AgriFORCE Growing Systems Ltd. (AgriFORCE) reported its financial performance for the quarter ended September 30, 2024. The company generated revenue from the sale of 8 hydroxyl generating devices, totaling $41,315. This marks the company's first revenue from product sales, as there were no sales in the same period of the previous year. Operating expenses increased by $3,974,421 or 244% year-over-year, primarily due to a $4,137,271 intangible asset impairment related to the Manna patent. Other significant changes in operating expenses included increases in consulting, office and administrative expenses, and research and development, partially offset by decreases in professional fees, wages and salaries, and share-based compensation. Other expenses increased due to a higher loss on conversion of convertible debt and a loss on long-term...Show More

AgriFORCE Growing Systems Ltd. (AgriFORCE) reported its financial performance for the quarter ended September 30, 2024. The company generated revenue from the sale of 8 hydroxyl generating devices, totaling $41,315. This marks the company's first revenue from product sales, as there were no sales in the same period of the previous year. Operating expenses increased by $3,974,421 or 244% year-over-year, primarily due to a $4,137,271 intangible asset impairment related to the Manna patent. Other significant changes in operating expenses included increases in consulting, office and administrative expenses, and research and development, partially offset by decreases in professional fees, wages and salaries, and share-based compensation. Other expenses increased due to a higher loss on conversion of convertible debt and a loss on long-term investment related to RCS, partially offset by a decrease in accretion interest on debentures. The company's net loss for the quarter was $5,847,365, compared to a net loss of $3,493,053 in the same period last year. AgriFORCE's business development included the acquisition of RCS assets, expanding its product line with hydroxyl generating systems. The company also outlined plans to commercialize its UN(THINK) Awakened Flour™ and expand its distribution network for hydroxyl devices into Latin America and Asia. Future plans include leveraging blockchain technology for FinTech systems to support commercial farmers and advancing the commercialization of RCS clean room systems.