New Momentum Corporation has reported its financial results for the first quarter of 2025, revealing a significant decline in revenue and continued operational losses. For the three months ended March 31, 2025, the company generated no revenue, a decrease from $6 in the same period last year. The net loss for the quarter was $15,820, compared to a loss of $17,623 in the first quarter of 2024. The company attributed the lack of revenue to the cessation of ticket sales since September 2023, which has impacted its overall financial performance.
In terms of operational expenses, New Momentum Corporation reported a total of $15,820 for the first quarter of 2025, down from $28,744 in the previous year. This reduction in expenses was primarily due to the absence of accounting fees and other operational costs that were recorded in the prior year. The company’s total assets decreased to $10,115 as of March 31, 2025, from $11,701 at the end of 2024, while total liabilities increased slightly to $747,060 from $733,680. The shareholders' deficit also widened to $736,945, compared to $721,979 at the end of the previous fiscal year.
New Momentum Corporation continues to operate its online ticketing platform, Gagfare, which offers a "Book Now, Pay Later" service for travelers. However, the company has faced challenges in generating revenue and maintaining customer engagement. As of March 31, 2025, the company had cash and cash equivalents of $6,227, down from $7,812 at the end of 2024. The company is heavily reliant on financial support from its director and shareholders, with amounts due to a director totaling $545,555 and to a shareholder at $31,202.
Looking ahead, New Momentum Corporation is actively seeking additional financing to support its operations and future expansion plans. The company has expressed concerns regarding the global economic climate, which may impact its financial position and operational results. Management has indicated that the continuation of the company as a going concern is dependent on securing sufficient funds to sustain operations. The company has not disclosed any significant strategic developments, acquisitions, or product launches in the recent quarter, focusing instead on stabilizing its current financial situation.
About New Momentum Corp.
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