Fri, Aug 30, 10:05 AM (15 days ago)
For the quarter ending March 31, 2024, Alpha Network Alliance Ventures Inc. reported no revenue, consistent with the same period in 2023, resulting in a net loss of $78,681 compared to $77,119 in the prior year. Total operating expenses slightly increased to $78,681, driven by higher professional fees, while cash reserves fell to $0 from $8,974 at year-end 2023. The company’s total assets were $59,958, primarily from accounts receivable, against total liabilities of $5,302,217, leading to a stockholders' deficiency of $5,242,259. The firm continues to rely on unsecured loans from its CEO to fund operations, with no formal financing arrangements in place. The company faces significant going concern risks, as it has not established a revenue-generating business model and will need to secure additional capital to sustain operations. The management anticipates potential revenue generation within the next 6 to 12 months. Overall, the financial health remains precarious, with substantial uncertainty regarding future operational viability and funding.