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Rapid Line Inc. (RPDL0.00%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing no revenue generated during the three and nine months ended October 31, 2024. In comparison, the company generated $3,600 in revenue during the same periods in 2023.
Operating expenses for the three months ended October 31, 2024, were $2,806, down from $8,062 in the same period in 2023. For the nine-month period, operating expenses were $24,682, compared to $43,074 in 2023.
The company reported a net loss of $2,806 for the three months ended October 31, 2024, and a net loss of $24,682 for the nine months ended on the same date. This compares to a net loss of $4,462 and $39,474 for the same periods in 2023.
Cash flows used in operating activities for the nine months ended October 31, 2024, were $30,829, compared to $31,693 in the same period in 2023.
Cash flows provided by financing activities were $26,395 for the nine months ended October 31, 2024, consisting mainly of related party loans and interest payable.
As of October 31, 2024, Rapid Line Inc. had total assets of $30,474 and total liabilities of $95,419. The liabilities included a director loan of $42,964 and a promissory note of $41,000.
The company has an accumulated deficit of $87,850 as of October 31, 2024, raising substantial doubt about its ability to continue as a going concern. Management intends to raise additional funds through private or public offerings.
Rapid Line Inc. has 75,000,000 authorized shares of common stock, with 3,632,750 shares issued and outstanding as of October 31, 2024.
The company does not have any off-balance sheet arrangements that are reasonably likely to have a current or future effect on its financial condition or operations.
Management acknowledges the impact of the COVID-19 pandemic on its operations and financial performance, noting that future developments related to the pandemic remain uncertain.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the RAPID LINE INC. quarterly 10-Q report dated November 21, 2024. To report an error, please email earnings@qz.com.