Cancer Capital Corp. reported its financial results for the nine months ended September 30, 2024, highlighting significant challenges in its operations. The company continues to face a lack of revenue, with no revenues recorded since its inception. As of September 30, 2024, the company had cash of $4,109, a substantial decrease from $16,157 at December 31, 2023. Total current assets mirrored this decline, remaining at $4,109 compared to $16,157 in the previous period.
Total liabilities increased to $487,713 as of September 30, 2024, up from $465,549 at the end of 2023. This rise was primarily attributed to increased accounts payable and accrued interest. Specifically, accounts payable to related parties rose to $10,500 from $6,000, while accrued interest on related party notes increased to $100,000 from $90,153.
Operating expenses for the nine months ended September 30, 2024, totaled $16,546, a notable increase from $11,499 in the same period of 2023. For the three months ended September 30, 2024, operating expenses were $2,548, down from $2,900 in the prior year. Despite this reduction in quarterly operating expenses, the company reported a loss from operations of $(16,546) for the nine months ended September 30, 2024, compared to $(11,499) for the same period in 2023. The net loss for the nine months ended September 30, 2024, was $(34,211), an increase from $(28,623) in the previous year.
The company’s reliance on financing remains critical, as it depends on advances or loans from management and significant stockholders to meet its cash requirements. As of September 30, 2024, notes payable totaled $130,275, with accrued interest of $82,813. Related party notes payable remained at $164,125, with accrued interest of $100,000.
Cancer Capital Corp. has expressed substantial doubt about its ability to continue as a going concern due to ongoing losses, negative cash flows from operations, and the absence of revenue-generating activities. The management has not engaged in discussions regarding any business combinations, and there are no plans for a public offering of its stock. The company anticipates needing to raise additional capital through the sale of common stock, likely under exemptions from registration requirements.
About CANCER CAPITAL CORP
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