Mon, Aug 19, 4:54 PM (148 days ago)
Bioethics, Ltd. reported a challenging financial position for the quarter ending June 30, 2024. The company remains a shell entity with no revenue generation, resulting in a net loss of $75,585, compared to $50,446 for the same period in 2023. General and administrative expenses increased significantly to $50,200 from $26,839 year-over-year, driven by legal and accounting fees. As of June 30, 2024, total current assets rose to $10,168 from $138, while current liabilities increased to $862,018, leading to a working capital deficit of $851,850. The company has accumulated losses of $1,353,464 since inception, raising substantial doubt about its ability to continue as a going concern. Cash flows from operations showed a net outflow of $38,920, with financing activities providing $48,950, primarily from loans. Looking ahead, the company is exploring merger opportunities, notably with SILQ Technologies, though no definitive agreements are in place. The lack of operations and reliance on external financing pose significant uncertainties for future performance.