Thu, Sep 26, 10:01 AM (86 days ago)
Integral Technologies, Inc. reported a net loss of $1,634,248 for the fiscal year ending June 30, 2023, an increase from $1,379,207 in the previous year. Revenue remained minimal at $40,000, primarily from licensing agreements. Operating expenses rose to $384,997, driven by increased professional fees and interest expenses, which totaled $1,289,251 due to growing debt and new promissory notes. The company has approximately $7,000,000 in outstanding debt and continues to face substantial doubt about its ability to operate as a going concern. Integral is pursuing strategic alternatives, including potential business combinations, but has not identified any viable targets. Recent developments include a termination agreement with Pivotal Battery Corp., which releases the company from obligations under a previous asset purchase agreement, while Pivotal will issue 2,000,000 shares to shareholders. The company’s financial position reflects significant liabilities, including convertible debentures and loans, and it lacks a clear revenue-generating business model. Future operations depend on securing additional capital or successful business combinations, as existing revenues are insufficient to cover operational costs.