AgriFORCE Growing Systems Ltd. (AgriFORCE) reported its quarterly financial performance for the period ended June 30, 2024. The company generated revenue of $41,315 from the sale of hydroxyl generating devices, marking its first sales in this product category. Operating expenses saw a significant decrease, with a 60% reduction in the quarter and a 57% reduction for the six-month period compared to the previous year. This was attributed to reduced spending on mergers and acquisitions, lower staff headcount, and decreased share-based compensation, among other cost-cutting measures. Other expenses increased due to higher losses on debt extinguishment and conversion of convertible debt, partially offset by a decrease in accretion interest on debentures and a stabilization in the company's stock price. AgriFORCE's net...Show More

AgriFORCE Growing Systems Ltd. (AgriFORCE) reported its quarterly financial performance for the period ended June 30, 2024. The company generated revenue of $41,315 from the sale of hydroxyl generating devices, marking its first sales in this product category. Operating expenses saw a significant decrease, with a 60% reduction in the quarter and a 57% reduction for the six-month period compared to the previous year. This was attributed to reduced spending on mergers and acquisitions, lower staff headcount, and decreased share-based compensation, among other cost-cutting measures. Other expenses increased due to higher losses on debt extinguishment and conversion of convertible debt, partially offset by a decrease in accretion interest on debentures and a stabilization in the company's stock price. AgriFORCE's net loss for the six months was $7,559,799, an improvement from the $4,247,025 loss in the same period of the previous year. The company's cash position decreased slightly to $2,937,496 as of June 30, 2024. AgriFORCE continues to focus on organic growth and has initiated a share repurchase program. The company is also evaluating accretive M&A opportunities that complement its existing business and enhance its ESG footprint. AgriFORCE's business development includes the commercialization of its UN(THINK) Awakened Flour™ and the expansion of its hydroxyl clean room systems. Future plans involve expanding product distribution into Latin America and Asia, and leveraging blockchain technology for FinTech systems in agriculture.