Thu, Aug 15, 7:15 PM (152 days ago)
Medicale Corp. reported a net loss of $10,461 for Q2 2024, up from a loss of $8,537 in Q2 2023, primarily driven by increased general and administrative expenses. For the nine months ending June 30, 2024, the total net loss reached $41,332, compared to $22,911 in the same period last year. The company has not generated revenue since ceasing operations on January 1, 2023, and continues to face significant financial challenges, reflected in an accumulated deficit of $158,964. Total assets remain minimal at $159, comprised entirely of cash. Current liabilities decreased to $14,135, but long-term liabilities surged to $68,076 due to a new convertible note payable. Cash flows from operating activities were negative, totaling $68,076 for the nine months ended June 30, 2024. The company anticipates needing additional capital for operations, reliant on future equity or debt financing. There are concerns regarding the company’s ability to continue as a going concern without securing further funding. Overall, the financial outlook remains uncertain, with no immediate plans for revenue generation.