Thu, Dec 12, 10:21 PM (60 days ago)
Hoops Scouting USA (HSCT) reported its financials for the quarter ending December 31, 2022, in a 10-Q/A amendment. The company has no revenues and incurred a net loss of $10,764, with total assets decreasing to $28 from $392 as of June 30, 2022. Current liabilities increased to $76,884, driven by amounts due to related parties. The working capital deficit stands at $76,856, raising concerns about the company's ability to continue as a going concern without additional financial support. Operating expenses for the quarter were $10,351, up from $8,632 in the same period in 2021, primarily due to increased professional fees following an auditor change. However, total expenses for the six months decreased to $10,764 from $25,462 year-over-year. Cash used in operations was $12,164, lower than the prior year's $21,062, reflecting reduced professional fees. The company continues to rely on shareholder support and has no significant off-balance sheet arrangements. Overall, HSCT's financial health shows significant instability, with ongoing uncertainties impacting future operations.