Fri, Dec 13, 2:16 PM (33 days ago)
For the three months ended October 31, 2024, Healthcare Integrated Technologies, Inc. (ticker: HIT) reported a net loss of $684,138, significantly higher than the $228,500 loss in the same period of 2023. The increase in operating expenses, totaling $670,201, was primarily driven by higher salaries, professional fees, and stock-based compensation, which surged to $256,382 from $21,942 year-over-year. The company generated no revenue during the quarter, continuing to develop its healthcare technology solutions, including the SafeSpace™ product. Cash flow from operations was negative at $378,667, contrasting with a slight positive cash flow of $3,049 a year earlier. However, financing activities provided a substantial $2,216,767, largely from common stock sales, enhancing current assets to $2,266,684, up from $222,584 at the previous fiscal year-end. Current liabilities decreased to $944,223, improving working capital to $1,322,461. Despite improved liquidity, the company faces ongoing uncertainties, including a history of losses and reliance on external financing. The report includes a "Going Concern Qualification," indicating substantial doubt about the company's ability to continue operations without additional funding. Future operations will depend on successful product development and market acceptance.