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Healthcare Integrated Technologies Inc (HITC-12.95%). has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing no revenue generated during the period. The company reported a net loss of $1,266,436 for the three months ended January 31, 2025, compared to a net loss of $155,163 in the same period the previous year.
Operating expenses for the quarter totaled $1,248,736, an increase from $163,727 in the prior year. This increase is attributed to higher salaries, professional fees, and marketing expenses.
The company raised $6,998,900 in net proceeds from the sale of common stock during the six months ending January 31, 2025, which contributed to a significant increase in cash and cash equivalents.
Healthcare Integrated Technologies Inc. continues to focus on developing and marketing AI technology solutions for various sectors, including healthcare and education, with new product offerings such as SafeSchool™ and SafeFace™.
The company identified a deficiency in working capital of $6,145,835 as of January 31, 2025, compared to a deficiency of $799,938 at the end of the previous fiscal year.
The filing also notes that certain convertible promissory notes are currently in default, with management negotiating amendments to extend maturity dates.
Healthcare Integrated Technologies Inc. does not anticipate cash dividend payments to common stockholders in the near future.
The company has identified material weaknesses in its internal controls over financial reporting, which management is working to address.
Healthcare Integrated Technologies Inc. is committed to expanding its market presence and enhancing its product offerings to drive future growth.
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 March 14, 2025. To report an error, please email earnings@qz.com.