Tue, Jun 11, 10:08 AM (88 days ago)
Keemo Fashion Group Limited's Form 10-Q for the quarter ended April 30, 2024, reveals several key financial metrics and trends. The company reported a slight decrease in total assets to $30,934 from $43,035 as of July 31, 2023. Current liabilities increased significantly to $70,103 from $49,705, primarily due to a rise in the amount due to a director. Revenue for the nine months ended April 30, 2024, was $16,558, up from $9,992 in the same period in 2023. However, the company incurred a net loss of $32,499 for the nine months, more than double the $14,559 loss in the prior year. General and administrative expenses also surged to $40,596 from $19,638. Cash used in operating activities was $3,365, a decrease from $10,997 in the same period last year. The company's liquidity remains a concern, with cash and cash equivalents decreasing to $25,378 from $28,743. The company is facing substantial doubt about its ability to continue as a going concern due to ongoing losses and negative shareholders' equity. No significant changes in internal control over financial reporting were noted, and management identified material weaknesses in internal controls. The company did not engage in any investing or financing activities during the period.