Birdie Win Corporation Reports Revenue Increase to $10,000, Net Loss Improves in Latest Quarter

Birdie Win Corporation reported its financial results for the three months ending October 31, 2024, revealing a revenue increase to $10,000, up from $5,000 in the same period last year. The company attributed this growth to the provision of two Personal Financial Literacy Seminars (PFL Seminars) during the quarter, compared to one seminar in the prior year. Despite the increase in revenue, Birdie Win recorded a net loss of $83, a significant improvement from the net loss of $11,993 reported for the same quarter in 2023.

Operating expenses for the quarter decreased to $10,083 from $16,993 in the previous year, primarily due to reduced professional fees. The company’s general and administrative expenses also saw a decline, falling from $16,807 in the prior year to $9,974. This reduction in expenses contributed to the smaller net loss, indicating improved cost management strategies. The weighted average number of ordinary shares outstanding increased to 5,760,000 from 5,040,000, reflecting the issuance of additional shares in previous periods.

In terms of operational metrics, Birdie Win Corporation maintained its customer base, with one customer accounting for 100% of its revenue in both the current and prior year periods. The company reported no significant changes in its accounts receivable, which remained at $10,000, fully offset by an allowance for doubtful accounts. The total cash and cash equivalents at the end of the reporting period stood at $1,927, compared to $989 at the end of the previous year, indicating a slight improvement in liquidity.

Strategically, Birdie Win has undergone leadership changes, with Yunyuan Chen appointed as the new President and CEO on July 18, 2024, following the resignation of Zonghan Wu. The company continues to focus on its core mission of enhancing financial literacy among individuals and families in Malaysia and Hong Kong. However, the filing raised concerns about the company's ability to continue as a going concern, citing an accumulated deficit of $57,979 and a working capital deficit of $407 as of October 31, 2024. Management indicated that future operations would depend on generating profits and securing additional financing from shareholders.

Looking ahead, Birdie Win Corporation aims to enhance its service offerings and expand its market presence. The company expects to finance its operations through revenue generation and continued support from shareholders. Management remains optimistic about future growth opportunities, although it acknowledges the challenges posed by current financial conditions and the need for effective operational strategies to achieve profitability.