Wed, Sep 11, 10:04 AM (101 days ago)
For the quarter ended August 31, 2024, Aceztech Corporation reported a significant increase in cash reserves, rising to $18,170 from $7,319 as of November 30, 2023. The company generated $7,200 in revenue for the quarter, contributing to a total of $20,700 for the nine months, marking a substantial operational shift from its inception. However, it incurred a net loss of $21,142 for the quarter and $28,440 for the nine months, primarily due to high general and administrative expenses totaling $28,342 and $49,140, respectively. Total assets increased to $25,375, with current liabilities rising sharply to $24,985, indicating a working capital deficit of $2,081. The company’s reliance on a director for funding is notable, as $18,585 is owed to him. The future poses uncertainties regarding profitability and cash flow sustainability, particularly as the company seeks additional funding through public offerings. Management also noted material weaknesses in internal controls, which could impact financial reporting. The ability to continue operations hinges on improving profitability and securing further financing.