Tue, Jan 14, 10:28 PM (34 days ago)
Welsis Corp. (WLSC) reported a net loss of $24,683 for the year ending September 30, 2024, a significant improvement from a loss of $41,068 in 2023. Revenue decreased to $2,000 from $30,900, while operating expenses rose to $59,898 from $52,972. The company recognized a $55,000 gain on debt forgiveness, contributing to a total other income of $33,215, up from a loss of $3,996 the previous year. The company’s working capital deficiency improved to $71,696 in 2024 from $141,306 in 2023, with current liabilities decreasing significantly. However, Welsis has no cash as of September 30, 2024, down from $9,834 in 2023, raising concerns about liquidity. Strategically, Welsis has pivoted into the cryptocurrency sector with the launch of TokenTraders.net, a crypto-exchange platform. The company faces substantial risks, including the need for additional funding and ongoing operational losses, which may affect its ability to continue as a going concern. The management team has undergone changes, with Kwok Boon Kit appointed CEO following a major share acquisition by Skywest Pinnacle Limited, which now controls 73% of the company. The financial condition remains precarious, necessitating future fundraising efforts to sustain operations.