In This Story
BioAdaptives, 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 revenue generated during the three-month period ended September 30, 2024, compared to $15,649 in the same quarter the previous year.
Operating expenses for the quarter increased to $121,941 from $96,863 in the previous year, primarily due to an impairment of inventory and patent.
The company reported a net loss of $37,649 for the quarter, compared to a net loss of $13,061 in the previous year.
For the nine months ended September 30, 2024, BioAdaptives reported a net loss of $527,373, compared to $444,165 in the same period the previous year.
The company had a working capital deficit of $1,805,361 as of September 30, 2024, compared to $1,662,072 as of December 31, 2023.
Cash used in operating activities was $148,979 for the nine months ended September 30, 2024, compared to $132,477 in the same period the previous year.
BioAdaptives plans to issue additional shares of common stock for cash and services during the next 12 months to mitigate the risk related to its going concern uncertainty.
The company acknowledged a material weakness in its internal control over financial reporting due to inadequate segregation of duties and insufficient written policies and procedures.
BioAdaptives continues to focus on marketing its natural plant and algal-based products and medical devices, with an emphasis on weight control, pain relief, anti-viral function, and anti-aging properties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bioadaptives Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.