Tue, Jun 11, 1:02 PM (88 days ago)
MEDIES has filed its annual report for the fiscal year ending February 29, 2024. The company, which operates a Subscription Video on Demand (SVoD) platform focused on the online streaming and metaverse industries, reported a net loss of $39,447, an improvement from the previous year's net loss of $60,625. The company generated no revenue in 2024, down from $1,838 in 2023. Operating expenses included legal and professional fees of $17,473 and general administrative expenses of $21,974. Total assets decreased to $23,341 from $60,770, mainly due to impairments in intangible assets. Liabilities increased to $111,609 from $94,468, primarily driven by accrued expenses and loans from related parties. The company’s financial condition raises substantial doubt about its ability to continue as a going concern, and it will require additional capital to meet long-term operating requirements. The report highlights strategic efforts, including new executive leadership and content production, but emphasizes the need for improved financial performance and liquidity.