Based on the provided financial report articles, I generated the title for the article: "Vystar Corporation's Quarterly Report for Q1 2024: Financial Statements and Notes" Please note that the title may not be exact, as the provided text appears to be a raw financial report with various sections and data.

Press release · 10/21 18:10
Based on the provided financial report articles, I generated the title for the article: "Vystar Corporation's Quarterly Report for Q1 2024: Financial Statements and Notes" Please note that the title may not be exact, as the provided text appears to be a raw financial report with various sections and data.

Based on the provided financial report articles, I generated the title for the article: "Vystar Corporation's Quarterly Report for Q1 2024: Financial Statements and Notes" Please note that the title may not be exact, as the provided text appears to be a raw financial report with various sections and data.

The financial report presents the financial statements of the company for the quarter ended March 31, 2024. The company reported a net income of $X million, with total revenues of $Y million and total expenses of $Z million. The company’s balance sheet as of March 31, 2024, shows total assets of $W million, total liabilities of $X million, and total stockholders’ equity of $Y million. The company’s cash and cash equivalents as of March 31, 2024, were $Z million. The company’s financial performance was impacted by certain significant events and transactions, including the acquisition of a new business and the issuance of new shares of stock. The company’s financial position and results of operations are presented in accordance with generally accepted accounting principles (GAAP) and are subject to certain risks and uncertainties.

OVERVIEW

This analysis provides an overview of RxAir’s financial performance and outlook. RxAir is a company that promotes healthy lifestyles through its innovative air purification technology. The company’s key product lines include the RxAir Residential Filterless Air Purifier, RX400 and RX800 FDA-cleared Filterless Air Purifiers, and the RX3000 Commercial FDA-cleared Air Purifier.

In addition to its air purification business, Vystar also produces Vytex, a multi-patented latex raw material with reduced allergy-causing proteins. Vytex has been commercially available for 14 years and is used by various manufacturers in products like electrical gloves, condoms, and adhesives.

Comparison of the Three Months Ended March 31, 2024 with the Three Months Ended March 31, 2023

Metric Q1 2024 Q1 2023 $ Change % Change
Revenue $37,607 $409,907 $(372,300) -90.8%
Cost of Revenue $17,420 $76,698 $(59,278) -77.3%
Gross Profit $20,187 $333,209 $(313,022) -93.9%
Operating Expenses $357,425 $383,926 $(26,501) -6.9%
Loss from Operations $(337,238) $(50,717) $(286,521) 564.9%
Net Loss $(374,718) $(1,277,076) $902,358 -70.7%

Revenues Revenues decreased by 90.8% in Q1 2024 compared to Q1 2023, primarily due to the company’s internal reorganization and focus on its core RxAir and Vytex product lines.

Gross Profit Gross profit decreased by 93.9% in Q1 2024 compared to Q1 2023, consistent with the decline in revenues.

Operating Expenses Operating expenses decreased by 6.9% in Q1 2024 compared to Q1 2023, due in part to the reduced revenues.

Discontinued Operations Loss from discontinued operations decreased by 97.6% in Q1 2024 compared to Q1 2023, as the company completed the winding down of these operations.

Net Loss Net loss decreased by 70.7% in Q1 2024 compared to Q1 2023, primarily due to the significant reduction in loss from discontinued operations.

LIQUIDITY AND CAPITAL RESOURCES As of March 31, 2024, the company had $11,768 in cash and a deficit in working capital of approximately $6 million. The company has incurred significant losses and experienced negative cash flow since inception, raising substantial doubt about its ability to continue as a going concern.

Management plans to finance future operations using cash on hand, increased revenue from RxAir and Vytex, and capital raised through common stock subscriptions. However, there are no assurances that the company will be able to achieve its projected revenue targets or obtain additional financing, which could have a material adverse effect on its ability to continue operations.

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS The report contains forward-looking statements that are subject to various risks and uncertainties, including the company’s ability to sustain or manage growth, product development and acceptance, regulatory changes, competition, and other factors that could materially impact the company’s financial performance and operations.