10-Q - Stimcell Energetics Inc. (0001493712) (Filer)
Tue, Jan 14, 9:27 PM (27 days ago)
Stimcell Energetics Inc. (OTC: STML) reported a significant decline in financial health for the quarter ending November 30, 2024. The company recorded a net loss of $139,508, a 130.4% increase from the previous year, contributing to a total accumulated deficit of $10,501,690. Operating expenses surged by 207.1% to $130,698, primarily due to a substantial foreign exchange loss attributed to the Canadian dollar's depreciation and the introduction of management fees totaling $45,000. Cash flow from operations was negative at $39,436, with no revenue generated during the period. The company’s current liabilities rose to $1,021,051, leading to a working capital deficit of $982,705. Despite borrowing $30,000 from related parties to fund operations, management expressed uncertainty regarding future operations and the company's ability to sustain itself without additional financing. The completion of a 1-for-15 reverse stock split and a name change from Cell MedX Corp. to Stimcell Energetics Inc. were also notable developments. The company remains in a precarious position, heavily reliant on continued financial support from shareholders and potential new financing sources to navigate its operational challenges.