10-Q/A - Wally World Media, Inc (0001555214) (Filer)

Thu, Aug 22, 9:11 PM (23 days ago)

Wally World Media, Inc. filed an amended 10-Q for the quarter ending March 31, 2024, due to prior financial statements not undergoing the required SAS 100 review following the dismissal of its auditor. The new auditor, Astra Audit & Advisory, LLC, has since completed the review. The company reported no revenue for the quarter, with operating expenses rising to $21,331, a 164% increase from the previous year, primarily due to compliance-related costs. Net losses for the quarter were $21,331, compared to $8,089 in the prior year. As of March 31, 2024, the company had no cash and an accumulated deficit of $15,852,002, raising substantial doubts about its ability to continue as a going concern. The company relies on loans from its CEO for funding, highlighting its precarious financial position. Management is exploring potential business combinations but has not yet identified any opportunities. The report emphasizes significant uncertainties regarding future operations and financial viability.