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Rapid Line Inc. has submitted its Form 10-K filing for the fiscal year ended January 31, 2025.
The filing details the company's business operations, which focus on providing online education services through a mobile application called 'KIDWIN'. The app targets children aged 7 to 16 and offers quizzes in various subjects.
The company reported no revenue for the fiscal year ended January 31, 2025, compared to $7,800 in the previous year. Net loss for the fiscal year was $27,565, down from a net loss of $40,247 in the prior year.
Rapid Line Inc. experienced a change in control on March 18, 2025, when Jiang Jian acquired 68.82% of the company's common stock, leading to his appointment as the sole director and executive officer.
The company has identified a material weakness in its internal controls over financial reporting, citing a lack of segregation of duties and a limited corporate governance structure.
As of January 31, 2025, the company had total assets of $32,541 and a working capital deficit of $12,391. Cash flow from operating activities was negative, with a net cash outflow of $31,661.
The filing indicates that Rapid Line Inc. is a development-stage company with limited operations and no significant revenues expected until sufficient funds are obtained for a marketing program.
The company's financial statements have been prepared under the assumption of a going concern, but recurring losses and limited operations raise substantial doubt about its ability to continue.
Rapid Line Inc. does not anticipate paying dividends in the foreseeable future and has no current plans for stock repurchases.
The filing includes information on the company's management, recent accounting pronouncements, and a summary of significant accounting policies.
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. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.