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Xenous Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $15,184 for the three months ended September 30, 2024, compared to a net loss of $15,030 for the same period in 2023. The increase in net loss is primarily due to an increase in professional fees.
For the six months ended September 30, 2024, Xenous Holdings reported an operating loss of $31,155, compared to $30,539 for the same period in 2023. The company has not generated any revenue since its inception.
As of September 30, 2024, the company had total liabilities of $870,321, compared to $839,166 as of March 31, 2024. The increase in liabilities is attributed to advances from related parties.
Xenous Holdings has a stockholders' deficit of $870,321 as of September 30, 2024, compared to a deficit of $839,166 as of March 31, 2024.
The company has not engaged in any investing activities during the six months ended September 30, 2024 and 2023.
Xenous Holdings' continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations or obtain additional financing. The company acknowledges substantial doubt about its ability to continue as a going concern.
During the six months ended September 30, 2024, Smartex Investment Ltd., the majority shareholder, advanced $34,477 to the company for operating expenses. The total amount due to Smartex Investment Ltd. was $850,558 as of September 30, 2024.
The company is progressing with due diligence on a potential acquisition of a Malaysia-based company involved in agricultural commodities. The due diligence process is expected to be completed by the last quarter of 2024.
Xenous Holdings' management has identified that the company's disclosure controls and procedures were not effective as of the end of the period covered by this quarterly report.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Xenous Hldgs Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.