RE:RE:RE:RE:New Press Release - LexaGene Files for Chapter 7 Bankruptcy Just saw on rally-co.ca that LexaGene has filled for bankruptcy. I do not know this company, but as a rule, I never invest in a company that is not profitable or has enough cash to cover expenses for at least one year.
Looking at the November 30, 2022, Financial Statements, LexaGene had cash of US$464,131, accounts receivable of US$51,643, accounts payable of US$272,170, lease liabilities of US$350,000, and the business activity lost US$1,672,677. For the last nine months, net cash used in operating activities showed a loss of US$5,063,871. Since February 2022, the company’s cash balance has gone from US$4,722,710 to US$464,131.
There are plenty of companies with good Balance Sheets so why risk your money with speculative companies?
https://www.rally-co.ca/post/lxg-v-bankruptcy