Fri, Jun 14, 10:10 AM (175 days ago)
Legacy Ventures International, Inc. has reported its financial results for the quarter ending March 31, 2024. The company remains in a challenging financial position with no ongoing operations other than incurring general and administrative expenses. Key financial metrics include a significant working capital deficiency of $96,902, an accumulated deficit of $6,531,705, and cash reserves of $842, down from $1,678 at June 30, 2023. For the nine months ending March 31, 2024, the company reported operating expenses of $24,324, a decrease from $37,443 in the prior year. The net loss for the period was $24,319, compared to $37,593 in the previous year. The primary source of liquidity has been advances from a shareholder, totaling $40,733 for the nine months. Management has expressed substantial doubt about the company's ability to continue as a going concern without additional financing. Future operations may be significantly impacted if the company cannot secure further debt or equity financing. No significant changes were reported in internal controls over financial reporting.