Mon, Sep 30, 7:22 PM (81 days ago)
Imaging Diagnostic Systems, Inc. (IDSI) reported no revenue for the quarter ended March 31, 2024, maintaining a trend of operational inactivity following the termination of its CT scanner business in 2023. The company incurred a net loss of $29,458 for the quarter, a decrease from $41,390 in the previous year, reflecting reduced operational expenses. Total operating expenses were $9,079, down 57% year-over-year due to significant cuts in general and administrative costs. As of March 31, 2024, IDSI's total assets decreased to $10,367 from $21,751, with cash reserves declining to $281. Current liabilities increased slightly to $2,166,445, driven by rising accounts payable. The company’s accumulated deficit reached $135,968,525, raising concerns about its ability to continue as a going concern without securing additional financing or completing a merger. Management is actively seeking new business opportunities through a reverse merger, although no definitive agreements have been reached. The lack of viable revenue-generating operations and reliance on related party loans underscore ongoing financial uncertainties.