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Hypha Labs Inc Com (New) (FUNI-1.13%) has submitted its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing reports that Hypha Labs completed the sale of its cannabis testing subsidiary, Digipath Labs, on February 20, 2024, marking its exit from the cannabis testing industry.
Hypha Labs is now focused on developing the Hypha Micropearl bioreactor, a home appliance designed to produce functional mushrooms. The company plans to commercialize this device by the end of 2025.
For the fiscal year ended September 30, 2024, Hypha Labs reported a net loss from continuing operations of $1,370,585, compared to a net loss of $681,655 in the previous year.
The company recorded a net income of $585,156 from discontinued operations, resulting in a total net loss of $785,429 for the year.
Hypha Labs' total current assets as of September 30, 2024, were $410,190, with current liabilities of $1,393,660, resulting in a working capital deficit of $983,470.
The company has filed two U.S. patent applications related to its bioreactor technology, which it believes will disrupt traditional methods of mushroom production.
Hypha Labs is seeking additional financing to support its operations and the development of its bioreactor, acknowledging substantial doubt about its ability to continue as a going concern.
The company plans to raise funds through equity or debt offerings to support the commercialization of its bioreactor device.
Hypha Labs' common stock is quoted on the OTCQB and OTCBB under the symbol 'FUNI', with a closing price of $0.026 as of January 10, 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hypha Labs Inc Com (New) annual 10-K report dated January 13, 2025. To report an error, please email earnings@qz.com.