In This Story
Panamera Holdings Corporation (PHCI0.00%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing total revenues of $43,568, with $35,663 of those revenues coming from related party transactions. The company did not report any cost of revenues for the period.
Operating expenses for the quarter were $114,219, compared to $64,911 in the same quarter the previous year. The increase is attributed to stock-based compensation and general administrative expenses.
The company reported a net loss of $72,568 for the quarter, compared to a net loss of $62,992 in the previous year. The loss from continuing operations was $72,568, while income from discontinued operations was $0, down from $2,010 in the previous year.
Cash used in operating activities was $4,576, while cash provided by financing activities was $3,998. The company reported a working capital deficiency of $275,787 as of October 31, 2024.
Panamera Holdings highlighted its focus on pursuing business opportunities in the environmental services industry and emerging innovative technologies. The company also noted its dependence on related party transactions for a significant portion of its revenues.
The filing outlines the company's financial condition, including a stockholders' deficit of $239,321 and total liabilities of $342,417 as of October 31, 2024.
The company identified material weaknesses in its internal controls over financial reporting, specifically noting a lack of formal processes for related party transactions and segregation of duties.
Panamera Holdings Corporation is exploring new business opportunities and intends to raise additional funds through public or private placement offerings to support its operations.
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 quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.