Thu, Aug 22, 2:47 PM (145 days ago)
For the quarter ending July 31, 2024, Natics Corp reported no revenue, a significant decline from $12,920 in the same period of 2023. The company incurred a net loss of $14,796, exacerbating its accumulated deficit to $48,958. Operating expenses increased to $14,796, primarily due to professional fees and consulting costs. As of July 31, 2024, total assets amounted to $43,322, down from $57,043 in April 2024, with cash reserves decreasing from $23,726 to $11,081. Long-term liabilities rose slightly to $67,027, influenced by a promissory note of $52,675. The management highlighted substantial doubt regarding the company’s ability to continue as a going concern, emphasizing the need for additional funding through equity or debt to sustain operations. Future financial health remains uncertain due to reliance on fundraising efforts and the ongoing impact of economic conditions, including potential repercussions from COVID-19. Overall, the financial results indicate a troubling trend in performance metrics, cash flow, and ongoing operational viability, necessitating urgent strategic planning for capital acquisition and revenue generation.