Medicale Corp., a company focused on offering consulting services and distributing dietary supplements, has released its Form 10-Q report for the quarter ending December 31, 2023. The report provides insights into the company's financial performance and operational status as it continues to establish its business operations.
Financial Highlights
- Net Income (Loss): $(19,307) - The company reported a net loss for the three months ended December 31, 2023, primarily due to general and administrative expenses.
- Net Income (Loss) from Operations: $(19,307) - Reflects the company's operational performance excluding discontinued operations.
- Net Income (Loss) from Discontinued Operations: $0 - The company did not report any income or loss from discontinued operations for the three months ended December 31, 2023.
- Net Loss Per Share (Basic and Diluted): $(0.00) - The net loss per share remained unchanged from the previous year.
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 been primarily focused on preserving cash, raising capital, and maintaining public reporting obligations.
- Management Changes: On December 28, 2022, there was a change in control when the previous majority shareholder sold shares to Magenta Acres, Inc., which now holds approximately 54% of the company's common stock. 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 investment capital to fund operating expenses in the near future. The company plans to position itself to raise additional funds through capital markets.
- 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 a stabilized revenue source. Management is actively seeking additional funding to support operations.
- Discontinued Operations: The company ceased its previous primary business operations related to consumer products as of January 1, 2023. All revenue and liabilities from these operations have been classified as discontinued.
- Convertible Notes: On December 31, 2023, Medicale Corp. entered into two convertible note agreements totaling $48,186. These notes bear an 8% interest rate and can be converted into common stock at a fixed price.
- 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, development, and marketing.
SEC Filing: