10-K: Atlantis Glory Inc. Reports Annual Results for Fiscal Year Ended December 31, 2024; Focus Remains on Identifying Business Opportunities

Atlantis Glory Inc. reports its annual results for the fiscal year ended December 31, 2024, highlighting its ongoing efforts to identify and pursue business opportunities, including potential acquisitions.

Summary

• Atlantis Glory Inc., a U.S. holding company, has released its annual report on Form 10-K for the fiscal year ended December 31, 2024.
• The company currently has no operations from a continuing business and no revenue.
• Management is focused on exploring and identifying business opportunities, including a potential acquisition of an operating entity through a reverse merger, asset purchase, or similar transaction.
• The company incurred a net loss of $40,480 for the year ended December 31, 2024, compared to a net loss of $68,026 for the year ended December 31, 2023.
• As of December 31, 2024, the company had an accumulated deficit of $1,107,208.
• The company's independent auditor has expressed substantial doubt about its ability to continue as a going concern.
• The company's common stock is quoted on the OTC Pink Market under the symbol AGLY.
• As of March 25, 2025, the Registrant had 603,970,000 shares of common stock issued and outstanding.

Sentiment

Score: 3

Explanation: The sentiment is negative due to the lack of revenue, accumulated deficit, auditor's going concern opinion, and the need for additional financing. However, management is actively seeking a business combination, which provides some hope for the future.

Positives

• The company's net loss decreased from $68,026 in 2023 to $40,480 in 2024, primarily due to lower professional fees.
• Management is actively seeking a business combination to generate revenue and cash flow.

Negatives

• The company has no revenue from continuing operations.
• The company has a significant accumulated deficit of $1,107,208 as of December 31, 2024.
• The company's auditor has expressed substantial doubt about its ability to continue as a going concern.
• The company has negative working capital of $171,429 as of December 31, 2024.
• The company is dependent on its Chief Executive Officer and sole director to manage and oversee the company.

Risks

• The company's ability to continue as a going concern is dependent on obtaining additional financing.
• The company faces intense competition in its search for a revenue-producing business to combine with or acquire.
• The company may expend significant time and capital on a prospective business combination that is not ultimately consummated.
• Conflicts of interest may arise between the company and its shareholders, directors, or management.
• The company's stock price may be volatile due to factors beyond its control.
• The company's internal control over financial reporting was not effective as of December 31, 2024.

Future Outlook

Management intends to explore and identify business opportunities, including a potential acquisition of an operating entity through a reverse merger, asset purchase or similar transaction.

Management Comments

• Management intends to explore and identify viable business opportunities, including seeking to acquire a business in a reverse merger.
• Management believes Chief Executive Officer will provide the additional cash to meet with the Companys obligations as they become due.

Industry Context

The company operates in the microcap market and is seeking a business combination, which is a common strategy for companies in this sector. The company faces competition from other venture capital firms, blank check companies, and wealthy investors.

Comparison to Industry Standards

• It is difficult to compare Atlantis Glory Inc. to industry standards due to its lack of operations and revenue.
• Many microcap companies pursue a similar strategy of seeking a business combination, but their success varies widely.
• The company's financial condition is weaker than many of its peers, as evidenced by its accumulated deficit and the auditor's going concern opinion.

Management Changes

Related Party Transactions

• As of December 31, 2024, the balance included $161,029 in-demand loans advanced to the Company by a related party, of which Mr. YUM Edward Liang Hsien is the Managing Director of the related party.

Stakeholder Impact

• Shareholders face significant risk due to the company's financial condition and the uncertainty of its future prospects.
• Employees (currently only the CEO) are impacted by the company's limited resources and the need to secure additional financing.
• The company's ability to attract customers and suppliers is limited by its lack of operations and revenue.

Next Steps

• Management intends to explore and identify business opportunities.
• The company may need to conduct one or more equity or debt financings within the next 12 months.
• The company plans to rectify weaknesses in internal control by implementing an independent board of directors, establishing written policies and procedures, and hiring additional accounting personnel.

Key Dates

Keywords

business combination, acquisition, reverse merger, financial results, going concern, Atlantis Glory, AGLY