Company: BCHT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001477932-25-002237
Chunk: 398

Company: Birchtech Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 398
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 approximate breakdown of interest expense for the years ended December 31, 2024 and 2023 is as follows:

  Year Ended   December 31,   2024  2023        Interest expense on notes payable $4,000  $24,000 Other interest expense  21,000   2,000 Amortization of discount of notes payable  242,000   1,336,000            $267,000  $1,362,000 

Loss on change in fair value of profit share liability were approximately $3,959,000 and $11,210,000 for the years ended December 31, 2024 and 2023, respectively.  The change is primarily attributed to the modification of the terms of the profit share liability (see Note 8 to the consolidated financial statements). 

Net Income (Loss)

For the year ended December 31, 2024, we had a net loss of approximately $10,802,000 compared to net income of approximately $5,668,000 (as restated) for the year ended December 31, 2023. Such change was primarily due to no income from legal claims in 2024 compared to $27,608,000 in 2023, offset by an increase in gross profit in 2024 compared to 2023, and a decrease in the loss on change in fair value of profit share recognized in 2024 compared to 2023. 

Liquidity and Capital Resource 

We had approximately $3,456,000 in cash on our balance sheet at December 31, 2024 compared to approximately $20,940,000 at December 31, 2023. Total current assets were approximately $6,099,000 and total current liabilities were approximately $8,806,000 at December 31, 2024, resulting in a working capital deficiency of approximately $2,707,000.  This compares to total current assets of approximately $24,995,000 (as restated) and total current liabilities of approximately $2,183,000 at December 31, 2023, resulting in working capital of approximately $21,812,000 (as restated). Our accumulated deficit was approximately $72.8 million at December 31, 2024 compared to $62.0 million (as restated) at December 31, 2023. Additionally, we had a