Mon, Sep 30, 7:17 PM (81 days ago)
Imaging Diagnostic Systems, Inc. reported significant financial distress for the quarter ending December 31, 2023. The company remains a shell entity, having terminated its CTLM® business due to ongoing operating losses and a lack of financing. Key financial metrics reflect no revenue generation during the quarter, with total operating expenses of $5,258, a drastic decrease from $108,360 in the same period last year. The net loss for the quarter was $30,396, a reduction from $133,498 year-over-year. Current assets plummeted to $142 from $1,088, while total liabilities increased slightly to $2,136,838, primarily due to rising accounts payable. The company has a working capital deficiency of $2,126,620 and an accumulated deficit of $135,934,592, raising substantial doubt about its ability to continue as a going concern. Management is focused on identifying potential merger opportunities to revitalize operations. However, the lack of definitive agreements and continued reliance on related-party loans raises uncertainties regarding future operations and capital needs. The financial statements do not account for potential adjustments related to these uncertainties.