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BioForce Nanosciences Holdings, 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 sales revenue from its BioForce Eclipse vitamin supplements for both the three and nine months ended September 30, 2024 and 2023.
Operating expenses for the three months ended September 30, 2024 totaled $122,024, compared to $113,607 for the same period in 2023, attributed to higher expenses from professional services.
Net loss for the three months ended September 30, 2024 was $122,024, compared to $113,607 in the previous year. For the nine months ended September 30, 2024, the net loss was $367,277, compared to $357,543 in 2023.
As of September 30, 2024, the company reported total assets of $1,635, consisting solely of cash, and total liabilities of $2,180,067, resulting in a working capital deficit of $2,178,432.
The company acknowledges its need for additional capital to continue operations and implement its business plan, with a commitment from its Chairman to advance funds as necessary.
The filing details related party transactions, including expenses paid by board members, and notes a material weakness in internal controls over financial reporting due to inadequate segregation of duties.
BioForce Nanosciences Holdings, Inc. does not expect recently issued accounting pronouncements to have a significant impact on its financial position or results of operations.
The company continues to focus on its mission to provide vitamins and nutritional supplements, with plans for a dynamic marketing campaign to increase brand awareness and sales.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BioForce Nanosciences Holdings Inc quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.