In This Story
Born (BRRN0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that the company has no current operations and no revenue from continuing operations. Management plans to explore business opportunities within the U.S., including potential acquisitions through reverse mergers or similar transactions.
The company reported a net loss of $21,796 for the three months ended September 30, 2024, and a net loss of $25,905 for the nine months ended September 30, 2024. Administrative expenses for the three-month period were $21,796.
As of September 30, 2024, Born had a working capital deficit of $37,504 and negative shareholders’ equity of $117,503,029. The company acknowledges substantial doubt about its ability to continue as a going concern and is exploring alternative sources of financing.
David Lazar, the company's court-appointed custodian, has extended interest-free demand loans to the company, totaling $30,475 during the nine months ended September 30, 2024, with $18,518 forgiven.
The company does not currently engage in any business activities that provide revenue or cash flow. It anticipates incurring costs related to investigating, evaluating, and negotiating potential business combinations.
Management plans to rectify material weaknesses in internal controls by implementing an independent board of directors, establishing written policies and procedures, and hiring additional accounting personnel following a business acquisition.
The filing includes unaudited condensed financial statements and notes, outlining the company's organizational history, significant accounting policies, and recent accounting pronouncements.
Born does not have any off-balance sheet arrangements and is not currently involved in any legal proceedings that would have a material adverse effect on the company.
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.