Filing and business context
The supplied filing is a Form 10-Q for the quarter ended December 31, 2012, covering the three and six months ended that date. Although the request identifies Tuhura Biosciences, Inc., the filing itself names Berry Only Inc. as the registrant; investors should verify the issuer and filing identity. Berry Only describes itself as a development-stage company and checks the shell-company box. Its prior wireless-wipe dealership agreement lapsed, and it is seeking business opportunities. It reports ongoing negotiations with an interested party, but no definitive agreement.
Financial results and position
| Metric | Three months ended Dec. 31 | Six months ended Dec. 31 |
|---|---|---|
| Revenue | $0 in 2012 and 2011 | $0 in 2012 and 2011 |
| Expenses | $3,250 in 2012; $10,916 in 2011 | $7,405 in 2012; $14,774 in 2011 |
| Net loss | $3,250 in 2012; $10,916 in 2011 | $7,405 in 2012; $14,774 in 2011 |
| Operating cash used | Not stated for the quarter | $5,785 in 2012; $7,274 in 2011 |
Professional fees were $3,250 for the quarter, down from $6,726, and $7,030 for the six months, down from $9,888. Six-month other selling, general and administrative expense was $375, compared with $4,886. The filing attributes lower professional fees to less business activity. Basic and diluted loss per share is reported as $0.00, rounded.
At December 31, 2012, cash was $3,979, total assets $3,979, accounts payable $4,120, and amounts due to the officer $15,454. Total liabilities were $19,574 and stockholders’ deficit was $15,595. Compared with June 30, 2012, cash rose from $1,794, while liabilities rose from $9,984 and the deficit widened from $8,190. The officer’s loan is non-interest-bearing, has no maturity date, is payable on demand, and has not been repaid. No debt balance beyond this related-party amount is disclosed. No interest or income taxes were paid.
Outlook, risks, and unusual items
The company has generated no revenue and reports a cumulative deficit of $65,008 since inception. Management says continued operations depend on raising capital, obtaining financing, and succeeding in future operations; it provides no assurance of success. The financial statements contain a going-concern warning and exclude adjustments that could be required if the company cannot continue. Management expects its stated actions to support operations through the next fiscal year, but this depends on uncertain financing and business prospects. Any acquisition or business opportunity is expected to require additional financing, which may not be available.
No securities were issued during the six-month period. The filing reports no legal proceedings, defaults on senior securities, material off-balance-sheet arrangements, or subsequent events requiring disclosure. Management concluded disclosure controls were effective and reported no changes in internal control over financial reporting during the quarter.
Most important facts to verify
- Confirm the issuer: the filing is for Berry Only Inc., not Tuhura Biosciences, Inc.
- Confirm the reporting-period description: the filing’s quarter ended December 31, 2012.
- Assess near-term liquidity and funding needs against just $3,979 of cash, $19,574 of liabilities, and the going-concern uncertainty.
- Check whether negotiations with the prospective business counterparty resulted in a definitive agreement or financing; none is reported here.
- Reconcile the officer-advance figures: the cash-flow statement reports $7,970 of six-month loan proceeds, while the related-party note states further advances of $7,967.