M&A - LAMY

Form Type: 10-Q

Filing Date: 2025-01-10

Corporate Action: Acquisition

Type: Update

Accession Number: 000168316825000221

Filing Summary: The document is a quarterly report for the period ended November 30, 2024, filed by LAMY. It outlines the company's financial performance, including a significant net income of $80,129 for the three months ended November 30, 2024. The report indicates the company is in a challenging position requiring additional capital for future operations, as it has yet to establish a sustainable revenue stream. Notably, there was a change of ownership on December 6, 2024, where Zhang Shengwu acquired 5,250,000 shares representing 64.29% of the voting control of the company from other shareholders. This acquisition has implications for corporate governance and may affect future operational strategies. The financial statements detail a total asset value of $24,854 and highlight accumulated losses of $3,416 since the company's inception, with a notable concern raised regarding the ability to continue as a going concern due to insufficient revenue. Management indicated a plan to seek capital from existing shareholders and look for external financing options. The filing emphasizes its commitment to providing a financial education platform through an immersive video game called TwoPlus1, despite the current financial distress.

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