Fri, Aug 23, 11:49 AM (144 days ago)
For the quarter ended July 31, 2024, Rapid Line Inc. reported no revenues, continuing a trend from the previous year. The company incurred a net loss of $2,254, a significant reduction from the $25,847 loss in Q3 2023. Operating expenses were primarily composed of general and administrative costs, totaling $2,254 for the quarter. As of July 31, 2024, total assets decreased slightly to $28,735, with current liabilities rising to $10,430, primarily due to interest payable. Long-term liabilities increased significantly to $80,444, largely due to a director loan. Consequently, stockholders’ equity fell to -$62,139, reflecting an accumulated deficit of $85,044 since inception. Cash flow from operating activities remained negative at $25,974, while financing activities provided $21,850, indicating reliance on loans for liquidity. The company acknowledges substantial doubt regarding its ability to continue as a going concern without additional financing. Management plans to raise capital through equity or debt offerings but faces uncertainties in achieving this goal. The ongoing impact of COVID-19 on operations and financial performance adds further risk.