Nexalin Technology, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Nexalin Technology, Inc. has filed its Q1 2024 10-Q report, detailing financial positions and historical data.</b>

AI Summary

Nexalin Technology, Inc. (NXL) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Nexalin Technology, Inc. filed a 10-Q report for the period ending March 31, 2024. The company is incorporated in Delaware and its fiscal year ends on December 31. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key financial statement elements like Common Stock, Accumulated Other Comprehensive Income, Additional Paid In Capital, and Retained Earnings are detailed for various periods. The filing references IPO details from September 2022, including common stock and warrants.

Why It Matters

For investors and stakeholders tracking Nexalin Technology, Inc., this filing contains several important signals. This 10-Q filing provides a snapshot of Nexalin Technology's financial health and operational status as of Q1 2024, crucial for investors assessing performance. The detailed financial data, including comparative figures from previous periods, allows for trend analysis and evaluation of the company's financial trajectory.

Risk Assessment

Risk Level: low — Nexalin Technology, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative disclosures, indicating a routine update.

Analyst Insight

Monitor future filings for revenue growth and profitability trends in the electromedical device sector.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-10 — Filing Date (Date the 10-Q was filed)
• 0001527352 — Central Index Key (Identifier for Nexalin Technology, Inc.)
• 2022-09-01 — IPO Start Date (Reference to IPO period)

Key Players & Entities

• Nexalin Technology, Inc. (company) — Filer of the 10-Q report
• 0001829126-24-003241 (filing_id) — Accession number for the 10-Q filing
• 2024-03-31 (date) — Conformed period of report
• 2024-05-10 (date) — Filed as of date
• 0001527352 (company_id) — Central Index Key for Nexalin Technology, Inc.
• 3845 (industry_code) — Standard Industrial Classification for Electromedical & Electrotherapeutic Apparatus
• DE (state) — State of Incorporation
• 1776 YORKTOWN SUITE 550 HOUSTON TX 77056 (address) — Business and Mail Address

FAQ

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-10: Filing Date — Date the 10-Q was officially submitted to the SEC

Key Financial Figures

• $0.001 — ch registered Common stock, par value $0.001 per share NXL The Nasdaq Capital Ma
• $4 — r share at a combined offering price of $4.15, for gross proceeds of $ 9,607,250 ,
• $1.00 — ired to maintain a minimum bid price of $1.00 per share. On May 10, 2023, the Company
• $5 million — ompany no longer complied with Nasdaq's $5 million minimum stockholders' equity initial li
• $78.1 million — eficit of approximately ( 78,079,206 ) $78.1 million. For the three months ended March 31, 2
• $1.1 million — rations of approximately ( 1,073,712 ) $1.1 million and negative cash flows from operations
• $0.8 million — operations of approximately ( 763,289 ) $0.8 million. While the Company had a working capita

Filing Documents

• nexalintechno_10q.htm (10-Q) — 728KB
• nexalintechno_ex31-1.htm (EX-31.1) — 11KB
• nexalintechno_ex32-1.htm (EX-32.1) — 5KB
• 0001829126-24-003241.txt (&nbsp;) — 4109KB
• nxl-20240331.xsd (EX-101.SCH) — 30KB
• nxl-20240331_cal.xml (EX-101.CAL) — 43KB
• nxl-20240331_def.xml (EX-101.DEF) — 130KB
• nxl-20240331_lab.xml (EX-101.LAB) — 234KB
• nxl-20240331_pre.xml (EX-101.PRE) — 202KB
• nexalintechno_10q_htm.xml (XML) — 601KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets at March 31, 2024 (unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) for the three months ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) for the three months ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2024 and 2023 4 Notes to Unaudited Condensed Consolidated Financial Statements 5 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 33 ITEM 4.

Controls and Procedures

Controls and Procedures 33

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 35 ITEM 1A.

Risk Factors

Risk Factors 35 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 ITEM 3. Defaults Upon Senior Securities 35 ITEM 4. Mine Safety Disclosures 35 ITEM 5. Other Information 35 ITEM 6. Exhibits 36

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements NEXALIN TECHNOLOGY, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2024 2023 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 546,255 $ 580,230 Short-term investments 1,597,687 2,368,203 Accounts receivable (Includes related party of $ 100 and $ 3,614 , respectively) 3,666 9,369 Inventory 153,668 156,420 Prepaid expenses and other current assets 261,977 315,670 Total Current Assets 2,563,253 3,429,892 ROU Asset - 496 Intangible assets, net 169,174 105,528 Equity method investment 101,783 96,000 Total Assets $ 2,834,210 $ 3,631,916 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 151,510 $ 159,534 Accrued expenses 355,713 261,284 Lease liability, current portion - 4,463 Total Current Liabilities 507,223 425,281 Total Liabilities 507,223 425,281 Commitments and Contingencies (Note 7) Stockholders' Equity: Common stock, $ 0.001 par value; 100,000,000 shares authorized ; 7,436,562 shares issued and outstanding at March 31, 2024 and December 31, 2023 7,437 7,437 Accumulated other comprehensive income (loss) ( 245 ) ( 405 ) Additional paid in capital 80,399,001 80,237,652 Accumulated deficit ( 78,079,206 ) ( 77,038,049 ) Total Stockholders' Equity 2,326,987 3,206,635 Total Liabilities and Stockholders' Equity $ 2,834,210 $ 3,631,916 The accompanying footnotes are an integral part of these unaudited condensed consolidated financial statements. 1 NEXALIN TECHNOLOGY, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) Three Months Ended March 31, 2024 2023 Revenues, net (Includes related party of $ 300 and $ 0 for the three months ended March 31, 2024 and March 31, 2023, respectively) $ 78,671 $ 30,560 Cost of revenues 9,156 7,110

View Full Filing

View this 10-Q filing on SEC EDGAR