Quarterly ResultJun 26, 2026, 05:21 PM
Goldenwell Biotech Q1 Net Loss $38.5K; Going Concern Doubt
AI Summary
Goldenwell Biotech, Inc. reported a net loss of $38,536 for Q1 2025, an increase from $31,056 in Q1 2024, with no revenue generated in either period. The company's accumulated net loss since inception reached $1,398,181, leading management to express substantial doubt about its ability to continue as a going concern. Financials were restated due to an unrecorded legal fee, and disclosure controls were deemed ineffective.
Key Highlights
- Reported Q1 2025 net loss of $38,536, up 24% from $31,056 in Q1 2024.
- Generated $0 revenue and gross profit for both Q1 2025 and Q1 2024.
- Accumulated net loss since inception reached $1,398,181 as of March 31, 2025.
- Cash balance decreased to $17,127 as of March 31, 2025, from $49,404 at year-end 2024.
- Management raised substantial doubt about the company's ability to continue as a going concern.
- Restated Q1 2025 financials to correct a $4,160 unrecorded legal fee.
- Disclosure controls and procedures were concluded to be ineffective as of March 31, 2025.
- Company needs approximately $5,000,000 for manufacturing facilities; no financing arranged.
Price Impact
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