Ultimate Holdings Group Reports Increased Net Loss and Ongoing Financial Challenges

Ultimate Holdings Group, Inc. reported its financial results for the three months ending October 31, 2024, revealing a net loss of $83,249, an increase from a net loss of $55,249 during the same period in 2023. The company did not generate any revenue in either period, and its operating expenses rose to $83,249 from $55,249, primarily due to increased professional fees. The basic and diluted net loss per common share remained at $(0.00) for both periods, with the weighted average number of common shares outstanding unchanged at 611,600,000.

The company's balance sheet as of October 31, 2024, showed total assets of $8,983,000, a slight decrease from $9,101,000 as of July 31, 2024. Current liabilities increased significantly to $334,245 from $258,674, contributing to a working capital deficit of $325,262. The shareholders' deficit also widened to $(325,262) from $(249,573) in the previous quarter, reflecting ongoing financial challenges. The company has not yet established a source of revenue to cover its operating costs, raising substantial doubt about its ability to continue as a going concern.

In terms of strategic developments, Ultimate Holdings Group has undergone significant organizational changes. Following a reorganization in November 2022, the company saw a change in control when CRS Consulting, LLC sold a majority stake to SKYPR LLC in April 2023. This transition led to the appointment of Ryohei Uetaki as the new Chief Executive Officer and Chief Financial Officer. The company has indicated its intention to pursue a business combination, although it has not yet identified any potential targets.

Operationally, the company has relied on related-party transactions to cover its expenses. During the three months ended October 31, 2024, Harbin Co., Ltd., a company owned by Uetaki, paid $124,495 in operating expenses on behalf of Ultimate Holdings, compared to $45,862 in the same period last year. As of October 31, 2024, the amount due to Harbin stood at $334,245, reflecting the ongoing financial support from related parties. The company has not engaged in any significant geographic expansion or product launches, as it remains focused on finding a suitable business combination.

Looking ahead, Ultimate Holdings Group's management plans to fund operating expenses through borrowings from related parties, although there is no assurance that this strategy will be successful. The company has acknowledged the adverse conditions affecting its financial stability, including negative financial trends and a lack of revenue generation. As it continues to seek a merger or acquisition, the company remains classified as a "blank check" company, with no specific business plan or purpose currently in place.