Tue, May 28, 9:14 PM (192 days ago)
Nika Pharmaceuticals, Inc.'s Q1 2024 financials indicate a challenging quarter. The company reported a net loss of $65,988, a significant increase from the $19,570 loss in Q1 2023, driven by higher general and administrative expenses. Cash flow from operations was negative at $150,007, compared to $19,570 in the previous year, reflecting increased activities related to recent mergers and acquisitions. The company secured $154,877 in loans from related parties, up from $23,165. Nika completed a merger with Nika BioTechnology, Inc., boosting its stake in Nika Europe Ltd. to 80%. The company also acquired new technologies and signed a supply agreement for production equipment, indicating future operational expansion. However, the company's accumulated deficit of $8,930,864 and lack of revenue raise substantial doubt about its ability to continue as a going concern. No off-balance sheet arrangements were reported, and the company acknowledged material weaknesses in its internal controls.