NFTG(NFTG) - 2025 Q1 - Quarterly Report

Revenue and Expenses - For the three months ended March 31, 2025, the company generated revenues of $23,732, primarily from RNK Health, which provided non-clinical services amounting to $22,552[120] - Operating expenses for the same period increased by $371,569, or 35.6%, totaling $1,415,427 compared to $1,043,858 in the prior year[121] - General and administrative expenses totaled $1,194,438, reflecting an increase of $332,909, or 38.7%, compared to $861,529 in the previous year[123] - Research and development fees rose to $220,989, an increase of $38,660, or 21.2%, primarily due to costs associated with Gaxos Health[122] Net Loss and Cash Flow - The net loss for the three months ended March 31, 2025, was $1,232,062, an increase of $319,917, or 35.1%, from $912,145 in the same period of 2024[130] - The company reported a loss from operations of $1,391,695 for the three months ended March 31, 2025, an increase of $347,856, or 33.3%[128] - For the three months ended March 31, 2025, the net cash used in operations was $1,297,485, primarily due to a net loss of $1,232,062[134] - For the three months ended March 31, 2024, the net cash used in operations was $1,099,417, resulting from a net loss of $912,145[135] Investments and Financing Activities - For the three months ended March 31, 2025, net cash used in investing activities was $10,529,274, mainly from the purchase of short-term investments of $12,171,293[136] - For the three months ended March 31, 2024, net cash provided by investing activities was $349,602, resulting from proceeds from the sale of short-term investments of $2,616,619[137] - For the three months ended March 31, 2025, there were no cash flows from financing activities[138] - For the three months ended March 31, 2024, net cash provided by financing activities was $3,037,382, from a private placement of common stock and warrants[139] Future Outlook and Capital Needs - The company expects to continue generating operating losses in the foreseeable future due to corporate overhead and R&D costs[133] - The company believes existing working capital will meet operating needs and debt requirements for the next twelve months[133] - The company plans to pursue research and development of products, requiring additional capital from third-party sources[140] New Initiatives - The company launched Gaxos Labs in September 2024, focusing on generative AI services for game developers and publishers[109] - Gaxos Health, initiated in 2024, aims to provide AI-powered health optimization solutions, integrating biometric data with personalized wellness strategies[111] Accounting Standards - The company does not expect the adoption of new accounting standards to have a material impact on its consolidated financial statements[142]