MergerMay 14, 2026, 08:37 AM
NON INVASIVE MONITORING SYSTEMS Q1 Net Loss $163K; Merger with Gravitics
AI Summary
NON INVASIVE MONITORING SYSTEMS INC reported a net loss of $163,000 for the first quarter of 2026, a significant increase from $39,000 in the prior year, primarily driven by professional fees related to its planned merger with Gravitics, Inc. The company continues to face substantial doubt about its ability to continue as a going concern, with a shareholders' deficit and negative working capital of $1,159,000. Despite these financial challenges, the company is actively pursuing the merger and has secured additional related-party financing.
Key Highlights
- Net loss increased to $163,000 for Q1 2026, up from $39,000 in Q1 2025.
- General and administrative expenses rose to $144,000, primarily due to professional fees for the planned merger.
- The company reported a shareholders' deficit of $1,159,000 and negative working capital of $1,159,000 as of March 31, 2026.
- Cash on hand was $24,000 at March 31, 2026, deemed insufficient for the next 12 months.
- Entered into a merger and reorganization agreement with Gravitics, Inc. on March 6, 2026.
- Total notes payable to related parties increased to $720,000 as of March 31, 2026.
- Subsequent to quarter-end, secured an additional $300,000 in promissory notes from related parties on May 7, 2026.
- Management concluded that internal controls over financial reporting were not effective due to material weaknesses.