Legacy Ventures International Inc. reported its financial results for the three months ending September 30, 2024, revealing a net loss of $20,471, compared to a net loss of $6,744 for the same period in 2023. The company's operating expenses increased significantly to $20,465 from $6,744 year-over-year, primarily due to higher professional fees. The total liabilities rose to $158,432 from $137,711, reflecting an increase in accounts payable and accrued liabilities, which amounted to $39,082, up from $31,904 in the previous quarter.
The company’s cash position showed a slight improvement, with cash increasing to $1,092 from $842 at the end of the previous quarter. However, the company continues to face a working capital deficiency of $157,340, up from $136,869 as of June 30, 2024. The accumulated deficit also widened to $6,592,143 from $6,571,672, indicating ongoing financial challenges. The company financed its operations through advances from a shareholder, which totaled $13,543 during the quarter, compared to $9,000 in the same period last year.
In terms of strategic developments, Legacy Ventures incorporated a new subsidiary, Ever Green Living Ventures Ltd., in Hong Kong on December 27, 2023. This subsidiary is intended to focus on biotech research and development, marking a potential shift in the company's operational focus. Despite these developments, the company currently has no ongoing operations beyond general and administrative expenditures, and it has no full-time employees, relying instead on contract personnel for specialized tasks.
The company’s outlook remains uncertain, as it continues to experience substantial doubt regarding its ability to continue as a going concern. Management indicated that without additional financing, the company may struggle to meet its obligations. The company plans to seek further debt or equity financing to support its business initiatives, but there are no agreements in place at this time, and the availability of such financing on acceptable terms is uncertain. The financial statements reflect that the company’s future operations may be materially affected if it cannot secure the necessary funds.
About LEGACY VENTURES INTERNATIONAL INC.
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