Tue, Sep 10, 2:49 PM (102 days ago)
For the quarter ended July 31, 2024, LVPAI Group Limited reported no revenues, consistent with the previous year. The company's operating expenses decreased to $9,030 from $11,635 year-over-year, contributing to a reduced net loss of $9,030 compared to $11,635 for the same quarter in 2023. For the six-month period, net losses were $18,320, down from $22,415 in 2023. The company continues to face liquidity challenges, with cash and cash equivalents remaining at $0, and a reliance on related party loans for financing operations. Total liabilities increased to $123,420 from $105,100, reflecting ongoing operational struggles. Stockholders' deficit rose to $123,420, indicating continued financial distress. The company has acknowledged substantial doubt regarding its ability to continue as a going concern unless additional capital is raised. Management has identified material weaknesses in internal controls, emphasizing the need for improved risk assessment and financial reporting practices. Looking ahead, LVPAI Group Limited plans to explore alternative financing sources to support its operations and has recently shifted its focus towards sustainable energy.