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Goldenwell Biotech (GWLL0.00%), 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 for the three months ended September 30, 2024, compared to $382 in the same quarter the previous year.
General and administrative expenses for the quarter were $23,065, down from $35,406 in the same quarter of the previous year. The decrease was primarily related to a reduction in stock issuance expenses.
The company reported a net loss of $23,065 for the quarter, compared to a net loss of $35,406 in the previous year.
For the nine months ended September 30, 2024, the company recorded revenues of $297, down from $2,080 in the same period the previous year. General and administrative expenses increased to $104,111 from $97,131, primarily due to higher interest and accounting expenses.
Goldenwell Biotech reported a net loss of $103,962 for the nine months ended September 30, 2024, compared to a net loss of $96,096 in the previous year.
As of September 30, 2024, the company had a cash balance of $4,755 and total current liabilities of $1,198. The working capital balance was $(19,239).
The company plans to raise additional funds through debt or equity offerings to support its operations.
Goldenwell Biotech's management has identified substantial doubt about the company's ability to continue as a going concern due to its accumulated net loss of $1,331,643 since inception.
The filing also details related party transactions, including loans from the company's CEO, Shuang Liu, totaling $95,599 as of September 30, 2024.
Goldenwell Biotech does not have any off-balance sheet arrangements as of the end of the reporting period.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Goldenwell Biotech quarterly 10-Q report dated November 26, 2024. To report an error, please email earnings@qz.com.