As of April 30, 2023, GPL Holdings (ticker: GPLL) reported a net loss of $41,951 for the nine months ended, according to their recent SEC filing. The Company, incorporated on July 30, 2021, in Nevada, is a business combination related shell company with a holding company formation.
The unaudited financial statements for the nine months ended April 30, 2023, indicated that the company’s total assets amounted to $806, and liabilities totaled $92,778. The company’s stockholders’ deficit amounted to $91,972, with an accumulated deficit of $91,972. As of June 20, 2023, there were 176,285,321 shares of common stock issued and outstanding, and the closing cash balance on April 30, 2023, stood at $806.
The statement of operations revealed that the company incurred a net loss of $12,144 for the three months ended April 30, 2023. The operating expenses mainly consisted of general and administrative expenses, totaling $12,144 for the quarter. The net loss per common share was $0.00 for both the three and nine months ended April 30, 2023.
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The company has undergone significant changes in the past year, including a Reorganization with Benchmark Energy Corporation (BMRK) on May 23, 2022. GPL Holdings, Inc. began a quoted market in its common stock on October 24, 2022, under the ticker symbol “GPLL” as listed by the OTC Markets Group.
As a business combination related shell company, GPL Holdings, Inc. serves as a vehicle to effect an asset acquisition, merger, exchange of capital stock, or other business combinations with domestic or foreign businesses. As of April 30, 2023, the company had not yet commenced any operations. The company elected July 31 as its year-end date.
According to the filings, management has made necessary adjustments in the financial statements to ensure they are not misleading. However, actual results may differ from estimates as the preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts.
Going forward, GPL Holdings, Inc. will continue to seek business or asset acquisition opportunities and strive to realize tax assets through future operations.
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