Fri, Aug 30, 7:42 PM (137 days ago)
LAMY, a startup focused on eLearning and gaming for teaching financial literacy to children, reported a net loss of $25,807 for FY 2024, a decrease from a loss of $56,421 in FY 2023. The company generated $11,500 in revenue, its first since inception, compared to no revenue in the previous year. Total assets decreased to $27,453 from $37,044, while liabilities rose to $82,348 from $62,522, indicating a deteriorating financial condition. Cash and equivalents dropped significantly, reflecting a cash flow deficit from operating activities of $(12,484). LAMY's business model leverages new technologies to penetrate the competitive eLearning market. The appointment of COO Stephen Townsend in March 2023 aims to bolster operations and revenue generation. However, the company faces substantial doubt regarding its ability to continue as a going concern, necessitating additional capital through equity or debt financing. The lack of an active trading market for its shares and reliance on related party loans further heighten risk factors. The company has no current plans for significant equipment purchases and does not anticipate paying dividends in the near future.