Cancer Capital Corp (CNCL) reports earnings

The report was filed on November 21, 2024

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Cancer Capital Corp (CNCL) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.

The filing reveals that the company has not recorded any revenues from operations since its inception. Total operating expenses for the nine months ended September 30, 2024, were $16,546, compared to $11,498 for the same period in the previous year.

The company reported a net loss of $34,211 for the nine months ended September 30, 2024, compared to a net loss of $28,623 for the same period in 2023. The net loss for the third quarter of 2024 was $8,436, slightly lower than the $8,608 recorded in the third quarter of 2023.

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Total liabilities increased to $487,713 as of September 30, 2024, from $465,549 as of December 31, 2023. This increase is primarily due to accrued interest and accounts payable related to notes payable and services provided by a stockholder.

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The company has limited assets, with cash decreasing to $4,109 as of September 30, 2024, from $16,157 at the end of 2023. The company continues to rely on financing from related parties and third parties to cover operational expenses.

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Cancer Capital Corp is classified as an emerging growth company under the Jumpstart Our Business Startups Act of 2012. The company plans to acquire or merge with an operating company to generate revenue.

The report indicates that the company has not engaged in any discussions regarding a business combination. Any potential business combination may involve a financially unstable company or an entity in its early stages of development.

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The company acknowledges the risks associated with its current financial condition and the need for additional capital to pursue business opportunities. The issuance of additional shares may result in dilution for current stockholders.

Cancer Capital Corp's management has identified a deficiency in its disclosure controls and procedures due to a lack of personnel to ensure the completeness and accuracy of information. This deficiency is expected to persist until a merger or acquisition occurs.

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This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cancer Capital Corp quarterly 10-Q report dated November 21, 2024. To report an error, please email earnings@qz.com.