CurrentWater Technologies Inc. Due Diligence Report
Tickers:TSXV: WATR | OTC: ENPRF
Price: $0.035 CAD | $0.03 USD
Common Shares 212,275,038
Warrants: 57,150,500 @ $0.06 CAD
Options: 22,450,000 @ $0.06 CAD
Insider Holdings: 41,214,638 or 19.4%
Website: www.currentwatertechnologies.com
CompanyDescription
Current Water Technologies Inc. wasincorporated on February 15, 1996 under the laws of the Province of Ontario.The company provides innovative patented and proprietary technologies for thetreatment of ammonium in municipal and industrial waste water and the resultingproduction of green hydrogen gas; the safe transport, storage and husbandry offresh water and sea water animals; and the production of high purity water forthe energy, pharmaceutical and microelectronics industries.
In January 2018 Current Water Technologies Inc.acquired Pumptronics Incorporated, which operates as a division of the Companyand functions as an integrated pump station manufacturer specializing in customdesign and automation.
Together, Current Water Technologies Inc. andPumptronics Incorporated (“Current Water” or “the Company” or “theCorporation”) can provide increased breadth and depth of technical services andmanufacturing capabilities around the world.
2023Performance
Revenue: $3,239,770
Profit: $804,125
BalanceSheet
Total Assets: $1,400,212 (Cash - $378,623)
Total Liabilities: $1,093,130
ManagementDiscussion Highlights
OverallperformanceCurrent Water continues to focus on marketingand business development efforts during the current year via establishment ofstrategic alliances and non-exclusive and exclusive distributorships. TheCompany is currently marketing its technologies in North America, Australia,Asia, Europe, the Middle East, South America and Africa.
Current Water’s revenue of $1,545,699 increasedfor the quarter ended September 30, 2023 as compared to $1,447,152 for the sameperiod in 2022. This increase was due to the timing in the number of projectsfor both Current Water and Pumptronics.
Subsequent Events
October 18, 2023, The Company provideshareholders and supporters with the following corporate update.
In-house Interactive Pilot Scale InvestigativeStudiesCurrently, CWTI is conducting stage 1 in-house pilotscale investigative studies for several municipal and industrial clients. Forour clients these studies are an important proof of concept step prior toadopting our innovative technologies. Our interactive program format enablesclient participation following completion of the optimization stage of the testprogram. Successful investigative studies should lead to an On-sitePilot/Demonstration Project and subsequently, a commercial installation.
Aquaculture ActivitiesIn the third quarter, CWTI received a purchaseorder for four additional AmmEL-Aqua ammonia treatment systems. The systems arescheduled to be delivered during the fourth quarter 2023. CWTI is optimisticthat sales of AmmEL-Aqua systems will significantly increase in 2024 as ourpartners launch their innovative, best-in-class service for transport andstorage of live aquatic animals utilizing container equipped with BlueVitaTechnology.
Pumptronics ActivitiesFollowing a busy first quarter, sales wererelatively quiet during the second quarter. However, the sales and design teamwas very active with the submission of fifteen quotations primarily for largeto medium flood control/irrigation pumping systems. August 2023, a purchaseorder was received for a large flood control pumping system, as well as thosefor multiple smaller systems. Multiple sales for large to midsize pumpingstations are anticipated during the final quarter of 2023.
