Fri, Jan 3, 5:51 PM (12 days ago)
For the quarter ended November 30, 2024, Oyocar Group Inc. (OYOCAR) reported significant financial challenges. Total assets decreased to $81,032 from $90,850, while total liabilities rose to $57,563 from $36,408, resulting in a decline in stockholders' equity to $23,469 from $54,442. The company incurred a net loss of $30,973, a substantial increase from $8,066 in the same quarter of the previous year, primarily driven by a rise in operating expenses to $30,973 from $8,066. Cash flow from operating activities was negative at $39,396, reflecting increased inventory and prepaid expenses. The company faces ongoing liquidity issues and has expressed substantial doubt about its ability to continue as a going concern. Management plans to raise additional capital through equity or debt financing but cannot guarantee success. The financial statements do not include adjustments for potential inability to continue operations. Oyocar's reliance on advances from related parties underscores its precarious financial situation, with no formal financing arrangements in place. Future operations will depend heavily on securing sufficient capital to cover increasing operational expenses.