Fri, Nov 8, 6:49 PM (65 days ago)
GURU APP FACTORY CORP. (ticker: not specified) reported its financial results for the fiscal year ending July 31, 2024. The company generated $82,500 in revenue, a significant increase from $0 in the previous period since inception. Operating expenses surged to $105,472, resulting in a net loss of $22,972, compared to a loss of $761 previously. As of July 31, 2024, total assets were $68,190, with total liabilities of $25,803, leading to stockholders' equity of $42,387. The company, a development-stage entity focused on mobile app development and software consulting, faces substantial doubt regarding its ability to continue as a going concern due to its accumulated deficit of $23,733. Future capital needs are anticipated, with plans to raise funds through equity or debt securities. Key risk factors include reliance on a few major customers for revenue and the potential for dilution from future capital raises. The company has no active trading market for its shares, and its sole director, Deniss Volkovs, holds a majority stake. The financial statements were prepared in accordance with GAAP, emphasizing the need for additional financing to support ongoing operations.