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Medicale Corp Com (MCLE-7.32%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing indicates that Medicale Corp is a development stage corporation with no revenue generated from its business operations. The company has reported a net loss of $58,213 for the fiscal year ended September 30, 2024, compared to a net loss of $37,138 in the previous year.
The company's total assets as of September 30, 2024, were $159, with total liabilities amounting to $99,092. The liabilities include a convertible note payable of $83,585.
The report highlights that the company has not commenced any operations and all activities to date have been focused on preserving cash and attempting to raise capital.
Medicale Corp's auditors have issued a going concern opinion, citing substantial doubt about the company's ability to continue as a going concern due to recurring losses and lack of revenue.
The company has a working capital deficit and is dependent on additional investment capital to fund its operating expenses.
Medicale Corp has not declared or paid any cash dividends on its common stock and does not anticipate doing so in the foreseeable future.
The company acknowledges a material weakness in its internal control over financial reporting, primarily due to a lack of segregation of duties and a limited corporate governance structure.
Medicale Corp's principal executive officer, Chen Zu De, holds 54% of the company's outstanding shares, enabling control over director elections and shareholder decisions.
The filing also notes that the company has not filed any federal income tax returns and has net operating loss carryforwards of $164,051.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Medicale Corp Com annual 10-K report dated January 14, 2025. To report an error, please email earnings@qz.com.