Mon, Aug 19, 2:00 PM (148 days ago)
For the quarter ended June 30, 2024, New Momentum Corporation reported a significant decline in revenue, generating only $6 compared to $180,767 in the same period last year. The cessation of ticket sales since September 2023 for platform upgrades contributed to this drop. The company incurred a net loss of $19,943, a decrease from $83,354 in Q2 2023, reflecting reduced general and administrative expenses, which fell to $32,435 from $76,081. The balance sheet shows a working capital deficit of $626,592 and total liabilities of $669,893, primarily due to amounts owed to directors and shareholders. Cash and cash equivalents slightly increased to $16,832 from $16,776. The company received $12,052 in government subsidies, which helped offset some losses. Management expresses doubt about the company's ability to continue as a going concern without additional financing. The operational strategy remains focused on enhancing the travel services platform and securing necessary funding to support future operations. Overall, the financial position indicates a challenging environment with ongoing uncertainties affecting revenue generation and operational viability.