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Atlantis Glory Inc (AGLY0.00%). 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 and operating expenses of $7,350, resulting in a net loss of $7,350. This is a slight increase from the $7,250 net loss reported in the same quarter of the previous year.
For the nine-month period ended September 30, 2024, Atlantis Glory reported a net loss of $23,835, a decrease from the $52,781 net loss for the same period in 2023, attributed to lower professional fees.
As of September 30, 2024, the company had no cash and cash equivalents, with total liabilities of $154,814, including $148,414 in on-demand loans from the CEO.
The company has an accumulated deficit of $1,090,563 and negative working capital of $154,784, raising substantial doubt about its ability to continue as a going concern.
Atlantis Glory is exploring business opportunities, including potential acquisitions, but has not yet engaged in any discussions regarding a business combination.
The filing notes that the company does not have sufficient working capital to fund operations over the next 12 months and may need to raise additional capital.
The company identified material weaknesses in its internal controls over financial reporting, including insufficient segregation of duties and lack of an independent board of directors.
Atlantis Glory's management plans to address these weaknesses by implementing an independent board and establishing written policies and procedures.
The company remains dormant with no ongoing business operations, and management is focused on identifying a viable business plan or merger opportunity.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Atlantis Glory Inc quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.