SmartKem, Inc.(US:SMTK)2020-11-16 20:59Financial Position - As of September 30, 2020, the Company had total assets of $4,123, comprised exclusively of cash, and current liabilities totaling $17,212[56]. - The Company has no off-balance sheet arrangements that could materially affect its financial condition[62]. Financial Performance - The Company reported a net loss of $12,647 for the three months ended September 30, 2020, primarily due to accounting, audit, and administrative expenses[60]. - From inception on May 13, 2020, to September 30, 2020, the Company incurred a total net loss of $13,589, with no revenue generated during this period[61]. Future Plans and Dependencies - The Company anticipates incurring costs related to filing Exchange Act reports and investigating potential acquisitions over the next twelve months[49]. - The Company has not entered into any definitive agreements with potential business combination candidates as of the date of the report[55]. - The Company is dependent on related parties for continued funding and capital resources to execute its business plan[57]. - The Company has a plan to seek a business combination with an operating business, with no restrictions on the type of business or industry[48]. - The Company’s ability to continue as a going concern is contingent upon securing additional funding and successfully completing a business combination[50]. Regulatory and Compliance - The Company is classified as an "emerging growth company" and has elected to use the extended transition period for complying with new accounting standards[45].