10-Q - Medicale Corp. (0001827855) (Filer)

Tue, May 14, 4:11 PM (123 days ago)

Medicale Corp's quarterly report for the period ending March 31, 2024, highlights several key financial metrics and operational challenges. The company reported a net loss of $11,564 for Q1 2024, primarily driven by general and administrative expenses. This represents a significant increase from the $6,115 loss in Q1 2023. For the six-month period, the net loss was $30,871 compared to $14,829 in the previous year. Medicale Corp's balance sheet shows total assets of $159, unchanged from September 30, 2023. Current liabilities decreased to $12,962 from $40,879, largely due to the elimination of related party advances. However, long-term liabilities increased to $58,788, attributed to convertible notes issued during the period. The company's cash flow statement indicates no cash flow from investing activities, while operating activities used $58,788, primarily due to increased operating expenses. Financing activities provided $58,788, mainly from convertible notes. The company faces significant uncertainties, including its ability to continue as a going concern, given its accumulated deficit of $148,503 and lack of revenue generation. Future operations will heavily depend on raising additional capital and successful execution of its business plan.