Balance Labs, Inc. reported significant financial challenges in its 10-Q filing for the period ending September 30, 2024. The company had 21,674,000 shares of common stock outstanding. As of the end of September, cash and cash equivalents stood at $30,407, a substantial decrease from $112,809 at the end of the previous fiscal year on December 31, 2023. Total current assets also fell to $110,343 from $220,721 during the same period.

The company’s total current liabilities increased to $5,063,706, up from $4,763,604 as of December 31, 2023. This contributed to a working capital deficiency of $4,953,363. The accumulated deficit grew to $(5,765,578) from $(5,355,098) over the same timeframe, while total stockholders’ deficit increased to $(4,953,363) from $(4,542,883).

For the three months ended September 30, 2024, Balance Labs reported a net loss of $(192,837), a significant increase from a net loss of $(68,735) in the same quarter of 2023. For the nine-month period, the net loss was $(410,480), compared to $(252,768) for the prior year.

General and administrative expenses decreased to $4,557 for the three months ended September 30, 2024, down from $8,005 in 2023. However, professional fees surged to $32,293, up from $11,274 in the same period last year. Net cash used in operating activities for the nine months ended September 30, 2024, was $(112,402), compared to $(89,693) for the same period in 2023.

The independent auditors have expressed substantial doubt regarding the company's ability to continue as a going concern, highlighting the financial difficulties faced by Balance Labs. These developments indicate a challenging fiscal environment for the company, with increasing losses and a deteriorating financial position compared to the previous fiscal period.