Thu, Jun 27, 6:03 PM (72 days ago)
Fuss Brands Corp. (formerly China Botanic Pharmaceuticals Inc.) reported its financial results for the quarter ended April 30, 2024. The company remains in a challenging financial position with no revenue generated during the period. Operating expenses surged significantly to $2,632,596, resulting in a net loss of $2,633,846 for the quarter. This marks a substantial increase from the $178,532 net loss reported in the same period last year. The balance sheet reveals a cash position of $7,031, down from $9,448 at the end of October 2023, and total assets of $181,308. Liabilities increased to $793,329, primarily due to related party notes payable. The company's stockholders’ deficit widened to $612,021. The company has received a $925,000 purchase order from a leading luggage retailer, which it is in the process of fulfilling. However, the company continues to face substantial doubt about its ability to continue as a going concern, necessitating additional funding. The management is exploring alternative financing options and potential business combinations to stabilize operations.