Wed, Sep 25, 9:13 PM (87 days ago)
Novusterra Inc. reported significant financial developments for the quarter ending June 30, 2024. The company generated $181,240 in revenue from consulting services, marking a transition from no revenue in the previous year. However, it reported a net loss of $1,085,485, an increase from a loss of $329,223 in the same period last year, driven by a substantial loss on extinguishment of convertible debt amounting to $727,634. Operating expenses rose due to increased consulting fees and general administrative costs, reflecting the company's ongoing investments in developing graphene technology. Current liabilities surged to $1,213,316, primarily due to increased accounts payable and accrued expenses. Cash reserves improved to $106,865 from $18,804, indicating better liquidity. The company is navigating significant uncertainties, including ongoing losses and reliance on external funding for operational viability. Future operations may be impacted by the successful completion of contractual obligations and the capacity to raise additional capital, especially as it aims to meet milestones in its graphene production initiatives.