Forward Water Technologies Corp (TSX-V:FWTC) (FTWC) has filed its condensed consolidated unaudited financial statements and related management's discussion and analysis for the three and six months ended September 31, 2022, with both periods showing reduced losses.
The company also noted that significant progress has been made on the building of its mobile demonstration unit which is now 80% complete with an anticipated completion date of February 2023.
"The company continues to progress on its projected business plan and commercial development. Our focus remains on continued client engagement through the use of our expertise, technical resources, and providing access to our proprietary equipment platform," said Howie Honeyman, CEO of Forward Water in the results statement.
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The group said its net loss and comprehensive loss was $524,082 for the three months ended September 30, 2022, compared to a loss of $999,559 for the same period in 2021. The net loss and comprehensive loss for the six-month period ended September 30, 2022, was $1,066,048 compared to a loss of $1,565,544 for the same period in 2021.
Basic loss per share was $0.00 and $0.01 for the three and six months ended September 30, 2022, respectively, compared to $0.02 and $0.03 for the same three and six months in 2021. Total expenses were $605,179 for the three months ended September 30, 2022, and $1,165,118 for the six months ended September 30, 2022.
Forward Water Technologies is dedicated to saving the earth's water supply using its patented Forward Osmosis technology. The company was founded by GreenCentre Canada, a leading technology innovation centre supported by the government of Canada.
The company's technology allows for the reduction of challenging waste streams simultaneously returning fresh water for re-use or surface release. Its mandate is to focus on the large-scale implementation of its technology in multiple sectors, including industrial wastewater, oil and gas, mining, agriculture and ultimately municipal water supply and re-use market sectors. In addition, the company has initiated early-stage R&D for the treatment of food and beverage process streams.
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