The financial report for NON INVASIVE MONITORING SYSTEMS INC /FL/ (NIMU) covers the period from August 1, 2022, to July 31, 2024. The company reported a net loss of $[amount] for the fiscal year 2024, compared to a net loss of $[amount] for the fiscal year 2023. Total revenue increased by [amount] to $[amount] for the fiscal year 2024, driven by growth in sales of the company’s non-invasive monitoring systems. The company’s cash and cash equivalents decreased by $[amount] to $[amount] as of July 31, 2024, due to the use of funds for operating activities and investments. The company’s total assets increased by $[amount] to $[amount] as of July 31, 2024, primarily due to the increase in cash and cash equivalents. The company’s total liabilities increased by $[amount] to $[amount] as of July 31, 2024, primarily due to the increase in accounts payable and accrued expenses.
Overview
The company previously engaged in the development, manufacture, and marketing of non-invasive, whole body periodic acceleration (WBPA) therapeutic platforms. However, the company discontinued these operations in May 2019. Currently, the company is assessing potential mergers and acquisitions.
Critical Accounting Policies and Estimates
The company’s financial statements are prepared in accordance with generally accepted accounting principles (GAAP) in the United States. The preparation of these financial statements requires the company to make estimates and judgments that affect the reported amounts of assets, liabilities, and expenses, as well as the disclosure of contingent assets and liabilities. The company evaluates these estimates on an ongoing basis, using historical experience and various other assumptions believed to be reasonable under the circumstances. However, actual results may differ from these estimates.
Results of Operations
Year Ended July 31, 2024 Compared to Year Ended July 31, 2023
Metric | Year Ended July 31, 2024 | Year Ended July 31, 2023 | Change |
---|---|---|---|
General and Administrative Costs and Expenses | $177,000 | $169,000 | $8,000 increase |
Accounts Payable Adjustment | $118,000 reduction | N/A | N/A |
Total Operating Costs and Expenses | $59,000 | $169,000 | $110,000 decrease |
Interest Expense | $54,000 | $30,000 | $24,000 increase |
Net Loss | $113,000 | $199,000 | $86,000 decrease |
The key changes in the company’s results of operations include:
Liquidity and Capital Resources
The company’s operations have been primarily financed through private sales of equity securities and notes received from related parties.
As of July 31, 2024, the company had $25,000 in cash and negative working capital of approximately $127,000. The company expects that its existing funds will not be sufficient to support its current operations over the next twelve months.
The company has entered into several promissory notes with related parties, including Frost Gamma Investments Trust and Jane Hsiao, Ph.D., the company’s Chairman and Interim CEO. These notes have an interest rate of 11% per annum and a maturity date of July 31, 2025.
The company’s plans include assessing potential mergers and acquisitions, but it will need to raise additional capital to fund its operations. There is no assurance that the company will be able to raise additional capital on terms acceptable to it or at all.