Thu, Nov 21, 5:06 PM (88 days ago)
First America Resources Corporation (FAMR) reported a challenging fiscal quarter ending September 30, 2024. The company generated no revenue, a stark decline from $3,920 in the same period last year. Cost of goods sold was also absent, compared to $13,369 in 2023. Operating expenses decreased to $1,250 from $4,217, reflecting cost-cutting measures. The net loss narrowed to $1,250 from $13,666, indicating improved expense management. As of the reporting date, FAMR held cash of $34,207 and had a working capital deficiency of $173,888. Total liabilities increased slightly to $233,095. The company remains heavily reliant on loans from its CEO, Jian Li, totaling $228,933, raising concerns about liquidity and going concern status. Management plans to acquire FAMCe, a scrap metal recycling business, to enhance revenue potential. However, the lack of operational revenue and substantial debt complicates future financing and operational sustainability. The report underscores significant uncertainties regarding ongoing operations and the ability to secure necessary funding for growth and acquisitions.