Tue, Nov 19, 7:15 PM (90 days ago)
Innovative MedTech, Inc. (IMTH) reported a significant decline in financial performance for the quarter ended September 30, 2024, with revenues of $428,384, down 10.9% from $480,708 in Q3 2023. Operating expenses surged to $1,255,128, a 100.02% increase attributed to higher consulting and legal fees, resulting in a net loss of $883,531 compared to a loss of $165,063 year-over-year. The company holds total assets of $1,278,836 against liabilities of $6,304,538, leading to a stockholders' deficit of $5,025,702. Cash flow remains a concern; as of September 30, 2024, cash available for operations was only $174,293, insufficient to meet operational needs through mid-2025. The company is exploring additional funding options, though there is no assurance of success. Additionally, the company faces legal challenges, including lawsuits related to unpaid royalties and lease disputes, which could further impact its financial health. The report underscores the need for immediate capital to sustain operations amid rising costs and declining revenues.