Thu, Nov 14, 8:52 PM (95 days ago)
Unite Acquisition 1 Corp. (ticker: N/A) reported its Q3 2024 results, ending September 30, 2024, revealing continued financial challenges as a shell company. The company remains without revenue, reporting a net loss of $29.7K for Q3 2024, an improvement from $42.9K in Q3 2023. For the nine months ended September 30, 2024, losses totaled $122.4K, compared to $51.4K in the same period last year, primarily due to increased administrative expenses. As of September 30, 2024, total assets were $322K, with current liabilities surging to $235.6K, largely from related party payables and a note payable to its sole stockholder, Lucius Partners LLC, which increased to $137.8K. The company’s cash position slightly declined from $380K at year-end 2023 to $322K. Management expresses substantial doubt about the company's ability to continue as a going concern, reliant on finding acquisition opportunities and securing additional funding. Subsequent to the quarter, Unite secured a $275K unsecured promissory note to address its financial obligations. The focus remains on identifying suitable merger candidates to achieve long-term growth potential.