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Healthcare Integrated Technologies Inc (HITC). has submitted its Form 10-Q filing for the quarterly period ended October 31, 2024.
The company reported no revenue for the quarter as it continues to develop and evaluate its healthcare technology solutions. The primary offerings include SafeSpace™ with AI Vision™, SafeFace™, and SafeGuard™, which focus on fall detection, time and attendance reporting, and elopement detection, respectively.
Operating expenses for the quarter increased significantly to $670,201 from $215,656 in the same period the previous year. This increase was driven by higher officers’ salaries, contract labor, professional fees, and advertising and marketing expenses.
Stock-based compensation expenses also rose to $256,382 from $21,942, reflecting the amortization of new restricted stock awards. The company recorded an impairment charge of $15,678 related to certain patent applications.
Interest expense for the quarter was $13,937, up from $12,844 in the previous year, due to an increase in outstanding debt.
The company reported a net loss of $684,138 for the quarter, compared to a net loss of $228,500 in the previous year. The increase in net loss is attributed to higher operating and stock-based compensation expenses.
As of October 31, 2024, Healthcare Integrated Technologies had current assets of $2,266,684 and current liabilities of $944,223, resulting in a working capital surplus of $1,322,461.
The company raised $2,452,000 in net proceeds from private sales of common stock during the quarter to support its operations and product development efforts.
Healthcare Integrated Technologies acknowledges substantial doubt about its ability to continue as a going concern due to its history of losses and reliance on external financing. The company plans to finance future development and working capital needs through equity sales and other financing sources.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Healthcare Integrated Technologies Inc quarterly 10-Q report dated December 13, 2024. To report an error, please email earnings@qz.com.