As of September 30, 2024, Atlantis Glory Inc. reported total assets of $30, with total liabilities amounting to $154,814, an increase from $130,949 as of December 31, 2023. The company’s accumulated deficit rose to $(1,090,563) from $(1,066,728) during the same period, and total stockholders’ deficit increased to $(154,784) from $(130,949).

In terms of financial performance, Atlantis Glory Inc. reported no revenue from continuing operations for both the three and nine months ended September 30, 2024, consistent with the previous fiscal period. General and administrative expenses for Q3 2024 were $7,350, slightly higher than $7,250 in Q3 2023. For the nine months ended September 30, 2024, general and administrative expenses significantly decreased to $23,835 from $52,781 in the prior year. Consequently, the net loss for the nine months ended September 30, 2024, was $(23,835), a notable improvement compared to $(52,781) for the same period in 2023.

Cash flow analysis revealed that net cash used in operating activities decreased to $(27,865) for the nine months ended September 30, 2024, from $(44,331) in the previous year. The company also reported net cash provided by financing activities of $27,865, down from $44,331 in the prior period. As of September 30, 2024, Atlantis Glory Inc. had no cash and cash equivalents.

Strategically, the company has been dormant since May 14, 2020, and is exploring potential business opportunities, including acquisitions through reverse mergers or asset purchases. Management anticipates that costs related to these activities will increase over the next 12 months. However, they have not engaged in discussions with other entities regarding potential business combinations as of the report date.

The company’s internal control over financial reporting was assessed as ineffective due to material weaknesses, including insufficient segregation of duties and the absence of an independent board of directors. Plans to address these weaknesses include establishing an independent board and hiring additional accounting personnel following a potential business acquisition.

Overall, Atlantis Glory Inc. continues to face significant financial challenges, with a reliance on external financing and stockholder support to sustain operations.