5 results
10-Q
2024 Q1
GMTech Inc.
12 Mar 24
Quarterly report
7:49pm
For Three Months Ended January 31, 2024 | For Three Months Ended January 31, 2023 | |||||||
Revenue, net | $ | 22,800 | $ | – | ||||
Cost of revenue | 4,500 | – | ||||||
Gross profit | 18,300 | – | ||||||
Operating Expenses | ||||||||
General and administrative expenses | 16,848 | – | ||||||
Total operating expenses | 16,848 | – | ||||||
Income before income tax expenses | 1,452 | – | ||||||
Income tax expense | 469 | – | ||||||
Net income | $ | 983 | $ | – | ||||
Other comprehensive income | – | – | ||||||
Comprehensive income | $ | 983 | $ | – | ||||
Net income per share - Basic and diluted | $ | 0.00 | $ | 0.00 | ||||
Weighted average number of ordinary shares | 5,000,000 | 5,000,000 |
10-Q
2024 Q1
GMTech Inc.
12 Mar 24
Quarterly report
7:49pm
& FOR THREE MONTHS ENDED JANUARY 31, 2024 (UNAUDITED)
Common Stock | Retained | Total | ||||||||||||||
Shares | Amount | Earnings | Equity | |||||||||||||
Balance as of October 31, 2022 | – | $ | – | $ | (1,000) | $ | (1,000) | |||||||||
Issuance of stocks | 5,000,000 | 500 | – | 500 | ||||||||||||
Net Income | – | – | 2,373 | 2,373 | ||||||||||||
Balance as of October 31, 2023 | 5,000,000 | 500 | 1,373 | 1,873 | ||||||||||||
Issuance of stocks | – | – | – | – | ||||||||||||
Net Income | – | – | 983 | 983 | ||||||||||||
Balance as of January 31, 2024 | 5,000,000 | $ | 500 | $ | 2,356 | $ | 2,856 |
10-Q
2024 Q1
GMTech Inc.
12 Mar 24
Quarterly report
7:49pm
CONSOLIDATED BALANCE SHEET
As of January 31, 2024 (Unaudited) | As of October 31, 2023 (Audited) | |||||||
Assets | ||||||||
Current Assets | ||||||||
Cash | $ | 5,951 | $ | 22,099 | ||||
Rent deposits | 2,168 | 2,168 | ||||||
Total Current Assets | 8,119 | 24,267 | ||||||
Total Non-current Assets | – | – | ||||||
Total Assets | $ | 8,119 | $ | 24,267 | ||||
Liabilities | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 5,263 | $ | 4,594 | ||||
Accrued liabilities | – | 3,000 | ||||||
Deferred revenue | – | 14,800 | ||||||
Total Current Liabilities | 5,263 | 22,394 | ||||||
Total Liabilities | 5,263 | 22,394 | ||||||
Shareholders’ Equity | ||||||||
Common stock, $0.0001 par value; 500,000,000 shares authorized; 5,000,000 shares issued and outstanding | 500 | 500 | ||||||
Retained Earnings | 2,356 | 1,373 | ||||||
Total Shareholders’ Equity | 2,856 | 1,873 | ||||||
Total Liabilities and Equity | $ | 8,119 | $ | 24,267 |
10-Q
2024 Q1
GMTech Inc.
12 Mar 24
Quarterly report
7:49pm
The federal and state income tax provision (benefit) for the year as of October 31, 2023 and 2022 are summarized as follows:
Schedule of income tax provision (benefit) | Three Months Ended January 31, 2024 | Three Months Ended January 31, 2023 | ||||||
Current: | ||||||||
Federal | $ | 261 | $ | – | ||||
State | 208 | – | ||||||
Total current | 469 | – | ||||||
Deferred | ||||||||
Federal | – | – | ||||||
State | – | – | ||||||
Total deferred | – | – | ||||||
Income tax provision | $ | 469 | $ | – |
10-Q
2024 Q1
GMTech Inc.
12 Mar 24
Quarterly report
7:49pm
For Three Months Ended January 31, 2024 | For Three Months Ended January 31, 2023 | |||||||
Cash Flows From Operating Activities | ||||||||
Net income | $ | 983 | $ | – | ||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
Changes in operating assets and liabilities: | ||||||||
Accounts payable | 669 | – | ||||||
Accrued liabilities | (3,000) | – | ||||||
Unearned revenue | (14,800) | – | ||||||
Net cash provided by operating activities | (16,148) | – | ||||||
Net change in cash | (16,148) | – | ||||||
Cash, beginning of period | 22,099 | – | ||||||
Cash, end of period | $ | 5,951 | $ | – | ||||
Supplemental cash flow information | ||||||||
Cash paid for interest expense | $ | – | $ | – | ||||
Cash paid for taxes | $ | – | $ | – | ||||
Non-cash investing and financing activities | ||||||||
Subscription receivable for sale of common stock | – | – |
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