In This Story
Innovative MedTech, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total assets of $1,278,836 and total liabilities of $6,304,538, resulting in a stockholders' deficit of $5,025,702.
For the three months ended September 30, 2024, the company recorded revenues of $428,384, a decrease from $480,708 in the same period the previous year.
Operating expenses increased to $1,255,128 from $627,515 in the prior year, primarily due to higher consulting and legal fees.
The company reported a net loss of $883,531 for the quarter, compared to a net loss of $165,063 in the previous year.
Cash and cash equivalents increased to $174,293 as of September 30, 2024, from $113,489 at the beginning of the period.
The company continues to face liquidity challenges, with management indicating that current cash levels are insufficient to fund operations through June 30, 2025.
Innovative MedTech is exploring additional financing options to support its operations and strategic goals.
The company is involved in legal proceedings related to its subsidiary SarahCare (IMTH-7.61%), including a lawsuit for breach of contract seeking $1,841,537 in damages.
The filing also notes material weaknesses in internal controls over financial reporting, which management is addressing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Innovative MedTech Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.