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WarpSpeed Taxi Inc Com has submitted its Form 10-Q filing for the quarterly period ended October 31, 2024.
The company reported a net loss of $12,070 for the three months ended October 31, 2024, compared to a net loss of $5,232 for the same period in 2023. The losses were primarily due to general and administrative expenses.
As of October 31, 2024, WarpSpeed Taxi Inc Com had total assets of $243,892, with current assets amounting to $15,019. Current liabilities were reported at $100,064, primarily consisting of accounts payable and accrued liabilities.
The company did not generate any revenue during the reported period. The cash used in operating activities was $6,730, while cash used in investing activities was $6,750, primarily for software development.
WarpSpeed Taxi Inc Com is a development stage company focusing on a ride-hailing and food delivery application, WarpSpeed Taxi. The company has completed beta testing but has not yet commenced commercial operations.
The company's financial statements indicate substantial doubt about its ability to continue as a going concern, citing an accumulated deficit of $628,072 as of October 31, 2024. The company plans to raise additional capital to meet its operating requirements.
Subsequent to the reporting period, WarpSpeed Taxi Inc Com entered into a joint venture agreement to establish a U.S. corporation for operating a ride-hailing and delivery business. The company will be responsible for funding the operation and marketing with an investment of $1.5 million.
Management has identified that its internal control over financial reporting is not effective as of October 31, 2024. There were no significant changes in internal control during the first quarter of fiscal year 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Warpspeed Taxi Inc Com quarterly 10-Q report dated December 13, 2024. To report an error, please email earnings@qz.com.