In This Story
ATIF (ATIF-7.33%) Holdings Limited has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing no revenues compared to $125,000 in the same quarter of the previous year. The company did not provide services to customers in the current quarter.
Operating expenses for the quarter were $521,109, down from $781,779 in the previous year, primarily due to a decrease in general and administrative expenses.
ATIF reported a net loss of $367,074 for the quarter, compared to a net loss of $625,463 in the previous year.
The company recorded a gain of $148,158 from investments in trading securities, compared to a loss of $109,404 in the previous year.
Cash used in operating activities was $800,628, while cash provided by investing activities was $9,016.
ATIF had cash and cash equivalents of $457,764 as of October 31, 2024. The company also reported short-term investments in trading securities of $4,174,290.
The filing notes a settlement agreement with Boustead Securities, LLC, requiring ATIF to pay $1,000,000 in installments.
ATIF is involved in ongoing litigation with J.P Morgan Securities LLC, with the case currently stayed pending arbitration.
The company has identified material weaknesses in its internal controls over financial reporting, specifically a lack of sufficient accounting and financial reporting personnel.
ATIF continues to focus on its financial consulting services, primarily targeting small and medium-sized enterprises in North America.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ATIF quarterly 10-Q report dated December 19, 2024. To report an error, please email earnings@qz.com.