Xenous Holdings, Inc. reported its financial results for the six months ended September 30, 2024, revealing continued challenges in revenue generation and profitability. The company has not generated any revenue since its inception, and its net loss for the six months was $31.2 million, slightly higher than the $30.5 million loss reported for the same period in 2023. The net loss for the three months ended September 30, 2024, was $15.2 million, compared to $15.0 million in the prior year, with the increase attributed primarily to rising professional fees.

As of September 30, 2024, total liabilities stood at $870.3 million, an increase from $839.2 million as of March 31, 2024. The stockholders' deficit also grew to $1.2 million from $1.1 million in the previous period. The accumulated deficit reached $1.2 million, up from $1.1 million as of March 31, 2024. The company reported negative working capital of $870.3 million, reflecting ongoing financial strain.

Cash flow from operations showed a significant increase in negative figures, with net cash used in operating activities amounting to $34.5 million for the six months ended September 30, 2024, compared to $23.8 million in the same period of 2023. This increase was attributed to the net loss and a decrease in accounts payable and accrued liabilities. However, the company did see an increase in financing activities, with $34.5 million raised from related party advances, up from $23.8 million in the prior year.

The company is currently conducting due diligence on a Malaysia-based agricultural commodities company related to Aquilaria trees, with preliminary findings being positive. Further due diligence focusing on intangible assets is expected to be completed by the end of 2024.

Xenous Holdings remains classified as a shell company and has not issued any preferred stock or additional common stock during the reporting period. The company’s ability to continue as a going concern is contingent upon generating sufficient cash flows from operations or securing additional financing, primarily from principal shareholders or affiliated parties, as there are no commitments from third parties. The company has also noted that its disclosure controls and procedures were found to be ineffective as of the end of the reporting period.