Vystar Corp Files Q2 2024 10-Q with Financial Updates

TL;DR

Vystar Corp's Q2 10-Q is in, check the balance sheet and P&L for H1 2024 vs 2023.

AI Summary

Vystar Corp filed its 10-Q for the period ending June 30, 2024. The filing details financial information for the second quarter and the first half of the year, including balance sheet data as of June 30, 2024, and December 31, 2023. It also covers the operating lease liability as of January 1, 2024, and provides comparative income statement data for the three months and six months ended June 30, 2024 and 2023.

Why It Matters

This filing provides investors with a crucial update on Vystar Corp's financial performance and position, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures, but the absence of specific performance metrics or significant events necessitates a medium risk assessment.

Key Numbers

• 20240630 — Period End Date (Indicates the end of the reporting period for the 10-Q.)
• 20231231 — Prior Year End Date (Used for comparative balance sheet analysis.)
• 2024-01-01 — Lease Liability Start Date (Marks the beginning of the period for which operating lease liability is reported.)

Key Players & Entities

• Vystar Corp (company) — Filer of the 10-Q
• June 30, 2024 (date) — End of reporting period
• December 31, 2023 (date) — Comparative balance sheet date
• January 1, 2024 (date) — Date for operating lease liability

FAQ

Filing Documents

• form10-q.htm (10-Q) — 2007KB
• ex31.htm (EX-31) — 18KB
• ex32.htm (EX-32) — 9KB
• 0001493152-24-043013.txt ( ) — 9980KB
• vyst-20240630.xsd (EX-101.SCH) — 53KB
• vyst-20240630_cal.xml (EX-101.CAL) — 75KB
• vyst-20240630_def.xml (EX-101.DEF) — 277KB
• vyst-20240630_lab.xml (EX-101.LAB) — 457KB
• vyst-20240630_pre.xml (EX-101.PRE) — 397KB
• form10-q_htm.xml (XML) — 2095KB

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 38 Item 4.

Controls and Procedures

Controls and Procedures 38

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 40 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 40

SIGNATURES

SIGNATURES 41 3 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS VYSTAR CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2024 2023 (Unaudited) ASSETS Current assets: Cash $ 23,321 $ 35,442 Accounts receivable 23,429 4,251 Inventories 84,899 43,821 Prepaid expenses and other 304,174 348,275 Assets of discontinued operations 11,402 60,213 Total current assets 447,225 492,002 Property and equipment, net 76,323 97,719 Other assets: Intangible assets, net 106,797 122,655 Total assets $ 630,345 $ 712,376 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 1,201,002 $ 1,071,604 Accrued expenses 501,414 450,438 Stock subscription payable 2,675,090 2,388,926 Shareholder, convertible and contingently convertible notes payable and accrued interest - current maturities 368,852 356,472 Related party debt - current maturities 180,572 176,872 Unearned revenue 44,379 44,379 Related party advances 86,254 75,281 Liabilities of discontinued operations 1,646,918 1,350,910 Total current liabilities 6,704,481 5,914,882 Long-term liabilities: Related party debt, net of debt discount 265,923 - Derivative liabilities 250,000 - Related party advances - 343,694 Liabilities of discontinued operations 3,113,005 3,494,005 Total long-term liabilities 3,628,928 3,837,699 Total liabilities 10,333,409 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 June 30, 2024 and December 31,2023 (liquidation preference of $ 183,000 and $ 179,000 at June 30, 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 June 30, 2024 and December 31, 2023, respectively (liquidation prefer

View Full Filing

View this 10-Q filing on SEC EDGAR