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Atlantis Glory Inc (AGLY0.00%). has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing indicates that Atlantis Glory Inc. is a U.S. holding company incorporated in Nevada, which operated through its wholly owned subsidiary Shengshi International Holdings Co., Ltd. The company has been dormant since May 14, 2020.
The company has no operations or revenue as of the date of the report. Management intends to explore business opportunities, including a potential acquisition of an operating entity through a reverse merger or similar transaction.
The company reported a net loss of $40,480 for the year ended December 31, 2024, compared to a net loss of $68,026 for the previous year. The decrease in net loss is attributed to lower professional fees.
As of December 31, 2024, Atlantis Glory Inc. had an accumulated deficit of $1,107,208 and no cash or cash equivalents. The company has financed its operations through borrowings from related parties.
The company acknowledges substantial doubt about its ability to continue as a going concern due to its financial condition. Management plans to seek additional funding and implement a strategic plan to address these concerns.
The filing also notes that the company has one employee, its Chief Executive Officer, Mr. YUM Edward Liang Hsien, who is responsible for all aspects of the company’s operations.
Atlantis Glory Inc. does not currently have any equity compensation plans and has not paid any dividends on its common stock. The company's common stock is quoted on the OTC Pink Market under the symbol 'AGLY'.
The company is subject to various risks, including the lack of current operations, reliance on a merger or acquisition to generate revenue, and potential difficulties in securing additional financing.
The report includes audited financial statements for the years ended December 31, 2024 and 2023, prepared by JP Centurion & Partners PLT, which expressed substantial doubt about the company's ability to continue as a going concern.
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 annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.