FLEXPOINT SENSOR SYSTEMS INC

CIK:0000925660|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]
Design, Contract and Testing Revenue	$ 51,871	$ 21,594	$ 123,125	$ 71,358
Operating Costs and Expenses
Cost of revenue	6,711	7,466	20,607	21,626
Administrative and marketing expense	67,160	133,095	221,822	432,645
Research and development expense	61,736	55,049	175,447	164,299
Total Operating Costs and Expenses	135,607	195,610	417,876	618,570
Net Operating Income (Loss)	(83,736)	(174,016)	(294,751)	(547,212)
Other Income and Expenses
Interest expense	(42,776)	(31,310)	(124,863)	(78,254)
Other income	300	300	900	1,500
Total Other Income (Expense)	(42,476)	(31,010)	(123,963)	(76,754)
Net Income (Loss)	$ (126,212)	$ (205,026)	$ (418,714)	$ (623,966)
Basic Loss per Common Share (in Dollars per share)	$ 0	$ 0	$ 0	$ 0
Diluted Loss per Common Share (in Dollars per share)	$ 0	$ 0	$ 0	$ 0
Basic Weighted-Average Common Shares (in Shares)	125,557,174	125,557,174	125,557,174	125,557,174
Diluted Weighted-Average Common Shares (in Shares)	125,557,174	125,557,174	125,557,174	125,557,174

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities:
Net loss	$ (418,714)	$ (623,966)
Changes in operating assets and liabilities:
Accounts receivable	23,579	3,093
Prepaid expenses and other assets	(17,420)	(3,079)
Right-of-use asset	46,209	43,926
Accounts payable	10,384	13,892
Accounts payable – related parties	15,137	17,247
Accrued liabilities	111,751	256,547
Lease liability – long-term	(43,582)	(41,232)
Net Cash Provided by (Used) in Operating Activities	(272,656)	(333,572)
Cash Flows from Financing Activities:
Proceeds from borrowings under notes payable	273,012	343,019
Proceeds from (payment of) bank overdrafts	2,144	13,053
Advances from related party
Payment on loans payable	(2,500)	(22,500)
Net Cash Provided by Financing Activities	272,656	333,572
Net Change in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Period
Cash and Cash Equivalents at End of Period
Supplemental Cash Flow Information:
Cash paid for income taxes
Cash paid for interest
Non-cash Investing and Financing Activity
Common stock issued in conversion of notes payable

CONDENSED BALANCE SHEETS - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents
Accounts receivable, net of allowance for bad debts of $103,777 and $103,777	20,795	44,374
Deposits and prepaid expenses	24,085	6,665
Total Current Assets	44,880	51,039
Long-Term Deposits	13,624	13,624
Operating lease – Right-of-use asset	215,995	262,204
Goodwill	4,896,917	4,896,917
Total Assets	5,171,416	5,223,784
Current Liabilities
Bank overdraft	13,459	11,315
Accounts payable	263,803	253,419
Accrued liabilities	2,889,710	2,777,959
Notes payable – due on demand	1,472,427	1,201,915
Convertible notes payable	180,000	180,000
Lease liability – current portion	59,404	59,404
Total Current Liabilities	5,175,170	4,765,242
Lease liability – long-term	160,478	204,060
Total Liabilities	5,335,648	4,969,302
Commitments and contingencies
Stockholders' Equity
Preferred stock – $0.001 par value; 1,000,000 shares authorized; no shares issued or outstanding
Common stock – $0.001 par value; 200,000,000 shares authorized; 125,557,174 and 125,557,174 shares issued and outstanding, respectively	125,557	125,557
Additional paid-in capital	31,801,069	31,801,069
Accumulated deficit	(32,090,858)	(31,672,144)
Total Stockholders' Equity	(164,232)	254,482
Total Liabilities and Stockholders' Equity	5,171,416	5,223,784
Related Party
Current Liabilities
Accounts payable – related party	77,854	62,717
Convertible notes payable - related party	$ 218,513	$ 218,513