Wed, Oct 30, 9:10 PM (64 days ago)
For the quarter ending July 31, 2024, Eco Science Solutions Inc. (ESSI) reported no revenue, maintaining a net loss of $249,095, a decrease from $359,886 in the same period in 2023. Operating expenses totaled $229,924, down from $341,825, primarily due to reduced management and consulting fees and lower legal costs. The company continues to face significant financial challenges, with a working capital deficit of approximately $16 million and an accumulated deficit of $78 million. Cash flow from operations showed a net outflow of $138,980, while financing activities provided $141,619, mainly from related party loans. ESSI's total liabilities rose to $16.1 million, with substantial reliance on related party financing. The company remains in a precarious position, emphasizing the need for external capital to sustain operations and implement its business model focused on technology solutions for regulated industries. Future operational viability hinges on securing additional funding, with ongoing uncertainties regarding revenue generation and market conditions.