Mon, Aug 26, 12:08 PM (141 days ago)
Zhanling International Limited reported no revenue for the five months ending May 31, 2024, and incurred a net loss of $10,463, resulting in an accumulated deficit of $390,210. Operating expenses increased by 18% to $10,463, primarily due to professional fees. The company has no cash on hand and relied on advances from related parties to meet obligations. As of the reporting date, it had a working capital deficiency of $8,374. The company has undergone significant management changes, with YongQing Liu appointed as CEO on March 28, 2024. The fiscal year was changed from December 31 to May 31. The financial statements highlight substantial doubt about the company’s ability to continue as a going concern without additional financing, which is uncertain. Zhanling International remains in a development stage, with no business operations or target acquisitions identified. Risks include regulatory scrutiny in China, potential delisting from U.S. exchanges, and reliance on related party financing. The lack of an audit committee and material weaknesses in internal controls were also noted. The company plans to seek further capital to fund operations.