Anvi Global Holdings, Inc. (AGH) reported significant financial challenges in its 10-Q filing for the six months ended August 31, 2024. The company recorded no revenue during this period, maintaining a substantial accumulated deficit of $2,124,841. This lack of revenue continues to raise concerns about the company's ability to sustain operations, as indicated by a "going concern" warning.
The financial results show a net loss of $106,109 for the six months ended August 31, 2024, compared to a net loss of $91,992 for the same period in 2023, marking a deterioration in profitability. For the three months ended August 31, 2024, the net loss was $51,012, slightly improved from a loss of $52,365 in the prior year. Operating expenses for the six months increased marginally to $106,109 from $106,043 in the previous year, while operating expenses for the third quarter decreased by 2.6% year-over-year.
The company's current assets decreased significantly to $8,126 as of August 31, 2024, down from $14,334 on February 29, 2024. Cash reserves improved to $2,926 from $1,334 during the same period, reflecting a net change in cash of $1,592, compared to a decrease of $1,348 in the prior year. However, total liabilities rose to $2,074,467 from $1,974,566, contributing to an increased stockholders' deficit of $(2,066,341) as of August 31, 2024, compared to $(1,960,232) in February 2024.
The company continues to rely on advances from its CEO, Rama Mohan R. Busa, which increased to $577,905 as of August 31, 2024, from $548,805 previously. The company has no lines of credit or bank financing arrangements and anticipates incurring costs related to regulatory filings and business development in the coming year.
In terms of operational controls, AGH reported ineffective disclosure controls and procedures due to material weaknesses in internal control over financial reporting. The company plans to enhance these controls by appointing additional qualified personnel and establishing sufficient written policies, contingent upon securing further financing.
Overall, Anvi Global Holdings, Inc. faces significant operational and financial hurdles, with no recent investments or acquisitions reported, and a pressing need for capital to support its business activities.
About ANVI GLOBAL HOLDINGS, INC.
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