Mon, Jan 13, 9:44 PM (32 days ago)
For the quarter ended November 30, 2024, Pacific Sports Exchange Inc. (PSE) reported no revenue, a significant decline from $2,300 in the same period last year. The company incurred a net loss of $7,817, up from $5,634 in Q4 2023, primarily due to increased operating expenses totaling $7,817, which included professional fees of $7,591. Total assets decreased to $1,189, down from $1,264, while current liabilities fell dramatically from $80,419 to $14,338, largely due to the forgiveness of a related party loan of $73,823. The company’s working capital deficiency improved to $13,149 from $79,155. Cash reserves dwindled to $20 from $995. The lack of revenue raises concerns about future operations and sustainability, as the company relies heavily on equity and debt financing for survival. Management plans to enhance operational efficiency and mitigate risks associated with reliance on third-party platforms like eBay. The company's going concern status remains uncertain, necessitating further capital to support operations.