In This Story
Fuss Brands (FBDS0.00%) Corp. has submitted its Form 10-K filing for the fiscal year ended October 31, 2024.
The filing indicates that Fuss Brands Corp., formerly China Botanic Pharmaceutical Inc., is a Nevada corporation that has been inactive since September 2012. The company is currently in the process of fulfilling a purchase order for luggage, marking its transition out of shell status.
The company reported a net loss of $2,755,404 for the fiscal year, with no revenue generated. The loss is primarily attributed to administrative expenses totaling $2,750,359.
As of October 31, 2024, Fuss Brands had a working capital deficit of $687,321 and an accumulated deficit of $15,435,250. The report raises substantial doubt about the company's ability to continue as a going concern.
Fuss Brands has 19,090,078 shares of common stock issued and outstanding, with no dividends declared or paid. The company also has 824,254 shares of Series A Preferred Stock outstanding, which are convertible into common stock at a ratio of 1,000 to 1.
The company's principal executive officer is Cheskel Meisels, who also serves as the sole director. The report notes that the company does not have any independent directors or an audit committee.
Fuss Brands acknowledges its dependence on related party loans to fund operations, with $513,740 in related party notes payable as of October 31, 2024.
The filing outlines various risk factors, including the company's lack of operations, competition in acquiring a business, and potential difficulties in raising additional capital.
Fuss Brands' common stock is quoted on the OTC Pink Market under the symbol 'FBDS', with limited trading activity. The company does not anticipate paying cash dividends in the foreseeable future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Fuss Brands annual 10-K report dated February 11, 2025. To report an error, please email earnings@qz.com.