AMJ Global Technology, incorporated on August 16, 2013, and rebranded on April 22, 2023, reported significant financial challenges in its latest 10-Q filing for the period ending August 31, 2024. The company, which focuses on developing mobile software products and technology-based health treatments, recorded revenues of only $8 for the three months ended August 31, 2024, primarily from related party transactions. This represents a stark decline compared to the previous fiscal period, where the net loss for the same quarter was $(17,655).
For the nine months ended August 31, 2024, AMJ Global Technology reported a net loss of $(47,484), a notable improvement from the $(790,503) loss recorded in the same period of the previous year. The total operating expenses for the nine months were $145,601, leading to an operating loss of $(145,593). The company’s cash position was precarious, with only $229 in cash as of August 31, 2024, down from $0 at the end of November 2023.
Current assets decreased significantly to $3,851,000 from $9,140,000, while total current liabilities rose to $161,021,000 from $127,215,000. The total stockholders' deficit also widened to $(153,462,000) from $(118,075,000). The company has expressed substantial doubt about its ability to continue as a going concern, citing cash usage and an accumulated deficit of $438,061,000.
Strategically, AMJ Global Technology is exploring various revenue streams, including wholistic health, Medicare revenue sharing, and life and annuity insurance sales. The company has a Medicare revenue sharing contract that began recognizing revenue in August 2024, which may provide some financial relief moving forward. Additionally, the company has issued common stock for debt settlement and compensation, totaling $530,000 and $6,735,000, respectively, for the nine months ended August 31, 2024.
The company is actively seeking working capital through common stock, convertible notes payable, and strategic partnerships, although there is no assurance of success. The advisory team includes individuals with substantial technology experience and former professional athletes, indicating a focus on leveraging expertise in both technology and health sectors.
About AMJ Global Technology
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