In This Story
AFB Limited has submitted its 10-Q filing for the quarterly period ended February 28, 2025.
The filing includes financial statements for the quarter, showing a decrease in revenue to $3,683 from $22,000 in the same quarter the previous year. The cost of revenue remained consistent at $4,500, attributed to director salary.
General and administrative expenses for the quarter were $9,922, slightly up from $9,914 in the previous year, primarily due to audit and professional fees.
The company reported a net loss of $10,739 for the quarter, compared to a net profit of $7,586 in the previous year.
Net cash used in operating activities was $8,745, compared to net cash provided by operating activities of $5,500 in the previous year.
AFB Limited did not engage in any investing or financing activities during the quarter.
The filing notes that the company has a working capital deficit of $13,284 and an accumulated deficit of $67,284 as of February 28, 2025.
AFB Limited's ability to continue as a going concern is dependent on improving profitability and acquiring funding through public offerings or financial support from its controlling shareholder.
The filing also details the company's accounting policies, including revenue recognition and income tax considerations.
AFB Limited identified material weaknesses in its internal controls over financial reporting, including lack of a functioning audit committee and inadequate segregation of duties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AFBL quarterly 10-Q report dated March 21, 2025. To report an error, please email earnings@qz.com.