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Non-Invasive Monitoring Systems Inc. (NIMU+125.00%) has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, revealing a net loss of $42,000 for the three months ended January 31, 2025, compared to a net loss of $54,000 in the same period the previous year.
Operating costs and expenses for the quarter were reported at $26,000, a decrease from $40,000 in the previous year, primarily due to reduced professional fees and insurance premiums.
Interest expense related to promissory notes from related parties was $16,000 for the quarter, compared to $14,000 in the same period the previous year.
The company reported a total shareholders' deficit of $844,000 as of January 31, 2025, with an accumulated deficit of approximately $28,966,000.
Cash on hand at the end of the period was $27,000, with net cash used in operating activities amounting to $93,000 for the six months ended January 31, 2025.
The company is currently a shell company and is exploring potential mergers, acquisitions, and strategic collaborations to address its financial challenges.
Management has identified material weaknesses in internal control over financial reporting, specifically related to the lack of segregation of duties and formal documentation of procedures.
The company continues to be dependent on financing through related party promissory notes, with a total of $595,000 in notes payable to related parties as of January 31, 2025.
The filing indicates that the company does not have sufficient cash to meet its requirements for the next 12 months and is seeking additional financing.
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 March 14, 2025. To report an error, please email earnings@qz.com.