New Momentum Corp. SEC 10-Q Report

New Momentum Corporation, the operator of the online ticketing platform Gagfare.com, has released its Form 10-Q report for the third quarter of 2025. The report highlights the company's financial and operational performance amidst significant challenges, including the cessation of ticket sales since September 2023. Financial Highlights Revenue, net: $0. The company generated no revenue for the three and nine months ended September 30, 2025, as it ceased ticket sales from September 2023.Gross Profit: $0. No gross profit was recorded due to the absence of revenue.Total Operating Expenses: $(20,682) for the three months ended September 30, 2025, and $(57,542) for the nine months ended September 30, 2025, reflecting a decrease in general and administrative expenses.Net Profit (Loss): $29,072 for the three months ended September 30, 2025, and $(4,579) for the nine months ended September 30, 2025, primarily due to a gain on disposal of subsidiaries.Net loss per share – Basic and diluted: $(0.00). The net loss per share was less than $0.001 for both the three and nine months ended September 30, 2025. Business Highlights Business Overview: New Momentum Corporation operates an online ticketing platform named Gagfare.com, which provides a 'Book Now, Pay Later' service for flight bookings. The platform allows travelers to secure the best fares and reserve flights in advance, offering a user-friendly interface for booking and managing itineraries.Operational Challenges: The company has ceased ticket sales since September 2023, resulting in no revenue generation for the nine months ended September 30, 2025. This cessation of sales has significantly impacted the company's operational performance.Other Income: During the three and nine months ended September 30, 2025, the company reported other income primarily from government subsidies and a gain on the disposal of subsidiaries amounting to $47,832. This gain was a significant contributor to the company's income during the period.Operating Expenses: The company experienced a decrease in total operating expenses for both the three and nine months ended September 30, 2025, compared to the same periods in 2024. This reduction is attributed to the absence of accounting fees, depreciation of right-of-use assets, and property management fees.Geographical Performance: The company's operations are primarily conducted in Hong Kong, which influences its business, financial condition, and results of operations. The political and economic environment in Hong Kong, along with global economic conditions, may impact the company's performance.Future Outlook: The company plans to raise additional funds through debt or equity offerings to support its business plan and achieve profitable operations. However, there is no guarantee of success in securing the necessary capital.Going Concern: The company has incurred recurring losses and has a net current liabilities position, raising substantial doubt about its ability to continue as a going concern. The continuation of operations is dependent on financial support from shareholders and successful capital raising efforts.SEC Filing: New Momentum Corp. [ NNAX ] - 10-Q - Nov. 13, 2025