First America Resources Corp Files 10-Q/A to Correct Shell Company Disclosure
Ticker: FSTJ · Form: 10-Q/A · Filed: Apr 8, 2024 · CIK: 1525306
Sentiment: neutral
Topics: 10-Q/A, Shell Company, Small Reporting Company, SEC Filing, Disclosure Correction
TL;DR
<b>First America Resources Corp corrects its shell company status in a 10-Q/A filing.</b>
AI Summary
First America Resources Corp (FSTJ) filed a Amended Quarterly Report (10-Q/A) with the SEC on April 8, 2024. First America Resources Corp filed an amendment (10-Q/A) to its Q2 2024 Form 10-Q. The amendment corrects an erroneous checkbox on the cover page indicating the company was not a shell company. The company acknowledges it continued to be a shell company during the period. The filing also confirms the company qualifies as a small reporting company. No other disclosures in the original report are modified or updated.
Why It Matters
For investors and stakeholders tracking First America Resources Corp, this filing contains several important signals. This filing is crucial for investors to understand the company's true status, as being a shell company has significant implications for its operations and potential for future transactions. The correction provides clarity on the company's reporting and regulatory standing, which is essential for accurate investment analysis.
Risk Assessment
Risk Level: low — First America Resources Corp shows low risk based on this filing. The risk is low because the filing is an amendment to correct a previous error, not a disclosure of new negative events. The company is clarifying its status as a shell company and small reporting company.
Analyst Insight
Investors should review the corrected disclosures to assess the company's current status and future prospects, particularly regarding any potential de-shelling efforts or transactions.
Key Numbers
- 2023-12-31 — Quarter End Date (Second quarter ended December 31, 2023)
- 2024-02-14 — Original Filing Date (Date the original Form 10-Q was filed)
- 2024-04-08 — Amendment Filing Date (Date the 10-Q/A was filed)
Key Players & Entities
- First America Resources Corp (company) — Filer of the 10-Q/A amendment
- Form 10-Q/A (document) — The filing type submitted by the company
- February 14, 2024 (date) — Date the original Form 10-Q was filed
- December 31, 2023 (date) — End of the second quarter for which the report was filed
FAQ
When did First America Resources Corp file this 10-Q/A?
First America Resources Corp filed this Amended Quarterly Report (10-Q/A) with the SEC on April 8, 2024.
What is a 10-Q/A filing?
A 10-Q/A is a amendment to a previously filed quarterly report. This particular 10-Q/A was filed by First America Resources Corp (FSTJ).
Where can I read the original 10-Q/A filing from First America Resources Corp?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by First America Resources Corp.
What are the key takeaways from First America Resources Corp's 10-Q/A?
First America Resources Corp filed this 10-Q/A on April 8, 2024. Key takeaways: First America Resources Corp filed an amendment (10-Q/A) to its Q2 2024 Form 10-Q.. The amendment corrects an erroneous checkbox on the cover page indicating the company was not a shell company.. The company acknowledges it continued to be a shell company during the period..
Is First America Resources Corp a risky investment based on this filing?
Based on this 10-Q/A, First America Resources Corp presents a relatively low-risk profile. The risk is low because the filing is an amendment to correct a previous error, not a disclosure of new negative events. The company is clarifying its status as a shell company and small reporting company.
What should investors do after reading First America Resources Corp's 10-Q/A?
Investors should review the corrected disclosures to assess the company's current status and future prospects, particularly regarding any potential de-shelling efforts or transactions. The overall sentiment from this filing is neutral.
Risk Factors
- Shell Company Status Disclosure [medium — regulatory]: The company amended its filing to correct an erroneous disclosure regarding its status as a shell company, acknowledging it continued to be a shell company.
Key Dates
- 2024-02-14: Original Form 10-Q Filing — The initial filing for the quarter ended December 31, 2023.
- 2024-04-08: Form 10-Q/A Filing — Amendment filed to correct the shell company disclosure.
Glossary
- Shell Company
- A company that has no or nominal operations, and either: (1) has no or nominal assets; (2) has assets, but not sufficient to cover significant liabilities; or (3) has no or nominal assets and no or nominal operations. (Indicates a company with limited operational history or assets, often used as a vehicle for mergers or acquisitions.)
