Mon, Sep 16, 7:17 PM (105 days ago)
For Q1 ending July 31, 2024, IMA Tech Inc. reported revenues of $4,700, a notable increase from $0 in the same quarter of 2023. Operating expenses surged to $21,820, primarily due to increased amortization costs of $14,232, leading to a net loss of $17,120, compared to a loss of $9,719 the previous year. Cash reserves dwindled to $530 from $7,732, reflecting negative working capital of $290,222. Total liabilities were $290,752, with significant related party loans amounting to $196,933. The company faces substantial doubt regarding its ability to continue as a going concern, relying on future revenue generation and potential funding. Future operations may be impacted by ongoing losses and limited cash flow. The management emphasizes a strategy to enhance AI capabilities and improve customer engagement, while also navigating regulatory challenges.