10-Q - NFiniTi inc. (0001544400) (Filer)

Thu, Jun 13, 8:13 PM (32 days ago)

NFiniTi Inc.'s Q2 2024 10-Q report highlights continued financial struggles. The company reported no revenue for the quarter ending April 30, 2024, and incurred operating expenses of $4,425, up from $3,373 in Q2 2023, primarily due to increased professional fees. The net loss for the quarter was $4,425, compared to $3,373 in the same period last year. For the six months ending April 30, 2024, the net loss was $15,992, up from $9,571 in the previous year. The balance sheet shows no assets, with current liabilities totaling $150,018, including significant loans payable to shareholders and related parties. The company's stockholders' deficit increased to $150,018 from $134,026 as of October 31, 2023. Cash flow from operations was negative, with operating activities using $17,449 in the first half of 2024, funded entirely by shareholder loans. The company remains in the exploration stage with no active operations or revenue generation. The financial statements are prepared on a going concern basis, but substantial doubt exists regarding the company's ability to continue without additional funding. Management is focused on seeking new business opportunities to enhance shareholder value.