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Yale Transaction Finders, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenues and operating expenses of $4,355 for the three months ended September 30, 2024. The net loss for the quarter was $5,656, compared to a net loss of $6,030 in the same quarter the previous year.
Total assets as of September 30, 2024, were $3,360, with total liabilities of $116,446, resulting in a stockholders' deficit of $113,086. The accumulated deficit was reported as $1,343,349.
The company continues to operate as a shell company, with a business plan focused on exploring potential targets for a business combination through asset purchase, share purchase or exchange, merger, or similar transactions.
The filing reports a going concern issue, with the company's continuation dependent on financial support from shareholders or obtaining additional financing. The company plans to seek a merger partner with the financial resources to address this issue.
Related party transactions include promissory notes issued to affiliated lenders, with proceeds used to fund working capital needs. The maturity dates of these notes have been extended to June 30, 2025.
The company has no off-balance sheet arrangements that could materially affect its financial condition. The management's discussion highlights the need for additional funds to meet ongoing expenses and potential acquisition-related costs.
Yale Transaction Finders, Inc. has identified material weaknesses in its internal controls, including a lack of a functioning audit committee and inadequate segregation of duties, which could impact future financial reporting.
The company remains focused on identifying a suitable business combination to create value for its shareholders, with no current plans for product development or real estate acquisitions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Yale Transaction Finders Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.