UbuyHoldings, Inc. reported no revenue and a net loss of $0 for the six months ending November 30, 2024, compared to a net loss of $23,623 for the same period in the previous year. The company has not engaged in any operations during this period, reflecting its status as a shell company. The total stockholders' deficit remained at $14,213,560, unchanged from the previous reporting period, while the company had no cash or cash equivalents on hand as of November 30, 2024.
In terms of organizational changes, UbuyHoldings underwent significant restructuring in June 2024. Following a stock purchase agreement, all previous officers resigned, and new management was appointed, including John Tan Honjian as CEO and CFO. The company also issued 10,000,000 shares of Series A-1 Preferred Stock, which represented 95% of the voting power of the company, to AEI Capital Ltd. This transaction included the forgiveness of $45,102 in related party debt, which was a notable operational development.
The company’s common stock increased from 179,367,820 shares to 284,367,820 shares issued and outstanding during the reporting period. This increase was part of the restructuring process and reflects the conversion of preferred shares into common stock. UbuyHoldings currently has no customers or revenue-generating operations, and management has indicated that it is exploring potential business opportunities, including acquisitions, to re-establish operations.
Looking ahead, UbuyHoldings anticipates incurring costs related to investigating and negotiating potential business combinations over the next 12 months. The management has expressed uncertainty regarding its ability to identify viable business opportunities and the potential need for additional capital to fund operations. The company’s future financial performance remains contingent on successfully executing a business strategy, which may involve risks associated with acquiring financially unstable or early-stage entities.
Overall, UbuyHoldings is in a transitional phase, with no current operations and a focus on restructuring and exploring future business opportunities. The management's outlook emphasizes the need for strategic decisions to navigate the challenges of re-entering the market and achieving profitability.
About UBUYHOLDINGS INC
UbuyHoldings, Inc. is a Nevada shell company seeking to merge with or acquire an operating business across any industry or region. Its core activity involves identifying and completing a business combination to create shareholder value, relying on reverse mergers or asset acquisitions. The company has no current operations or revenue, limited resources, and faces significant risks related to finding suitable targets, dilution, and market liquidity.
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