Atlantis Glory Inc.: A Comprehensive Analysis of the 10-K Filing

Introduction

Atlantis Glory Inc., a company with a focus on elevator technology research, development, sales, maintenance, and installation, has recently released its 10-K filing for the fiscal year ended December 31, 2023. This blog post aims to provide a detailed review of the company's financial health, business operations, and future prospects based on the information provided in the 10-K filing.

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Business Overview

Atlantis Glory Inc., formerly known as Shengshi Elevator International Holding Group Inc., operates through its wholly-owned subsidiary, Shengshi International Holdings Co., Ltd., incorporated in the Cayman Islands. The company's primary focus is on elevator technology, offering a one-stop service to its customers. Despite being dormant since May 14, 2020, the company underwent significant changes in 2021, including a receivership and a change in control.

Financial Performance

The company reported no revenue for the fiscal years 2023 and 2022. The net loss for the year ended December 31, 2023, was $68,026, a significant change from the net income of $8,271,378 in 2022. This drastic shift was primarily due to the absence of the gain on deconsolidation of a foreign subsidiary, which significantly boosted the income in 2022. As of December 31, 2023, Atlantis Glory Inc. had an accumulated deficit of $1,066,728 and no cash and cash equivalents, raising substantial doubt about its ability to continue as a going concern.

Risk Factors

The company faces several risk factors that could impact its future operations and financial condition. These include the company's current dormant status, the need for additional funding to resume operations, and the uncertainty surrounding the company's ability to successfully implement its business plan. Additionally, the company's financial statements have been prepared assuming that it will continue as a going concern, which is uncertain given its financial condition.

Management and Governance

As of the end of the fiscal year 2023, Atlantis Glory Inc. is managed by a single executive officer, CHENG, Sau Heung, who serves as the President, Chief Executive Officer, Secretary, Treasurer, and Director. The company does not have an independent board of directors or an audit committee, which could pose governance risks.

Conclusion

Atlantis Glory Inc.'s 10-K filing for the fiscal year ended December 31, 2023, reveals a company facing significant challenges. With no revenue, a net loss for the year, and substantial doubt about its ability to continue as a going concern, the company's future is uncertain. However, the management's efforts to secure additional funding and implement a strategic plan could potentially turn the company's fortunes around. Investors should carefully consider the risks and uncertainties associated with Atlantis Glory Inc. before making any investment decisions.

This analysis is based on the 10-K filing of Atlantis Glory Inc. for the fiscal year ended December 31, 2023, and does not constitute financial advice.