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Pacific Sports Exchange (PSPX0.00%), Inc. has submitted its 10-K filing for the fiscal year ended August 31, 2024.
The filing reports that Pacific Sports Exchange specializes in reselling new and used tennis and golf equipment, including golf carts, primarily through online platforms such as eBay (EBAY+1.54%).
For the fiscal year ended August 31, 2024, the company reported revenues of $5,400, a decrease from $18,794 in the previous year. The decline in revenue is attributed to reduced sales of golf carts.
The company reported a net income of $9,928 for the fiscal year, compared to a net loss of $26,033 in the previous year. The improvement is primarily due to a gain on extinguishment of debt amounting to $40,957.
Operating expenses for the fiscal year were $32,159, up from $29,538 in the previous year, primarily due to increased general and administrative expenses.
The company ended the fiscal year with a working capital deficit of $79,155, compared to a deficit of $89,083 at the end of the previous fiscal year.
As of August 31, 2024, Pacific Sports Exchange had $995 in cash and $80,419 in liabilities.
The filing indicates that the company has no employees and relies on its officers and directors, who furnish their time at no cost.
The company acknowledges its dependence on third-party platforms for sales and highlights the risks associated with this reliance.
The report notes a change in control effective September 23, 2024, with the sale of 10,000,000 shares of common stock to Alpine Elite Holdings Ltd., resulting in a change of executive officers.
The company has identified no significant changes in its internal controls over financial reporting during the fiscal year.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pacific Sports Exchange annual 10-K report dated November 29, 2024. To report an error, please email earnings@qz.com.