Kheoba Corp., a development-stage company focused on software development and the travel industry, reported significant financial changes in its 10-Q filing for the period ending July 31, 2024. The company, which offers group adventures in Georgia and Tenerife, Spain, experienced a notable increase in revenue, with total revenues reaching $32.1 million for the nine months ended July 31, 2024, compared to $16.0 million for the same period in 2023. For the three months ended July 31, 2024, revenues were $21.8 million, up from $6.6 million in the prior year.
Despite the revenue growth, Kheoba Corp. reported substantial operating losses. The net loss from operations for the three months ended July 31, 2024, was $(19.4 million), compared to a loss of $(2.5 million) for the same period in 2023. For the nine months ended July 31, 2024, the net loss totaled $(26.5 million), a stark contrast to a net income of $5.9 million for the same period in the previous year. This decline in profitability was attributed to a significant increase in total operating expenses, which rose to $48.6 million for the nine months ended July 31, 2024, from $10.1 million in the prior year.
The company's financial position showed a decrease in cash on hand, with $10.8 million as of July 31, 2024, down from $16.8 million at the end of October 2023. Total current assets also fell to $10.8 million from $29.8 million during the same period. Current liabilities surged to $29.4 million, up from $10.2 million, contributing to an accumulated deficit of $(35.9 million) as of July 31, 2024.
Kheoba Corp. has been actively investing in software development, incurring $24.0 million in software development costs during the nine months ended July 31, 2024. The company also raised $15.9 million through the sale of common stock during this period, reflecting its efforts to secure additional funding to support operations and business plans.
The company’s strategic focus includes enhancing its online platform for private and group adventures, with plans to raise further funds through private or public offerings. Kheoba Corp. continues to face challenges related to its cash position and accumulated deficit, raising concerns about its financial viability as it navigates the competitive landscape of the travel and software industries.
About KHEOBA CORP.
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