Nexscient, Inc. Files 2024 10-K: $75M Assets, R&D Spikes

TL;DR

Nexscient's 2024 10-K shows $75M assets, $16.5M liabilities, with significant R&D spend. Watch for subsequent events.

AI Summary

Nexscient, Inc. filed its annual 10-K report for the fiscal year ending June 30, 2024. The company reported total assets of $75 million and total liabilities of $16.5 million. Key expenses included $20.4 million in research and development and $16.5 million in general and administrative costs. The filing also noted several subsequent events, including a stock purchase agreement and a change in the company's principal accounting officer.

Why It Matters

This filing provides a comprehensive overview of Nexscient's financial health and operational activities for the past fiscal year, crucial for investors assessing the company's performance and future prospects.

Risk Assessment

Risk Level: medium — The company's significant investment in R&D and the presence of multiple subsequent events suggest a dynamic and potentially volatile financial situation.

Key Numbers

• $75.0B — Total Assets (Represents the company's total resources as of June 30, 2024.)
• $16.5B — Total Liabilities (Indicates the company's total obligations as of June 30, 2024.)
• $20.4B — Research and Development Expense (Significant investment in innovation for the fiscal year ending June 30, 2024.)
• $16.5B — General and Administrative Expense (Operational costs for the fiscal year ending June 30, 2024.)

Key Players & Entities

• Nexscient, Inc. (company) — Filer of the 10-K report
• 2024-06-30 (date) — Fiscal year end
• $75,000,000 (dollar_amount) — Total assets
• $16,528,000 (dollar_amount) — Total liabilities
• $20,421,312 (dollar_amount) — Research and Development Expense
• $16,528,000 (dollar_amount) — General and Administrative Expense
• Michael J. Portera (person) — Chief Financial Officer

FAQ

Key Financial Figures

• $0.001 — stock issued and outstanding, par value $0.001 per share. SPECIAL NOTE REGARDING FORW
• $22,000 — ts of downtime misfortunes adding up to $22,000 per minute or approximately $1.3 millio
• $1.3 million — to $22,000 per minute or approximately $1.3 million every hour 1 . Likewise, an average man
• $5.66 billion — tenance market is expected to grow from $5.66 billion in 2021 to $64.25 billion by 2030, witn
• $64.25 billion — d to grow from $5.66 billion in 2021 to $64.25 billion by 2030, witnessing a Compound Annual G
• $50 million — of securities in amounts not exceeding $50 million; and Exemption from registration by a
• $1,000,000 — offers and sales of securities of up to $1,000,000 that comply with rules to be adopted by

Filing Documents

• nexscient_10k.htm (10-K) — 519KB
• nexscient_ex105.htm (EX-10.5) — 49KB
• nexscient_ex311.htm (EX-31.1) — 9KB
• nexscient_ex312.htm (EX-31.2) — 9KB
• nexscient_ex321.htm (EX-32.1) — 4KB
• nexscient_ex322.htm (EX-32.2) — 4KB
• nexscient_10kimg2.jpg (GRAPHIC) — 14KB
• 0001477932-24-006074.txt ( ) — 2062KB
• nexscient-20240630.xsd (EX-101.SCH) — 20KB
• nexscient-20240630_lab.xml (EX-101.LAB) — 127KB
• nexscient-20240630_cal.xml (EX-101.CAL) — 21KB
• nexscient-20240630_pre.xml (EX-101.PRE) — 97KB
• nexscient-20240630_def.xml (EX-101.DEF) — 36KB
• nexscient_10k_htm.xml (XML) — 134KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 11 Item 2.

Properties

Properties 11 Item 3.

Legal Proceedings

Legal Proceedings 11 Item 4. Mine Safety Disclosures 11 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 12 Item 6. [Reserved] 14 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 7.A Quantitative and Qualitative Disclosure About Market Risk 18 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 19 Item 9.A

Controls and Procedures

Controls and Procedures 19 Item 9.B Other Information 19 Item 9.C Disclosure Regarding Foreign Jurisdiction that Prevent Inspection 19 Part III Item 10. Directors, Executive Officers and Corporate Governance 20 Item 11.

Executive Compensation

Executive Compensation 25 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 26 Item 13. Certain Relationships and Related Transactions, and Director Independence 26 Item 14. Principal Accountant Fees and Services 28 Part IV Item 15. Exhibits and Financial Statements 29 Item 16. Form 10-K Summary 29 30

Signatures

Signatures 3 Table of Contents PART I I tem 1. Business The Company Overview Nexscient, Inc. (the "Company") is early-stage company engaged in the business of developing a Software as a Service (SaaS) platform for commercialization that intends to exploit Industrial Internet-of-Things (IIoT), Artificial Intelligence (AI), and Cloud-computing technologies to deliver an innovative solution for manufacturers and continuous production facilities in the industrial automation sector that helps reduce equipment failures, avoid unscheduled downtimes, decrease equipment maintenance costs, and improve overall equipment efficiencies. The platform is currently under development. Corporate History and General Information about the Company Nexscient, Inc. was incorporated in the State of Delaware on March 14, 2023. Our fiscal year end is June 30. We are a development stage enterprise. Our principal office is located at 2029 Century Park East, Suite 400, Los Angeles, CA 90067. Our telephone number is (310) 494-6620 and our e-mail contact is info@nexscient.com. Our website can be viewed at nexscient.ai . Addressing the shortcomings of most existing condition-based monitoring products on the market today, Nexscient is taking a unique approach by developing a remote, continuous monitoring solution as a subscription-based service -- one that not only will offer all of the benefits of condition-based monitoring diagnostic system through vibration and acoustic analysis, but also will offer those benefits with (i) no upfront capital expense of equipment and software purchases; (ii) no need to update and maintain and update purchased diagnostic equipment and software, (iii) no requirement for specialized training of maintenance personnel; and (iv) no need for licensing, maintaining, and updating software. From a financial perspective, our solution is more affordable because it does not require upfront investment and shifts what would be a capital expenditure to an operati

Legal Proceedings

Legal Proceedings We know of no material, existing or pending legal proceedings against our Company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which our directors, officers or any affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest. 9 Table of Contents Jumpstart Our Business Startups Act In April 2012, the Jumpstart Our Business Startups Act ("JOBS Act") was enacted into law. The JOBS Act provides, among other things: Exemptions for emerging growth companies from certain financial disclosure and governance requirements for up to five years and provides a new form of financing to small companies; Amendments to certain provisions of the federal securities laws to simplify the sale of securities and increase the threshold number of record holders required to trigger the reporting requirements of the Securities Exchange Act of 1934; Relaxation of the general solicitation and general advertising prohibition for Rule 506 offerings; Adoption of a new exemption for public offerings of securities in amounts not exceeding $50 million; and Exemption from registration by a non-reporting company of offers and sales of securities of up to $1,000,000 that comply with rules to be adopted by the SEC pursuant to Section

View Full Filing

View this 10-K filing on SEC EDGAR