Company: TOMZ
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001654954-25-004233
Chunk: 540

Company: TOMI Environmental Solutions, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 1B
Chunk 540
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 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 $0 for the years ended December 31, 2024 and 2023.

Liquidity and Capital Resources

As of December 31, 2024, we had cash and cash equivalents of approximately $665,000 and working capital of $3,772,000. Our principal capital requirements are to fund operations, invest in research and development and capital equipment, and the continued costs of compliance with public company reporting requirements. We have historically funded our operations through funds generated through operations and debt and equity financings. The sale of additional equity securities could result in dilution to our stockholders. The incurrence of indebtedness would result in increased debt service obligations and may include operating and financial covenants that would restrict our operations. We cannot be certain that any financing will be available in the amounts we need or on terms acceptable to