Medicale Corp., a company focused on offering consulting services and distributing dietary supplements, has released its Form 10-Q report for the quarter ended June 30, 2024. The report provides insights into the company's financial performance and operational status as it continues to establish its business operations.
Financial Highlights
- Net Loss: $10,461 for the three months ended June 30, 2024, compared to $8,537 for the same period in 2023. The increase in net loss is primarily due to higher general and administrative expenses.
- Net Loss for Nine Months: $41,332 for the nine months ended June 30, 2024, compared to $22,911 for the same period in 2023. This reflects increased operating expenses.
- Net Loss Per Share: $(0.01) for the nine months ended June 30, 2024, consistent with the previous year.
- Cash Flows Used in Operating Activities: $68,076 for the nine months ended June 30, 2024, indicating a significant increase from $13,499 in the prior year, driven by changes in accounts payable and related party advances.
- Cash Flows Provided by Financing Activities: $68,076 for the nine months ended June 30, 2024, primarily from proceeds of a convertible note.
Business Highlights
- Company Overview: Medicale Corp. is focused on offering consulting services and distributing dietary supplements. The company was incorporated in Nevada on August 17, 2020, and is currently in the process of establishing its operations.
- Operational Status: As of the date of the report, Medicale Corp. has not commenced any significant operations. The company's activities have primarily been focused on preserving cash, raising capital, and maintaining public reporting obligations.
- Management Changes: On December 28, 2022, there was a significant change in control when Magenta Acres Inc. acquired a majority stake in the company. Subsequently, Chen Zu De was appointed as the Chief Executive Officer and Chairman of the Board.
- Future Outlook: Management anticipates that the company will require additional capital to meet long-term operating requirements. The company plans to raise funds through equity or debt securities to support its business operations.
- Going Concern: There is substantial doubt about the company's ability to continue as a going concern due to its accumulated deficit and lack of revenue-generating operations. Management is actively seeking additional investment capital to fund operating expenses.
- Plan of Operation: The company expects working capital requirements to be funded through existing funds and further issuances of securities. Management anticipates increases in operating expenses related to inventory acquisition, developmental expenses, and marketing efforts.
- Convertible Notes: The company has entered into several convertible note agreements with third parties, which are expected to provide necessary funding for operational activities. These notes bear an 8% interest rate and can be converted into common stock at $0.01 per share.
SEC Filing: