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Tofla Megaline Inc. (TFLM0.00%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing revenues of $23,000 from software sales, compared to no revenue in the same quarter the previous year.
Operating expenses for the quarter were $47,616, compared to $17,590 in the same quarter of the previous year. This increase is primarily due to higher general and administrative expenses.
The company reported a net loss of $24,616 for the quarter, compared to a net loss of $17,590 in the previous year.
Cash flows used in operating activities were $18,191, while cash provided by financing activities was also $18,191, primarily from related party loans.
Tofla Megaline had no cash as of October 31, 2024, and a negative working capital of $128,592.
The filing notes that the company is a development-stage business focusing on AI-powered software for robotic security systems.
The company acknowledges substantial doubt about its ability to continue as a going concern, citing limited revenues and an accumulated deficit.
The filing includes details on related party transactions, including a loan agreement with the CEO.
Tofla Megaline does not report any legal proceedings or off-balance sheet arrangements.
The company plans to enhance its market presence through digital marketing and partnerships.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the TOFLA MEGALINE INC. quarterly 10-Q report dated November 26, 2024. To report an error, please email earnings@qz.com.