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Hypha Labs Inc Com (New) (FUNI+42.50%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, indicating no revenue was generated from continuing operations. The company reported an operating loss of $1,305,264, compared to an operating loss of $70,564 in the same quarter the previous year.
General and administrative expenses increased significantly to $1,025,111 from $14,743, primarily due to increased corporate overhead activities and issuance of Series C Preferred shares.
Professional fees for the quarter were $280,153, up from $55,821 in the previous year, reflecting increased corporate consulting services and legal fees.
Net loss from continuing operations was $1,339,641, compared to $140,981 in the previous year. The company reported no income from discontinued operations, whereas the previous year included $292,627 from such operations.
Cash used in operating activities was $7,952, compared to cash provided by operating activities of $64,697 in the previous year, reflecting the cessation of its lab testing business.
The company had cash of $36,583 as of December 31, 2024, with negative working capital of $1,294,879 and an accumulated deficit of $21,887,067, raising substantial doubt about its ability to continue as a going concern.
Hypha Labs completed the sale of its subsidiary Digipath Labs, Inc. on February 20, 2024, and is now focused on the development and commercialization of its Hypha Micropearl bioreactor for mushroom production.
The company plans to continue the design and testing of its bioreactor over the next nine months, with a goal to market the device by the end of 2025.
Hypha Labs is seeking additional capital to fund the development and initial launch of its bioreactor device, with plans to raise funds through equity or debt securities.
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) quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.