UbuyHoldings Reports No Revenue and Increased Net Loss for Fiscal Year Ending May 31, 2024

UbuyHoldings, Inc. (UBYH) reported no revenue for the fiscal year ending May 31, 2024, maintaining its status as a public shell company. The company recorded a net loss of $284,102, a significant increase from the previous year's loss of $15,000. This loss was primarily attributed to increased general and administrative expenses, which rose to $284,102 from $15,000 in the prior year. The company's accumulated deficit now stands at $14,213,560, reflecting ongoing financial challenges and a lack of operational revenue.

In terms of organizational changes, UbuyHoldings underwent a significant transition in leadership. Following a custodianship appointment in July 2023, David Lazar was named CEO and Chairman. However, on June 24, 2024, a Stock Purchase Agreement was executed, resulting in Lazar's resignation and the appointment of John Tan Honjian as the new CEO, President, CFO, and Secretary. This change in management is part of a broader strategy to seek potential business combinations and acquisitions, although no specific targets have been identified as of yet.

The company has also seen changes in its capital structure. As of May 31, 2024, UbuyHoldings had 284,367,820 shares of common stock outstanding, an increase from 179,367,820 shares the previous year. The issuance of 10,000,000 shares of Series A-1 Preferred Stock and the conversion of 55,000,000 shares of Class A Preferred Stock into common stock were notable events during the fiscal year. These changes reflect the company's efforts to manage its capital and potentially attract new business opportunities.

UbuyHoldings has no full-time employees and operates with a part-time CEO who dedicates approximately 10 hours per week to company affairs. The company has no current operations or facilities and relies on related party loans for its financial needs. As of May 31, 2024, the company had total liabilities of $45,102, primarily consisting of notes payable to related parties. The company’s financial statements raise substantial doubt about its ability to continue as a going concern, emphasizing the need for a successful business combination to generate revenue and stabilize its financial position.

Looking ahead, UbuyHoldings aims to explore and identify viable business opportunities both domestically and internationally. However, the company faces significant risks, including competition for acquisition targets and the challenges of operating as a development-stage entity. Management acknowledges that the process of selecting a business combination will be complex and fraught with uncertainties, particularly in light of the ongoing economic conditions and the impact of the COVID-19 pandemic. The company has not yet established specific metrics for evaluating potential targets, which adds to the uncertainty surrounding its future operations and financial performance.