First America Resources Corp. Files Q1 2025 10-Q

TL;DR

FARQ filed its Q1 2025 10-Q. Business as usual in electronic parts wholesale.

AI Summary

First America Resources Corp. filed its 10-Q for the period ending September 30, 2024. The company, incorporated in Nevada, operates in the wholesale of electronic parts and equipment. Its principal executive offices are located at 1000 E. Armstrong St., Morris, IL 60450. The filing covers the first quarter of fiscal year 2025.

Why It Matters

This filing provides investors with an update on the financial performance and operational status of First America Resources Corp. for the first quarter of its fiscal year.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant financial distress indicated.

Key Numbers

• 0.001 — Fiscal Year End (Indicates the fiscal year ends on June 30th.)
• 500000000 — Authorized Shares (Represents the total number of shares the company is authorized to issue.)
• 7964090 — Outstanding Shares (Represents the number of shares currently held by investors.)

Key Players & Entities

• First America Resources Corp (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-11-21 (date) — Filing date
• 1000 E. ARMSTRONG ST., MORRIS, IL 60450 (address) — Business and mailing address
• Jian Li (person) — Officer and Director

FAQ

Key Financial Figures

• $250,000 — wner: Value Trade, LLC Current Value: $250,000 Current Mortgage Debt: Zero We are re
• $160,992 — in August / September 2023, we received $160,992 of battery inventory from Vestwoods Tec
• $3,920 — ntory in September for total Revenue of $3,920. In September, it was decided to return
• $0 — ended September 30, 2024, and 2023 was $0 and $3,920 respectively. Cost of Reven
• $13,369 — September 30, 2024, and 2023 was $0 and $13,369 respectively Expenses Our expenses c

Filing Documents

• fstj_10q.htm (10-Q) — 330KB
• fstj_ex311.htm (EX-31.1) — 10KB
• fstj_ex321.htm (EX-32.1) — 4KB
• 0001477932-24-007525.txt ( ) — 1585KB
• fstj-20240930.xsd (EX-101.SCH) — 19KB
• fstj-20240930_lab.xml (EX-101.LAB) — 105KB
• fstj-20240930_cal.xml (EX-101.CAL) — 23KB
• fstj-20240930_pre.xml (EX-101.PRE) — 84KB
• fstj-20240930_def.xml (EX-101.DEF) — 25KB
• fstj_10q_htm.xml (XML) — 119KB

- 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- September 30, 2024 (unaudited) and June 30, 2024 (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 September 30, June 30, 2024 Unaudited 2024 Audited ASSETS Current assets: Cash and cash equivalents $ 34,207 $ 34,807 Prepaid Expense 25,000 25,000 Total Current Assets 59,207 59,807 TOTAL ASSETS $ 59,207 $ 59,807 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 4,162 $ 3,512 Loan from officers 228,933 228,933 Total Current Liabilities 233,095 232,445 Total Liabilities 233,095 232,445 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 ( 473,212 ) ( 471,962 ) Total stockholders' deficit ( 173,888 ) ( 172,638 ) TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 59,207 $ 59,807 See accompanying notes to financial statements. F-2 Table of Contents FIRST AMERICA RESOURCES CORPORATION (UNAUDITED) Three Months Ended September 30, 2024 2023 Revenues $ - $ 3,920 Cost of Goods Sold 13,369 Gross Profit ( 9,449 ) Operating Expenses: Selling, general and administrative expenses 1,250 4,217 Total Operating Expenses 1,250 4,217 Operating Loss ( 1,250 ) ( 13,666 ) Other income Investment income - - Total Other Income - - Loss before income taxes ( 1,250 ) ( 13,666 ) Income tax expense - - Net Loss $ ( 1,25

Management's Discussion and Analysis or Plan of Operation

Item 2. Management's Discussion and Analysis or Plan of Operation. The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes, and other financial information included in this Form 10-Q. Our Management's Discussion and Analysis contains not only statements that are historical facts, but also statements that are forward-looking. Forward-looking statements are, by their very nature, uncertain and risky. These risks and uncertainties include international, national, and local general economic and market conditions; our ability to sustain, manage, or forecast growth; our ability to successfully make and integrate acquisitions; new product development and introduction; existing government regulations and changes in, or the failure to comply with, government regulations; adverse publicity; competition; the loss of significant customers or suppliers; fluctuations and difficulty in forecasting operating results; change in business strategy or development plans; business disruptions; the ability to attract and retain qualified personnel; the ability to protect technology; the risk of foreign currency exchange rate; and other risks that might be detailed from time to time in our filings with the Securities and Exchange Commission. Although the forward-looking statements in this Report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by them. Consequently, and because forward-looking statements are inherently subject to risks and uncertainties, the actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. You are urged to carefully review and consider the various disclosures made by us in this report as we attempt to advise interested parties of the risks and factors that may affect our business, financial condition, and results of op

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