LAMY reported its financial results for the three months ended August 31, 2024, showing a significant increase in revenue compared to the same period in the previous year. The company generated revenue of $3,750, a notable rise from $0 in the prior year. Despite this increase, LAMY recorded a net loss of $(3,910) for the quarter, an improvement from the $(12,161) loss reported for the same period in 2023. This reduction in net loss reflects a decrease in general and administrative expenses, which fell to $8,091 from $12,161 year-over-year.
As of August 31, 2024, LAMY's total assets amounted to $27,958, a slight increase from $27,453 as of May 31, 2024. Current assets rose to $17,145, up from $12,964, primarily driven by an increase in accounts receivable, which reached $15,250 compared to $11,500 in the previous period. However, total non-current assets decreased to $10,813 from $14,489, indicating a reduction in long-term asset holdings.
Total liabilities increased to $86,764 from $82,348, with current liabilities also rising to $17,169 from $14,169. The accumulated deficit grew to $(87,075) from $(83,165), and total stockholders’ deficit increased to $(58,805) from $(54,895). The company continues to face challenges in establishing a sustainable revenue source, raising concerns about its ability to continue as a going concern.
Management has outlined plans to secure additional capital through equity and debt financing to support ongoing operations and growth. The company has not issued any stock-based payments or adopted a stock option plan as of the reporting date. LAMY's operational focus remains on developing its educational platform and immersive video game, TwoPlus1®, aimed at enhancing financial literacy among youth.
In terms of cash flow, LAMY reported a net cash outflow from operating activities of $(1,416) for the quarter, a significant improvement from $(7,951) in the prior year. Financing activities provided a slight increase in cash, with $1,416 generated compared to $1,414 in the previous year. The company ended the period with cash and equivalents of $1,028, down from $1,318 a year earlier.
Overall, LAMY's financial performance reflects both progress in revenue generation and ongoing challenges in managing expenses and liabilities.
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