IMA Tech Inc. Files Annual 10-K Report

TL;DR

IMA Tech Inc. 10-K filed: FY24 results out, check financials.

AI Summary

IMA Tech Inc. filed its 10-K for the fiscal year ending April 30, 2024, reporting its financial performance and business operations. The company, incorporated in Wyoming and operating in the prepackaged software sector, is headquartered in Sheridan, WY. This filing provides a comprehensive overview of its financial condition and strategic outlook for the period.

Why It Matters

This 10-K filing provides investors and stakeholders with a detailed look into IMA Tech Inc.'s financial health and operational status for the fiscal year ending April 30, 2024.

Risk Assessment

Risk Level: low — The provided text is a standard 10-K filing header and does not contain specific financial performance data or forward-looking statements that would indicate a high-risk profile.

Key Numbers

• 2024-04-30 — Fiscal Year End (Marks the end of the reporting period for the 10-K.)
• 2024-07-29 — Filing Date (Date the 10-K was officially filed with the SEC.)

Key Players & Entities

• IMA Tech Inc. (company) — Filer of the 10-K report
• 2024-04-30 (date) — Fiscal year end date
• Wyoming (location) — State of incorporation
• Sheridan, WY (location) — Company headquarters address
• 7372 (number) — Standard Industrial Classification code for Services-Prepackaged Software

FAQ

Key Financial Figures

• $7,732 — As of April 30, 2024, the company had $7,732 in current assets, compared to $16,000
• $16,000 — d $7,732 in current assets, compared to $16,000 as of April 30, 2023. The Company's lia
• $291,433 — 023. The Company's liabilities stood at $291,433 as of April 30, 2024, up from $25,431 t
• $25,431 — $291,433 as of April 30, 2024, up from $25,431 the previous year. The accumulated defi
• $23,166 — vious year. The accumulated deficit was $23,166 as of April 30, 2024, increasing from $
• $31 — 6 as of April 30, 2024, increasing from $31 as of April 30, 2023. For the year end
• $75,419 — ended April 30, 2024, the company used $75,419 in cash for operating activities, compa
• $13,369 — h for operating activities, compared to $13,369 for the year ended April 30, 2023, both
• $271,238 — ny used cash in investing activities of $271,238 and $13,400, respectively, for the purc
• $13,400 — in investing activities of $271,238 and $13,400, respectively, for the purchase of inta
• $187,55 — ets. Additionally, the company received $187,55 in cash financing activities for the ye
• $16,031 — year ended April 30, 2024, compared to $16,031 in the previous year, mostly due to pro
• $200,000 — l amount of such funds shall not exceed $200,000. We believe such loans will be sufficie
• $10,800 — e for the year ended April 30, 2024 was $10,800, and no income was generated from incep

Filing Documents

• report10k_ima30042024.htm (10-K) — 334KB
• cert31.htm (EX-31.1) — 12KB
• cert32.htm (EX-32.1) — 8KB
• 0001980295-24-000010.txt ( ) — 1496KB
• none-20240430.xsd (EX-101.SCH) — 11KB
• none-20240430_cal.xml (EX-101.CAL) — 21KB
• none-20240430_def.xml (EX-101.DEF) — 14KB
• none-20240430_lab.xml (EX-101.LAB) — 109KB
• none-20240430_pre.xml (EX-101.PRE) — 78KB
• report10k_ima30042024_htm.xml (XML) — 92KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 12 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 15 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 15 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 15 Item 9A.

Controls and Procedures

Controls and Procedures. 16 Item 9B. Other Information. 17 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 17 PART III Item 10. Directors, Executive Officers and Corporate Governance. 18 Item 11.

Executive Compensation

Executive Compensation. 20 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 20 Item 13. Certain Relationships and Related Transactions, and Director Independence. 21 Item 14. Principal Accountant Fees and Services. 22 PART IV Item 15. Exhibit and Financial Statement Schedules. 22 Item 16. Form 10-K Summary. 23 3 PART I

