Mon, Jun 17, 6:35 PM (82 days ago)
Transuite.Org Inc. reported its financial results for Q2 2024, ending May 31. The company exhibited a significant decrease in revenue, generating $0 compared to $18,605 in the same period last year. Operating expenses surged to $92,478 from $29,054, driven by increased lease expenses. Consequently, the net loss widened to $95,798 from $15,431. Cash remained stagnant at $10,815, while prepaid expenses dropped to $69,423 from $123,483. The company's working capital deficit increased to $73,381. Liabilities were reported at $254,259, with a notable rise in long-term liabilities due to related-party loans. Stockholders' equity turned negative, reflecting an accumulated deficit of $168,987. The company continues to face substantial doubt about its ability to continue as a going concern, relying on future financing and revenue generation. Management highlighted internal control weaknesses, including inadequate segregation of duties and lack of IT controls. No significant changes in internal controls were noted during the period. The company has no off-balance sheet arrangements and no ongoing legal proceedings.