Applied Nanotech Holdings, Inc

CIK:0000891417|SEC Filings

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
NET REVENUES	$ 640,271	$ 658,159	$ 1,837,005	$ 2,064,481
COST OF SALES	616,120	575,680	1,790,072	1,705,114
GROSS PROFIT	24,151	82,479	46,933	359,367
OTHER OPERATING INCOME				11,420
OPERATING EXPENSES:
Selling and marketing expenses	83,946	69,242	215,748	182,684
Salaries, wages and related benefits (includes noncash compensation of $387,678, $392,631, $30,375 and $162,601 in the three-and-nine months ended September 30, 2024 and September 30, 2023, respectively)	630,623	264,076	1,069,041	864,864
Research and development	23,649	24,375	65,567	36,650
Professional fees (includes noncash compensation of $383,817, $395,199, $89,624 and $247,791 in the three-and-nine months ended September 30, 2024 and September 30, 2023, respectively)	531,075	167,704	936,907	628,092
General and administrative expenses	206,497	220,230	734,216	667,744
Total Operating Expense	1,475,790	745,627	3,021,479	2,380,034
LOSS FROM OPERATIONS	(1,451,639)	(663,148)	(2,974,546)	(2,009,247)
OTHER INCOME (EXPENSE)
(Loss) income from investment in subsidiary	(2,155)	(21,267)	7,969	19,671
Gain from sale of investment in subsidiary	56,067		56,067
Loss from sale of note receivable			(40,164)
Interest expense	(12,211)	(12,068)	(37,676)	(34,011)
Interest and other income (expense)	845	(3,192)	8,385	20,010
Total Other Income (Expense)	42,546	(36,527)	(5,419)	5,670
NET LOSS	$ (1,409,093)	$ (699,675)	$ (2,979,965)	$ (2,003,577)
NET LOSS PER COMMON SHARE
Basic	$ (0.10)	$ (0.06)	$ (0.20)	$ (0.18)
Diluted	$ (0.10)	$ (0.06)	$ (0.20)	$ (0.18)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic	14,028,240	11,293,388	13,679,848	11,105,186
Diluted	14,028,240	11,293,388	13,679,848	11,105,186

Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (2,979,965)	$ (2,003,577)
Adjustments to reconcile net loss to net cash provided by operating activities:
Change in inventory obsolescence reserve	92,424	75,841
Depreciation and amortization expense	80,865	84,132
Bad debt expense	98,619	80,896
Strock issued for services	17,072	70,710
Stock-based compensation	770,758	405,682
Income from investment in subsidiary	(7,969)	(19,671)
Gain from sale of subsidiary	(56,067)
Change in operating assets and liabilities:
Accounts receivable	(138,371)	(53,911)
Inventory	37,391	51,515
Prepaid expenses and contract assets	30,140	43,350
Accounts payable	90,571	3,887
Accounts payable - related party	101,882	5,839
Operating lease liabilities	36,501	42,590
Accrued expenses	192,096	154,923
Total adjustments	1,345,912	945,783
NET CASH USED BY OPERATING ACTIVITIES	(1,634,053)	(1,057,794)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from note receivable	300,000	20,000
Proceeds from sale of subsidiary	100,000
Purchases of property and equipment	(16,964)	(9,352)
NET CASH PROVIDED BY INVESTING ACTIVITIES	383,036	10,648
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of common stock and warrants	737,500	850,332
Proceeds from issuance of convertible debt and warrants	50,000	94,467
Repayment of note payable	(10,000)
Repayment of bank loans		(1,630)
Repayment of finance leases	(15,257)	(32,073)
NET CASH PROVIDED BY FINANCING ACTIVITIES	762,243	911,096
NET DECREASE IN CASH	(488,774)	(136,050)
CASH, beginning of period	527,462	259,223
CASH, end of period	38,688	123,173
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest	$ 2,112	$ 23,973

Condensed Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash	$ 38,688	$ 527,462
Accounts receivable, net of allowance for credit losses of $214,444 and $150,300 at September 30, 2024 and December 31, 2023, respectively	248,810	209,057
Inventory, net	719,949	849,764
Prepaid expenses	33,398	63,538
Current portion of note receivable		50,000
Total Current Assets	1,040,845	1,699,821
Operating lease right-of-use assets	675,988	845,563
Property, plant and equipment, net	360,202	424,103
Note receivable, non-current		291,782
Non-marketable equity investment in subsidiary	217,871	253,835
Total Assets	2,294,906	3,515,104
CURRENT LIABILITIES:
Accrued expenses and other current liabilities	437,494	245,398
Current portion of finance leases	6,275	24,194
Advances from related parties	42,887	42,887
Current portion of operating lease liabilities	179,624	161,905
Total Current Liabilities	1,930,811	1,244,852
Operating lease liabilities, net of current portion	409,720	560,514
Total Liabilities	2,439,803	2,205,366
Commitments and Contingencies (See Note 9)
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.0001 par value, 100,000 shares authorized; no shares issued and outstanding
Common stock: $0.0001 par value, 30,000,000 shares authorized; 14,408,674 and 13,425,342 issued and outstanding at September 30, 2024 and December 31, 2023, respectively	1,441	1,342
Additional paid-in capital	17,836,099	16,310,868
Accumulated deficit	(17,982,437)	(15,002,472)
Total Stockholders’ (Deficit) Equity	(144,897)	1,309,738
Total Liabilities and Stockholders’ Equity	2,294,906	3,515,104
Nonrelated Party [Member]
CURRENT LIABILITIES:
Accounts payable	642,129	593,338
Current portion of notes payable	440,000	121,610
Notes Payable - related parties	99,272	375,000
Related Party [Member]
CURRENT LIABILITIES:
Accounts payable	157,402	55,520
Current portion of notes payable	25,000
Notes Payable - related parties		$ 25,000