Mon, Sep 16, 4:36 PM (96 days ago)
AccuStem Sciences, Inc. reported significant financial challenges for the quarter ended June 30, 2024, revealing a net loss of $278,225, a 25% improvement compared to $372,756 for the same period in 2023. For the six months, losses totaled $804,827, down 33% from $1,206,097 year-over-year. Key performance metrics indicated an increase in research and development expenses by 186% for the quarter, primarily due to patent and laboratory costs, while general and administrative expenses decreased by 34% due to cost-saving measures. As of June 30, 2024, the company held cash of $46,072, insufficient to sustain operations for the next 12 months without additional financing. Accumulated deficits reached $7,326,772. The company continues to rely on funding from related parties and is exploring equity financing options. The management emphasized ongoing operational uncertainties, including the need for substantial additional capital to support its research and development efforts. The company is actively pursuing partnerships and financing to mitigate these financial risks and advance its product development initiatives. The effectiveness of internal controls over financial reporting remains a concern due to resource limitations, which management is addressing through a remediation plan.