Wed, Oct 9, 8:27 PM (27 days ago)
For the quarter ending August 31, 2024, Global-Smart.Tech Inc. (ticker: GSTC) reported no revenue, consistent with the previous year. Operating expenses increased to $27,549 from $13,899, attributed to higher depreciation costs and professional fees. The company experienced a net loss of $27,549, worsening from a loss of $13,899 in Q3 2023, leading to an accumulated deficit of $173,780. Cash flow from operations showed an outflow of $9,000, while financing activities included a related party loan increase to $414,091. Total assets decreased to $245,314, with liabilities also rising to $414,091. The company’s transition to cloud-rendering services is expected to drive future revenue, although it faces uncertainties regarding financing and operational viability. The management emphasizes the need for additional funding to achieve growth objectives and maintain operations. As of the reporting date, cash reserves were nonexistent, raising concerns about ongoing viability. Overall, the company is in a precarious financial position with significant reliance on related party loans and no immediate revenue generation.