Mon, Dec 2, 11:02 AM (77 days ago)
Hoops Scouting USA (Ticker: HSCT) reported a net loss of $413,000 for the quarter ending September 30, 2022, a significant reduction from a loss of $16,830,000 in the same period last year. The company continues to face financial challenges, with total assets of $222,000 and total liabilities of $82,727,000, leading to a working capital deficit of $66,505,000. The decrease in expenses is attributed to fewer SEC filings compared to the previous year. Cash flow from operating activities improved, with a cash outflow of $4,170,000 versus $13,435,000 in the prior year. The company did not generate revenue during the quarter and relies heavily on financial support from shareholders and related parties. There is substantial doubt regarding its ability to continue as a going concern due to its accumulated deficit of $117,555,000. The amendment primarily restates previously reported figures without significant changes to the overall financial condition. Future operations remain uncertain, and the company has no off-balance sheet arrangements that could materially impact its financial position.