Un Monde International Ltd. (formerly Asiarim Corp.) reported significant financial developments in its 10-Q filing for the period ending September 30, 2024. The company, which is in the developmental stage and focuses on providing education and management services to international students, has not yet commenced operations or generated any revenues.
As of September 30, 2024, total assets increased to $125,959 from $10,592 as of December 31, 2023. However, total liabilities also rose sharply to $363,911 from $182,301 during the same period, resulting in a total stockholders' deficit of $(237,952), up from $(171,709) at the end of 2023. The company reported a working capital deficit of $270,466, indicating financial strain.
Operating expenses for the three months ended September 30, 2024, were $22,882, a decrease from $25,384 in the same period in 2023. For the nine months ended September 30, 2024, total operating expenses rose to $66,243 from $51,777 in the prior year. The net loss for the three months was $(22,882), consistent with the loss reported in the same quarter of 2023. However, the net loss for the nine months ended September 30, 2024, was $(66,243), an increase from $(51,777) in the previous year.
The company reported no revenues for the three months ended September 30, 2024, and has not generated any revenue since its inception. The net cash used in operating activities decreased to $(59,251) for the nine months ended September 30, 2024, compared to $(83,213) for the same period in 2023. Financing activities provided $59,251 in both periods, primarily from related party payables.
Management has expressed substantial doubt about the company's ability to continue as a going concern due to ongoing losses and lack of revenue. The company plans to raise additional funds through public or private offerings to support its business strategy. As of September 30, 2024, the outstanding amount due to related parties was $239,911, up from $179,860 at the end of 2023.
The company has accumulated approximately $2,561,662 in net operating losses, which may be carried forward to offset future taxable income. Management has established a full valuation allowance against deferred tax assets related to these losses, indicating uncertainty about their realization.
About Un Monde International Ltd.
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