Thu, Dec 5, 3:15 PM (74 days ago)
For the quarter ended October 31, 2024, KEEMO Fashion Group Limited (KMFG) reported revenues of $4,946,000, a decline from $6,516,000 in the same period last year. The cost of revenue also decreased, leading to a gross profit of $2,508,000. However, general and administrative expenses significantly dropped to $10,909,000 from $28,978,000, resulting in a reduced net loss of $8,401,000 compared to a loss of $25,867,000 in Q4 2023. As of October 31, 2024, total assets were $26,370,000, while total liabilities amounted to $83,716,000, leading to a shareholder deficit of $57,346,000. The company has raised concerns about its ability to continue as a going concern due to its negative cash flow and reliance on shareholder support for financing. Cash and cash equivalents decreased to $18,141,000. The company remains heavily reliant on a single customer for 100% of revenue, which poses significant risks. Future operations may be impacted by the need for additional funding and the recent stock split, aimed at increasing share liquidity. The company is also evaluating the impact of new accounting standards on its financial disclosures.