Orion Bliss Corp. reported its financial results for the three months ended July 31, 2024, revealing significant challenges in its operations. The company recorded total current assets of $740,000, a decrease from $1,190,000 as of April 30, 2024. Total assets also fell to $874,000 from $1,324,000 during the same period. Current liabilities increased to $103,572,000 from $90,517,000, leading to a widening stockholders’ deficit of $(102,698,000) compared to $(89,193,000) previously.

For the quarter, Orion Bliss generated revenues of $13,505 from consulting services, which matched its general and administrative expenses, resulting in a net loss of $(13,505). This marks an improvement from the net loss of $(33,623) reported for the same quarter in 2023, indicating a reduction in operational losses year-over-year. Cash flows used in operating activities also decreased to $(13,505) from $(33,623) in the prior year, while cash flows from financing activities were $13,055, down from $26,173.

The company’s accumulated deficit increased to $123,658,000 as of July 31, 2024, from $110,153,000 as of April 30, 2024. Orion Bliss has not established a stable revenue source sufficient to cover its operating costs, raising substantial doubt about its ability to continue as a going concern. The company plans to raise additional investment capital to fund its operating expenses.

As of July 31, 2024, Orion Bliss had 3,038,000 shares of common stock issued and outstanding, with no potentially dilutive debt or equity instruments. The company’s current financing strategy includes seeking short-term loans from directors, although no arrangements have been finalized.

Management has acknowledged that the disclosure controls and procedures were not effective as of July 31, 2024, which may impact the timely recording and reporting of required information. Despite these challenges, the financial statements are prepared under the assumption that the company will continue as a going concern, reflecting management's confidence in its ability to realize assets and satisfy liabilities in the ordinary course of business.