Intorio, Corp. reported significant financial challenges in its 10-Q filing for the period ending August 31, 2024. The company experienced a drastic decline in revenue, generating $0 for both the three and six months ended August 31, 2024, compared to revenues of $750 and $2,100 for the same periods in 2023. This lack of revenue has contributed to a worsening net loss, which increased to $(12,944) for the three months and $(14,862) for the six months ended August 31, 2024, compared to $(3,576) and $(13,453) in the respective periods of the previous year.
Total assets plummeted to $0 as of August 31, 2024, down from $1,918 as of February 29, 2024. In contrast, total liabilities surged to $12,944, a significant increase from $54,161 in the prior period. The accumulated deficit also expanded to $(92,005) from $(77,143), while total stockholders' equity decreased to $(12,944) from $(52,243).
Operating expenses for the three months ended August 31, 2024, rose to $12,944, up from $4,326 in the same period of 2023. This increase was primarily driven by professional fees, which amounted to $12,614 compared to $2,159 in the prior year. For the six months ended August 31, 2024, total selling, general, and administrative expenses were $13,865, a slight decrease from $15,553 in the previous year.
The company has undergone significant changes in management and ownership. Effective May 16, 2024, Gagi Gogolashvili sold approximately 89% of the company's shares to six accredited investors, resulting in a change in control. Dr. Han-Wen Ou was appointed as the new CEO and sole director, bringing a background in functional medicine and clinical nutrition.
Intorio, Corp. has not established a sustainable revenue source and faces substantial doubt regarding its ability to continue as a going concern without additional capital. Management plans to seek further capital resources from shareholders and third-party financing to support operations. As of August 31, 2024, the company had no employees other than its officer and director and does not currently offer employee benefits.
The company’s operational focus has shifted towards functional medicine, with plans to introduce laboratory testing aimed at preventing metabolic diseases. However, the financial outlook remains precarious, with no current arrangements for additional funding or credit lines.
About Intorio, Corp.
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