Mon, Aug 19, 1:45 PM (148 days ago)
For the quarter ended June 30, 2024, RetinalGenix Technologies Inc. reported no revenue, continuing its trend since inception. Operating expenses surged to $662,673, a 89% increase from the same quarter in 2023, primarily driven by a 169% rise in stock-based compensation and a 207% increase in general and administrative expenses. The net loss for the quarter was $663,633, compared to $352,143 in Q2 2023, reflecting ongoing financial strain. As of June 30, 2024, the company’s total assets were $87,019, with liabilities of $1,898,342, leading to a stockholders' deficit of $1,811,323. The company has accumulated losses of approximately $13.92 million, raising significant doubts about its ability to continue as a going concern. Cash flow activities showed a net cash used in operating activities of $308,614, offset by $395,527 from financing activities, including stock option exercises and advances from related parties. The company anticipates needing $12.2 million to support product development and regulatory submissions. Future operations remain uncertain, heavily reliant on additional capital, which may not be available on favorable terms.