Thu, Jun 13, 12:49 PM (86 days ago)
MU Global Holding Limited's Q2 2024 financial report reveals significant challenges. The company reported a net loss of $30,835 for the three months ending April 30, 2024, up from $16,833 in the same period in 2023, primarily due to higher general and administrative expenses. Revenues plummeted to $0 from $1,117, reflecting a sharp decline in service and product sales. Total assets increased to $33,534 from $23,541, driven by a rise in cash and cash equivalents to $26,302 from $4,425. However, total liabilities surged to $688,008 from $607,516, with significant increases in loans from directors and third parties. The company faces severe liquidity issues, with negative operating cash flow of $90,558 and a capital deficiency of $654,474, raising substantial doubt about its ability to continue as a going concern. Management is relying on shareholder and director support to meet obligations. Overall, MU Global Holding Limited's financial health is precarious, with declining revenues, increasing losses, and heavy reliance on external financing.