Thu, Dec 12, 8:52 PM (34 days ago)
E-Smart Corp. (Ticker: E-SMART), incorporated on June 6, 2023, operates a digital platform aimed at connecting tattoo artists and clients. For the fiscal year ending August 31, 2024, the company reported no revenue, compared to $11,562 in the previous year. The net loss significantly increased to $41,236 from $979, with operating expenses rising to $45,925, primarily due to professional fees and depreciation. The total assets grew to $149,489, primarily due to intangible assets valued at $148,942. The company faces substantial doubt about its ability to continue as a going concern, relying on further capital investment to fund operations. As of August 31, 2024, the company had 4,500,000 shares outstanding, all held by director Diana Vasylenko. Strategically, E-Smart is focused on enhancing its platform and exploring additional revenue streams, including API subscriptions. However, it operates in a competitive landscape, and its marketing efforts are contingent on future funding. The company has identified material weaknesses in internal controls, which could pose risks to financial reporting. In summary, E-Smart Corp. is in a developmental stage with significant losses, a growing asset base, and a challenging financial outlook, necessitating further capital to sustain operations.