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Nika BioTechnology Inc (NIKA0.00%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue generated. The company reported operating expenses of $8,367, resulting in a net loss of $8,367 for the quarter.
General and administrative expenses for the quarter were $6,302, compared to $10,143 in the same quarter the previous year. Professional fees for the quarter were $2,065, up from $0 in the previous year.
For the nine months ended September 30, 2024, the company reported a net loss of $83,339, compared to $57,519 in the same period the previous year.
Net cash used in operating activities was $126,629 for the nine months ended September 30, 2024, compared to $57,519 in the same period the previous year. The company received $108,419 in loans from related parties during the same period.
The company has an accumulated deficit of $8,915,159 as of September 30, 2024, raising substantial doubt about its ability to continue as a going concern.
Nika BioTechnology Inc. completed a merger with Nika Pharmaceuticals, Inc., resulting in an 80% controlling interest in Nika Europe, Ltd. The merger was accounted for as a common control merger.
The company identified potential material weaknesses in its internal controls, including a lack of an audit committee and separation of duties.
Nika BioTechnology Inc. does not have any off-balance sheet arrangements and is not involved in any legal proceedings as of the filing date.
The company has not made any unregistered sales of equity securities or defaults upon senior securities during the reporting period.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nika BioTechnology Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.