Tue, Nov 12, 3:06 PM (24 days ago)
Nika Pharmaceuticals, Inc. (NIKA) reported a net loss of $8,367 for Q3 2024, an improvement from a loss of $10,143 in Q3 2023. Revenue remained nonexistent across both periods. Operating expenses decreased to $8,367 from $10,143 year-over-year, primarily due to reduced general and administrative costs, which fell from $10,143 to $6,302. However, professional fees surged to $2,065 from zero, reflecting increased legal and accounting expenses. For the nine months ending September 30, 2024, the net loss was $83,339, compared to $57,519 in the same period of 2023. Operating cash flow was negative at $(126,629), up from $(57,519) year-over-year, indicating increased cash burn. Financing activities yielded $108,419 from related party loans, compared to $67,565 previously. The company's liquidity is concerning, with cash dropping to $1,386 from $19,596, raising doubts about its ability to continue as a going concern. The financial statements reflect significant operational challenges, with no revenue generation and substantial accumulated deficits of $8,915,160. Future operations hinge on successful capital raising and execution of strategic plans, particularly following a recent merger that increased its stake in Nika Europe, Ltd.