Fri, Jun 28, 9:09 PM (115 days ago)
GlobeStar Therapeutics Corporation's Form 10-Q for the quarter ended March 31, 2024, reveals ongoing financial challenges. The company reported no revenue, with a net loss of $174,962 for Q1 2024, up from $150,237 in Q1 2023. General and administrative expenses increased to $167,583 from $142,059, primarily due to higher professional fees. Interest expense decreased slightly to $7,379. The company’s cash position remains critical, with no cash on hand and negative working capital of $1,468,649. Financing activities provided $55,184, mainly from convertible notes and stock subscriptions. Management highlights substantial doubt about the company's ability to continue as a going concern without additional capital. Future plans include raising funds through equity and debt to support clinical trials and operational costs.