Healthcare Integrated Technologies Inc. (formerly SafeSpace Global Corporation) reported significant financial changes in its latest 10-Q filing for the quarter ending April 30, 2025. The company recorded no revenue for the three and nine months ended April 30, 2025, a decline from $60,283 and $82,052 in the same periods of the previous fiscal year. Operating expenses surged to $1.42 million for the quarter, compared to $262,140 in the prior year, leading to a net loss of $1.31 million, up from a loss of $215,218 in the same quarter last year. For the nine-month period, the net loss increased to $3.26 million from $598,881.
The company’s balance sheet reflects a substantial increase in total assets, which rose to $8.36 million as of April 30, 2025, compared to $729,327 at the end of the previous fiscal year. This increase was primarily driven by a significant rise in cash and cash equivalents, which reached $8.13 million, up from $175,562. The total stockholders' equity improved to $8.11 million, a notable recovery from a deficit of $293,195 reported in July 2024. This positive shift in equity was attributed to the issuance of common stock, which generated $10.17 million in proceeds during the nine months ended April 30, 2025.
Operationally, the company has seen a substantial increase in its employee headcount, which has grown to 180,335,741 shares outstanding as of April 30, 2025, compared to 79,853,696 shares at the end of July 2024. This increase in shares is indicative of the company's strategy to raise capital through equity financing. The filing also noted a gain on the extinguishment of debt amounting to $113,645, which contributed positively to the financial results.
Looking ahead, Healthcare Integrated Technologies Inc. is focused on expanding its product offerings and market presence. The company is actively pursuing opportunities to enhance its AI technology solutions aimed at improving safety and care efficiency across various industries. However, management cautioned that future results may be impacted by market conditions, competition, and the company's ability to secure adequate capital for ongoing operations and product development. The company has not provided specific revenue guidance but remains optimistic about its strategic initiatives and potential for growth in the upcoming quarters.
About Healthcare Integrated Technologies Inc.
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