Bioethics Ltd. reported a net loss of approximately $177,000 for the fiscal year ending December 31, 2024, compared to a net loss of about $97,000 in the previous year. The company's total operating expenses increased significantly to $122,817 from $50,442 in 2023, primarily driven by higher general and administrative costs. The company did not generate any revenue during either fiscal year, resulting in a basic loss per share of $0.12 for 2024, compared to $0.09 in 2023. The accumulated deficit as of December 31, 2024, reached approximately $1.45 million, reflecting ongoing financial challenges.
In terms of financial position, Bioethics Ltd. reported total assets of $14,664 as of December 31, 2024, a substantial increase from $138 in 2023. This increase was primarily due to cash and cash equivalents rising to $14,664 from $138. However, total liabilities also increased significantly to $945,884 from $776,403, largely due to an increase in accounts payable and notes payable. The company's stockholders' deficit widened to approximately $931,220 from $776,265 in the prior year.
Strategically, Bioethics Ltd. has undergone notable changes, including the issuance of 620,000 shares of Series A Preferred Stock, which were later converted into common stock. This transaction contributed to an increase in the number of common shares outstanding to 3,335,194 as of December 31, 2024, up from 1,135,194 in 2023. The company also engaged a new independent auditor, L J Soldinger Associates, LLC, which replaced Heaton & Company, PLLC, in October 2023. The audit fees for 2024 were reported at $22,000, a significant increase from $3,000 in 2023.
Operationally, the company has not reported any significant customer counts or user statistics, as it has not engaged in active business operations. The board of directors did not hold formal meetings during 2024, opting instead for unanimous written consents. The company continues to face substantial doubt regarding its ability to continue as a going concern, as it has incurred losses since inception and has no ongoing operations. Management plans to raise additional funds through loans or sales of common stock to address its financial needs, although there is no assurance of success in these efforts.
About BIOETHICS LTD
Bioethics, Ltd. is a Nevada-incorporated shell company established to seek and acquire business opportunities across various industries and locations. It currently has no active operations, products, or services and functions primarily as a vehicle for potential mergers or acquisitions. The company’s management holds broad discretion in selecting ventures, often issuing common stock to acquire interests. It targets investors interested in speculative, early-stage business participation.
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