$CITR

CitroTech Inc.

CIK:0000894556|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 280,666	$ 687,638	$ 625,581	$ 1,657,020
Operating expenses
Cost of revenue, exclusive of amortization and depreciation shown separately below	271,628	371,392	497,205	928,362
Cost of revenue - related parties	0	0	0	60,290
Amortization and depreciation	123,850	77,107	249,534	151,646
General and administrative	218,290	270,227	628,246	473,398
Advertising and marketing	210,792	152,608	348,392	257,104
Payroll and management compensation	2,061,328	2,334,698	5,168,695	3,008,121
Professional fees	648,710	445,668	1,328,552	1,072,986
Professional fees - related parties	43,150	12,300	67,660	2,131,900
Research and development expense	197,067	41,276	278,592	49,307
Total operating expenses	3,774,815	3,705,276	8,566,876	8,133,114
Loss from operations	(3,494,149)	(3,017,638)	(7,941,295)	(6,476,094)
Other income (expense)
Interest expense	(3,569)	(552,085)	(168,402)	(962,876)
Interest expense - related party	(27,562)	(212,787)	(804,847)	(274,843)
Interest income	16,784	3,958	42,850	3,958
Financing expense	0	0	0	(6,167,334)
Financing expense - related party	(361,801)	(2,511,855)	(361,801)	(2,511,855)
Loss on fair value of derivative liability	0	(2,973,000)	0	(3,777,767)
Loss on sales of assets	(32,257)	0	(32,257)	0
Loss on settlement of debt	0	(2,640,611)	(847,366)	(2,640,611)
Total other expense	(408,405)	(8,886,380)	(2,171,823)	(16,331,328)
Loss before taxes	(3,902,554)	(11,904,018)	(10,113,118)	(22,807,422)
Provision for income taxes	0	0	0	0
Net loss	(3,902,554)	(11,904,018)	(10,113,118)	(22,807,422)
Comprehensive loss	$ (3,902,554)	$ (11,904,018)	$ (10,113,118)	$ (22,807,422)
Net loss per common share - basic	$ (0.18)	$ (1.14)	$ (0.50)	$ (2.47)
Net loss per common share - diluted	$ (0.18)	$ (1.14)	$ (0.50)	$ (2.47)
Basic weighted average number of common shares outstanding	21,754,514	10,455,720	20,301,861	9,225,515
Diluted weighted average number of common shares outstanding	21,754,514	10,455,720	20,301,861	9,225,515

Consolidated Statement of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net loss	$ (10,113,118)	$ (22,807,422)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	443,377	8,720,143
Stock-based compensation - related party	3,780,646	4,615,455
Bad debt expense recovery	(20,000)	0
Non-cash lease expenses	77,561	86,052
Amortization and depreciation	249,534	151,646
Amortization of debt discount	892,279	1,000,390
Loss on settlement of debt	847,366	2,640,611
Loss on fair value of derivative liability	0	3,777,767
Loss on disposal of equipment	32,257	0
Changes in operating assets and liabilities:
Accounts receivable	63,611	(336,540)
Inventory	41,643	(180,563)
Prepaid expenses and other current assets	(101,784)	(132,241)
Security deposit	0	(36,991)
Accounts payable and accrued liabilities	(56,080)	443,354
Due to related parties	4,900	25,300
Accrued interest - related parties	68,246	95,447
Deferred revenue	18,394	94,860
Operating lease liabilities	(71,560)	(82,803)
Net Cash used in Operating Activities	(3,842,728)	(1,925,535)
Cash Flows from Investing Activities:
Purchase of equipment	(10,727)	(167,744)
Sale of equipment	12,500	0
Net Cash provided by (used in) Investing Activities	1,773	(167,744)
Cash Flows from Financing Activities:
Proceeds from exercise of warrants	25,002	0
Proceeds from convertible notes and warrants	0	1,909,000
Proceeds from convertible note and warrants - related party	0	1,776,082
Payments of deferred offering costs	0	(59,223)
Contributed capital	96,258	0
Repayment of loan - related party	0	(25,000)
Proceeds from issuance of Series C Preferred Stock and warrants	0	260,000
Repayment of financing loan	(29,594)	(215,625)
Net Cash provided by Financing Activities	91,666	3,645,234
Change in cash	(3,749,289)	1,551,955
Cash, beginning of period	6,268,591	775,133
Cash, end of period	2,519,302	2,327,088
Supplemental Disclosure Information:
Cash paid for interest	7,997	5,870
Cash paid for taxes	0	0
Non-Cash Financing Disclosure:
Series A Preferred Stock exchanged for Series C Preferred Stock and Series C Preferred Stock payable	157	0
Common stock issued upon conversion of Series C Preferred stock	0	2,618
Common stock issued for conversion and settlement of debt	1,259,866	5,604,442
Debt modification	200,000	0
Warrants issued in conjunction with convertible debts	2,222,000	882,000
Right-of-use assets obtained in exchange for new operating lease liabilities	0	865,218
Recognition of derivative liability as debt discount	0	1,027,000
Transfer from inventory to property and equipment	0	74,827
Acquisition of property and equipment as financing loan	$ 0	$ 118,776

Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash	$ 2,519,302	$ 6,268,591
Accounts receivable, net	165,436	209,047
Inventory	579,125	620,768
Prepaid expenses and other current assets	418,804	317,020
Total Current Assets	3,682,667	7,415,426
Non-Current Assets
Intangible assets, net	5,136,030	5,326,960
Operating lease right-of-use asset	675,802	753,363
Equipment, net	484,050	630,279
Security deposit	57,491	57,491
Total Non-Current Assets	6,353,373	6,768,093
Total Assets	10,036,040	14,183,519
Current liabilities
Accounts payable and accrued liabilities	221,820	316,321
Deferred revenue	21,394	3,000
Convertible notes, net of discount	0	219,321
Convertible notes, net of discount - related parties	0	1,285,400
Due to related parties	5,200	167,971
Financing loan - current portion	14,871	30,000
Operating lease liability - current portion	156,803	147,613
Total Current Liabilities	420,088	2,169,626
Non-Current Liabilities
Financing loan	66,242	133,381
Operating lease liability	536,848	617,598
Total Non-Current Liabilities	603,090	750,979
Total Liabilities	1,023,178	2,920,605
Stockholders' Equity
Common Stock, par value $0.0001, authorized 1,000,000,000 shares, 22,512,974 and 18,522,315 issued and outstanding, respectively	2,251	1,852
Additional paid-in capital	132,326,739	124,463,845
Accumulated deficit	(123,316,149)	(113,203,031)
Total Stockholders' Equity	9,012,862	11,262,914
Total Liabilities and Stockholders' Equity	10,036,040	14,183,519
Series A Preferred Stock [Member]
Stockholders' Equity
Preferred stock value	0	167
Series C Convertible Preferred Stock [Member]
Stockholders' Equity
Preferred stock value	$ 21	$ 81