WOODINVILLE, WA / ACCESSWIRE / November 14, 2022 / CarbonMeta Technologies Inc. (OTC PINK:COWI) today announced its financial results for the third quarter ended September 30, 2022.
During the six months ended September 30, 2022 (the "2022 Period"), the company realized $69,542 gross revenues compared to gross revenues of $0 during the six months ended September 30, 2021 (the "2021 Period"). Gross revenues in the 2022 Period were higher compared to the 2021 Period as the Company realized its first customer sales since the company was re-launched in 2021. Gross profits increased to $61,600 during the 2022 Period compared to $0 during the 2021 Period.
Operating expenses were $650,465 for the 2022 Period compared to $252,241 for the 2021 Period. Legal and Professional Fees and General and Administrative expenses increased in order to establish sales and operations, and to complete an audit in preparation for the company's SEC Form 1 that was filed on July 28, 2022 and subsequently amended. Loss from operations was $588,865 for the 2022 Period compared to $252,241 for the 2021 period.
Total other income was $185,918 during the 2022 Period compared to Total other income of $2,013,352 in the 2021 Period. Other income (expense) is comprised primarily of gain on derivatives, amortization of debt discount, deferred finance costs, accrued interest on notes payable, and loss on extinguishment of debt. The change in derivative liabilities for the 2022 Period was a gain of $981,881 compared to $2,561,820 for the 2021 Period.
Interest expense, net for the 2022 Period was $788,963 compared to $697,571 for the 2021 Period. The increase in interest expense is principally a result of accrued interest on existing borrowings and additional borrowings made in 2022.
Net loss for the 2022 Period was $402,947 compared to net income of $1,761,111 for the 2021 Period. The change in net loss/gain is primarily due to a smaller net gain on the change in derivative liabilities, principally because the company extinguished $5,217,492 of variable rate convertible debt in exchange for 2,750,000,000 shares of common stock in 2021.
"During the second quarter, CarbonMeta completed its first plastics waste to hydrogen pilot project and confirmed that its EarthCrete Cementless Concrete is carbon-negative," said Lloyd Spencer, Chairman and CEO of CarbonMeta Technologies. "In the coming year, CarbonMeta plans to work with strategic partners to launch pilot projects that can generate economically sustainable hydrogen and high-value carbon products; and to deliver carbon-negative building products that can capture atmospheric CO2."
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About CarbonMeta Technologies Inc.
About CarbonMeta Research
CarbonMeta Technologies (OTC PINK:COWI) is an environmental research and development company that is commercializing technologies for processing organic wastes into hydrogen and high-value carbon products economically and sustainably. CarbonMeta Technologies is an environmental research and development company that commercializes the processing of industrial and organic waste materials to produce hydrogen and high-value carbon products economically and sustainably. The company is based in Woodinville, Washington, and has several subsidiaries, each with its own focus on high-value solutions for environmental sustainability. For more information about CarbonMeta Technologies and its subsidiaries, please visit www.CarbonMetaTech.com.
CarbonMeta Research Ltd are a wholly owned subsidiary of CarbonMeta Technologies, Inc. is a research and development group that is focused on processing organic wastes using patented technologies and generating economically sustainable hydrogen and high-value carbon products such as graphite, graphene, and carbon nanotubes. CarbonMeta Research has been working with researchers from Cardiff University and University of Oxford on commercializing a microwave catalysis process for processing mixed waste plastics. For more information about CarbonMeta Research, please visit www.CarbonMetaResearch.co.uk, or call +44 (1865) 257222.
Forward-Looking Statement
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The ability of the Company to complete and file its Fiscal Year 2022 annual report on Form 10K relies on third parties to complete their activities. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include among others, the inherent uncertainties associated with smaller reporting companies, including without limitation, other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
CONTACT INFORMATION
Mark Duiker
CarbonMeta Technologies Investor Relations
(844) 698-3777, option 3
Investor@CarbonMetaTech.com
Becca Hesketh
Higginson Strategy
+44 (7927) 616779
rebecca@higginsonstrategy.com
SOURCE: CarbonMeta Technologies, Inc.
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