Tue, Nov 19, 2:01 PM (24 days ago)
For the quarter ended September 30, 2024, Landbay Inc (LNBY) reported revenues of $2,059, down significantly from $3,178 in the same period last year, primarily due to a strategic shift away from furniture sales. The company recorded a gross profit of $401, with operating expenses rising to $8,545 from $8,095, leading to a net loss of $8,229 compared to $7,846 in Q3 2023. For the six months ended September 30, 2024, the net loss expanded to $57,057 from $24,626 in the prior year, driven by increased operational costs post-management transition. Cash reserves dwindled to $370 from $8,761, while accumulated deficits increased to $510,108. The company faces substantial doubt regarding its ability to continue as a going concern, citing negative financial trends and operational losses. To alleviate these concerns, management plans to improve profitability and secure additional funding from shareholders. Overall, Landbay's financial health shows significant challenges, with uncertainties surrounding its future operations and cash flow generation capabilities.