Quarterly ResultMay 8, 2026, 12:01 PM
BestGofer Q1 Net Loss $(85,755) on Goodwill Impairment; Going Concern
AI Summary
BestGofer Inc. reported a net loss of $(85,755) for the three months ended February 28, 2026, significantly wider than the $(10,800) loss in the prior year, primarily due to a $78,754 non-cash goodwill impairment charge related to its subsidiary, Liberty Home Inspection Services LLC. The company also disclosed a substantial doubt about its ability to continue as a going concern, citing an accumulated deficit of $(291,156) and a total stockholders' deficit of $(110,050). Management plans to address this through revenue ramp-up, continued related-party funding, and potential future equity or debt financing. Additionally, the company's disclosure controls and internal control over financial reporting were deemed ineffective.
Key Highlights
- Net loss for Q1 2026 was $(85,755), significantly wider than $(10,800) in Q1 2025.
- Recognized a non-cash goodwill impairment charge of $78,754 in Q1 2026.
- Revenue for Q1 2026 was $2,231, up from $0 in Q1 2025 due to LHIS acquisition.
- Cash and cash equivalents decreased to $1,924 as of February 28, 2026.
- Total stockholders' deficit widened to $(110,050) from $(24,295) in Q4 2025.
- Company faces substantial doubt about its ability to continue as a going concern.
- Disclosure controls and internal control over financial reporting were deemed ineffective.
- Experienced multiple changes in independent registered public accounting firm.