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KEEMO FASHION GROUP LTD (KMFG) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing revenue of $4,946, a decrease from $6,516 in the same quarter the previous year. The revenue was generated from the company's apparel and garment trading business.
General and administrative expenses for the quarter were $10,909, down from $28,978 in the previous year. These expenses primarily consisted of audit fees, stock and registrar fees, and other professional fees.
The company reported a net loss of $8,401 for the quarter, compared to a net loss of $25,867 in the previous year.
Cash and cash equivalents at the end of the period were $18,141. The company noted that its cash balance is insufficient to fund operations for an extended period, indicating a need for additional funding.
The filing highlights the company's dependence on a single customer, which accounted for 100% of its revenue during the quarter.
The company also reported that it relies on a single supplier for its cost of revenue, which accounted for 100% of this cost during the quarter.
KEEMO Fashion Group Limited identified material weaknesses in its internal controls over financial reporting, specifically citing a lack of a functioning audit committee and insufficient written policies and procedures for accounting and financial reporting.
The company did not engage in any legal proceedings during the reporting period and had no unregistered sales of equity securities or defaults upon senior securities.
The company has not made any changes to its internal control over financial reporting during the quarter that would materially affect its controls.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the KEEMO FASHION GROUP LTD quarterly 10-Q report dated December 5, 2024. To report an error, please email earnings@qz.com.