Wed, Aug 14, 6:23 PM (153 days ago)
The Coretec Group Inc. reported significant financial challenges for the quarter ending June 30, 2024. The company recorded no revenue, consistent with the previous year, while total expenses decreased to $334,335 from $480,090. This reduction was primarily driven by lower research and development costs, which fell from $121,445 to $59,801, and a decrease in general and administrative expenses from $305,796 to $234,753. Despite these reductions, the company reported a net loss of $334,224, compared to a loss of $474,295 in the prior year. As of June 30, 2024, Coretec's cash reserves dwindled to $4,437, with negative working capital of $1,308,836. The company utilized $674,175 in cash for operating activities, a slight improvement from the prior year's usage. The financial outlook remains uncertain, with substantial doubt regarding its ability to continue as a going concern without securing additional capital. Future operations hinge on the successful completion of a share exchange agreement with Core Optics, anticipated to provide necessary funding. The company is actively exploring revenue opportunities in battery technology and silicon-based materials.