Tue, May 14, 3:28 PM (268 days ago)
Zhanling International Limited (formerly Odenza Corp.) reported its financial results for the quarter ended March 31, 2024. The company remains in a development stage with no operational revenues. For Q1 2024, Zhanling incurred a net loss of $4,516, compared to $7,891 in Q1 2023, driven primarily by reduced general and administrative expenses. The company’s balance sheet shows total assets of $915 and total liabilities of $42,113, resulting in a stockholders' deficit of $41,198. Cash flow from operating activities was negative $9,724, financed through advances from related parties. The company faces substantial doubt about its ability to continue as a going concern due to recurring losses and a significant deficit. Management plans to seek additional capital through equity financing or director loans. Recent changes in leadership and ownership are noted, with YongQing Liu now serving as CEO and Chairman. The company’s future operations depend heavily on securing additional funding and successfully merging or acquiring a private entity.