Thu, Dec 12, 5:43 PM (64 days ago)
Point of Care Nano-Technology, Inc. (Ticker: PCNT) reported a net loss of $6,684 for Q1 2024, significantly improved from a loss of $13,155 in Q1 2023. Revenue remained at $0 for both periods. Total operating expenses decreased to $6,684 from $13,155, primarily due to reduced consulting and legal costs. For the six months ending January 31, 2024, the net loss was $12,993 versus $41,225 in 2023, reflecting a similar decline in operating expenses. As of January 31, 2024, cash reserves were $273, down from $498 at the previous reporting period, with an accumulated deficit of $120,991,891. The company faces substantial doubt regarding its ability to continue as a going concern, given its negative cash flow of $225 from operations. The recent acquisition of assets from Point of Care Nano-Technology, LLC, including proprietary saliva test technology, is expected to impact future operations positively. However, uncertainties remain regarding successful market entry and the company's financial health. The company continues to rely on external financing and has not yet achieved profitable operations.