Mon, Jul 15, 3:22 PM (54 days ago)
Nitches Inc. reported significant changes in its financial condition for the quarter ended May 31, 2024. The company’s total assets increased to $261,052 from $178,603 as of August 31, 2023, primarily due to higher inventory and intangible assets. However, the company’s liabilities surged to $1,579,597 from $535,188, driven by increased derivative liabilities and short-term loans. Stockholders' deficit widened to $1,318,545 from $356,585, reflecting a net loss of $1,595,710 for the nine months ended May 31, 2024. Despite issuing 615,750,000 shares to repay debt, the company continues to face significant financial challenges, including a working capital deficit and ongoing operational losses. The company’s future operations rely heavily on securing additional financing and achieving revenue growth from its diversified business model, which includes merchandise, luxury goods, and technology.