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NXNT (NXNT0.00%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing indicates that NXNT is in its development stage and has not generated revenues for the three months ended December 31, 2024, and December 31, 2023.
Operating expenses for the three months ended December 31, 2024, totaled $159,758, compared to $216,031 for the same period in 2023. The decrease is attributed to reduced research and development and stock-based compensation expenses.
The company reported a net loss of $159,758 for the three months ended December 31, 2024, compared to $216,031 in the previous year, reflecting the reduction in operating expenses.
For the six months ended December 31, 2024, operating expenses were $287,389, a decrease from $459,149 in the same period in 2023, due to reduced stock-based compensation costs.
NXNT's net loss for the six months ended December 31, 2024, was $287,389, compared to $459,149 for the same period in 2023, primarily due to lower operating expenses.
As of December 31, 2024, NXNT had $79,025 in cash and an accumulated deficit of $1,318,746. The company anticipates funding future operations through convertible debenture offerings and other financing arrangements.
Cash used in operating activities for the six months ended December 31, 2024, was $261,779, compared to $323,638 for the same period in 2023, representing a decrease in cash outflows.
The company did not record cash transactions from investing activities for the six months ended December 31, 2024, and 2023.
Cash provided by financing activities for the six months ended December 31, 2024, was $265,000, derived from convertible debenture proceeds, compared to $364,299 in the prior year from stock sales.
NXNT has identified material weaknesses in its internal controls over financial reporting, primarily due to limited personnel and lack of an audit committee. The company plans to address these issues by seeking qualified accounting staff and establishing an audit committee.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NXNT quarterly 10-Q report dated February 12, 2025. To report an error, please email earnings@qz.com.