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WELSIS CORP. (WLSS0.00%) has submitted its Form 10-K filing for the fiscal year ended September 30, 2024.
The company reported a net loss of $24,683 for the year ended September 30, 2024, compared to a net loss of $41,068 for the previous year. The decrease in net loss was attributed to an increase in other income, including a gain on debt forgiveness of $55,000.
WELSIS CORP. had no cash and assets as of September 30, 2024. Current liabilities decreased to $71,696 from $151,140 in the previous year, resulting in a working capital deficiency of $71,696.
The company recognized revenue of $2,000 for the year ended September 30, 2024, down from $30,900 in the previous year. Operating expenses increased to $59,898 from $52,972.
Cash flows used in operating activities amounted to $29,979 for the year ended September 30, 2024, compared to $21,872 in the previous year. Cash provided by financing activities was $20,145, primarily from advances from related parties and issuance of convertible notes.
WELSIS CORP. announced a strategic shift into the cryptocurrency and blockchain industry with the launch of TokenTraders.net, a crypto-exchange platform.
The company identified material weaknesses in its internal controls over financial reporting, including inadequate segregation of duties and insufficient written policies and procedures.
WELSIS CORP. does not anticipate paying cash dividends in the foreseeable future and currently has no trading market for its common stock.
The company has undergone changes in management and ownership, with Skywest Pinnacle Limited acquiring a 73% stake in the company and appointing Kwok Boon Kit as the new CEO.
The report includes a going concern uncertainty due to the company's accumulated deficit and negative cash flow, with plans to raise additional funds through equity or debt instruments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the WELSIS CORP. annual 10-K report dated January 14, 2025. To report an error, please email earnings@qz.com.