Company: OMTK
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001096906-25-000515
Chunk: 9

Company: Omnitek Engineering Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 7
Chunk 9
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 $215,406, or ($0.01) per share, in 2023. Additionally, operating loss for the year ended December 31, 2024 was $148,500 compared with $196,140 for the year ended December 31, 2023.  

Results for the year ended December 31, 2024 reflect non-cash expenses, including the value of options and warrants granted in the amount of $5,363 and depreciation and amortization of $3,329. For the year ended December 31, 2023, non-cash expenses included the value of options and warrants granted of $15,776, depreciation and amortization of $1,745.

Liquidity and Capital Resources

Overview

Our primary sources of liquidity are working capital funds available from sales. Additionally, from time to time we may raise funds from the equity capital markets to fund our research and development programs, expansion of our business and general operations.

At December 31, 2024, our current liabilities totaled $2,178,041 and our current assets totaled $881,764, resulting in negative working capital of $1,296,277. 

We have no firm commitments or obligations for capital expenditures. Substantial discretionary expenditures may be required to enable us to conduct product research, development, manufacturing, marketing and distribution activities. We may need to raise additional capital to facilitate growth and support our long-term product development, manufacturing, and marketing programs. The Company has no established bank-financing arrangements, and it is not anticipated that we will secure any bank financing in the near future. Therefore, it is likely that we may need to seek additional financing through subsequent future public or private sales of our securities, including equity securities. We may also seek funding for the development, manufacturing, and marketing of our products through strategic partnerships and other arrangements with corporate partners. There can be no assurance, however, that such collaborative arrangements or additional funds will be available when needed, or on terms acceptable to us, if at all. If adequate funds are not available, we may be required to curtail one or more of our research and development programs.

We have historically incurred significant losses, which have resulted in a total accumulated deficit of $22,027,484 at December 31, 2024. 

Operating Activities

We realized positive cash flow from operations of $30,077 for the year ended December 31, 2024, compared with positive cash flow of $17,211 for the year ended December 31