Multi Solutions II, Inc. reported its financial results for the three and six months ended July 31, 2024, revealing continued challenges in revenue generation and profitability. The company has not generated any revenue from operations since 2005, maintaining a focus on long-term growth through potential business combinations.

For the three months ended July 31, 2024, Multi Solutions II recorded a net loss of $33,459, an increase from a net loss of $30,746 in the same period of the previous year. General and administrative expenses rose to $14,664 from $13,276 year-over-year. Similarly, for the six months ended July 31, 2024, the net loss was $60,156, compared to $55,459 for the same period in 2023. General and administrative expenses for this period also increased to $23,597 from $21,525.

Interest expenses also saw an uptick, with $18,795 for the three months ended July 31, 2024, compared to $17,470 in the prior year. For the six-month period, interest expenses rose to $36,559 from $33,934. The total operating expenses for both the three and six months ended July 31, 2024, were $14,664 and $23,597, respectively, reflecting a consistent increase from the previous year.

As of July 31, 2024, the company reported total assets of $6,802, a significant increase from $3,704 as of January 31, 2024. Total current liabilities decreased to $6,300 from $19,105 during the same period. However, the accumulated deficit grew to $(9,634,342) from $(9,574,186), and total shareholders' deficiency increased to $(1,213,758) from $(1,153,602).

The company continues to rely on financing to sustain operations, with a revolving credit facility from majority shareholder Vector Group Ltd. providing up to $800,000 at an interest rate of 11% per annum, maturing in December 2027. As of July 31, 2024, the outstanding principal and interest owed to Vector totaled $1,214,260.

Cash at the end of the reporting period was $2,348, a decrease from $10,801 a year earlier. The net cash used in operating activities for the six months ended July 31, 2024, was $(39,534), compared to $(33,381) for the same period in 2023. The company anticipates that it has adequate cash and borrowing capacity to sustain operations for the next twelve months, despite the ongoing losses and lack of revenue.