Nexscient, Inc. has reported its financial results for the three and six months ended December 31, 2024, revealing a net loss of $159,758 for the quarter and $287,389 for the half-year period. This marks a decrease in losses compared to the same periods in 2023, where the company reported a net loss of $216,031 for the quarter and $459,149 for the half-year. The company did not generate any revenue during these periods, maintaining a focus on research and development and general administrative expenses, which totaled $159,758 for the quarter and $287,389 for the half-year.
In terms of operational expenses, Nexscient's research and development costs decreased significantly from $50,160 in the previous year’s quarter to $10,000, while general and administrative expenses also saw a reduction from $165,871 to $149,758. The total operating expenses for the quarter were $159,758, down from $216,031 in the prior year. The company’s accumulated deficit increased to $1,318,746 as of December 31, 2024, compared to $1,031,358 at the end of the previous fiscal period.
Nexscient's balance sheet reflects total assets of $94,673 as of December 31, 2024, a decrease from $124,383 as of June 30, 2024. Current liabilities also decreased to $27,307 from $36,203 during the same period. However, the company reported a significant increase in total liabilities, which rose to $300,257, primarily due to the issuance of convertible debentures amounting to $265,000. The company’s stockholders’ equity showed a deficit of $205,584, a decline from a positive equity of $81,804 in the previous period.
The company continues to focus on developing its subscription-based condition monitoring solution for industrial equipment, leveraging technologies such as the Industrial Internet of Things (IIoT), artificial intelligence (AI), and cloud computing. As of the latest filing, Nexscient has maintained a consistent employee headcount of 20,421,312 shares outstanding. The company has not reported any significant changes in customer counts or geographic expansion metrics, indicating a period of consolidation as it refines its product offerings.
Looking ahead, Nexscient aims to enhance its product adoption rates and market share by continuing to innovate within its technology framework. The company’s strategic focus remains on reducing operational costs while developing its core offerings to meet market demands. Management has indicated that the financial results for the upcoming periods may reflect the impact of these strategic initiatives, although no specific revenue projections have been provided at this time.
About Nexscient, Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.