Wed, Nov 13, 6:51 PM (89 days ago)
Nexscient, Inc. (NEXS) reported no revenue for the quarter ending September 30, 2024, consistent with the previous year, as the company remains in the development stage of its subscription-based condition monitoring solution. Operating expenses decreased by 48% to $127,630, primarily due to reduced stock-based compensation, while net loss narrowed to $127,630 from $243,118 year-over-year. The company holds $151,445 in cash and an accumulated deficit of $1,158,988, raising concerns about its ability to continue as a going concern without additional financing. Cash used in operating activities was $104,359, slightly lower than the prior year's $113,129. Financing activities generated $180,000 from convertible debentures, contrasting with $346,798 from equity sales in the same quarter last year. The company plans to rely on further equity sales and debt to fund operations, but there is no assurance of success in these efforts. Management identified material weaknesses in internal controls, citing limited personnel and lack of an audit committee. Overall, Nexscient faces significant uncertainties regarding future operations and financing.