Mycotopia Therapies, Inc. reported significant financial developments in its 10-Q filing for the nine months ended September 30, 2024. The company experienced a net loss of $1,356,761, an increase from a net loss of $890,386 during the same period in 2023. This reflects a deteriorating financial position, with operating expenses rising to $1,137,539, a 166% increase from $427,785 in the prior year. The increase in expenses was primarily driven by a $500,000 amortization expense from intangible assets and heightened product development costs of $177,985.
Operating expenses for the third quarter of 2024 also surged by 133%, reaching $385,257 compared to $165,421 in Q3 2023. The rise was attributed to increased amortization and product development costs, despite a decrease in legal and professional expenses. Interest expenses for the nine months ended September 30, 2024, decreased by 53% to $219,222, down from $462,601 in the previous year, largely due to reduced debt discount amortization.
As of September 30, 2024, Mycotopia's cash and cash equivalents stood at $202,358, a decline from $279,134 at the end of 2023. The company reported a working capital deficiency of $4,798,602, up from $3,968,589 at the end of the previous fiscal year. The accumulated deficit increased to $10,317,742 from $8,960,981 as of December 31, 2023.
The company has also made strategic moves, including the issuance of 200,000 shares of Series B Preferred Stock to Philon Labs for the acquisition of intangible assets. Additionally, Mycotopia entered into a consulting agreement with CEO Benjamin Kaplan, which has resulted in outstanding cash compensation of $792,000 as of September 30, 2024, up from $576,000 at the end of 2023. The CEO's consulting fee is set at $24,000 per month.
The company has not generated any revenue from operations during the nine months ended September 30, 2024, mirroring the previous fiscal period. Mycotopia's ability to continue as a going concern is in doubt, as indicated in the filing, highlighting the challenges it faces in the current market environment.
About Mycotopia Therapies, Inc.
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