Tue, Nov 26, 4:37 PM (77 days ago)
Tofla Megaline Inc. (Ticker: N/A), a development-stage company, reported its Q1 financial results for the period ending October 31, 2024. The company generated $23,000 in revenue from software sales, marking a significant increase from $0 in the same quarter of 2023. However, operating expenses surged to $47,616, resulting in a net loss of $24,616, compared to a loss of $17,590 in Q1 2023. The increase in expenses was attributed to higher general and administrative costs, including professional fees for an OTCQB application. As of October 31, 2024, Tofla reported total assets of $94,886, down from $101,611 at the previous quarter, with an accumulated deficit of $78,067. The company had no cash on hand and negative working capital of $128,592, indicating liquidity challenges. Cash flow from operations was negative, with reliance on related party loans for financing. Management anticipates revenue growth but acknowledges substantial doubt about the company's ability to continue as a going concern without additional financing. Future operations may be impacted by ongoing losses and the need for external funding to support business activities.