Omnitek Engineering Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Omnitek Engineering Corp. has submitted its 2023 annual report detailing its financial performance and business operations.</b>

AI Summary

Omnitek Engineering Corp (OMTK) filed a Annual Report (10-K) with the SEC on April 16, 2024. Omnitek Engineering Corp. filed its annual report for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is located at 1345 Specialty Dr., Vista, CA 92081. The SIC code for Omnitek Engineering Corp. is 3714, which pertains to Motor Vehicle Parts & Accessories. The filing was submitted on April 16, 2024.

Why It Matters

For investors and stakeholders tracking Omnitek Engineering Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Omnitek's financial health, operational activities, and strategic direction for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and future prospects. The detailed information within the report, including financial statements and risk factors, is essential for understanding the company's market position within the Motor Vehicle Parts & Accessories industry and its compliance with SEC regulations.

Risk Assessment

Risk Level: — Omnitek Engineering Corp shows moderate risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant financial or operational disclosures that would suggest a high-risk event.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Omnitek Engineering Corp.'s performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-04-16 — Filing Date (Date of submission)
• 3714 — SIC Code (Industry classification)

Key Players & Entities

• Omnitek Engineering Corp. (company) — Filer name
• 1345 Specialty Dr. (location) — Business address street
• Vista, CA 92081 (location) — Business address city, state, zip
• 3714 (industry_code) — Standard Industrial Classification
• 2023-12-31 (date) — Fiscal year end
• 2024-04-16 (date) — Filing date

FAQ

Industry Context

Omnitek Engineering Corp. operates within the Motor Vehicle Parts & Accessories industry, a sector characterized by innovation, supply chain dynamics, and regulatory compliance.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file annual reports (10-K) detailing financial performance and business operations.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and balance sheet health.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and strategic initiatives.
3. Examine the Risk Factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-04-16: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year ended December 31, 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $55,000 — al and accounting costs by an estimated $55,000. Omnitek is not aware of any other gov
• $67,576 — nt expenditures for 2023 and 2022, were $67,576 and $66,444 respectively, and were comp
• $66,444 — res for 2023 and 2022, were $67,576 and $66,444 respectively, and were comprised of cha

Filing Documents

• omtk-20231231.htm (10-K) — 851KB
• omtk_ex31z1.htm (EX-31.1) — 8KB
• omtk_ex31z2.htm (EX-31.2) — 8KB
• omtk_ex32.htm (EX-32) — 6KB
• omtkex31z1_1.jpg (GRAPHIC) — 3KB
• omtkex31z2_1.jpg (GRAPHIC) — 3KB
• omtkex32_1.jpg (GRAPHIC) — 3KB
• omtk10k_1.jpg (GRAPHIC) — 3KB
• 0001096906-24-000839.txt (&nbsp;) — 4311KB
• omtk-20231231_cal.xml (EX-101.CAL) — 28KB
• omtk-20231231_def.xml (EX-101.DEF) — 83KB
• omtk-20231231_lab.xml (EX-101.LAB) — 234KB
• omtk-20231231_pre.xml (EX-101.PRE) — 217KB
• omtk-20231231.xsd (EX-101.SCH) — 56KB
• omtk-20231231_htm.xml (XML) — 514KB

Forward-Looking Statements

Forward-Looking Statements PART I. Item 1.

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 20 Item 1C. Cybersecurity Risks 20 Item 2.

Properties

Properties 23 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosure 23 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 Item 6. Reserved 25 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 28 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 28 Item 9A.

Controls and Procedures

Controls and Procedures 28 Item 9B Other Information 29 Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections 29 PART III. Item 10. Directors, Executive Officers and Corporate Governance 30 Item 11.

Executive Compensation

Executive Compensation 33 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 35 Item 13. Certain Relationships and Related Transactions, and Director Independence 38 Item 14. Principal Accountant Fees and Services 39 PART IV Item 15. Exhibits 40 Item 16. Form 10-K Summary 40 Page 3

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report contains statements about the future, sometimes referred to as "forward-looking" statements. Forward-looking statements are typically identified by use of the words "believe," "may," "could," "should," "expect," "anticipate," "estimate," "project," "propose," "plan," "intend," and similar words and expressions. Statements that describe our future strategic goals, plans, objectives, and predictions are also forward-looking statements. These forward-looking statements may relate to, among other things, trends affecting our financial condition or results of operations, our business and growth strategies, and our financing plans. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements involve various risks and uncertainties. The forward-looking statements in this report are based on present circumstances and on our predictions respecting events that have not occurred, that may not occur, or that may occur with different consequences from those we now assume or anticipate. Important risks and factors that could cause our actual results to be materially different from our expectations are generally set forth in "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Description of Business," and other sections in this report. You should read this report and the documents we refer to thoroughly with the understanding that our actual future results may be materially different from and worse than our expectations. This report contains statistical, market, and industry data we obtained from various publicly available government publications and industry-specific third-party reports, all of which are typically based on a

BUSINESS

ITEM 1. BUSINESS General Development of Business Omnitek Engineering, Corp., a California corporation, began operations on October 10, 2001, and was a spin-off from Nology Engineering, Inc., a manufacturer in the automotive aftermarket parts industry and the developer/manufacturer of the patented "HotWires" spark plug wires. Our business is located at 1345 Specialty Dr. #E, Vista, California, 92081, which consists of approximately 11,751 square feet of industrial space. Omnitek has never filed for bankruptcy and has never been subject to receivership or similar proceedings. Business of Issuer Omnitek develops and sells proprietary technology to convert diesel engines to an alternative fuel, new gaseous natural gas engines, and complementary products. Omnitek products are available for stationary applications and the global transportation markets -- including light commercial vehicles, minibuses, heavy-duty trucks, municipal buses, as well as rail and marine applications. The technology can be applied for compressed natural gas ("CNG"), liquefied natural gas ("LNG"), renewable natural gas ("Biogas" or "RNG"), or Hydrogen ("H2"), as well as liquid petroleum gas ("Propane" or LPG"). Omnitek's technology enables the conversion of most diesel engines to operate on alternative fuels at a cost lower than that required to purchase a new alternative fuel engine. Engine conversions in the United States are subject to U.S. Environmental Protection Agency ("EPA") or California Air Resources Board ("CARB") approvals. Engine conversions in certain foreign countries may require additional or different approvals. With fuel cost being the primary market driver, the Company anticipates the majority of its business will be generated in markets where diesel fuel is more expensive than gaseous fuels for the foreseeable future. Additionally, it is expected that the 200-nation "Paris Agreement on Climate Change" and other local regulations designed to lower air pollution, will fu

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View this 10-K filing on SEC EDGAR