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Panamera Holdings Corporation (PHCI0.00%) has submitted its Form 10-K filing for the fiscal year ended July 31, 2024.
The company reported a net loss of $15,245,007 for the year, compared to a net loss of $7,124,658 in the previous year. The increase in net loss was primarily due to higher operating expenses, including a significant impairment expense.
Revenue for the year was $19,643, with $8,320 of this amount coming from related party transactions. The company’s cost of revenue was $11,549, resulting in a gross profit of $8,094.
Operating expenses for the year totaled $15,253,629, up from $7,126,053 in the prior year. This increase was largely attributed to an impairment expense of $7,548,000 related to an incomplete asset acquisition.
The company’s balance sheet showed total assets of $105,992 and total liabilities of $288,105 as of July 31, 2024. This resulted in a stockholders' equity deficit of $182,113.
Panamera Holdings Corporation is actively seeking new business opportunities, particularly in the environmental services industry and emerging innovative technologies. The company acknowledges that any new acquisitions will require additional financing.
The company’s CEO and Chairman, T. Benjamin Jennings, has been providing financial support to maintain operations. However, Panamera Holdings Corporation recognizes the need for additional funding to continue its business activities.
The company has identified material weaknesses in its internal control over financial reporting, specifically in the areas of related party transactions and segregation of duties.
Panamera Holdings Corporation has not paid any cash dividends and does not anticipate paying dividends in the near future. The company’s common stock is currently considered a 'penny stock' under SEC rules.
The company’s future operations may be impacted by various risks, including the need for additional financing, the potential effects of inflation, and competition within the healthcare management and consulting services market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Panamera Holdings Corporation annual 10-K report dated January 13, 2025. To report an error, please email earnings@qz.com.