Legacy Ventures International Inc. Reports Increased Net Loss and Financial Challenges for Six Months Ending December 31, 2024

Legacy Ventures International Inc. reported its financial results for the six months ending December 31, 2024, revealing a net loss of $44,193, a significant increase from the net loss of $17,512 recorded during the same period in 2023. The company's operating expenses rose to $44,194, compared to $17,512 in the prior year, primarily due to increased professional fees associated with auditors and consultants. The company’s total assets remained minimal, totaling $983 as of December 31, 2024, compared to $842 on June 30, 2024, while total liabilities increased to $182,045 from $137,711.

In terms of operational changes, Legacy Ventures has incorporated a new subsidiary, Ever Green Living Ventures Ltd., in Hong Kong, which aims to engage in biotech and healthcare research and development. This strategic move, made on December 27, 2023, marks a significant step in the company's efforts to diversify its operations beyond general administrative expenditures. The company continues to rely heavily on advances from shareholders to finance its operations, with $61,994 raised in the latest reporting period, compared to $41,247 in the same period last year.

The company’s financial health remains precarious, as indicated by its working capital deficiency of $181,062, up from $136,869 in the previous fiscal period. The accumulated deficit also increased to $6,615,865 from $6,571,672. These figures raise substantial doubt about the company's ability to continue as a going concern, as it has no ongoing operations and is dependent on shareholder support and potential financing to meet its obligations.

Legacy Ventures reported no significant changes in its employee count, as it continues to operate without full-time employees, relying instead on contract personnel for specialized tasks. The company has maintained a consistent number of shares outstanding, with 50,315,064 common shares issued and outstanding as of both December 31, 2024, and June 30, 2024. The company’s management has acknowledged the need for additional financing to support its business development initiatives, but there are currently no agreements in place for such funding.

Looking ahead, Legacy Ventures anticipates continued net losses and recognizes the challenges posed by its current financial situation. The company is exploring options for securing additional capital, but it faces uncertainty regarding the availability and terms of such financing. The management has indicated that without new funding, the company may struggle to sustain its operations, potentially impacting shareholder investments.