|                      |     | $ |    1,019,726 |           | 1,019,726 |     | $ |    1,055,314 |           | 1,055,314 |

i. Cost of Goods Sold

The Company includes product costs (i.e., material, direct labor and overhead costs), shipping and handling expense, production-related depreciation expense and product license agreement expense in cost of goods sold.

j. Research and Development

The Company expenses the costs for research and development during the period incurred. During the years ended December 31, 2024, and 2023, the Company incurred research and development expenses of $ and $, respectively.

k. Advertising

The Company follows the policy of charging the costs of advertising to expense as incurred. During the years ended December 31, 2024, and 2023, the Company expensed $-- and $--, respectively.

l. Provision for Income Taxes

The Company accounts for income taxes in accordance with Accounting Standards Codification Topic 740, Income Taxes ("Topic 740"), which requires