Thu, May 16, 7:40 PM (252 days ago)
First America Resources Corporation's Form 10-Q for the quarter ended March 31, 2024, reveals a challenging financial situation. The company reported no revenue for the quarter, with a net loss of $7,400 compared to a loss of $2,822 in the same period last year. Operating expenses increased to $7,400 from $2,822, primarily due to higher professional fees. The company has a significant working capital deficiency of $164,339, with total liabilities of $232,345 and cash reserves of only $43,006. This is a deterioration from June 30, 2023, when the working capital deficiency was $131,807. The accumulated deficit has grown to $463,663 from $431,131. A cash infusion of $100,500 from President Jian Li on March 20, 2023, was aimed at developing a business model focused on real estate and trading options for nascent battery technologies. However, the company faces substantial doubt about its ability to continue as a going concern due to its lack of operating history and financial resources. Future plans include acquiring income-producing properties and negotiating with a battery supplier for U.S. distribution. The company’s ability to execute these plans depends on securing additional equity and mortgage financing.