Mon, Sep 30, 7:28 PM (81 days ago)
Imaging Diagnostic Systems, Inc. (IDSI) reported a challenging fiscal year ending June 30, 2024, with no revenue generated compared to $10,610 in the previous year. The company has accumulated a significant net loss of $136,050,463 since inception, including a net loss of $176,649 for FY 2024. Operating expenses decreased to $76,662, down 75% from $301,689 in FY 2023, primarily due to reduced consulting and administrative costs. The firm remains a "shell company" following the termination of its CTLM® business due to financial constraints and is actively seeking new business opportunities through a reverse merger. Current liabilities increased slightly to $2,183,639, reflecting ongoing financial pressures. The company has no formal financing agreements in place, raising concerns about its ability to continue as a going concern. IDSI's future hinges on successfully securing financing and completing a merger, though substantial risks remain, including competition for acquisition targets and dependency on related party financing. The company's stock is classified as a "penny stock," complicating liquidity and trading prospects.