Thu, Nov 21, 6:37 PM (53 days ago)
Skinovation Pharmaceutical Incorporated (SKIN) reported its quarterly results for the period ending September 30, 2024, revealing significant financial challenges. The company has not generated any revenue since inception and continues to rely on external financing to sustain operations. As of September 30, 2024, cash reserves dwindled to $1,844 from $16,234 at year-end 2023. Total liabilities increased to $485,095, primarily due to rising accounts payable and accrued interest, while stockholders' deficit expanded to $483,251. Operating expenses surged to $4,890 for Q3 2024, up from $2,899 in Q3 2023, contributing to a net loss of $10,610 for the quarter, compared to $7,937 the previous year. The nine-month net loss reached $36,050, reflecting ongoing financial instability. Management acknowledges substantial doubt regarding the company's ability to continue as a going concern without securing a business combination or additional financing. Future operations depend on identifying suitable merger opportunities, which could involve significant risks and potential dilution of existing shares. The company remains classified as an emerging growth entity under the JOBS Act, allowing it to delay adopting certain accounting standards.