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Know Labs, Inc. has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing details the company's focus on the development of its proprietary sensor technology, which uses radio and microwave spectroscopy for non-invasive medical diagnostics, with an initial application in blood glucose monitoring.
For the fiscal year, Know Labs reported a net loss of $16,581,558, compared to a net loss of $15,289,167 in the previous year. The increase in net loss is attributed to higher selling, general, and administrative expenses.
Research and development expenses decreased to $6,114,121 from $7,727,467, reflecting reduced personnel and consultant costs.
Know Labs raised capital through several offerings, including a $4,800,000 convertible note with Lind Global Fund II, LP, and two registered securities offerings in August 2024, generating net proceeds of approximately $5.193 million.
The company reported cash and cash equivalents of $3,110,755 as of September 30, 2024, with a net working capital deficit of $2,052,624.
Know Labs acknowledges substantial doubt about its ability to continue as a going concern, citing the need for additional financing to support ongoing operations and technology development.
The company plans to seek further funding through equity and debt offerings to support its business operations and strategic goals.
Know Labs' stock is listed on the NYSE American under the symbol 'KNW', and the company is working to maintain compliance with listing requirements.
The filing also discusses potential risks, including regulatory challenges, market competition, and the need for FDA clearance for its medical diagnostic products.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Know Labs Inc. annual 10-K report dated November 14, 2024. To report an error, please email earnings@qz.com.