OS Support, Inc., a Nevada-based company specializing in pay-as-you-go support services for open-source software programs, has reported no revenue generation and increasing losses in their Q3 2023 quarterly report.
Table of Contents
Financial Report Details
According to the financial report, the company’s operating losses reached $118,585 since its inception, with $18,691 in net losses for the nine months ending March 31, 2023. In comparison, the net losses for the same period in 2022 were $12,242, reflecting the growing financial challenges faced by the company. As of March 31, 2023, the company’s working capital deficit stood at $107,835, an increase from the $89,144 deficit on June 30, 2022.
Shell Company Operations and Funding
Operating as a shell company, OS Support, Inc. has yet to implement its business model and generate revenue from its proposed services. The expenses incurred by the company so far have been primarily paid by the President of the company, Paramjit Mann, who has also provided loans to the company. As of March 31, 2023, the balance of the loan from Mann amounted to $71,841, an increase from the balance of $58,408 on June 30, 2022.
Efforts to Raise Capital and Share Issuance
In an effort to raise capital and fund its initial business plans, OS Support, Inc. has authorized 75,000,000 common shares with a par value of $0.001 per share. The company issued a 256:1 stock split on October 29, 2021, with the CEO waiving 1,761,280,000 of the post-split shares, resulting in a total of 54,720,000 outstanding shares. However, the stock is not yet listed on any exchange and does not have a trading symbol.
Financial Challenges and Doubts on Future Growth
The survival and future growth of the company are contingent upon raising additional capital to meet ongoing obligations and funding anticipated operating losses. However, the increasing losses and absence of revenue generation have raised considerable doubts about the company’s ability to continue as a going concern. Without an infusion of capital and the successful implementation of its business model, the company may face further financial challenges in the coming months.
Accounting Standards and Exemptions for Emerging Growth Companies
As an emerging growth company, OS Support, Inc. enjoys exemptions from complying with new or revised financial accounting standards until private companies are required to do so. The company has chosen not to opt out of the extended transition period for complying with new or revised financial accounting standards, allowing it to adopt new or revised standards at the same time as private companies.
Financial Statements in Compliance with GAAP and SEC Regulations
Despite the challenges faced by OS Support, Inc., the company’s unaudited financial statements are in accordance with the U.S. Generally Accepted Accounting Principles (GAAP) and SEC accounting and disclosure rules and regulations. These statements provide a fair representation of the financial position of the company, reflecting the necessary adjustments for a comprehensive financial outlook.
Note that we may hold securities mentioned in this article. The source of this article are the SEC filings available at https://www.sec.gov/Archives/edgar/data/1658520/000147793223004490/os_10q.htm that we extracted with the help of various software tools. Even though we have implemented various fact-checking processes, some incorrect information may have remained in the article (false positive). Let us know if you find any inconsistencies!