Fri, Jun 14, 8:09 PM (85 days ago)
ATIF Holdings Limited reported a net loss of $807,588 for the quarter ended April 30, 2024, compared to a net loss of $335,770 in the same period of 2023. Revenues increased to $200,000 from $100,000, primarily from completing Phase III services for a customer. Operating expenses rose marginally to $721,282, with selling expenses increasing to $86,000 due to higher advertising costs. General and administrative expenses remained stable at approximately $635,000. The company recorded a loss of $309,521 from trading securities. Cash flow from operations showed a slight improvement, with net cash used in operating activities decreasing to $84,188. ATIF raised $2.3 million through a private placement and had cash reserves of $2.1 million. Despite these efforts, the company’s ability to continue as a going concern remains uncertain due to ongoing operational losses and the need for additional capital. Legal proceedings with Boustead Securities and J.P. Morgan Securities may also impact future operations.