In This Story
Non-Invasive Monitoring Systems Inc. (NIMU0.00%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports a net loss of $77,000 for the three months ended October 31, 2024, compared to a net loss of $88,000 for the same period in 2023. The decrease in net loss is attributed to reduced insurance premiums.
General and administrative expenses for the quarter were $63,000, down from $75,000 in the previous year. Total operating costs and expenses also decreased to $63,000 from $75,000.
Interest expense for the quarter was $14,000, slightly higher than the $13,000 reported in the same quarter of the previous year. This is related to promissory notes with related parties.
The company reported cash of $15,000 as of October 31, 2024, with negative working capital of approximately $802,000. The company continues to experience cash outflows from operating activities.
Non-Invasive Monitoring Systems is currently a shell company and is exploring potential mergers, acquisitions, and strategic collaborations. There is no assurance of success in these efforts.
The company has identified material weaknesses in its internal controls over financial reporting, primarily due to insufficient segregation of duties and undocumented internal control procedures.
The company’s operations have been primarily financed through private sales of equity securities and advances under promissory notes. The company acknowledges the need for additional financing to continue operations.
No dividends were declared for the three months ended October 31, 2024, and no shares of common stock were issued during this period.
The company’s management is actively seeking additional capital to meet its financial obligations and continue its business activities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Non-Invasive Monitoring Systems Inc. quarterly 10-Q report dated December 13, 2024. To report an error, please email earnings@qz.com.