TOMI Environmental Solutions, Inc. Files 10-Q for Q1 2024

TL;DR

<b>TOMI Environmental Solutions, Inc. filed its Q1 2024 10-Q, presenting unaudited financial statements prepared under U.S. GAAP.</b>

AI Summary

TOMI Environmental Solutions, Inc. (TOMZ) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. The interim unaudited condensed consolidated financial statements are presented in accordance with U.S. GAAP. These statements reflect all adjustments deemed necessary by management for fair presentation. The results of operations for interim periods may not be indicative of full-year results. The filing includes data related to two customers and revenue for Q1 2024 and Q1 2023. Accounts receivable data is provided for December 31, 2023, and March 31, 2024.

Why It Matters

For investors and stakeholders tracking TOMI Environmental Solutions, Inc., this filing contains several important signals. This 10-Q provides an update on the company's financial performance and position for the first quarter of 2024. Investors can use this filing to assess the company's operational trends and financial health compared to the previous year and quarter.

Risk Assessment

Risk Level: low — TOMI Environmental Solutions, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain significant new risks or material adverse events.

Analyst Insight

Review the Q1 2024 revenue and accounts receivable figures to assess the company's short-term financial performance and liquidity.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-05-15 — Filing Date (Filed as of date)
• 2023-12-31 — Previous Year End Date (Accounts receivable reference)
• 2024-01-01 — Q1 2024 Start Date (Revenue period)
• 2023-01-01 — Q1 2023 Start Date (Revenue period)

Key Players & Entities

• TOMI Environmental Solutions, Inc. (company) — Filer name
• U.S. Securities and Exchange Commission (regulator) — SEC
• FL (location) — State of incorporation
• MD (location) — Business address state
• Ozone Man, Inc. (company) — Former company name
• RPS GROUP INC (company) — Former company name
• DAUPHIN INC (company) — Former company name
• Elissa J Shane (person) — Executive agreements

FAQ

Industry Context

TOMI Environmental Solutions, Inc. operates in the industrial organic chemicals sector, focusing on environmental solutions.

Regulatory Implications

The company files reports in accordance with U.S. Securities and Exchange Commission (SEC) rules and regulations.

What Investors Should Do

1. Analyze the revenue trends for Q1 2024 compared to Q1 2023.
2. Examine the accounts receivable balance as of March 31, 2024.
3. Review any management commentary or disclosures regarding operational performance.

Key Dates

• 2024-03-31: Quarterly Report Period End — End of the first quarter of fiscal year 2024.
• 2024-05-15: Filing Date — Date the 10-Q was filed with the SEC.
• 2024-04-01: Previous 10-K Filing — Date the audited financial statements for fiscal year 2023 were filed.

Year-Over-Year Comparison

This filing is an interim report (10-Q) and should be read in conjunction with the previously filed audited financial statements for the year ended December 31, 2023.

Key Financial Figures

• $0.01 — ch registered Common stock, par value $0.01 per share TOMZ Nasdaq Capital Marke
• $1,310,000 — onths ended March 31, 2024 our loss was $1,310,000 and the cash used in operations was $1,
• $1,178,000 — 000 and the cash used in operations was $1,178,000. Absent any other action, the Company m

Filing Documents

• tomz_10q.htm (10-Q) — 915KB
• tomz_ex311.htm (EX-31.1) — 10KB
• tomz_ex312.htm (EX-31.2) — 9KB
• tomz_ex321.htm (EX-31.1) — 4KB
• tomz_ex322.htm (EX-31.2) — 4KB
• tomz_10qimg3.jpg (GRAPHIC) — 3KB
• 0001654954-24-006405.txt (&nbsp;) — 4902KB
• tomz-20240331.xsd (EX-101.SCH) — 50KB
• tomz-20240331_lab.xml (EX-101.LAB) — 304KB
• tomz-20240331_cal.xml (EX-101.CAL) — 49KB
• tomz-20240331_pre.xml (EX-101.PRE) — 255KB
• tomz-20240331_def.xml (EX-101.DEF) — 133KB
• tomz_10q_htm.xml (XML) — 721KB

Financial Statements

Financial Statements. 4 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. 28 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 53 Item 4

Controls and Procedures

Controls and Procedures. 53 PART II OTHER INFORMATION Item 1 Legal Proceedings. 54 Item 1A Risk Factors. 54 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds. 54 Item 3 Defaults Upon Senior Securities. 54 Item 4 Mine Safety Disclosures. 54 Item 5 Other Information. 54 Item 6 Exhibits. 55

SIGNATURES

SIGNATURES 56 EXHIBIT INDEX 57 2 Table of Contents FORWARD- LOOKING STATEMENTS This Quarterly Report on Form 10-Q, or this Form 10-Q, contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and we intend that such forward looking statements be subject to the safe harbors created thereby. For this purpose, any statements contained in this Form 10-Q, except for historical information, may be deemed forward-looking statements. You can generally identify forward-looking statements as statements containing the words "will," "would," "believe," "expect," "estimate," "anticipate," "intend," "assume," "can," "could," "plan," "predict," "should" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to projections of our future financial performance, trends in our businesses, or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. The forward-looking statements included herein are based on current expectations of our management based on available information and involve a number of risks and uncertainties, all of which are difficult or impossible to predict accurately and many of which are beyond our control. As such, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors, some of which are listed under the section "Risk Factors" in our most recent annual report on Form 10-K previously filed with the Securities and Exchange Commission on April 1, 2024. Readers should carefully review

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. TOMI ENVIRONMENTAL SOLUTIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS ASSETS Current Assets: March 31, 2024 (Unaudited) December 31, 2023 Cash and Cash Equivalents $ 1,093,219 $ 2,339,059 Accounts Receivable - net 2,115,691 2,429,929 Other Receivables 164,150 164,150 Inventories (Note 3) 4,645,885 4,627,103 Vendor Deposits (Note 4) 124,427 29,335 Prepaid Expenses 384,003 371,298 Total Current Assets 8,527,375 9,960,874 Property and Equipment – net (Note 5) 1,060,640 1,048,642 Other Assets: Intangible Assets – net (Note 6) 1,118,369 1,123,246 Operating Lease - Right of Use Asset (Note - 7) 451,514 467,935 Long Term Accounts Receivable - net 206,240 206,240 Other Assets 593,930 550,677 Total Other Assets 2,370,053 2,348,098 Total Assets $ 11,958,068 $ 13,357,614 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts Payable $ 1,351,118 $ 1,267,029 Accrued Expenses and Other Current Liabilities (Note 13) 472,525 675,491 Deferred Revenue 13,659 - Current Portion of Long-Term Operating Lease 118,911 115,658 Total Current Liabilities 1,956,213 2,058,178 Long-Term Liabilities: Long-Term Operating Lease, Net of Current Portion (Note 7) 612,017 642,527 Convertible Notes Payable, net of discount of $ 286,366 and $ 301,985 at March 31, 2024 and December 31, 2023, respectively (Note 9) 2,313,634 2,298,015 Total Long-Term Liabilities 2,925,651 2,940,542 Total Liabilities $ 4,881,864 $ 4,998,720 Commitments and Contingencies (Note 11) - - Shareholders' Equity: Cumulative Convertible Series A Preferred Stock; par value $ 0.01 per share, 1,000,000 shares authorized; 63,750 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 638 638 Cumulative Convertible Series B Preferred Stock; $ 1,000 stated value; 7.5 % Cumulative dividend; 4,000 shares authorized; none i

View Full Filing

View this 10-Q filing on SEC EDGAR