- Small Reporting Company
- A company that meets certain criteria related to public float and annual revenue, allowing for scaled disclosure requirements. (Indicates reduced reporting obligations, which may impact the level of detail available to investors.)
- 10-Q/A
- An amendment to a previously filed Quarterly Report on Form 10-Q. (Used to correct errors or omissions in the original 10-Q filing.)
Filing Stats: 4,634 words · 19 min read · ~15 pages · Grade level 13.8 · Accepted 2024-04-08 16:18:03
Key Financial Figures
- $250,000 — Owner: Value Trade, LLC Current Value: $250,000 Current Mortgage Debt: Zero We are re
Filing Documents
- fstj_10qa.htm (10-Q/A) — 424KB
- fstj_ex311.htm (EX-31.1) — 13KB
- fstj_ex321.htm (EX-32.1) — 4KB
- 0001477932-24-001915.txt ( ) — 1738KB
- fstj-20231231.xsd (EX-101.SCH) — 18KB
- fstj-20231231_lab.xml (EX-101.LAB) — 105KB
- fstj-20231231_cal.xml (EX-101.CAL) — 21KB
- fstj-20231231_pre.xml (EX-101.PRE) — 86KB
- fstj-20231231_def.xml (EX-101.DEF) — 28KB
- fstj_10qa_htm.xml (XML) — 151KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements F-1 Item 2.
Management's Discussion and Analysis or Plan of Operation
Management's Discussion and Analysis or Plan of Operation. 3 Item 3. Quantitative and Qualitative Disclosure about Market Risk. 8 Item 4.
Controls and Procedures
Controls and Procedures. 8
- OTHER INFORMATION
PART II - OTHER INFORMATION Item 1. Legal Proceedings. 9 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 9 Item 3. Defaults Upon Senior Securities. 9 Item 4. Mine Safety Disclosures. 9 Item 5. Other Information. 9 Item 6. Exhibits. Exhibits 10 2 Table of Contents
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
- FINANCIAL STATEMENTS
ITEM 1 - FINANCIAL STATEMENTS First America Resources Corporation
Financial Statements (Unaudited)
Financial Statements (Unaudited) Contents Balance Sheet- December 31, 2023 (unaudited) and June 30, 2023 (audited) F-2 F-3 F-4 F-5 Notes to Unaudited Financial Statements F-6 F-1 Table of Contents FIRST AMERICA RESOURCES CORPORATION BALANCE SHEET December 31, June 30, 2023 Unaudited 2023 Audited ASSETS Current assets: Cash and cash equivalents $ 75,406 $ 97,226 Accounts Receivable $ 0 Total Current Assets 75,406 97,226 TOTAL ASSETS $ 75,406 $ 97,226 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 3,412 $ 100 Loan from officers 228,933 228,933 Total Current Liabilities 232,345 229,033 Total Liabilities 232,345 229,033 Stockholders' Deficit: Common stock, $ 0.001 par value; 500,000,000 shares authorized; 7,964,090 shares issued and outstanding 7,964 7,964 Additional paid-in capital 291,360 291,360 Accumulated deficit ( 456,263 ) ( 431,131 ) Total stockholders' deficit ( 156,939 ) ( 131,807 ) TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 75,406 $ 97,226 See accompanying notes to financial statements. F-2 Table of Contents FIRST AMERICA RESOURCES CORPORATION Three Months Ended Six Months Ended December 31, December 31, 2023 Unaudited 2022 Unaudited 2023 Unaudited 2022 Unaudited Revenues $ - $ - $ 3,920 $ - Cost of Goods Sold - - 13,369 - Gross Profit - - ( 9,449 ) - Operating Expenses: Selling, general and administrative expenses 11,466 3,373 15,683 11,246 Total Operating Expenses 11,466 3,373 15,683 11,246 Operating Loss ( 11,466 ) ( 3,373 ) ( 25,132 ) ( 11,246 ) Other inco
Management's Discussi
Item 2. Management's Discussi