Tue, May 28, 10:12 AM (146 days ago)
Hong Yuan Holding Group's Form 10-Q for the quarter ending March 31, 2024, reports a net loss of $15,389, up from $12,022 in the same period in 2023. The increase is attributed to higher professional fees. The company has no revenue, reflecting its development stage status. Total liabilities rose to $166,633 from $151,244, primarily due to related party advances. Stockholders' deficit also increased to $166,633. The company has no cash on hand and is reliant on debt and equity financing, particularly from its CEO, to fund operations. The report raises substantial doubt about the company's ability to continue as a going concern, emphasizing the necessity for additional financing. Management is exploring potential acquisitions in China to enhance shareholder value, though outcomes remain uncertain. The company’s auditors have expressed a going concern opinion, and no significant changes in internal controls were reported.