Thu, Nov 14, 7:34 PM (95 days ago)
Mycotopia Therapies, Inc. (MYCT) reported a significant decline in financial health for Q3 2024, with no revenue generated. The company recorded a net loss of $460,144 for the quarter and $1,356,761 for the nine months ended September 30, 2024, reflecting a 52% increase in losses compared to the same period in 2023. Operating expenses surged 133% year-over-year, primarily due to higher general and administrative costs and amortization expenses related to intangible assets acquired in late 2023. Cash reserves decreased from $279,134 at year-end 2023 to $202,358, while total liabilities rose significantly to $5,001,660, resulting in a working capital deficit of $4,798,602. The company’s accumulated deficit stood at $10,317,742 as of September 30, 2024. Management highlighted ongoing liquidity challenges, emphasizing reliance on debt and equity financing to sustain operations. The company has no off-balance sheet arrangements and is actively pursuing additional capital to address its financial instability, which raises substantial doubt about its ability to continue as a going concern.