Tue, Dec 31, 11:02 AM (48 days ago)
Hoops Scouting USA (HSCT) reported a net loss of $9,489 for Q1 2023, down from $23,027 in Q1 2022, reflecting reduced operating expenses, primarily due to decreased professional fees. As of March 31, 2023, the company had total assets of $96,093, significantly increased by a $100,000 intangible asset from acquiring Grit Performance Athletics. Current liabilities rose to $82,438, driven by amounts owed to related parties and operational expenses. The working capital deficit widened to $82,418, raising concerns about the company's ability to continue as a going concern, especially given the lack of revenue generation. Cash flow from operating activities showed an improvement, using $18,588 compared to $48,141 in the prior year. The company has no significant off-balance sheet arrangements and continues to monitor its financial health amidst uncertainties. Future operations depend on securing additional financing and achieving profitability.