Thu, Nov 14, 8:20 PM (29 days ago)
Imaging Diagnostic Systems, Inc. (IMDS) reported a net loss of $159,696 for Q1 FY2025, significantly higher than the $25,845 loss in the same quarter last year. The company generated revenue of $10,648, primarily from royalty income, a notable improvement from zero revenue in Q1 FY2024. Operating expenses surged to $149,741, up 2,757% compared to the prior year's $5,242, driven by increased legal and consulting fees related to regulatory filings and potential business opportunities. As of September 30, 2024, total liabilities reached $2,358,800, increasing from $2,183,639 at the end of Q4 FY2024, primarily due to rising related-party promissory notes. The company has a working capital deficiency of $2,343,094 and an accumulated deficit of $136,214,684, raising substantial doubt about its ability to continue as a going concern. Management is focused on seeking a reverse merger to enhance its financial stability, but uncertainties regarding funding and operational viability persist. The financial statements do not reflect potential adjustments due to these uncertainties. Overall, IMDS remains a shell company with no significant business operations.