10-Q - GOLDENWELL BIOTECH, INC. (0001800373) (Filer)

Tue, Nov 26, 4:26 PM (7 days ago)

Goldenwell Biotech, Inc. (GDWL) reported a challenging third quarter for 2024, ending September 30, with no revenue generated compared to $382 in Q3 2023. For the nine-month period, total revenue was $297, down from $2,080 in the previous year. The company sustained net losses of $23,065 and $103,962 for Q3 and the nine months, respectively, reflecting increased general and administrative expenses attributed to interest and audit costs. As of September 30, 2024, total assets decreased to $179,432 from $228,057 at year-end 2023, while total liabilities rose to $198,671, leading to a negative stockholder equity of $(19,239). Cash reserves dwindled to $4,755, raising concerns about liquidity and operational sustainability. The company’s future hinges on securing approximately $5 million for manufacturing setup and operations, which may involve equity financing, potentially diluting existing shareholders. The ability to continue as a going concern remains uncertain, given the lack of revenue and the need for substantial capital to advance its business plan.