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Myson, Inc.(MYSN) a leading compan y in the [industry], has released its financial statements for the nine months ended April 30, 2023. The company experienced a net loss of $1.1 million during this period, as reported in their condensed statements of operations. Despite the loss, Myson, Inc. achieved an increase in revenue, reaching $2.5 million, according to the same financial statements. This article will provide an overview of Myson, Inc.'s financial performance based on the disclosed information.
Financial Statements
The financial statements of Myson, Inc. provide a comprehensive view of the company's financial position. The condensed balance sheets as of April 30, 2023 (unaudited) and July 31, 2022 (audited) show that the company's total assets have increased to $1.17 million compared to $629,395 in the previous year. The condensed statements of operations for the three and nine months ended April 30, 2023 and 2022 (unaudited) reveal a net loss of $1.1 million for the nine-month period.
Condensed Balance Sheets
As of April 30, 2023, Myson, Inc.'s current assets amounted to $926,757, including cash, accounts receivable, loan receivable, and due from related parties. The company also holds other assets such as an operating lease right of use asset and property and equipment, netting a total of $245,850 in total other assets. Overall, Myson, Inc.'s total assets have grown significantly compared to the previous year.
Condensed Statements of Operations
During the three and nine months ended April 30, 2023, Myson, Inc. generated $769,150 and $2,478,230 in commission income, respectively. However, commission expenses, including those related to parties, impacted the company's gross margin. Despite the challenges, Myson, Inc. achieved a gross margin of $355,845 for the three-month period and $1,070,702 for the nine-month period.
Condensed Statements of Changes in Stockholders' Deficit
Myson, Inc.'s condensed statements of changes in stockholders' deficit highlight the fluctuations in the company's financial position. Notably, the balances as of April 30, 2023, showed a stockholders' deficit of $636,301, a significant increase compared to $353,232 in the previous year. This change can be attributed to factors such as net losses, contributions to capital, and stock issuances for services.