New Momentum Corporation reported significant financial challenges in its latest 10-Q filing for the period ending September 30, 2024. The company experienced a drastic decline in revenue, reporting only $6 for the nine months ended September 30, 2024, compared to $206,073 for the same period in 2023. This sharp decrease is attributed to the cessation of ticket sales since September 2023. For the three months ended September 30, 2024, revenue was $0, down from $25,306 in the same quarter of the previous year.

Despite the revenue drop, the company managed to reduce its total operating expenses from $195,488 in the nine months ended September 30, 2023, to $93,514 in the same period of 2024. This reduction is largely due to the non-engagement of certain legal and professional consultants. Consequently, the net loss for the nine months ended September 30, 2024, was $68,026, a significant improvement from the $238,747 loss reported for the same period in 2023. The loss before income taxes also decreased from $(238,747) in 2023 to $(68,026) in 2024.

The company’s cash and cash equivalents decreased from $16,776 as of December 31, 2023, to $9,853 as of September 30, 2024. Current liabilities also saw a reduction, from $721,874 at the end of 2023 to $688,125. However, accounts payable increased from $9,208 to $12,443 during the same period.

New Momentum Corporation has been actively pursuing additional financing to support its operations and future expansion, as it has incurred cumulative net operating losses of $5,011,637 in the United States. The company’s ability to continue as a going concern is contingent upon director support and successful capital raising efforts.

In terms of strategic developments, the company received government incentives totaling $17,499 for approved tour packages in 2024, which contributed to an increase in other income from $(47,406) in 2023 to $25,482 in 2024. The company has also improved its shareholders’ deficit from $(657,509) at the end of 2023 to $(646,465) as of September 30, 2024.

As of the reporting date, New Momentum Corporation had 825,861,858 shares of common stock outstanding, reflecting a significant increase from 520,428,292 shares at the end of 2023, primarily due to conversions of convertible notes. The company continues to face substantial doubt regarding its ability to continue as a going concern, emphasizing the need for ongoing financial support and strategic adjustments.