Wed, Aug 14, 5:49 PM (153 days ago)
For the quarter ending June 30, 2024, Unite Acquisition 3 Corp. reported no revenue and incurred a net loss of $31,791, significantly higher than the $4,250 loss in the same quarter of 2023. For the six months ended June 30, 2024, total losses reached $83,095, compared to $8,500 in 2023. The company’s cash position declined slightly to $322 from $380 at year-end 2023. Current liabilities surged from $111,621 to $194,658, driven primarily by increased related party payables and a note payable to the stockholder, rising to $110,204. The accumulated deficit grew to $194,836, raising substantial doubt about the company's ability to continue as a going concern. Management plans to seek additional funding and pursue potential acquisition targets but faces significant uncertainties regarding future operations. The company remains classified as a "smaller reporting company" and has not engaged in any active operations aside from seeking merger candidates. Financial support from stockholders is crucial for ongoing operations, with anticipated costs of $153,000 related to compliance and operational expenses over the next year.