Wed, Aug 28, 1:53 AM (140 days ago)
Zhanling International Limited's Form 10-KT for the transition period ending May 31, 2024, reveals a challenging financial situation. The company reported no revenue and a net loss of $10,463, contributing to an accumulated deficit of $390,210. Operating expenses primarily consisted of professional fees, totaling $10,463, which increased 18% from the previous year. The company has limited cash resources, with no cash on hand as of May 31, 2024, and relies on advances from related parties for operational funding. The transition report also highlights several corporate governance issues, including a lack of independent directors and an audit committee, which raises concerns about internal controls and financial reporting accuracy. The company has undergone significant management changes, with new appointments in March 2024. Going forward, Zhanling plans to seek additional capital to fund operations and explore potential business combinations, primarily focusing on opportunities in China. However, it faces substantial risks, including regulatory pressures and economic conditions in China, which could hinder its ability to achieve profitable operations. The company’s future remains uncertain, largely dependent on its ability to secure financing and identify viable business opportunities.