Novusterra Inc

CIK:0001831114|SEC Filings

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Consulting services revenue	$ 108,555	$ 14,400	$ 289,795	$ 14,400
Total revenue	108,555	14,400	289,795	14,400
Cost of Sales:
Consulting fees expense	72,750	8,000	215,750	8,000
Total cost of sales	72,750	8,000	215,750	8,000
Gross Profit	35,805	6,400	74,045	6,400
Operating expense:
General and administrative	216,865	195,366	584,385	485,485
Research and development	490,600	0	490,600	0
Total operating expense	707,465	195,366	1,074,985	485,485
Loss from operations	(671,660)	(188,966)	(1,000,940)	(479,085)
Other expense:
Interest expense	(9,452)	(18,364)	(38,023)	(57,468)
Loss on extinguishment of convertible debt	0	0	(727,634)	0
Total other expenses, net	(9,452)	(18,364)	(765,657)	(57,468)
Loss before provision for income taxes	(681,112)	(207,330)	(1,766,597)	(536,553)
Provision for income tax	0	0	0	0
Net loss	$ (681,112)	$ (207,330)	$ (1,766,597)	$ (536,553)
Loss per share:
Basic and diluted	$ (0.05)	$ (0.01)	$ (0.12)	$ (0.04)
Weighted average number of common shares outstanding:
Basic and diluted	14,490,911	14,482,430	14,484,669	14,482,430

Condensed Statement of Cash Flows (Unaudited) - USD ($)	9 Months Ended
Condensed Statement of Cash Flows (Unaudited) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Cash flow from operating activities:
Net Loss	$ (1,766,597)	$ (536,553)
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization of right to use asset	33,565	32,022
Stock based compensation	11,825	19,800
Loss on extinguishment of convertible debt	727,634	0
Stock based research and development	490,600	0
Amortization of intangible assets	106,640	106,641
Accretion of debt discount	8,668	24,909
Changes in operating assets and liabilities:
Accounts receivable	(48,185)	(14,400)
Prepaid expenses	49,003	3,880
Accounts payable	166,002	0
Accrued expenses	(21,780)	0
Accrued interest	29,355	32,559
Other current liabilities	312,970	214,086
Operating lease liabilities	(32,072)	(29,840)
Net cash provided by (used in) operating activities	67,628	(146,896)
Cash flows from financing activities:
Repurchase of common stock	(1,012)	0
Net cash used in financing activities	(1,012)	0
Net increase (decrease) in cash and cash equivalents	66,616	(146,896)
Cash - beginning of period	18,804	186,106
Cash - end of period	85,420	39,210
Supplemental disclosures of cash flow information:
Cash paid for interest	0	0
Cash paid for income taxes	0	0
Disclosures of non-cash activities under investing and financing activities:
Forgiveness of accrued interest	60,366	0
Common stock issued for research and development	$ 490,600	$ 0

Condensed Balance Sheets - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 85,420	$ 18,804
Accounts receivable	75,185	27,000
Prepaid expenses	5,000	54,003
Total current assets	165,605	99,807
Non-current assets:
Intangible assets	1,919,527	2,026,167
Right-of-use asset	360,839	394,404
Total non-current assets	2,280,366	2,420,571
Total Assets	2,445,971	2,520,378
Current liabilities:
Accounts payables	176,344	10,342
Accrued expenses	14,420	36,200
Accrued interest	18,288	49,299
Other current liabilities	886,117	573,147
Convertible debt, net discount of $0 and $8,668 respectively	250,000	241,332
Current portion of operating lease liabilities	45,520	43,162
Total current liabilities	1,390,689	953,482
Operating lease liabilities, less current portion	325,747	360,177
Total liabilities	1,716,436	1,313,659
Stockholders' Equity
Preferred stock - no par value; 400,000,000 shares authorized; no shares issued and outstanding as of September 30, 2024 and December 31, 2023	0	0
Class A Common stock - no par value; 2,600,000,000 shares authorized as of September 30, 2024 and December 31, 2023, respectively; 15,578,954 and 14,482,430 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	3,080,364	2,590,776
Additional paid-in capital	819,625	19,800
Accumulated deficit	(3,170,454)	(1,403,857)
Total stockholders' equity	729,535	1,206,719
Total Liabilities and Stockholders' Equity	$ 2,445,971	$ 2,520,378