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Alterola Biotech, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenues and operating expenses of $477,231, compared to $123,157 for the same period in the previous year. The increase in operating expenses is attributed to higher consulting, accounting, and legal fees.
The company reported a net loss of $799,193 for the three months ended September 30, 2024, compared to a net loss of $123,157 for the same period in 2023.
Alterola Biotech's balance sheet as of September 30, 2024, shows current assets of $1,147,024 and current liabilities of $3,615,314, resulting in a working capital deficit of $2,468,290.
Cash used in operating activities was $1,067,729 for the six months ended September 30, 2024, compared to $197,625 for the same period in 2023. The increase is primarily due to a higher net loss and changes in operating assets and liabilities.
Financing activities provided $1,322,869 during the six months ended September 30, 2024, mainly from related party notes and net proceeds from notes payable.
The company has not generated revenue since its inception and does not anticipate earning revenue until its products are marketed and sold.
The filing highlights the company's focus on developing cannabinoid and cannabinoid-like pharmaceuticals and the strategic acquisition of Phytotherapeutix Ltd and Ferven Ltd.
Alterola Biotech's management plans to continue financing operations through private or public placement of debt and/or equity securities. However, there is no assurance that additional funding will be secured.
The company acknowledges substantial doubt about its ability to continue as a going concern due to negative working capital and accumulated losses since inception.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Alterola Biotech Inc quarterly 10-Q report dated November 29, 2024. To report an error, please email earnings@qz.com.