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Landbay Inc (LNBY+7.76%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net revenue of $2,059 from the sale of network equipment through its subsidiary Zhejiang Toumi, with a gross profit of $401.
Operating expenses for the quarter were $8,545, leading to a net loss of $8,229, compared to a net loss of $7,846 in the same quarter the previous year.
For the six months ended September 30, 2024, the company reported a net loss of $57,057, up from $24,626 in the same period the previous year, due to increased professional fees following a change of control.
As of September 30, 2024, Landbay had a working capital deficit of $52,047, with cash of $370, compared to a working capital deficit of $97,392 and cash of $8,761 as of March 31, 2024.
The company has raised concerns about its ability to continue as a going concern due to negative financial trends, including cash outflows and operating losses.
Management plans to address these concerns by improving business profitability and seeking additional funds from the majority shareholder and President.
The filing notes that the company has no off-balance sheet arrangements that could affect its financial condition.
The company has identified deficiencies in its disclosure controls and procedures, which were not effective in timely alerting management to material information.
There were no legal proceedings, unregistered sales of equity securities, or defaults upon senior securities reported in the filing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Landbay Inc - Class A quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.