AMJ Global Technology Reports $85,697 Net Loss and First Revenue in Fiscal Year Ending November 30, 2024

AMJ Global Technology, formerly known as Kange Corp, reported its financial results for the fiscal year ending November 30, 2024, revealing a net loss of $85,697, a decrease from the previous year's loss of $136,789. The company generated $39 in revenue from a revenue-sharing agreement related to Medicare contracts, marking its first revenue since inception. Operating losses increased to $183,845, up from $166,065 in the prior year, primarily due to rising operating expenses, which included stock-based compensation and management fees.

The company has undergone significant changes, including a name change effective April 22, 2023, and the acquisition of 25% ownership rights to intellectual property from AMJ Global Entertainment, LLC, a related party controlled by the CEO. This acquisition was made at no cost and is part of the company's strategy to enhance its offerings in mobile software products, particularly in the holistic health sector. The company is also focusing on developing technology to assist professional athletes dealing with PTSD and early-onset dementia.

Operationally, AMJ Global Technology has not yet established a full-time workforce, with no employees reported as of November 30, 2024. The company’s current liabilities increased to $200,928 from $127,215 in the previous year, reflecting a rise in accrued management fees and accounts payable. The company’s working capital deficiency also worsened, increasing to $195,383, indicating ongoing financial challenges. The total assets reported were $9,253, with cash reserves of only $226.

Looking ahead, AMJ Global Technology faces substantial uncertainty regarding its ability to continue as a going concern. The company has incurred cumulative net losses of $476,274 since its inception and relies heavily on capital raised through stock sales and advances from related parties. Management plans to seek additional financing through private equity offerings to support operations, but there is no assurance that such funding will be secured. The company’s future performance will depend on its ability to generate revenue and manage its operational costs effectively.

In summary, AMJ Global Technology is navigating a challenging financial landscape as it seeks to establish itself in the mobile software market while addressing the needs of the holistic health industry. The company’s recent strategic moves, including the acquisition of intellectual property and the initiation of revenue-generating contracts, may provide a foundation for future growth, but significant risks remain regarding its financial viability and operational execution.