Legacy Ventures International, Inc. 2024 10-K Review

Introduction

Legacy Ventures International, Inc. ("Legacy" or the "Company") is a Nevada-based corporation with its principal executive offices located in Hong Kong. The company was incorporated in 2014 and currently has no ongoing operations except for incurring general and administrative expenditures. This review will delve into the company's 2024 10-K filing, examining its business operations, financial performance, risk factors, and overall investment potential.

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Business Overview

Legacy Ventures International, Inc. was incorporated on March 4, 2014. As of the latest filing, the company has no ongoing operations and is primarily engaged in administrative activities. On December 27, 2023, the company incorporated Ever Green Living Ventures Ltd, a wholly-owned subsidiary in Hong Kong, with plans to engage in biotech research and development and healthcare research and development. However, these plans are still in the nascent stages, and the company has not yet generated any revenue from these activities.

Financial Performance

Income Statement

For the fiscal year ended June 30, 2024, Legacy reported a net loss of $64,286, compared to a net loss of $61,879 for the previous year. The company's operating expenses increased slightly from $61,943 in 2023 to $64,291 in 2024, primarily due to professional fees and general administrative expenses.

Balance Sheet

As of June 30, 2024, Legacy's total assets were $842, a significant decrease from $2,187 in 2023. The company's liabilities increased to $137,711 from $74,770, resulting in a stockholders' deficiency of $136,869. This financial position raises substantial doubt about the company's ability to continue as a going concern.

Cash Flow

The company used $70,475 in cash for operating activities in 2024, compared to $44,034 in 2023. The cash used was primarily due to the net loss from operations. Financing activities provided $69,639 in cash, mainly from advances from a shareholder and a director.

Risk Factors

Legacy Ventures International, Inc. faces several risk factors that could impact its future operations and financial performance:

1. Lack of Revenue-Generating Operations: The company currently has no revenue-generating operations, which poses a significant risk to its financial stability.
2. Going Concern: The company's financial statements indicate substantial doubt about its ability to continue as a going concern due to its working capital deficiency and accumulated deficit.
3. Dependence on Financing: Legacy relies heavily on advances from shareholders and directors to finance its operations, which may not be sustainable in the long term.
4. Market Risks: The company's common stock is thinly traded on the Pink Sheets, which may affect liquidity and the ability to raise capital.

Conclusion

Legacy Ventures International, Inc. is in a precarious financial position with no current revenue-generating operations and a significant working capital deficiency. While the company has plans to engage in biotech and healthcare research through its subsidiary, these plans are still in the early stages and have not yet materialized into tangible results.

Given the company's financial instability, lack of revenue, and reliance on shareholder advances, investing in Legacy Ventures International, Inc. carries a high level of risk. Potential investors should carefully consider these factors and the company's ability to execute its business plans before making any investment decisions.

Overall, the investment potential of Legacy Ventures International, Inc. is low, with a score of 2.5 out of 10, indicating significant challenges and uncertainties that need to be addressed for the company to become a viable investment opportunity.