Current Water’s revenues of $3,043,895 increased for the year ended December 31, 2023 as compared to $2,158,266 for the same period in 2022. This increase was due to the timing in the number of projects for both Current Water and Pumptronics and also the recognition of licensing fee received in the year. See Events note below and note 18 of the audited financial statements for the year ended December 31, 2023.
Project revenue for test units are normally recorded when risks and benefits of ownership are transferred, which is generally upon delivery. Receivables are normally due and payable within 30 days of delivery; however, management, in an effort to gain strategic relationships, may enter into a payment schedule with key customers who have an on-going relationship with Current Water and its technologies.
The net income for the year was $447,152, or approximately $0.002 per share, as compared to a net loss of $1,052,777, or approximately ($0.005) per share, in the prior year. Direct expenses include project materials, office salaries, labour, general overhead, professional consulting, travel, and a percentage of general and administrative costs. Direct expenses decreased from $2,027,085 in 2022 to $1,701,475 in 2023 due to timing of sales and technical staff, general overhead and professional consulting. General and administrative expenses include marketing, research and development, and accounting and auditor fees, as well as officer fees and public company expenses; these decreased from $636,100 for 2022 to $532,021 in 2023.
