Tue, Nov 19, 8:25 PM (14 days ago)
Bioethics, Ltd. (ticker: not specified) reported a challenging financial position for the quarter ending September 30, 2024, as outlined in its 10-Q filing. The company remains a shell entity with no active operations, reflecting an accumulated deficit of $1,406,547 and a working capital deficit of $862,933. During the nine months ended September 30, 2024, the company incurred a net loss of $128,668, compared to $72,746 in the same period of 2023. Revenues remained nonexistent, while general and administrative expenses surged to $89,483, up from $36,843 year-over-year. Cash and cash equivalents increased to $17,153 from $138 at the end of the previous year, primarily due to financing activities totaling $95,205, including preferred stock sales. However, total current liabilities rose to $880,086 from $776,403. The company is actively seeking a merger opportunity, specifically with SILQ Technologies, but faces substantial uncertainty regarding its ability to continue as a going concern. Management highlights the need for additional capital to sustain operations and pursue potential acquisitions, underscoring the precarious financial landscape facing Bioethics, Ltd.