New Momentum Corporation reported a significant decline in financial performance for the fiscal year ending December 31, 2024, with revenues dropping to $6 from $182,452 in the previous year. The company attributed this decrease primarily to the cessation of ticket sales in September 2023. The net loss for the year was $142,880, a reduction from the $403,933 loss reported in 2023. The company's total assets decreased to $11,701, while total liabilities rose slightly to $733,680, resulting in a stockholders' deficit of $721,979.
In terms of operational changes, New Momentum Corporation, which operates the online ticketing platform Gagfare.com, has been undergoing a platform upgrade expected to be completed by the end of 2025. The company has focused on a "Book Now, Pay Later" model, allowing customers to secure flight reservations with a nominal fee. However, as of the end of 2024, the company reported only nominal income from booking fees, indicating challenges in customer acquisition and engagement.
The company’s employee headcount remains minimal, with only two officers managing operations. The financial statements indicate that the company is heavily reliant on the financial support of its director, Leung Tin Lung David, who has advanced funds to the company for working capital purposes. As of December 31, 2024, the company owed $536,851 to him, reflecting its ongoing liquidity challenges.
Looking ahead, New Momentum Corporation's management has expressed substantial doubt about its ability to continue as a going concern without additional financing. The company plans to pursue further capital through equity or debt offerings, but there is no guarantee that such financing will be available on favorable terms. The management's outlook remains cautious, emphasizing the need for improved profitability and continued support from shareholders to sustain operations.
Overall, New Momentum Corporation's financial and operational metrics reflect a challenging environment, with significant reliance on external funding and a need for strategic improvements to enhance its market position and financial stability.
About New Momentum Corp.
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