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Atlas Technology Group Inc. (ATYG0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that the company, now known as Saxon Capital Group Inc., is a SEC reporting shell company with no established public trading market for its shares.
The company reported no revenue for the three and nine-month periods ended September 30, 2024, due to the absence of revenue-generating activities.
General and administrative expenses for the three-month period ended September 30, 2024, were $16,710, compared to $19,942 for the same period in 2023. The expenses included director’s fees, EDGAR filing fees, accounting fees, and share transfer agent fees.
For the nine-month period ended September 30, 2024, general and administrative expenses totaled $57,640, compared to $66,659 for the same period in 2023. The expenses included consulting fees, auditing fees, and other administrative costs.
The company reported an operating loss of $16,710 for the three-month period and $57,640 for the nine-month period ended September 30, 2024.
As of September 30, 2024, Saxon Capital Group Inc. had no cash or cash equivalents, no assets, and outstanding liabilities of $397,746, resulting in a shareholders’ deficit of the same amount.
The company acknowledged substantial doubt about its ability to continue as a going concern, citing the need for additional debt or equity funding to meet ongoing operating expenses.
Saxon Capital Group Inc.'s plan of operation includes seeking debt or equity financing to relist its shares on the Pink Sheets and merge with another entity with experienced management. However, no potential merger candidate has been identified.
The filing highlights the company's status as a 'blank check company,' which may complicate efforts to raise public or private funds due to restrictive escrow and other provisions under Rule 419 of the Securities Act of 1933.
The report concludes with the management's acknowledgment of material weaknesses in internal controls over financial reporting, including lack of a functioning audit committee and inadequate segregation of duties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Atlas Technology Group Inc. quarterly 10-Q report dated November 22, 2024. To report an error, please email earnings@qz.com.