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Nika BioTechnology Inc. (NIKA0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including a net loss of $95,792 for the year, compared to a net loss of $64,833 in the previous year. General and administrative expenses decreased to $35,174 from $64,833, while professional fees increased to $60,618.
The company reported cash used in operating activities of $139,081, with financing activities providing $137,419 in loan proceeds from a related party.
Nika BioTechnology Inc. completed a merger with Nika Pharmaceuticals, Inc., resulting in an 80% ownership in Nika Europe, Ltd. The merger was accounted for as a common control transaction.
The company issued 145,584,500 shares of common stock and 5,000,000 shares of preferred stock as part of the merger agreement.
Nika BioTechnology Inc. continues to operate as an emerging growth company, relying on exemptions from certain disclosure requirements.
The company has not generated sustained profits and its auditors have expressed a going concern opinion due to an accumulated deficit of $8,927,612.
Nika BioTechnology Inc. does not currently own any property and has no material legal proceedings pending.
The company's common stock was uplisted to OTCQB on December 9, 2024, and it does not anticipate paying cash dividends in the foreseeable future.
The filing also notes the company's reliance on related party transactions for financing and its intention to seek additional equity or debt financing to sustain operations.
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. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.