10-K/A - MOUNTAIN TOP PROPERTIES, INC. (0001658521) (Filer)

Thu, Nov 21, 11:02 AM (58 days ago)

Mountain Top Properties, Inc. (MTPP) reported significant financial challenges in its 2023 10-K/A filing. The company generated no revenue, resulting in a net loss of $562,256, compared to a loss of $39,833 in 2022. Operating expenses surged to $562,256, primarily due to increased professional fees. As of December 31, 2023, total assets stood at $157,456, with liabilities of $238,192, leading to a stockholders' deficit of $80,736. The amendment addressed the effectiveness of internal controls over financial reporting, revealing no changes that materially affect controls. The company's ability to continue as a going concern is in doubt, necessitating additional financing strategies, including equity and debt funding. The company has incurred losses since inception, with a cumulative deficit of $720,974. Future outlook remains uncertain, with management's plans hinging on securing sufficient capital to cover operating costs. The company's market position is precarious, marked by reliance on related party loans, which totaled $60,218 as of year-end. Overall, MTPP's financial condition reflects substantial risk, necessitating close monitoring for potential recovery or further decline.