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The Marquie Group Inc (TMGI0.00%). has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing no net revenues for the Broadcasting and Digital Media segments. The company anticipates revenue from the Health and Beauty segment in the upcoming annual 10-K report.
Operating expenses for the quarter included $60,000 in salaries and consulting fees, unchanged from the same period the previous year. Professional fees were $4,500, down significantly from $45,917 in the prior year.
The company reported a net loss of $155,374 for the three months ended November 30, 2024, and a net loss of $360,318 for the six months ended November 30, 2024.
As of November 30, 2024, Marquie Group had cash and cash equivalents of $243, with significant negative working capital of $6,390,833 and an accumulated deficit of $15,223,804.
The company continues to face challenges as a going concern, relying on loans and equity sales to fund operations. It acknowledges the need for additional financing to continue operations.
The filing also notes various financial agreements, including significant convertible notes payable and accrued consulting fees, contributing to the company's liabilities.
Marquie Group's management has identified material weaknesses in internal controls over financial reporting, citing the absence of an audit committee and qualified independent directors.
The company did not report any legal proceedings or unregistered sales of equity securities during the quarter.
Marquie Group continues to focus on its health and beauty operations, managed by Simply Whim, Inc., and plans to expand its product offerings in the coming year.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Marquie Group Inc quarterly 10-Q report dated January 21, 2025. To report an error, please email earnings@qz.com.