NorthView Acquisition Corp. reported significant financial changes in its 10-Q filing for the period ending June 30, 2024. The company, which is classified as a shell entity and has not commenced any operations since its inception, recorded a net loss of $397,487 for the three months ended June 30, 2024, compared to a net income of $852,389 for the same period in 2023. For the six months ended June 30, 2024, the net loss was $1,217,764, a stark contrast to the net income of $1,293,284 reported in the prior year.
Total current assets decreased significantly to $113,521 as of June 30, 2024, from $1,576,347 at the end of 2023. Total assets also fell to $8,589,945 from $10,884,675. The accumulated deficit increased to $(5,075,539) from $(3,459,829) over the same period, indicating ongoing financial challenges. The company’s total stockholders’ deficit rose to $(5,075,020) as of June 30, 2024, compared to $(3,459,310) at the end of 2023.
Cash reserves improved slightly, with $6,496 reported as of June 30, 2024, up from $4,519 at the end of 2023. However, the company faced a working capital deficit of $4,043,301. The cash used in operating activities for the first half of 2024 was $(675,731), a reduction from $(1,239,875) in the same period of 2023.
Strategically, NorthView has been focused on its merger with Profusa, Inc., which was initially agreed upon in November 2022. The merger agreement has undergone several amendments, with the most recent changes adjusting revenue milestones and conditions for earnout shares. The company extended its business combination deadline multiple times, with the latest extension pushing the deadline to March 22, 2025.
In terms of compliance, NorthView has faced challenges with Nasdaq regulations, including non-compliance notifications regarding its annual stockholders meeting and market value of publicly held shares. The company is actively seeking to transfer its listing to the Nasdaq Capital Market and has until September 3, 2024, to regain compliance with the market value requirement.
Overall, NorthView Acquisition Corp. continues to navigate significant financial losses and regulatory challenges while pursuing its strategic merger objectives.
About NorthView Acquisition Corp
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