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ORIB (ORIB) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, reporting revenues of $6,000 from consulting services. The company incurred a net loss of $906 for the three months ended October 31, 2024, compared to a net loss of $4,003 in the same period the previous year.
Operating expenses primarily consisted of professional fees. For the six months ended October 31, 2024, the net loss was $14,411, compared to $37,626 for the same period in 2023.
As of October 31, 2024, ORIB reported total assets of $51,825, with current liabilities amounting to $155,429. The liabilities include accounts payable to related parties, a director loan, and a note payable.
The company generated cash flows from financing activities totaling $19,412 during the six months ended October 31, 2024. Cash flows from operating activities were negative, amounting to $31,089.
The filing indicates that ORIB is dependent on additional investment capital to fund operating expenses and continue as a going concern. The company plans to raise additional funds through the capital markets.
ORIB has no employees other than its officer and director and does not currently offer pension or similar benefit plans. The company anticipates that working capital requirements will be funded through existing funds and further issuances of securities.
The company does not have any off-balance sheet arrangements that could materially affect its financial condition. ORIB's management acknowledges the going concern uncertainty due to the accumulated deficit and ongoing losses.
There are no legal proceedings involving ORIB or its properties at this time. The company did not engage in any unregistered sales of equity securities during the reported period.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ORIB quarterly 10-Q report dated December 10, 2024. To report an error, please email earnings@qz.com.