Mon, Sep 23, 10:17 AM (89 days ago)
For the quarter ending August 31, 2024, AFB Limited reported revenues of $5,150, marking a significant increase from $0 in the same period in 2023. Cumulatively, the nine-month revenue reached $39,150, with a cost of revenue at $13,500. Despite this revenue growth, the company incurred a net loss of $12,244 for the quarter, compared to a loss of $2,124 in the prior year, and a cumulative loss of $427 for the nine months. Current assets rose significantly to $59,963 from $8,236, primarily due to increased cash reserves, which totaled $53,662. Liabilities also increased slightly to $31,085. The company’s shareholder equity improved to $28,878, reflecting the issuance of shares totaling $51,000. However, uncertainties remain regarding the company's ability to continue as a going concern, given its accumulated deficit of $25,122 and reliance on future funding. Management highlighted material weaknesses in internal controls, which could affect financial reporting reliability. Overall, while revenue trends are positive, profitability remains a challenge, and the company faces significant operational uncertainties moving forward.