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Asiarim Corporation (ARMC0.00%), also known as Un Monde International Ltd., has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue generation. Operating expenses for the three months ended September 30, 2024, were $22,882, compared to $25,384 for the same period in 2023.
The company reported a net loss of $22,882 for the three months ended September 30, 2024, compared to a net loss of $25,384 for the same period in the previous year.
As of September 30, 2024, Asiarim had no cash and a working capital deficit of $270,466. The company has not generated any revenues and is dependent on related party advances for working capital.
Net cash used in operating activities was $59,251 for the nine months ended September 30, 2024, compared to $83,213 for the same period in 2023. The change resulted from a net loss of $66,243 and changes in accounts payable and accrued expenses.
The company has entered into a new commercial lease agreement for office space to be used as its headquarters for private education, with a base rent of CA$4,366.86 per month for 2024.
Asiarim continues to be a developmental stage company focusing on offering education and management services to international students. The company is implementing its business plan within the next 12 months.
The financial statements indicate substantial doubt about the company's ability to continue as a going concern due to net losses, accumulated deficit, and a negative working capital.
The company intends to raise additional funds through public or private offerings to support its operations and business plan. There are no assurances regarding the success of these efforts.
Management has evaluated subsequent events through the date of the filing and determined that there are no material subsequent events to disclose or require adjustments in the financial statements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Asiarim Corporation quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.