Fri, Jul 12, 1:34 PM (57 days ago)
For the quarter ended March 31, 2024, Hoops Scouting USA reported a significant decline in total assets from $44,623 to $8,027, primarily due to inventory impairment. The company’s liabilities increased to $228,687, driven by amounts due to related parties for operating costs and inventory purchases. The working capital deficit widened to $204,660 from $107,549 as of June 30, 2023. The net loss for the quarter was $18,819, and $97,111 for the nine months, largely attributed to inventory valuation adjustments and professional fees. Cash used in operating activities totaled $68,587, offset by $68,691 in related-party financing. The company’s financial health raises substantial doubt about its ability to continue as a going concern, with no revenues generated and an accumulated deficit of $355,710. Management plans to promote their website and develop an app, seeking potential partnerships to improve financial stability.