L A M Y Reports Net Income Recovery to $80,129 Despite No Revenue

L A M Y reported its financial results for the quarter ending November 30, 2024, revealing a significant shift in its financial performance compared to the previous fiscal period. The company generated no revenue during the quarter, consistent with the same period in 2023. However, it reported a net income of $80,129, a notable recovery from a net loss of $3,573 in the prior year. For the six months ending November 30, 2024, L A M Y recorded a net income of $80,659, compared to a net loss of $15,734 for the same period in 2023. The improvement in profitability is attributed primarily to other income, which amounted to $87,110 for the quarter.

In terms of operational metrics, L A M Y's total assets decreased to $24,854 as of November 30, 2024, down from $27,453 as of May 31, 2024. The decline in total assets was driven by a reduction in non-current assets, particularly intangibles, which fell from $9,537 to $4,703. The company’s cash and cash equivalents remained stable at $1,028, while accounts receivable increased to $15,250 from $11,500. Notably, L A M Y has no current liabilities as of the latest reporting date, a significant change from the previous period when total liabilities were $82,348.

Strategically, L A M Y has focused on its core business of providing financial education through its immersive video game, TwoPlus1®. The company has not reported any new acquisitions or product launches during this period. However, it has undergone a change in ownership, with Zhang Shengwu acquiring a controlling interest in the company on December 6, 2024. This change may influence future strategic directions and operational decisions.

The company’s employee headcount remains unchanged, with no additional personnel or benefits plans currently in place. L A M Y continues to rely on advances from related parties for funding, although it has not established a formal commitment for ongoing support. The management has indicated that additional capital will be necessary to sustain operations and support growth, with plans to seek funding through equity or debt financing.

Looking ahead, L A M Y acknowledges the need for further capital to meet its long-term operating requirements. The management's plan includes raising additional funds through the sale of equity or debt securities. However, there are no guarantees regarding the availability of such financing or the terms under which it may be obtained. The company’s financial statements have been prepared under the assumption of continuing as a going concern, highlighting the importance of securing additional resources to support its business operations in the future.