Nika Pharmaceuticals, Inc. reported a net loss of $95,792 for the fiscal year ending December 31, 2024, compared to a net loss of $64,833 in the previous year. The company's general and administrative expenses decreased by 45.74% to $35,174, while professional fees increased to $60,618, reflecting costs associated with regulatory filings. The total cash used in operating activities rose to $139,081 from $64,833 in 2023, indicating a growing need for liquidity as the company continues to operate at a loss.
The company has undergone significant strategic changes, including a merger with Nika BioTechnology, Inc. on February 12, 2024, which resulted in Nika Pharmaceuticals acquiring an 80% stake in Nika Europe, Ltd. This merger is expected to enhance the company's market presence in Europe, Asia, and Africa. Additionally, Nika Pharmaceuticals signed several exclusive rights agreements for the production and distribution of various dietary supplements and medicinal products, which are anticipated to contribute to future revenue streams.
Operationally, Nika Pharmaceuticals has not yet generated revenue from its product lines, and as of December 31, 2024, it reported an accumulated deficit of $8,927,612. The company’s total outstanding common stock increased to 1,021,674,500 shares, reflecting the issuance of shares related to the merger. The company’s stock was uplisted to OTCQB on December 9, 2024, which may enhance its visibility and trading volume in the market.
Looking ahead, Nika Pharmaceuticals acknowledges the need for additional financing to sustain operations and achieve profitability. The management has indicated plans to seek further equity or debt financing, although there is no assurance that such funding will be available on acceptable terms. The company’s ability to continue as a going concern is contingent upon its success in raising capital and generating revenue from its product offerings, which remain in development stages.
About NIKA PHARMACEUTICALS, INC
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