Wed, Nov 13, 4:13 PM (65 days ago)
Oyocar Group Inc. (Ticker: OYOCAR), established on July 10, 2023, reported its first full fiscal year ending August 31, 2024, with revenues of $46,959, a significant increase from zero in the prior period. The company incurred a net loss of $23,600, leading to an accumulated deficit of $24,588. Operating expenses surged to $30,620 from $988, driven by corporate overhead and professional fees. As of August 31, 2024, total assets rose to $90,850, primarily due to cash holdings of $42,620, while liabilities increased to $36,408, up from $988. Stockholders’ equity improved to $54,442 from $3,012. The company plans to fund future operations through capital raises, though it faces substantial doubt regarding its ability to continue as a going concern without additional financing. Strategically, Oyocar focuses on refurbishing and reselling used vehicles, primarily targeting U.S. and Dominican markets. Risks include reliance on external financing and potential market volatility. The lack of a formal audit committee raises governance concerns, as does the absence of significant operational history. The company must navigate these challenges to stabilize its financial condition and achieve sustainable growth.