10-Q - Klotho Neurosciences, Inc. (0001907223) (Filer)

Tue, Nov 19, 10:09 PM (24 days ago)

Klotho Neurosciences, Inc. (KLTO) reported significant financial changes for Q3 2024, with a net loss of $2,959,426 compared to $144,111 in Q3 2023, primarily due to increased operating expenses, particularly in share-based compensation, which surged from $100,000 to $1,990,366 year-over-year. For the nine months ending September 30, 2024, the net loss reached $4,083,109, up from $580,983 in the same period last year. The company's cash position improved to $50,895, but it still faces substantial liquidity challenges, reflected in a working capital deficit of $827,783. The company has not generated revenue and is reliant on future funding to sustain operations, raising concerns about its ability to continue as a going concern. Total assets increased to $2,464,199, while total liabilities dropped to $1,003,628, largely due to the conversion of debt into equity during the merger with Redwoods Acquisition Corp. Klotho is currently navigating compliance issues with Nasdaq regarding minimum share price and market capitalization requirements, which could impact its listing status. Future operations hinge on successful fundraising and product development.