Atlantis Glory Inc. reported no revenue for the fiscal years ending December 31, 2024, and 2023, maintaining a consistent lack of operational income. The company recorded a net loss of $40,480 for 2024, a decrease from the $68,026 loss reported in 2023. This reduction in losses is attributed to a decrease in general and administrative expenses, which fell from $68,026 in 2023 to $40,480 in 2024, primarily due to lower professional fees. Despite this improvement, the company continues to face significant financial challenges, with an accumulated deficit of $1,107,208 as of December 31, 2024.
The company has undergone significant organizational changes, including a name change from Shengshi Elevator International Holding Group Inc. to Atlantis Glory Inc. in March 2022, and a subsequent ticker symbol change from SSDT to AGLY in February 2023. In November 2024, Ms. Cheng Sau Heung resigned as President and CEO, with Mr. Yum Edward Liang Hsien appointed to the role. These changes reflect the company's ongoing efforts to reposition itself and explore new business opportunities, particularly through potential acquisitions.
Operationally, Atlantis Glory Inc. remains dormant, with no active business activities or revenue generation. The company has one employee, its CEO, who is responsible for all operations. As of December 31, 2024, the company reported total liabilities of $171,429, which includes $161,029 in loans from a related party. The company has not engaged in any discussions regarding potential business combinations, and its management acknowledges the challenges posed by limited capital resources and the competitive landscape for acquisitions.
Looking ahead, Atlantis Glory Inc. plans to explore business opportunities, including potential acquisitions through reverse mergers or asset purchases. However, management has expressed concerns about the company's ability to continue as a going concern, given its lack of operational revenue and reliance on external financing. The company anticipates incurring further operating losses in the next 12 months, primarily due to ongoing administrative costs and the need to file SEC reports. The management's ability to secure additional funding will be critical to the company's future operations and strategic objectives.
About Atlantis Glory Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.