Quarterly ResultApr 30, 2026, 06:23 AM
AGLY Q1 Net Loss $9,227; Going Concern Doubt; No Revenue
AI Summary
Atlantis Glory Inc. reported a net loss of $9,227 for Q1 2026, increasing from $8,954 in Q1 2025, with no revenue generated in either period. The company has an accumulated deficit of $1,155,634 and negative working capital, raising substantial doubt about its ability to continue as a going concern. Management plans to seek a reverse merger and identified material weaknesses in internal controls.
Key Highlights
- Q1 2026 net loss was $9,227, compared to $8,954 in Q1 2025.
- Accumulated deficit reached $1,155,634 as of March 31, 2026.
- Company reported $0 in revenue for both Q1 2026 and Q1 2025.
- Negative working capital stood at $219,855 as of March 31, 2026.
- Cash and cash equivalents were $0 as of March 31, 2026.
- Net cash used in operating activities was $18,347, offset by $18,347 from related party financing.
- Management identified material weaknesses in internal controls, including lack of segregation of duties.
- Company is dormant and intends to pursue a reverse merger or similar acquisition.