Mon, Sep 30, 7:12 PM (81 days ago)
Imaging Diagnostic Systems, Inc. reported significant financial challenges for the quarter ending September 30, 2023. The company remains a "shell" entity following the termination of its CTLM® breast imaging business due to insufficient financing and ongoing losses. For Q1 2024, total revenue was $0, consistent with the previous year, while operating expenses decreased to $5,242, a 95% drop from $96,722 in Q1 2023, largely due to reduced legal and consulting fees. The net loss for the quarter was $30,382, compared to $121,862 in the same period last year, reflecting a decrease in operational activity. Cash reserves dwindled to $184, with negative working capital of $2,100,761. Current liabilities slightly increased, driven by rising accounts payable. The company is exploring new business opportunities through potential reverse mergers but lacks definitive agreements. The absence of revenue and continued reliance on related-party loans raise substantial doubts about its ability to sustain operations without additional financing. Overall, Imaging Diagnostic Systems faces significant uncertainties regarding its future operations and financial viability.