OriginClear, Inc. Files Q3 2024 10-Q Report

TL;DR

OriginClear filed its Q3 2024 10-Q. Check financials.

AI Summary

OriginClear, Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as OriginOil Inc., is incorporated in Nevada and operates in the Special Industry Machinery sector. Its principal executive offices are located in Clearwater, Florida.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for OriginClear, Inc. during the third quarter of 2024.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that requires careful analysis to assess the company's financial health and future prospects.

Key Numbers

• 26-0287664 — IRS Number (Identifies the company for tax purposes.)
• 333-147980 — Commission File Number (SEC's tracking number for the company's filings.)

Key Players & Entities

• ORIGINCLEAR, INC. (company) — Registrant
• September 30, 2024 (date) — Quarterly period ended
• 20241119 (date) — Filing date
• Clearwater, FL (location) — Principal executive offices
• OriginOil Inc. (company) — Former company name

FAQ

Key Financial Figures

• $0.0001 — 4,574 shares of common stock, par value $0.0001 per share, issued and outstanding. TAB

Filing Documents

• ea0220672-10q_originclear.htm (10-Q) — 1310KB
• ea022067201ex31-1_origin.htm (EX-31.1) — 7KB
• ea022067201ex31-2_origin.htm (EX-31.2) — 7KB
• ea022067201ex32-1_origin.htm (EX-32.1) — 3KB
• ea022067201ex32-2_origin.htm (EX-32.2) — 3KB
• 0001213900-24-099900.txt ( ) — 8302KB
• ocln-20240930.xsd (EX-101.SCH) — 87KB
• ocln-20240930_cal.xml (EX-101.CAL) — 67KB
• ocln-20240930_def.xml (EX-101.DEF) — 431KB
• ocln-20240930_lab.xml (EX-101.LAB) — 761KB
• ocln-20240930_pre.xml (EX-101.PRE) — 449KB
• ea0220672-10q_originclear_htm.xml (XML) — 828KB

Financial Statements

Financial Statements. 1 Item 2.

Management's Discussion and Analysis of Financial

Management's Discussion and Analysis of Financial Condition and Results of Operations. 30 Item 3.

Quantitative and Qualitative Disclosures About Market

Quantitative and Qualitative Disclosures About Market Risk. 41 Item 4.

Controls and Procedures

Controls and Procedures. 41 PART II 42 Item 1. Legal Proceedings. 42 Item 1A. Risk Factors. 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 42 Item 3. Defaults Upon Senior Securities. 42 Item 4. Mine Safety Disclosures. 42 Item 5. Other Information. 42 Item 6. Exhibits. 42

- FINANCIAL

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS ORIGINCLEAR, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets September 30, December 31, 2024 2023 (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 44,182 $ 114,640 Current assets held-for-sale 2,710,573 2,338,798 Fair value investment in securities 31,646 36,166 Prepaid expenses 10,159 - TOTAL CURRENT ASSETS 2,796,560 2,489,604 Net property and equipment 123,792 143,366 Net property and equipment held-for-sale 1,324 3,370 NET PROPERTY AND EQUIPMENT 125,116 146,736 OTHER ASSETS Receivable on sale of asset - 99,000 Non-current assets held for sale 419,051 400,000 Fair value investment-securities 3,200 3,200 Trademark 4,467 4,467 TOTAL OTHER ASSETS 426,718 506,667 TOTAL ASSETS $ 3,348,394 $ 3,143,007 LIABILITIES AND SHAREHOLDERS' DEFICIT CURRENT LIABILITIES: Accounts payable and other payable $ 505,924 $ 647,483 Accrued expenses 2,154,862 1,774,513 Cumulative preferred stock dividends payable 606,848 523,403 Customer deposit 2,950 2,950 Secured loans payable - 30,646 Loans payable, current 145,216 147,217 Related party loan 298,000 Derivative liabilities 13,579,875 7,742,759 Series F 8% Preferred Stock, 50 and 60 shares issued and outstanding, respectively 50,000 60,000 Series G 8% Preferred Stock, 25 and 25 shares issued and outstanding, respectively 25,000 25,000 Series I 8% Preferred Stock, 25 and 25 shares issued and outstanding, respectively 25,000 25,000 Series K 8% Preferred Stock, 297.15 and 407.15 shares issued and outstanding, respectively, respectively 297,150 307,150 Convertible promissory notes, net of discount of $ 0 and $ 0 , respectively 597,944 2,472,944 Current liabilities held-for-sale 28,511,591 20,980,431 TOTAL CURRENT LIABILTIES 46,800,360 34,739,496 Long Term Liabilities Convertible promissory notes, net of discount of $ 0 and $ 0 , respectively 2,019,747

Financial Statements

Financial Statements (unaudited) 1. Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies Company Overview OriginClear, Inc (the "Company") was founded in 2007 as OriginOil and rebranded in 2015 to focus on the industrial water sector. The Company operates as the Clean Water Innovation Hub, leveraging retail investor development capabilities to bring potentially disruptive water technology companies to market. Its main subsidiary, Water on Demand, Inc. ("WODI"), operates three operating divisions: Progressive Water Treatment ("PWT"), specializes in engineered water treatment solutions and custom treatment systems, contributing significantly to the Company's revenue. Modular Water Systems ("MWS"), which holds a worldwide, exclusive master license to the intellectual property of Daniel M. Early P.E. This includes five patents and related intellectual property, know-how, and trade secrets ("Early IP"). Water on Demand ("WOD"), which offers private businesses a model to pay for water treatment services on a per-gallon basis through Design-Build-Own-Operate ("DBOO") contracts. In 2023, the Company combined these divisions under WODI, and on October 24, 2023, announced a planned merger with Fortune Rise Acquisition Corp. ("FRLA"). Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for the interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"), specifically Rule 10-01 of Regulation S-X. These financial statements included all normal recurring adjustments necessary to present fairly the Company's consolidated financial position, results of operations, and cash flows for the periods presented. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements

View Full Filing

View this 10-Q filing on SEC EDGAR