Mon, Sep 30, 7:08 PM (90 days ago)
Imaging Diagnostic Systems, Inc. (IDSI) reported significant financial challenges for the fiscal year ending June 30, 2023. The company, now classified as a "shell company," terminated its CTLM® business due to ongoing operating losses, totaling $135.87 million since inception. For FY 2023, IDSI generated minimal revenue of $10.61k from royalties, with net losses of $390.82k, down from $665.33k in FY 2022. Operating expenses decreased 47% to $301.69k, driven by reduced consulting and administrative costs. Current liabilities rose to $2.10 million, reflecting increased accounts payable and related party loans. The company's cash position improved slightly to $1.09k, but negative working capital persisted at $2.07 million. Management's focus is now on identifying a viable merger opportunity to stabilize operations and potentially restore shareholder value, although substantial dilution is anticipated for existing shareholders. Risks include dependency on related party funding, lack of operational history, and regulatory compliance challenges. The company’s future hinges on securing financing and successfully executing a business combination, amidst a competitive landscape for acquisition targets.