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Born (BRRN0.00%), Inc. has submitted its 10-Q filing for the quarterly period ended March 31, 2024.
The filing reports no revenue for the quarter and operating expenses of $1,817, resulting in a net loss of $1,817. This is compared to a net loss of $2,188 for the same period in the previous year.
The company has a working capital deficit of $31,934 as of March 31, 2024, and a negative shareholders' equity of $117,478,941.
Born, Inc. is currently exploring alternative sources of financing as existing operational cash flow is not sufficient to fund anticipated operations.
The company has no operations from a continuing business and is exploring business opportunities, including potential acquisitions or mergers.
Management acknowledges the need for additional capital and is considering a business combination with an entity in need of funds or access to U.S. capital markets.
The filing notes that Born, Inc. has no off-balance sheet arrangements and is not involved in any legal proceedings that would have a material adverse effect.
The company identified material weaknesses in its internal control over financial reporting, including a lack of segregation of duties and an independent board.
David Lazar, the company's custodian, is providing interest-free loans to support the company's operations.
Born, Inc. plans to address its internal control weaknesses by implementing an independent board and hiring additional accounting personnel upon completing a business acquisition.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Born quarterly 10-Q report dated January 13, 2025. To report an error, please email earnings@qz.com.