Vystar Corp Q1 2024 10-Q Filed

TL;DR

Vystar Corp's Q1 2024 10-Q is in, showing preferred stock, common stock, and capital changes vs. Q4 2023 and Q1 2023.

AI Summary

Vystar Corp filed a 10-Q for the period ending March 31, 2024. The filing details financial information for the first quarter of 2024, including balance sheet items like Series A, B, and C preferred stock, common stock, and additional paid-in capital as of March 31, 2024, and December 31, 2023. It also covers the comparative period for the first quarter of 2023.

Why It Matters

This filing provides a snapshot of Vystar Corp's financial health and changes in its capital structure during the first quarter of 2024, which is crucial for investors to assess performance and future outlook.

Risk Assessment

Risk Level: medium — The filing contains detailed financial data, including preferred stock series and capital accounts, which can indicate financial stability or potential risks.

Key Players & Entities

• Vystar Corp (company) — Filer of the 10-Q
• 2024-03-31 (date) — End of reporting period
• 2024-01-01 (date) — Start of reporting period
• 2023-12-31 (date) — Prior period balance sheet date
• 2023-01-01 (date) — Start of comparative period
• us-gaap:SeriesAPreferredStockMember (financial_item) — Balance sheet item
• us-gaap:SeriesBPreferredStockMember (financial_item) — Balance sheet item
• us-gaap:SeriesCPreferredStockMember (financial_item) — Balance sheet item
• us-gaap:CommonStockMember (financial_item) — Balance sheet item
• us-gaap:AdditionalPaidInCapitalMember (financial_item) — Balance sheet item

FAQ

Filing Documents

• form10-q.htm (10-Q) — 1146KB
• ex31.htm (EX-31) — 17KB
• ex32.htm (EX-32) — 9KB
• 0001493152-24-041736.txt ( ) — 6938KB
• vyst-20240331.xsd (EX-101.SCH) — 50KB
• vyst-20240331_cal.xml (EX-101.CAL) — 74KB
• vyst-20240331_def.xml (EX-101.DEF) — 265KB
• vyst-20240331_lab.xml (EX-101.LAB) — 437KB
• vyst-20240331_pre.xml (EX-101.PRE) — 381KB
• form10-q_htm.xml (XML) — 1036KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements

Financial Statements: Condensed Consolidated Balance Sheets at March 31, 2024 (unaudited) and December 31, 2023 4 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 (unaudited) and 2023 (unaudited) 5 Condensed Consolidated Statements of Stockholders' Deficit for the Three Months Ended March 31, 2024 (unaudited) and 2023 (unaudited) 6-7 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 (unaudited) and 2023 (unaudited) 8 Notes to Condensed Consolidated Financial Statements (unaudited) 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 36

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 38

SIGNATURES

SIGNATURES 39 3 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS VYSTAR CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2024 2023 (Unaudited) ASSETS Current assets: Cash $ 11,768 $ 35,442 Accounts receivable 29,736 4,251 Inventories 83,286 43,821 Prepaid expenses and other 303,528 348,275 Assets of discontinued operations 14,930 60,213 Total current assets 443,248 492,002 Property and equipment, net 87,021 97,719 Other assets: Intangible assets, net 114,726 122,655 Total assets $ 644,995 $ 712,376 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 1,170,550 $ 1,071,604 Accrued expenses 461,849 450,438 Stock subscription payable 2,581,379 2,388,926 Shareholder, convertible and contingently convertible notes payable and accrued interest - current maturities 362,662 356,472 Related party debt - current maturities 178,722 176,872 Unearned revenue 44,379 44,379 Related party advances 77,460 75,281 Liabilities of discontinued operations 1,523,018 1,350,910 Total current liabilities 6,400,019 5,914,882 Long-term liabilities: Related party advances 353,894 343,694 Liabilities of discontinued operations 3,306,005 3,494,005 Total long-term liabilities 3,659,899 3,837,699 Total liabilities 10,059,918 9,752,581 Stockholders' deficit: Convertible preferred stock series class A, $ 0.0001 par value 15,000,000 shares authorized; 8,698 shares issued and outstanding at March 31, 2024 and December 31,2023 (liquidation preference of $ 181,000 and $ 179,000 at March 31, 2024 and December 31,2023, respectively) 1 1 Convertible preferred stock series B, $ 0.0001 par value 2,500,000 shares authorized; 336,131 and 370,969 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively (liquidation preference of $ 2,749,000 and $ 2,970,000 at March 31, 2024 and December 31, 2023, respec

View Full Filing

View this 10-Q filing on SEC EDGAR