Wed, Feb 19, 10:19 PM (25 days ago)
For the quarter ending December 31, 2024, First America Resources Corporation (FAMR) reported no revenues, consistent with the previous year, and a net loss of $33,908 compared to $11,466 in 2023. The six-month results also reflect a significant decline in revenue, dropping from $3,920 to zero, while costs of goods sold fell from $13,369 to zero, indicating operational stagnation. Operating expenses surged to $33,908 for the quarter, primarily due to increased professional fees, leading to a growing accumulated deficit of $507,120. Cash reserves decreased from $34,807 to $25,049, alongside a worsening working capital deficiency of $207,796. The total liabilities remained stable at approximately $232,845. Management acknowledges substantial doubt regarding the company's ability to continue as a going concern, primarily due to the lack of revenue and ongoing financing needs. Future operations hinge on potential acquisitions, notably of FAMCe, which could enhance profitability. However, the company has not yet secured necessary financing or established a clear path forward, raising concerns among investors about its viability.