Mon, Aug 19, 1:23 PM (148 days ago)
For the quarter ending June 30, 2024, BioAdaptives Inc. reported a net loss of $183,017, an increase from the $143,917 loss in the same quarter of 2023. Revenue decreased to $675, primarily due to tighter margins from wholesale sales, compared to $2,339 a year prior. Operating expenses surged to $93,407, driven by inventory impairments and increased professional fees. Cash reserves dwindled to $235, with total current assets plummeting to $8,735 from $88,557. Total liabilities increased to $1,930,447, reflecting ongoing financial strain and a working capital deficit of $1,921,712. The company continues to face significant challenges in raising capital and achieving profitability, raising doubts about its ability to operate as a going concern. Management plans to issue additional shares to mitigate cash flow issues, but uncertainties remain regarding future financing and operational viability. The company aims to expand its product offerings and marketing efforts, particularly in the nutraceutical and medical device sectors, but has yet to see substantial revenue generation.