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Nemaura Medical Inc.(NMRD), a leading medical techno logy company, has announced its financial results for the fourth quarter ending December 31, 2022. The company reported a net loss of $1.7 million during the period, accompanied by total revenue of $3,017.
Financial Statements
The condensed consolidated balance sheets for Nemaura Medical Inc. reveal a snapshot of the company's financial position. As of December 31, 2022, the company's assets amounted to $12.96 million, with current assets totaling $10.94 million. Cash reserves stood at $7.34 million, while prepaid expenses and other receivables amounted to $1.22 million. The company reported an inventory value of $2.35 million.
On the liabilities side, Nemaura Medical Inc. reported total liabilities of $22.82 million, with current liabilities reaching $13.22 million. Accounts payable amounted to $171,207, and other liabilities and accrued expenses were recorded at $390,858. The company's stockholders' deficit equity was reported as $9.86 million.
The condensed consolidated statements of operations and comprehensive loss reveal the company's financial performance. Nemaura Medical Inc. reported sales of $3,017 for the fourth quarter, generating a gross profit of $46. The cost of sales was reported as $2,971. The company incurred operating expenses of $633,375, including research and development expenses of $393,747 and general and administrative expenses of $239,628.
Nemaura Medical Inc. reported a net loss of $1.72 million for the fourth quarter, resulting in a loss per share of $0.07. The weighted average number of shares outstanding during the period was 24,103,196.
Changes in Stockholders' (Deficit) Equity
The condensed consolidated statements of changes in stockholders' (deficit) equity provide insights into the changes in Nemaura Medical Inc.'s equity during the fourth quarter of 2022. The company's common stock had 24,103,196 shares issued and outstanding, with a par value of $0.001 per share. The additional paid-in capital amounted to $38.30 million.
Nemaura Medical Inc. had an accumulated deficit of $47.19 million, while the accumulated other comprehensive loss stood at $986,646. The total stockholders' deficit equity was reported as $9.86 million.
Nemaura Medical Inc. faced a net loss of $1.7 million for the fourth quarter of 2022. Despite this, the company reported revenue of $3,017. These financial results highlight the challenges faced by the medical technology company and emphasize the need for strategic measures to improve profitability and financial stability in the future.