Mon, Sep 23, 7:47 PM (89 days ago)
For the quarter ending July 31, 2024, NAPC Defense, Inc. reported revenue of $67,467, a significant increase from $0 in the same quarter of 2023, attributed to consulting services provided to a Saudi Arabian company. However, the company faced a net loss of $435,863, worsening from a loss of $258,479 year-over-year. Operating expenses surged to $324,499, primarily driven by increased general and administrative costs, which rose 429% to $137,450. Total assets grew to $3,164,231, with current assets at $111,518 and current liabilities at $1,079,785, resulting in a working capital deficit of $968,267. The company generated $170,288 in cash from financing activities, highlighting reliance on equity sales and debt to sustain operations. Future operations remain uncertain, as management anticipates the need for additional capital to continue functioning, with cash expected to deplete within a month from late September 2024. The company's ability to raise funds and achieve profitability is uncertain, raising concerns about its ongoing viability as a going concern.