Thu, Sep 5, 5:26 PM (131 days ago)
Ultimate Holdings Group, Inc. reported no revenue for the fiscal years ending July 31, 2024, and 2023. Operating expenses surged to $245,274 in 2024 from $11,587 in 2023, leading to a net loss of $245,274 compared to $11,587 the previous year. The company’s accumulated deficit increased to $266,456, with a working capital deficit of $249,573 as of July 31, 2024, raising doubts about its ability to continue as a going concern. The company is reliant on loans from related parties, with $217,474 owed as of the reporting date. Strategically, Ultimate Holdings is positioned as a "blank check" company, seeking a merger or acquisition target without a specific industry focus. A significant change in control occurred on April 21, 2023, when SKYPR LLC acquired approximately 80.75% of the company’s shares. The company has not yet engaged in any business operations or identified potential merger candidates. Risks include the lack of revenue, reliance on external funding, and competitive disadvantages in the M&A landscape. Future growth hinges on successful business combinations and capital acquisition.