Fri, Jun 7, 8:31 PM (92 days ago)
Non-Invasive Monitoring Systems, Inc. (NIMS), a shell company, reported a net loss of $44,000 for Q3 2024 and $186,000 for the nine months ended April 30, 2024, compared to $39,000 and $158,000 losses in the same periods in 2023. The increase in losses was primarily due to higher interest expenses on related party notes payable and professional fees. General and administrative expenses remained relatively stable, showing only minor changes. The company faces substantial doubt about its ability to continue as a going concern, with an accumulated deficit of approximately $28.92 million and a working capital deficit of $213,000 as of April 30, 2024. NIMS had $64,000 in cash at the end of the period, insufficient to meet anticipated cash requirements for the next 12 months. NIMS is actively seeking potential mergers, acquisitions, and strategic collaborations to address its financial instability. The company also explores additional financing options through related party promissory notes. Despite the financial challenges, management believes the financial statements fairly present the company’s financial condition.