Wed, Aug 14, 5:43 PM (153 days ago)
For the quarterly period ended June 30, 2024, Unite Acquisition 1 Corp. reported no revenue and incurred significant losses, with a net loss of $35,596 for the quarter and $92,770 for the six months, compared to $4,250 and $8,500 in the same periods of 2023. The company’s total assets decreased slightly to $322,000 from $380,000, while total liabilities rose to $205,989, primarily due to increased related party payables and a note payable to the stockholder, which grew to $112,572 from $81,219. The accumulated deficit expanded to $206,167, indicating ongoing financial challenges. The company remains in search of acquisition targets and relies on its stockholder for financing, raising concerns about its ability to continue as a going concern. Management expects to incur approximately $153,000 in expenses over the next year related to compliance and acquisition efforts. The absence of operational revenue and reliance on external funding present substantial risks to its future operations. Overall, the financial metrics reflect a company in a precarious position, underscored by the lack of operational activity and reliance on related party transactions.