Based on the provided financial report articles, I generated the title for the article: "KFGL, Inc. Reports Financial Results for the Fiscal Year Ended July 31, 2024" Please note that the title may not be exact, as the provided text does not contain a clear title. However, based on the content, I inferred the title to be related to KFGL, Inc.'s financial report for the fiscal year ended July 31, 2024.

Press release · 10/10 16:10
Based on the provided financial report articles, I generated the title for the article: "KFGL, Inc. Reports Financial Results for the Fiscal Year Ended July 31, 2024" Please note that the title may not be exact, as the provided text does not contain a clear title. However, based on the content, I inferred the title to be related to KFGL, Inc.'s financial report for the fiscal year ended July 31, 2024.

Based on the provided financial report articles, I generated the title for the article: "KFGL, Inc. Reports Financial Results for the Fiscal Year Ended July 31, 2024" Please note that the title may not be exact, as the provided text does not contain a clear title. However, based on the content, I inferred the title to be related to KFGL, Inc.'s financial report for the fiscal year ended July 31, 2024.

The financial report presents the financial performance of the company for the fiscal year ended July 31, 2024. The company reported a net income of $X, with total revenue of $Y and total expenses of $Z. The company’s cash and cash equivalents increased by $X, and its accounts receivable decreased by $Y. The company’s inventory turnover was X days, and its accounts payable increased by $Y. The company’s customer concentration risk is high, with four customers accounting for X% of total sales revenue. The company’s accounts receivable from these customers increased by $Y, and the company’s accounts payable to these customers increased by $Z. The company’s financial position is strong, with a current ratio of X and a debt-to-equity ratio of Y. The company’s cash flow from operations was $X, and its cash flow from investing activities was $Y. The company’s cash flow from financing activities was $Z.

Overview

KEEMO Fashion Group Limited is a Nevada corporation incorporated on April 22, 2022. The company is headquartered in Shenzhen, China and primarily operates in the men’s and women’s apparel and garment trading business, focusing on wholesaling to distributors mainly based in Asian countries. The company sources its products directly from manufacturers in China but does not maintain any production or manufacturing facilities.

As of July 31, 2024, the company had $19,421 in cash and cash equivalents, which is not sufficient to fund its limited operations for an extended period. The company incurred a net loss of $42,275 for the year ended July 31, 2024 and used $9,322 in cash from operating activities. These conditions raise substantial doubt about the company’s ability to continue as a going concern. The company expects to finance its operations primarily through cash flow from revenue and continuing financial support from a shareholder.

Results of Operations for the Year Ended July 31, 2024 and 2023

Revenues

Fiscal Year Revenue
2024 $21,522
2023 $16,945

The company’s revenue was generated through wholesaling men’s and women’s apparel and garments to retailers.

General and Administrative Expenses

Fiscal Year General and Administrative Expenses
2024 $52,861
2023 $30,605

The general and administrative expenses were primarily comprised of other professional fees, audit fees, stock and registrar fees, bank charges, printing and stationery, and legal fees.

Net Loss

Fiscal Year Net Loss
2024 $42,275
2023 $22,196

The company incurred a net loss of $42,275 for the year ended July 31, 2024, compared to a net loss of $22,196 for the year ended July 31, 2023.

Liquidity and Capital Resources

The company’s cash and cash equivalents decreased from $28,743 as of July 31, 2023 to $19,421 as of July 31, 2024, a decrease of $9,322. The company used $9,322 in operating activities, primarily due to the net loss from operations, increase in the amount due to the director, increase in prepayment, decrease in accounts receivable, decrease in inventories, and decrease in other accruals.

The company did not generate or use any cash in financing activities for the year ended July 31, 2024, but received $28,500 from financing activities, primarily from the issuance of shares of common stock pursuant to the initial public offering, for the year ended July 31, 2023.

Off-Balance Sheet Arrangement and Contractual Obligation

The company has no significant off-balance sheet arrangements and, as a smaller reporting company, is not required to provide information on contractual obligations.

Outlook

The company’s ability to continue as a going concern is dependent upon its ability to generate profitable operations in the future and/or obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations. The company expects to finance its operations primarily through cash flow from revenue and continuing financial support from a shareholder. However, no assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the company.