Thu, Aug 29, 6:58 PM (138 days ago)
Cell MedX Corp. reported a challenging fiscal year ending May 31, 2024, with no revenue generated, a stark decline from $2,762 in the previous year, primarily due to the suspension of sales activities following the cancellation of its Health Canada licenses. Operating expenses decreased by 40.1% to $268,352, driven by reduced research and development spending, which was recaptured to $22,539 as the company halted further development of its eBalance® technology due to funding constraints. The net loss narrowed significantly to $142,486 from $495,042, aided by a gain of $187,517 from debt forgiveness. The company’s working capital deficit improved to $826,455, with total liabilities reduced by 64.9%. Significant debt conversions were executed, including $1,622,693 settled for equity, resulting in a substantial increase in shares outstanding. The company continues to seek additional financing to support operations and research, facing substantial risks due to its financial condition and competitive market landscape. The management emphasizes the need for strategic partnerships or financing to stabilize and advance its operations in the biotech sector.