Medicale Corp., a Nevada-based company focused on consulting services and the distribution of dietary supplements, has released its Form 10-Q report for the third quarter. The report provides a detailed overview of the company's financial performance and operational status, reflecting its early-stage business development and strategic efforts to secure additional capital.
Financial Highlights
- Net Loss: $5,290, reflecting a decrease from the previous year's net loss of $16,680 due to reduced operating expenses.
- Net Loss Per Common Share – Basic and Diluted: $(0.00), consistent with the previous year, indicating no change in loss per share despite the reduced net loss.
- Operating Expenses: $3,144, a significant reduction from $14,995 in the previous year, primarily due to decreased audit fees.
- Other Expense (Interest Expense): $2,146, an increase from $1,685 in the previous year, reflecting higher interest costs associated with convertible notes.
Business Highlights
- Business Overview: Medicale Corp was incorporated in Nevada on August 17, 2020, and is in the early stages of developing its business, focusing on consulting services and the distribution of dietary supplements. The company has not yet commenced operations or generated revenue.
- Operational Status: As of the date of the report, Medicale Corp has not started any operations. All activities have been 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 CEO and Chairman.
- Future Outlook: Management anticipates that the company will rely on additional investment capital to fund operating expenses in the near future. Efforts are being made to position the company 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 investment to support operations.
- Segment Reporting: The company is still in the development stage and has not commenced any operations, thus no segment revenue or operational performance data is available.
- Forward-Looking Statements: The report contains forward-looking statements regarding future events and financial performance, emphasizing the uncertainty and risks associated with the company's early-stage operations.
SEC Filing: