First America Resources Reports Significant Cost Reductions, Shifts Focus to Real Estate and Acquisition Plans

First America Resources Corporation, a shell company, reported significant changes in its financial performance for the three months ended September 30, 2024. The company generated no revenue during this period, a stark decline from $3,920 in the same quarter of 2023. The cost of goods sold also dropped to $0, compared to $13,369 in the prior year, reflecting a complete halt in its previous business operations related to lithium-ion batteries.

Despite the lack of revenue, First America Resources managed to reduce its selling, general, and administrative expenses to $1,250 from $4,217 in the previous year. This led to a smaller operating loss of $(1,250), significantly improved from $(13,666) in the same quarter of 2023. The net loss for the quarter was also reduced to $(1,250) from $(13,666) year-over-year, indicating a positive trend in cost management.

As of September 30, 2024, the company reported total current assets of $59,207, which included cash and cash equivalents of $34,207. However, total current liabilities stood at $233,095, resulting in a working capital deficiency of $(173,888). The accumulated deficit increased to $(473,212) from $(471,962) as of June 30, 2024.

Strategically, First America Resources has shifted its focus from selling lithium-ion batteries to acquiring real estate properties to support its investment goals. The company recently acquired a property located at 600 Wissahickon Ave, Cedartown, GA, which consists of 6.703 acres and a 100,000 square foot industrial facility valued at $250,000, with no current mortgage debt. The property is currently unoccupied and available for rent.

Management has indicated plans to acquire FAMCe (formerly First America Metal Corporation), a scrap metal recycling company, to enhance operational capabilities and address the lack of revenue generation. This acquisition is expected to position the company in a competitive market for recycling various metals and electronic materials.

As of September 30, 2024, the company had a total of 7,964,090 shares issued and outstanding, with approximately 80.1% of these shares held by officers and directors. The company continues to face challenges regarding its ability to operate as a going concern due to its financial position and lack of revenues. The CEO has acknowledged that the company's disclosure controls and procedures are not effective as of the evaluation date.