Non-Invasive Monitoring Systems Inc

What they do

The company previously developed, manufactured and marketed non-invasive whole body periodic acceleration (WBPA) therapeutic platforms, motorized platforms that move a subject repetitively head to foot. It discontinued operations in May 2019, and certain assets, liabilities and expenses are classified as discontinued operations. It currently reports no ongoing operating business and is assessing potential mergers and acquisitions.

Revenue drivers

• WBPA therapeutic platforms (discontinued) — The historic product line — non-invasive whole body periodic acceleration therapeutic platforms — was discontinued in May 2019; no revenue has been reported from this business in recent periods.
• Mergers, acquisitions and strategic collaborations — Management states the company is assessing potential mergers, acquisitions and strategic collaborations; no transaction has been completed and no revenue is generated from this activity.
• Possible merger with Gravitics — The six-month G&A increase of $355,000 was primarily due to professional fees associated with the planned Merger with Gravitics, indicating that deal is the current corporate focus.

Recent performance

For the six months ended June 30, 2026, net loss was $447,000 versus $81,000 in the prior-year period, driven by G&A of $404,000 against $49,000 a year earlier and largely attributable to professional fees tied to the planned Gravitics merger. Interest expense was $43,000 for the six months versus $32,000 a year earlier. For fiscal year ended July 31, 2025, net loss was $222,000 versus $113,000 in fiscal 2024, with G&A of $160,000 versus $177,000. At June 30, 2026, the company reported approximately $160,000 of cash, total assets of $164,000, total liabilities of $1.6 million and a shareholders' deficit of $1,443,000, with an accumulated deficit of approximately $29,565,000.

Strategy

The strategy is to pursue a merger, acquisition or strategic collaboration rather than to rebuild the discontinued WBPA business; the planned Merger with Gravitics is the visible transaction work and drove professional-fee spending in the first half of 2026. The company also states it must raise additional capital through public or private equity, debt financings, mergers or acquisitions to continue as a going concern. Management implemented measures to improve the timeliness of SEC filings after failing to timely file its Form 10-K and the Form 10-Q for the quarter ended October 31, 2025, and said it expected to become current upon filing the 10-K and that 10-Q.

Risks

• Going concern uncertainty — Management states substantial doubt exists about the company's ability to continue as a going concern after recurring losses, an accumulated deficit of approximately $29,565,000 at June 30, 2026, and continuous cash outflows from operating activities.
• Need for additional financing — The company says it will need to raise capital through equity offerings, debt, mergers or acquisitions and that additional funding may not be available on acceptable terms, with equity issuance potentially causing significant dilution.
• No operating business or revenue — Operations were discontinued in May 2019 and the company has no current product revenue, so its prospects depend on completing a transaction such as the planned Gravitics merger.
• Thin cash and large liabilities relative to assets — At June 30, 2026 the company had about $160,000 of cash and $164,000 of total assets against $1.6 million of total liabilities and a $1,443,000 shareholders' deficit.

Outlook

Management does not forecast revenue or profitability and states it is assessing potential mergers, acquisitions and strategic collaborations. The company said it expected to become current in its SEC reporting obligations upon filing its Form 10-K and the Form 10-Q for the quarter ended October 31, 2025, and has implemented measures to improve filing timeliness. The 10-K risk factors state that absent additional equity or debt financing the company will be unable to continue as a going concern.