Puradyn Filter Technologies Incorporated filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K, disclosing a net loss of $1,686,641 on $1,526,429 of net sales for the year ended Dec. 31, 2019, compared to a net loss of $216,382 on $4,203,556 of net sales for the year ended in 2018.
The audit report of Liggett & Webb, P.A. states that the Company has experienced net losses since inception and has relied on stockholder loans to fund its operations. The Company has a working capital deficit and an accumulated deficit. These factors raise substantial doubt about the Company’s ability to continue as a going concern.
The Company’s balance sheet at Dec. 31, 2019, showed total assets of $2,238,747, total liabilities of $12,901,621, and a total stockholders’ deficit of $10,662,874.
A copy of the Form 10-K is available at:
Puradyn Filter Technologies Incorporated designs, manufactures, markets, and distributes bypass oil filtration systems for use with internal combustion engines and hydraulic equipment that use lubricating oil worldwide. The company offers its products under the Puradyn brand name. Its Puradyn system cleans oil by providing a second circuit of oil filtration and treatment to continually remove solid and liquid contaminants from the oil through a filtration and absorption process. The company also manufactures replacement filter elements for the Puradyn system. Its products are marketed to various industries that include hydraulic applications, and other users of engines or equipment that utilize up to 50 weight oil for lubrication. The company sells its products directly, as well as through manufacturer’s representatives, distributors, or other agents to OEMs, other distributors, and national accounts. It serves oil and gas services, power generation, construction and forestry, commercial marine, mining, and transportation industries. The company was founded in 1987 and is based in Boynton Beach, Florida.