First America Resources Corp, a company engaged in the battery technology and real estate sectors, has released its Form 10-Q report for the fiscal quarter ended March 31, 2024. The report provides insights into the company's financial performance and operational activities during the period.
Financial Highlights
- Revenues: $0. The company reported no sales revenue for the fiscal quarters ended March 31, 2024, and 2023.
- Operating Loss: $(7,400). The company incurred an operating loss of $7,400 for the quarter ended March 31, 2024, compared to a loss of $2,822 in the same period in 2023.
- Net Loss: $(7,400). The net loss for the quarter ended March 31, 2024, was $7,400, compared to a net loss of $2,822 for the same period in 2023.
- Net Loss per Common Share - Basic and Diluted: $(0.00). The net loss per common share remained unchanged at $(0.00) for both the quarters ended March 31, 2024, and 2023.
Business Highlights
- Revenue Segments: The company is in negotiations with a battery supplier specializing in golf cart and forklift batteries for sale and distribution in the US markets, which is expected to result in sales revenues.
- Geographical Performance: The company plans to acquire properties that will produce rental income in a short period of time, focusing initially on properties similar to the one located at 600 Wissahickon Ave, Cedartown GA.
- Sales Units: The company experimented with selling battery inventory from Vestwoods Technology Limited, selling 2 inverters for total revenue of $3,920 before deciding to return the remaining consignment inventory due to lack of market demand.
- Future Outlook: The company intends to finance future real estate investments through additional equity financing and plans to sell acquired properties at higher prices to reinvest in new properties. Additionally, the company is exploring opportunities in the battery technology sector and aims to secure licensing for unrestricted sales and distribution in the US.
SEC Filing: