Mon, Aug 19, 1:57 PM (148 days ago)
Londax Corp., established in May 2023, reported total revenue of $25,297 for the fiscal year ending May 31, 2024, compared to $0 in 2023. Operating expenses surged to $27,179, primarily due to professional fees of $21,808, leading to a net loss of $1,882, an increase from a loss of $199 in the prior year. The company had $1,664 in cash and liabilities of $18,772 as of May 31, 2024, highlighting liquidity concerns. The firm operates in IT consulting and software development, with a focus on a CRM system and various service offerings, including customization and training. The strategic plan emphasizes online marketing and targeting small to midsize businesses. However, the company faces risks related to its development stage status and reliance on external funding for operations. Management acknowledges material weaknesses in internal controls over financial reporting, raising concerns about the company's ability to sustain operations without additional capital. The financial statements indicate substantial doubt about the company's ability to continue as a going concern without improved profitability or financial support.