Mon, Jun 3, 10:02 AM (140 days ago)
South East Asia Development Corp. (formerly IA Energy Corp.) filed its annual report for the fiscal year ending December 31, 2023. The company, currently a shell company, reported zero revenue and a net income of $110,336, primarily due to a gain on debt forgiveness. Operating expenses totaled $213,963, including consulting fees and professional accounting fees. The company has no ongoing operations and is seeking to merge with or acquire a revenue-generating entity or develop a new business plan. The company's financial condition raises substantial doubt about its ability to continue as a going concern, with an accumulated deficit of $5,975,591 and minimal cash reserves. Future performance is highly uncertain due to economic conditions, potential conflicts, and regulatory changes.