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First America Resources Corporation has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing shows no revenue for the quarter, compared to $3,920 in the same quarter of the previous year. The company did not report any cost of goods sold for the current quarter, while it was $13,369 in the prior year.
Operating expenses for the quarter were $1,250, a decrease from $4,217 in the previous year. This reduction is attributed to lower professional fees.
The company reported a net loss of $1,250 for the quarter, compared to a net loss of $13,666 in the previous year.
Cash and cash equivalents stood at $34,207 as of September 30, 2024, with total liabilities of $233,095. The company had a working capital deficiency of $173,888.
First America Resources Corporation continues to face challenges as a going concern, with management planning to acquire FAMCe or another operating company to address these concerns.
The company did not record any income tax expense for the quarter due to its net operating loss position.
First America Resources Corporation did not engage in any unregistered sales of equity securities during the quarter.
The company identified no changes in its internal control over financial reporting during the quarter.
The filing includes certifications from the CEO under the Sarbanes-Oxley Act and interactive data files formatted in XBRL.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the First America Resources Corp quarterly 10-Q report dated November 21, 2024. To report an error, please email earnings@qz.com.