Tue, Sep 24, 12:22 PM (87 days ago)
Incordex Corp., a development-stage company, reported revenues of $31,079 for the fiscal year ending June 30, 2024, up from $9,561 in 2023, indicating improved market traction following the launch of a new website and mobile app. However, the company incurred a net loss of $11,682 compared to a loss of $8,827 in the prior year, with operating expenses rising significantly to $42,761 from $18,388, primarily due to professional fees associated with operational activities. As of June 30, 2024, Incordex's total assets stood at $22,288, reflecting a substantial increase from $9,280 in 2023, largely driven by investments in intangible assets like their website and mobile application. The company faces liquidity challenges, highlighted by a negative working capital of $12,000 and an accumulated deficit of $43,716, raising substantial doubt about its ability to continue as a going concern. The firm has no current trading stock and has not paid dividends. Risks include competition from larger firms and the necessity for additional funding to sustain operations. Management plans to enhance marketing efforts in Europe and the U.S. to grow its customer base. The company has acknowledged weaknesses in its internal controls, which need addressing as it scales.