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Bally Corp (BLYQ0.00%) has submitted its annual report on Form 10-K for the fiscal year ended September 30, 2024 filing.
The filing indicates that Bally Corp did not generate any revenue during the fiscal year. The company reported a net loss of $75,191 for the year, compared to a net loss of $35,385 in the previous year. The loss was attributed to operating expenses, which included professional fees and general administrative expenses.
As of September 30, 2024, Bally Corp had current assets of $28,641 and current liabilities of $281,164, resulting in a working capital deficiency of $252,523. The increase in liabilities was primarily due to outstanding balances owed to shareholders.
The company underwent a change in control on January 12, 2024, when the majority of its shares were sold to new shareholders. Following this change, Haiping Hu resigned from his positions as CEO, CFO, and director, and Shitong Li was appointed as the new CEO, CFO, and Secretary.
Bally Corp is currently seeking new business opportunities for merger or acquisition. The company has not entered into any definitive agreements and acknowledges that additional financing will be required to pursue its business plan.
The filing also notes that Bally Corp's ability to continue as a going concern is uncertain due to its lack of revenue and working capital deficiency. The company plans to fund operations through equity financing arrangements.
Bally Corp's common stock is quoted on the OTC Markets under the symbol 'BLYQ'. The company has not paid any dividends and has no current plans to do so.
The report highlights that Bally Corp does not have any employees, and its sole director and officer are donating their time to the company. The company relies on loans from affiliated and non-affiliated parties to meet its financial obligations.
The company identified a material weakness in its internal controls over financial reporting due to a lack of personnel with accounting expertise and adequate supervisory review structure.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bally Corp annual 10-K report dated December 30, 2024. To report an error, please email earnings@qz.com.