Mon, Aug 19, 2:13 PM (148 days ago)
Biostax Corp. reported significant financial challenges for the quarter ending June 30, 2024. The company recorded a net loss of $780,595, slightly improved from a loss of $920,350 in the same period last year. Operating expenses increased by 16% to $288,466, primarily due to rising professional fees and the addition of new management personnel. Research and development costs plummeted by 66% to $11,575, reflecting a strategic shift in focus. The company faced severe liquidity issues, with negative cash of $49 and negative working capital of $5,308,241, raising substantial doubt about its ability to continue as a going concern. Total liabilities reached $5,308,193, against total assets of just $5,451, highlighting a precarious financial position. The outlook remains uncertain, as management is exploring options for capital infusion and strategic partnerships to fund operations and stabilize the balance sheet. Without additional funding, the company may need to modify its business strategy significantly.