Financial Performance - Total revenue for the three months ended September 30, 2024, was $1,433,151, a 47% increase from $974,894 in the same period of 2023[17] - Clinic revenue for the nine months ended September 30, 2024, reached $4,763,131, compared to $1,499,636 for the same period in 2023, indicating a significant growth[17] - The net loss for the three months ended September 30, 2024, was $1,630,662, compared to a net loss of $1,248,440 for the same period in 2023[17] - Basic net loss per common share for the three months ended September 30, 2024, was $(0.42), compared to $(0.70) for the same period in 2023[17] - Net loss for the nine months ended September 30, 2024, was $5,472,345, an improvement from a net loss of $6,039,830 for the same period in 2023, representing a reduction of approximately 9.3%[25] - The company reported a net loss of $2,245,170 for the quarter ending June 30, 2024[21] - For the three months ended September 30, 2024, the company reported a net loss of $1,630,662 compared to a net loss of $1,248,440 for the same period in 2023, representing an increase in loss of approximately 30.6%[57] Assets and Liabilities - Total current assets increased to $1,957,481 as of September 30, 2024, up from $1,259,775 at the end of 2023, reflecting a 55% growth[15] - Total liabilities decreased slightly to $17,042,805 as of September 30, 2024, from $17,613,091 at the end of 2023[15] - Cash balance increased to $471,591 as of September 30, 2024, from $232,424 at the end of 2023, representing a 103% increase[15] - Total stockholders' equity (deficit) decreased to $(23,316) as of September 30, 2024, from $892,825 at the end of 2023[15] - Cash and cash equivalents at the end of the period were $471,591, down from $1,055,544 at the end of the previous period[25] - The company has an accumulated deficit of approximately $63.5 million as of September 30, 2024[59] Operating Expenses - Operating expenses for the three months ended September 30, 2024, totaled $2,733,553, up from $1,861,184 in the same period of 2023[17] - Net cash used in operating activities decreased to $2,357,021 for the nine months ended September 30, 2024, compared to $4,040,171 for the same period in 2023, indicating a 41.5% improvement[25] - Total stock compensation issued for services increased to $1,210,755 for the nine months ended September 30, 2024, compared to $255,424 for the same period in 2023[25] Capital Structure and Financing - The company raised $1,587,500 from the sale of common stock, net of fees and expenses, during the second quarter of 2023[20] - The company raised $1.6 million from the sale of preferred stock and $0.9 million from the exercise of warrants during the first nine months of 2024[61] - The Company entered into a Standard Merchant Cash Advance Agreement on July 20, 2023, with a gross purchase price of $543,750, which was reduced to $465,000 after repayment[116] - The Company secured a $1,500,000 Revenue Loan with a maturity date of June 29, 2028, and incurred $169,042 in interest related to this loan for the nine months ended September 30, 2024[121][122] - The Company has been dependent on raising capital from debt and equity financings to meet its cash needs, which may not be available on reasonable terms in the future[61] Stock and Equity Transactions - The total common stock issued increased to 2,492,531 shares by December 31, 2023, with additional paid-in capital at $52,710,721[20] - The Company approved a reverse stock split at a ratio of 1-for-20 on June 28, 2023, reducing authorized common stock from 125 million to 6.25 million shares[134] - On October 13, 2023, stockholders approved an increase in authorized common stock from 6.25 million shares to 50 million shares[135] - The Company authorized 1 million shares of Series A Preferred Stock with a stated value of $5.00 per share, convertible at a fixed price of $2.20 per share[136][137] - The Company completed a share exchange with Cytovia for 1.2 million shares of Series B Preferred Stock in exchange for 163,637 shares of Legacy NAYA's common stock[155] Joint Ventures and Acquisitions - The company completed the acquisition of the Wisconsin Fertility Institute for a total purchase price of $10 million, with $2.5 million paid at closing and the remaining payments structured over three installments[63] - The Georgia joint venture (Bloom INVO, LLC) recorded net losses of $0.1 million for both the nine months ended September 30, 2024, and 2023[73] - The Mexico joint venture ceased operations, and the company recognized an impairment of approximately $0.09 million for the investment in 2023[79] Tax and Legal Matters - The Company has established a valuation allowance for all deferred tax assets due to uncertainty in their recoverability[205] - The Company is not currently subject to any material legal proceedings, but may face claims in the ordinary course of business[209] - The annual forecasted effective income tax rate for 2024 is projected to be 0%[206] - Income tax expense for Q3 2024 was $29,259, compared to $1,886 in Q3 2023, representing a significant increase[206] Company Operations - The company operates in one segment, focusing on life sciences and innovative clinical-stage therapeutics[33] - NAYA Biosciences, Inc. is dedicated to developing breakthrough treatments in oncology, autoimmune diseases, and fertility[27]
NAYA Biosciences, Inc.(NAYA) - 2024 Q3 - Quarterly Report