NIMS Files Q1 10-Q, Covers Period Ending Oct 31, 2024

TL;DR

NIMS Q1 10-Q filed. Period ending Oct 31, 2024. Miami Beach, FL.

AI Summary

Non Invasive Monitoring Systems Inc. (NIMS) filed a 10-Q for the period ending October 31, 2024. The company, formerly known as Birdfinder Corp, is based in Miami Beach, Florida, and operates in the electromedical apparatus industry. The filing covers the first quarter of their fiscal year, which ends on July 31st.

Why It Matters

This filing provides investors with an update on the financial performance and operational status of Non Invasive Monitoring Systems Inc. during the first quarter of their fiscal year.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative disclosures.

Key Numbers

• Q1 — Fiscal Quarter (Reporting period is the first quarter of the fiscal year.)
• 2024-10-31 — Fiscal Period End (The financial data presented is as of and for the period ending October 31, 2024.)
• 2024-07-31 — Fiscal Year End (The company's fiscal year concludes on July 31st.)

Key Players & Entities

• NON INVASIVE MONITORING SYSTEMS INC /FL/ (company) — Filer
• BIRDFINDER CORP (company) — Former Company Name
• MIAMI BEACH (location) — Company Headquarters
• 2024-10-31 (date) — Reporting Period End Date
• 2024-12-13 (date) — Filing Date

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock $0.01 par value per share NIMU OTC Pink
• $63,000 — trative ("G&A") costs and expenses were $63,000 for the three months ended October 31,
• $75,000 — s ended October 31, 2024 as compared to $75,000 for the three months ended October 31,
• $12,000 — hree months ended October 31, 2023. The $12,000 decrease was primarily due to insurance
• $14,000 — erest expense. Net interest expense was $14,000 for the three months ended October 31,
• $13,000 — s ended October 31, 2024 as compared to $13,000 for the three months ended October 31,
• $77,000 — al statements. Net loss. Net loss was $77,000 for the three months ended October 31,
• $88,000 — s ended October 31, 2024 as compared to $88,000 for the three months ended October 31,
• $11,000 — ree months ended October 31, 2023. This $11,000 decrease is primarily attributable to i
• $802,000 — any also has a shareholders' deficit of $802,000 as of October 31, 2024. The Company had
• $15,000 — as of October 31, 2024. The Company had $15,000 of cash at October 31, 2024 and negativ
• $65,000 — t cash used in operating activities was $65,000 and $61,000 for three months ended Octo
• $61,000 — in operating activities was $65,000 and $61,000 for three months ended October 31, 2024
• $4,000 — r 31, 2024 and 2023, respectively. This $4,000 increase in cash used was primarily due
• $55,000 — sh provided by financing activities was $55,000 and $200,000 for three months ended Oct

Filing Documents

• form10-q.htm (10-Q) — 342KB
• ex31-1.htm (EX-31.1) — 19KB
• ex31-2.htm (EX-31.2) — 19KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 5KB
• 0001493152-24-049902.txt ( ) — 1972KB
• nimu-20241031.xsd (EX-101.SCH) — 14KB
• nimu-20241031_cal.xml (EX-101.CAL) — 21KB
• nimu-20241031_def.xml (EX-101.DEF) — 59KB
• nimu-20241031_lab.xml (EX-101.LAB) — 169KB
• nimu-20241031_pre.xml (EX-101.PRE) — 135KB
• form10-q_htm.xml (XML) — 135KB

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 11 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 12 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 12

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 14 ITEM 1A.

RISK FACTORS

RISK FACTORS 14 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 14 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 14 ITEM 4. MINE SAFETY DISCLOSURES 14 ITEM 5. OTHER INFORMATION 14 ITEM 6. EXHIBITS 14

SIGNATURES

SIGNATURES 15 2 NON-INVASIVE MONITORING SYSTEMS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) October 31, 2024 July 31, 2024 (Unaudited) ASSETS Current assets Cash $ 15 $ 25 Prepaid expenses 23 9 Total current assets 38 34 Total assets $ 38 $ 34 LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities Accounts payable and accrued expenses $ 121 $ 110 Current liabilities – discontinued operations 51 51 Notes payable – related parties 555 - Accrued interest – related parties 113 - Total current liabilities 840 161 Notes payable – related parties - 500 Accrued interest – related parties - 98 Total liabilities 840 759 Commitments and contingencies - - Shareholders' deficit Series B Preferred Stock, par value $ 1.00 per share; 100 shares authorized, issued and outstanding; liquidation preference $ 10 - - Common Stock, par value $ 0.01 per share; 400,000,000 shares authorized; 154,810,655 shares issued and outstanding as of October 31, 2024 and July 31, 2024 1,548 1,548 Additional paid in capital 26,574 26,574 Accumulated deficit ( 28,924 ) ( 28,847 ) Total shareholders' deficit ( 802 ) ( 725 ) Total liabilities and shareholders' deficit $ 38 $ 34 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 NON-INVASIVE MONITORING SYSTEMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - Unaudited (In thousands, except per share data) 2024 2023 Three months ended October 31, 2024 2023 Operating costs and expenses General and administrative $ 63 $ 75 Total operating costs and expenses 63 75 Operating loss ( 63 ) ( 75 ) Interest expense – related parties ( 14 ) ( 13 ) Net loss $ ( 77 ) $ ( 88 ) Weighted average number of common shares outstanding - basic and diluted 154,811 154,811 Basic and diluted loss per common share $ ( 0.00 ) $ ( 0.

financial statements do not include any adjustments that might be necessary from the outcome of this uncertainty

financial statements do not include any adjustments that might be necessary from the outcome of this uncertainty. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation . The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Non-Invasive Monitoring Systems of Florida, Inc., which has no current operations, and NIMS of Canada, Inc., a Canadian corporation, which has no current operations. All inter-company accounts and transactions have been eliminated in consolidation. Cash and Cash Equivalents . The Company considers all highly liquid short-term investments purchased with an original maturity date of three months or less to be cash equivalents. At October 31, 2024 and July 31, 2024, the Company had no cash equivalents. Discontinued Operations . Discontinued operations (i) were prepared in accordance with the SEC's carve out rules under Staff Accounting Bulletin ("SAB") Topic 1B1 and (ii) are derived from identifying and carving out the specific assets, liabilities, operating expenses and interest expense associated with the Exer-Rest Business's operations. Use of Estimates . The preparation of financial statements in conformity with accounting principles generally accepted in the United affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of expenses during the reporting period. Actual results could differ materially from these estimates. Fair Value of Financial Instruments . Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of October 31, 2024 and July 31, 2024. The respective carrying value of certain on-balance-sheet financial instruments such

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