Fri, Jan 10, 10:12 PM (38 days ago)
Vicapsys Life Sciences, Inc. (VLS) reported no revenue for the third quarter ending September 30, 2024, maintaining a trend from the previous year. The company incurred a net loss of $235,507 for the quarter, totaling $752,670 for the nine months, reflecting an increase in operating expenses to $198,862 and $584,958, respectively, primarily due to rising professional fees. Cash and cash equivalents improved to $89,569 from $9,422, but significant liabilities remain, with current liabilities at $2,735,296 leading to a working capital deficit of $2,645,728. The company continues to face liquidity challenges and anticipates needing to raise at least $1 million to sustain operations over the next year. VLS is in default on several convertible notes and has yet to generate revenue from its product development efforts. Future operations hinge on securing additional funding, potentially through equity or debt financing, to advance clinical trials and meet regulatory requirements. The ongoing lack of revenue and substantial accumulated deficit of $17,052,745 raise substantial doubt about the company's ability to continue as a going concern.