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ATIF Holdings Limited (ZBAI-12.50%) has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing an increase in revenue to $200,000 from $25,000 in the same quarter the previous year. The increase is attributed to consulting services provided to one customer.
Operating expenses for the quarter were $550,797, down from $572,516 in the previous year. This decrease is primarily due to a reduction in selling expenses.
The company reported a loss from operations of $350,797 for the quarter, compared to $547,516 in the previous year.
A loss of $1,286,722 was recorded from investments in trading securities, which significantly impacted the company's financial results.
Net loss for the quarter was $1,903,457, an increase from $407,638 in the previous year. The increase in net loss is mainly due to the loss from trading securities.
Cash used in operating activities was $1,195,753, while cash provided by investing and financing activities was $441,172 and $4,774,895, respectively.
ATIF had cash and cash equivalents of $5,269,690 as of January 31, 2025. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details a settlement agreement with Boustead Securities, LLC, requiring ATIF to pay $1,000,000 in installments.
ATIF does not anticipate cash dividend payments to shareholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to a lack of sufficient accounting personnel with appropriate levels of accounting knowledge and experience.
ATIF continues to focus on providing financial consulting services to small and medium-sized enterprises, with an emphasis on helping companies go public in the U.S. capital markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ATIF Holdings Limited quarterly 10-Q report dated March 13, 2025. To report an error, please email earnings@qz.com.