Saxon Capital Group, Inc. (formerly Atlas Technology Group, Inc.), incorporated in Delaware on July 12, 2022, reported its financial performance for the nine months ended September 30, 2024. The company experienced a net loss of $57,640 during this period, contributing to an accumulated deficit of $31,203,495 as of the same date.
The company maintained cash balances of $0 as of September 30, 2024, consistent with its position at December 31, 2023. Outstanding liabilities totaled $397,746, reflecting the company's financial obligations. General and administrative expenses decreased to $57,640 for the nine months ended September 30, 2024, down from $66,659 in the same period of the previous year. This reduction in expenses aligns with the operating loss, which also improved from $66,659 in 2023 to $57,640 in 2024.
In terms of cash flow, Saxon Capital reported net cash used in operating activities of $(8,270) for the nine months ended September 30, 2024, a significant improvement compared to $(24,610) for the same period in 2023. Conversely, net cash provided by financing activities decreased from $24,610 in 2023 to $8,270 in 2024, indicating a reduction in financing inflows.
As of September 30, 2024, the company had accrued liabilities related to parties amounting to $279,000 and a note payable to a related party of $112,776. The shareholders’ deficit stood at $397,746, reflecting the company's financial position.
Saxon Capital had 501 shares of Series A Preferred Stock issued and outstanding, alongside 14,981,701,785 shares of common stock as of September 30, 2024. The financial results indicate a continued focus on managing expenses and liabilities, although the company remains in a challenging financial position with no cash reserves.
About Saxon Capital Group, Inc./DE
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