BUSINESS

ITEM 1. BUSINESS Business Overview The company was formed on March 29, 2023 in the State of Wyoming. The primary focus of the company is on the development and deployment of digital avatars. Utilizing advanced technology, the company creates a unique blend of human intelligence, artificial intelligence, and niche databases. Digital avatars can be customized to meet specific business requirements and are applicable across various industries online. The company's core objective is to provide customers with a more immersive experience by simplifying the process of fulfilling their requests using AI-driven avatars. The use of avatars reduces costs and saves time for implementation, as the human mind processes information faster in an audiovisual format than in text. Additionally, digital avatars are capable of serving customers remotely without losing the sense of personal attention and human presence. The avatars can serve multiple consumers simultaneously, enhancing the company's operational efficiency and marketing effectiveness. We provide services to various industries, including education, marketing, banking, and science, among others, benefiting a wide range of businesses and individuals. Being in the early development stage, we aim to target two groups: students and business professionals. We understand that these two groups have different needs and requirements, which is why we have designed our services to meet the unique demands of each. Our services are also useful for learning, for example, by providing visualizations and audio accompaniment through an avatar that can assist students in achieving their goals. Business professionals can also find our services suitable. We understand that businesses face many challenges in today's competitive landscape, so we aim to provide practical solutions to help businesses achieve their objectives. Businesses that can derive value from our website are those that necessitate personalized and interactive consulta

Risk Factors

ITEM 1A. Risk Factors As a Smaller Reporting Company, the company is not required to include the disclosure under this Item 1A. Risk Factors. Despite the fact that we are not required to provide risk factors, we consider the following factors to be risks to our continued growth and development: We are at a very early operational stage and our business is subject to the substantial risks inherent in the establishment of a new venture. Our business strategy is in its early stages and as a new venture, we are subject to all the risks associated with establishing a new business. There is a risk that our intended business and operations may not be successful, or may take a significant amount of time to achieve success. The success of our business will depend on a multitude of factors, some of which may be beyond our control or cannot be predicted currently. These factors may include changes in market conditions, competition, regulatory changes, and general economic conditions. Any of these factors could have a material adverse effect on our financial condition, business prospects, operations, and the value of an investment in the company. 8 We may be unable to raise the additional capital needed to grow our business. The company may require additional capital to finance its growth and expansion plans, and there is a risk that it may not be able to secure the necessary funding. The company's ability to access funding may depend on several factors, including its financial performance, market conditions, and investor sentiment. In the event that the company is unable to secure additional funding, it may face limitations in its ability to expand its operations, develop new products, or enter new markets. This could negatively impact our growth prospects and our ability to compete with other players in the industry. We face intense industry competition. The company operates in a highly competitive market, and there is no guarantee that its technology will be abl

Unresolved Staff Comments

ITEM 1B. Unresolved Staff Comments Not applicable to smaller reporting companies.

Cybersecurity

ITEM 1C. Cybersecurity The security of information is under the company management control and ensured by internal security rules applied.

Properties

ITEM 2. Properties Our current office space is located at 34 N Franklin Ave 687, Pinedale, WY 82941, USA. The space is adequate for our needs.

Legal Proceedings

ITEM 3. Legal Proceedings We know of no legal proceedings to which we are a party or to which any of our property is the subject which are pending, threatened or contemplated or any unsatisfied judgments against us.

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures Not applicable. 11 PART II

Market

ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock is not currently traded on any exchange. We cannot assure that any market for the shares will develop or be sustained. We have not paid any dividends on our common stock and do not anticipate paying cash dividends in the foreseeable future. We intend to retain any earnings to finance the growth of our business. We cannot assure you that we will ever pay cash dividends. Whether we pay cash dividends in the future will be at the discretion of our Board of Directors and will depend upon our financial condition, results of operations, capital requirements and any other factors that the Board of Directors decides are relevant. See Management's Discussion and Analysis of Financial Condition and Results of Operations. As of April 30, 2024, the company has 4,154,966 shares of common stock issued and outstanding held by company's shareholders.

Reserved

ITEM 6. Reserved Not applicable to smaller reporting companies .

Management's Discussion

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read in conjunction with (i) our audited financial statement as of April 30, 2024, that appear elsewhere in this filing. This filing contains certain forward-looking statements and our future operating results could differ materially from those discussed herein. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward- looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions of the forward -looking statements contained herein to reflect future events or developments. For information regarding risk factors that could have a material adverse effect on our business, refer to the Risk Factors section of this filing beginning on page 8. 12 Going Concern The future of our company is dependent upon its ability to obtain financing and upon future profitable operations from the sale of products and services through our websites. Management has plans to seek additional capital through a private placement and public offering of its Common Stock, if necessary. Our auditors have expressed a going concern opinion which raises substantial doubts about our ability to continue as a going concern. Liquidity and Capital Resources As of April 30, 2024, the company had $7,732 in current assets, compared to $16,000 as of April 30, 2023. The Company's liabilities stood at $291,433 as of April 30, 2024, up from $25,431 the previous year. The accumulated deficit was $23,166 as of April 30, 2024, increasin

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View this 10-K filing on SEC EDGAR