In This Story
Ultimate Holdings Group Inc (UHGI). has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing total assets of $8,983 and total liabilities of $334,245, resulting in a shareholders' deficit of $325,262.
Operating expenses for the quarter were $83,249, compared to $55,249 in the same quarter the previous year. The net loss for the quarter was $83,249, compared to $55,249 in the previous year.
The company reported no revenue for the quarter and continues to operate as a 'blank check' company seeking a business combination.
The company is experiencing negative financial trends and has not established a source of revenue to cover its operating costs, raising substantial doubt about its ability to continue as a going concern.
Management plans to fund operating expenses with borrowings from related parties, but there is no assurance that this plan will be successful.
The filing notes that the company has not recognized an income tax benefit for its operating losses due to uncertainties concerning its ability to generate taxable income in future periods.
During the quarter, related parties paid the company's operating expenses. The amount due to related parties increased to $334,245 as of October 31, 2024.
The company does not have any off-balance sheet arrangements that are likely to have a material effect on its financial condition or operations.
There have been no significant changes to the company's internal controls over financial reporting during the quarter ended October 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ultimate Holdings Group Inc quarterly 10-Q report dated December 5, 2024. To report an error, please email earnings@qz.com.