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Nordicus Partners Corp (NORD0.00%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reveals that Nordicus Partners Corp had a net loss of $1,545,311 for the three months ended December 31, 2024, compared to a net loss of $74,990 for the same period in 2023. The increase in net loss is attributed to higher operating expenses, including officer compensation, professional fees, and research and development costs.
The company reported revenue of $2,500 for the three months ended December 31, 2024, which was eliminated as an intercompany transaction following the acquisition of Orocidin A/S.
Operating expenses for the quarter included officer compensation of $518,654, professional fees of $158,712, consulting expenses of $57,586, general and administrative expenses of $115,050, and research and development costs of $417,808.
Nordicus Partners Corp completed the acquisition of Bio-Convert ApS on November 11, 2024, issuing 12,000,000 restricted shares of common stock as consideration. The acquisition contributed to the company's increased operating expenses.
The company also acquired the remaining 5% interest in Orocidin A/S, making it a wholly-owned subsidiary. The acquisition was completed through the issuance of 200,000 restricted shares of common stock.
Cash used in operating activities was $899,517 for the nine months ended December 31, 2024. Cash provided by investing activities was $156,174, primarily from business combinations, and cash provided by financing activities was $766,450, mainly from the exercise of warrants.
As of December 31, 2024, Nordicus Partners Corp had 17,230,090 shares of common stock outstanding. The company continues to focus on its strategy of acquiring and integrating life science companies to expand its operations.
The company identified a material weakness in its internal controls over financial reporting due to limited resources in the finance and accounting functions and plans to take steps to remediate these deficiencies.
Nordicus Partners Corp's management acknowledges the substantial doubt about the company's ability to continue as a going concern due to nominal revenue and accumulated losses.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nordicus Partners Corp quarterly 10-Q report dated April 2, 2025. To report an error, please email earnings@qz.com.