Fri, Sep 13, 10:03 AM (99 days ago)
For the quarter ended July 31, 2024, NFiniTi Inc. reported no revenue, maintaining its status as an exploration-stage company with significant financial challenges. The company incurred operating expenses of $2,675, a decrease from $4,408 in the same quarter of the previous year, primarily due to reduced professional fees. The net loss for the quarter was $2,675, compared to $4,408 a year earlier. For the nine-month period, the total net loss increased to $18,667 from $13,979, reflecting rising operational costs. As of July 31, 2024, the company had no cash and a working capital deficit of $152,693, slightly worsening from $134,026 at the end of the previous reporting period. The company continues to depend heavily on loans from shareholders for operational funding. The auditor has expressed substantial doubt about the company’s ability to continue as a going concern, emphasizing the need for additional funding to sustain operations. Management plans to pursue new business opportunities and anticipates total expenditures of approximately $16,500 over the next year. The company's lack of operational revenue and ongoing financial losses pose significant risks to its future viability.