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New Momentum Corporation (NNAX0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the period, showing a significant decrease in revenue to $6 from $206,073 in the same period the previous year. The decrease is attributed to the cessation of ticket sales from September 2023.
Cost of revenue for the period was $0, compared to $201,926 in the same period of the previous year, due to the halt in ticket sales.
The company reported a gross profit of $6 for the period, compared to $4,147 in the previous year, reflecting the drop in revenue.
Other income for the period was $25,482, compared to an expense of $47,406 in the previous year. This change is primarily due to the waiver of interest on convertible notes and government incentives received.
General and administrative expenses decreased to $93,514 from $195,488, primarily due to the non-engagement of certain consultants during the current period.
Net loss for the period was $68,026, down from $238,747 in the previous year.
Cash used in operating activities was $64,587, while cash provided by financing activities was $60,933, primarily from advances from directors and shareholders.
New Momentum had cash and cash equivalents of $9,853 as of September 30, 2024. The company acknowledges its dependence on director support and potential financing to continue operations.
The filing also details the company's plan to raise additional funds through debt or equity offerings to support its business operations.
The company has no off-balance sheet arrangements as of September 30, 2024, and no significant legal proceedings are pending.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the New Momentum Corporation quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.