Mon, Dec 30, 11:13 AM (19 days ago)
Legacy Ventures International, Inc. (Ticker: N/A) reported a net loss of $20,471 for the quarter ending September 30, 2024, compared to a loss of $6,744 in the same period of 2023. Operating expenses surged to $20,465 from $6,744 year-over-year, primarily due to increased professional fees. The company's cash position improved slightly to $1,092 from $842, driven by shareholder advances totaling $13,543, which helped offset cash used in operations of $13,293. As of September 30, 2024, Legacy's total liabilities reached $158,432, with a stockholders' deficiency of $157,340, reflecting an accumulated deficit of $6,592,143. The company's financial health raises substantial doubt about its ability to continue as a going concern, as it relies heavily on shareholder financing with no formal agreements for future funding. Management acknowledges the need for additional capital to sustain operations and fund future initiatives, particularly in biotech and healthcare R&D through its Hong Kong subsidiary, Ever Green Living Ventures Ltd. The absence of ongoing operations and significant losses highlight the uncertainties affecting the company's future operations.