Bakhu Holdings Corp. (ticker: BKUH) has reported a decrease in cash and cash equivalents in its recent quarterly report (Form 10-Q) filed with the Securities and Exchange Commission (SEC) for the period ending April 30, 2023. The company’s cash and cash equivalents at the end of the period amounted to just $569, compared to $12,451 as of July 31, 2022.
Bakhu Holdings Corp., a Nevada-based corporation, has been looking for potential business opportunities to benefit its stockholders since May 2009. As a company in its early stages of development, Bakhu has not generated any revenue to date, and its operations are subject to risks inherent in establishing a new business venture.
Assets and Liabilities
According to the company’s recent 10-Q filing, Bakhu’s total assets for the period ending April 30, 2023, amounted to $501,837, a decrease from the previous balance of $701,095 reported as of July 31, 2022. This decrease was primarily due to the decline in cash and cash equivalents, along with other operating activities.
On the other hand, the company’s total liabilities have increased to $9,329,923, up from $7,858,618 as of July 31, 2022. The increase in liabilities can be attributed to accounts payable and accrued liabilities, accrued interest, and notes payable to related parties. Bakhu’s stockholders’ equity (deficit) stood at $(8,828,086) as of April 30, 2023, compared to $(7,157,523) as of July 31, 2022.
Net Loss
During the nine-month period ending April 30, 2023, Bakhu reported a net loss.
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