Thu, Jun 20, 10:05 AM (208 days ago)
Healthcare Integrated Technologies, Inc. reported a net loss of $598,881 for the nine months ended April 30, 2024, a significant improvement from the $1,107,521 loss in the same period in 2023. Revenue totaled $82,052, driven by a service agreement that ended April 1, 2024. Operating expenses decreased by 14% to $641,523, primarily due to reductions in officers' salaries and professional fees. Interest expense decreased by 89% following a debt refinance in June 2023. The company faces substantial doubt about its ability to continue as a going concern due to its history of losses and working capital deficit. To address this, it plans to finance future activities through equity sales and traditional financing. Notably, the company is involved in a lawsuit related to a loan guarantee, but management believes it will not materially affect the company.