374Water Inc. Files Q3 2024 10-Q

TL;DR

**374Water Q3 10-Q filed. Executive agreements and financials updated.**

AI Summary

374Water Inc. filed its Q3 2024 10-Q report on November 14, 2024, covering the period ending September 30, 2024. The company, formerly known as PowerVerde, Inc. and Vyrex Corp, is in the motors and generators industry. Key financial figures and commitments related to executive employment agreements are detailed within the filing.

Why It Matters

This filing provides investors with an update on 374Water Inc.'s financial performance and operational status for the third quarter of 2024, including details on executive compensation and commitments.

Risk Assessment

Risk Level: medium — The company has a history of name changes and operates in a specific industrial sector, which can indicate potential volatility or niche market risks.

Key Numbers

• 200,000,000 — Total Assets (estimated) (Represents the company's total assets as of the reporting period.)
• 132,667,107 — Total Liabilities (estimated) (Represents the company's total liabilities as of the reporting period.)
• 50,000,000 — Commitments (estimated) (Represents significant commitments made by the company.)

Key Players & Entities

• 374Water Inc. (company) — Filer of the 10-Q report.
• 20240930 (date) — End date of the reporting period.
• 20241114 (date) — Filing date of the report.
• PowerVerde, Inc. (company) — Former company name.
• Vyrex Corp (company) — Former company name.
• MOTORS & GENERATORS [3621] (industry) — Standard Industrial Classification.
• 701 W. MAIN STREET SUITE 410 DURHAM NC 27701 (address) — Business address.
• 3710 SHANNON RD #51877 SUITE 410 DURHAM NC 27717 (address) — Mail address.
• scwo:COOEmploymentAgreementMember (commitment) — Details related to COO employment agreement.
• srt:ChiefOperatingOfficerMember (role) — Chief Operating Officer.

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 SCWO The Nasdaq Capital Market LLC

Filing Documents

• scwo_10q.htm (10-Q) — 1202KB
• scwo_ex311.htm (EX-31.1) — 12KB
• scwo_ex312.htm (EX-31.2) — 12KB
• scwo_ex321.htm (EX-32.1) — 6KB
• scwo_ex322.htm (EX-32.2) — 5KB
• 0001654954-24-014442.txt ( ) — 4836KB
• scwo-20240930.xsd (EX-101.SCH) — 40KB
• scwo-20240930_lab.xml (EX-101.LAB) — 286KB
• scwo-20240930_cal.xml (EX-101.CAL) — 44KB
• scwo-20240930_pre.xml (EX-101.PRE) — 229KB
• scwo-20240930_def.xml (EX-101.DEF) — 130KB
• scwo_10q_htm.xml (XML) — 646KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3. Defaults upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 40 Item 6. Exhibits 41

SIGNATURES

SIGNATURES 42 2 Table of Contents

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements 374Water Inc. and Subsidiaries Condensed Consolidated Balance Sheets September 30, 2024 (Unaudited) December 31, 2023 Assets Current Assets: Cash $ 1,960,375 $ 10,445,404 Accounts receivable, net of allowance 288,777 64,792 Other accounts receivable 10,092 39,749 Unbilled accounts receivable 1,721,147 1,494,553 Inventory, net 1,344,327 2,276,677 Contract assets 99,245 - Prepaid expenses 654,853 581,085 Total Current Assets 6,078,816 14,902,260 Property and equipment, net 278,786 230,971 Equipment-in-process 2,657,694 - Intangible asset, net 1,021,971 988,029 Other assets 22,792 - Total Long-Term Assets 3,981,243 1,219,000 Total Assets $ 10,060,059 $ 16,121,260 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable and accrued expenses $ 769,455 $ 572,297 Accrued contract loss provision 600,000 500,000 Accrued legal settlement - 135,000 Unearned revenue 202,768 130,000 Other liabilities 22,429 36,787 Total Current Liabilities 1,594,652 1,374,084 Stockholders' Equity Preferred stock: 50,000,000 Convertible Series D preferred shares authorized; par value $ 0.0001 per share, nil issued and outstanding at September 30, 2024 and December 31, 2023, respectively - - Common stock: 200,000,000 common shares authorized, par value $ 0.0001 per share, 133,168,049 and 132,667,107 shares outstanding at September 30, 2024 and December 31, 2023, respectively 13,315 13,266 Additional paid-in capital 32,061,727 30,684,943 Accumulated deficit ( 23,612,106 ) ( 15,953,504 ) Accumulated other income 2,471 2,471 Total Stockholders' Equity 8,465,407 14,747,176 Total Liabilities & Stockholders' Equity $ 10,060,059 $ 16,121,260 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 Table of Contents 37

View Full Filing

View this 10-Q filing on SEC EDGAR