Tue, Nov 19, 9:56 PM (87 days ago)
Neuralbase AI Ltd. (ticker: N/A) reported significant financial changes for the quarter ending September 30, 2024. The company generated no revenue during the quarter, maintaining a trend from the previous year. Operating expenses rose to $17,505, up from $11,950, primarily due to increased professional fees. However, the company reported a net income of $2,070,004, a substantial improvement from a net loss of $14,292 in the same quarter last year, largely attributed to a $2,092,457 gain from the forgiveness of accrued liabilities. For the nine months ending September 30, 2024, the company incurred total operating expenses of $57,260, significantly lower than $247,419 in the prior year. The net income for this period was $1,302,773 compared to a loss of $253,886, reflecting improved financial management and reduced liabilities. Despite these positive indicators, Neuralbase faces liquidity challenges, with total current liabilities of $638,556 and no current assets. The company emphasizes the need for external funding to sustain operations, raising concerns about its ability to continue as a going concern. The completion of an asset purchase agreement for proprietary AI technology, valued at $720,000, marks a strategic move, although it resulted in a loss recorded in the financials.