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Mycotopia Therapies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $460,144 for the three months ended September 30, 2024, compared to a net loss of $308,700 in the same quarter the previous year.
Operating expenses for the quarter increased to $385,257 from $165,421 in the previous year, primarily due to increased amortization expense from intangible assets and product development costs.
Interest expense for the quarter decreased to $74,887 from $143,279, primarily due to reduced debt discount amortization.
For the nine months ended September 30, 2024, Mycotopia reported a net loss of $1,356,761, compared to $890,386 in the previous year.
Operating expenses for the nine months increased to $1,137,539 from $427,785, driven by amortization of intangible assets and increased product development costs.
Interest expense for the nine months decreased to $219,222 from $462,601, reflecting less debt discount amortization.
Cash used in operating activities was $241,776 for the nine months, with a working capital deficit of $4,798,602 as of September 30, 2024.
Mycotopia did not generate revenue during the three and nine months ended September 30, 2024.
The company identified a substantial doubt about its ability to continue as a going concern due to its financial condition.
Mycotopia is actively pursuing additional equity financing to improve liquidity.
The filing also details the issuance of 200,000 shares of Series B Preferred Stock to Philon Labs as consideration for intangible assets acquired.
The company issued 254,642 shares of common stock to a consultant for services rendered after the quarter ended.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mycotopia Therapies Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.