10-Q - New Momentum Corp. (0001132509) (Filer)

Mon, May 20, 4:17 PM (154 days ago)

New Momentum Corporation's Q1 2024 financial report highlights significant challenges, including a net loss of $17,623, improved from a $88,753 loss in Q1 2023. Revenue plummeted to $6 from $109,478, primarily due to the cessation of ticket sales for platform upgrades. Operating expenses decreased by 64.5% to $28,744, driven by reduced legal and professional fees. The company reported a working capital deficit of $612,055 and continues to rely on shareholder support for financial stability. Cash flow from operations was negative at $21,358, slightly offset by financing activities. The report underscores substantial doubt about the company's ability to continue as a going concern.