Tue, Oct 15, 10:02 AM (266 days ago)
JAAG Enterprises Ltd. (OTC: JAAG) reported its financial results for the fiscal year ended June 30, 2024. The company generated revenues of $33,547, a slight decrease from $33,914 in the previous year, while cost of sales rose to $24,626 from $18,993. Net loss improved marginally to $62,459 from $65,076, with basic earnings per share remaining at $(0.01). Total assets increased to $4,836 from $2,138, but total liabilities surged to $27,825 from $12,668, resulting in a shareholders’ deficit of $22,989. The company, primarily engaged in uniform supply through its subsidiary JAAG Uniform Ltd., faces significant liquidity concerns, with a working capital deficiency of $22,989. Future operations will depend on raising additional capital, primarily through equity sales. JAAG has no current financing arrangements and anticipates needing approximately $60,000 for the next year. The report highlights a material weakness in internal controls due to insufficient staffing. Overall, JAAG remains a smaller reporting company with limited operations and significant reliance on related party advances, emphasizing the need for strategic financial planning and potential restructuring to ensure future viability.