Tue, Jun 4, 12:14 PM (139 days ago)
Natics Corp., a development-stage company focused on online workouts, reported its financial results for the fiscal year ended April 30, 2024. Key highlights include: 1. **Financial Performance**: - **Revenue**: Increased to $21,920 from $1,200 in the prior year. - **Net Income**: Net loss decreased to $7,860 from $26,102. - **Operating Expenses**: Slight increase to $29,780 from $27,302. 2. **Liquidity and Capital Resources**: - **Total Assets**: $49,518, down from $55,016. - **Cash Flows**: Negative cash flow from operations of $7,860, positive cash flow from investing activities of $8,604, and financing activities provided $2,362. 3. **Going Concern**: The auditors issued a going concern opinion due to accumulated deficits and negative cash flows, indicating substantial doubt about the company's ability to continue without additional financing. 4. **Market Position**: The company's stock is not currently trading, and it has 5,495,300 shares outstanding. 5. **Risk Factors**: Identified material weakness in internal controls due to lack of segregation of duties and limited corporate governance. 6. **Future Outlook**: The company plans to raise additional funds to support operations and address the going concern issue. This summary provides a snapshot of Natics Corp.'s financial condition, highlighting the need for further capital to sustain operations and improve financial health.