Vestiage, Inc. reported its financial results for the first quarter of 2025, revealing a continued lack of revenue generation. For the three months ending March 31, 2025, the company reported no revenues, consistent with the same period in 2024. The net loss for the quarter was $6,381, a slight improvement from the net loss of $6,572 reported in the prior year. Operating expenses decreased marginally to $6,381 from $6,572, attributed to lower professional fees and administrative costs.
The company's balance sheet as of March 31, 2025, showed total liabilities of $116,751, up from $110,370 at the end of 2024. The increase in liabilities was primarily due to a rise in accounts payable and accrued expenses, which reached $28,666 compared to $22,845 in the previous quarter. Vestiage's stockholders' deficit also widened to $116,751 from $110,370, reflecting the ongoing operational losses and lack of revenue.
In terms of strategic developments, Vestiage has undergone significant changes in its corporate structure. The company executed a Share Exchange Agreement with Fun Fitness Corporation in December 2022, acquiring 1,000,000 shares of Series A Preferred Stock. However, Vestiage disposed of this subsidiary by returning the shares in December 2023, recognizing a gain of $7,748 on the transaction. The company is currently exploring new business opportunities but has not yet identified a definitive plan or target for acquisition.
As of May 15, 2025, Vestiage had 363,578,236 shares of common stock and 300,000 shares of Convertible Series D Preferred Stock outstanding. The company continues to rely on advances from related parties to fund its operations, with outstanding amounts due to related parties totaling $88,085 as of March 31, 2025. The management has indicated that the company requires additional capital to support its operational and marketing activities, raising concerns about its ability to continue as a going concern.
Looking ahead, Vestiage's management acknowledges the challenges it faces in generating revenue and securing financing. The company is actively seeking suitable merger candidates and evaluating potential business opportunities that align with its growth strategy. However, the timeline for identifying and implementing a viable business plan remains uncertain, and the company expects to continue incurring losses until a strategic transaction is executed.
About Vestiage, Inc.
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