Thu, Jul 18, 6:08 PM (51 days ago)
GSG Group Inc.'s Q2 2024 report highlights continued operational challenges with no revenue generated and recurring losses. The company reported a net loss of $2,573 for the quarter and $5,673 for the six months ended June 30, 2024. Cash flow from operating activities remained negative, and the company relied on borrowings from related parties to fund operations. Key changes include the cancellation of 17,709,098 shares of common stock, reducing the total outstanding shares to 37,415,902. The company's stockholders' deficit increased from $130,925 at year-end 2023 to $154,307 by June 30, 2024. The company has shifted its focus to the physiotherapy market in China, targeting the elderly and fitness enthusiasts, in line with its new business strategy following a Share Exchange Agreement with Kingdom Defi Limited. There is substantial doubt about the company's ability to continue as a going concern due to its ongoing financial difficulties and lack of revenue. Management plans to rely on related party borrowings to sustain operations in the near term.