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Pacific Sports Exchange (PSPX0.00%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing shows that the company did not earn any revenue during the quarter, compared to $2,300 in the same period the previous year. The absence of revenue is attributed to a lack of sales transactions during the period.
Operating expenses increased to $7,817 from $6,194 in the previous year, primarily due to higher professional fees.
The company reported a net loss of $7,817 for the quarter, compared to a net loss of $5,634 in the previous year.
Cash used in operating activities was $975, compared to $261 in the same period the previous year.
The company's total assets as of November 30, 2024, were $1,189, down from $1,264 as of August 31, 2024. Total liabilities decreased to $14,338 from $80,419 in the same period.
The company has a working capital deficiency of $13,149, compared to a deficiency of $79,155 as of August 31, 2024.
Pacific Sports Exchange relies on eBay as its primary sales channel and faces risks associated with third-party platform reliance.
The company experienced a change in control on September 23, 2024, with Alpine Elite Holdings Ltd. acquiring a majority stake.
The filing identifies a material weakness in internal controls over financial reporting due to insufficient accounting expertise and inadequate segregation of duties.
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 quarterly 10-Q report dated January 13, 2025. To report an error, please email earnings@qz.com.