MANILA, Philippines – NextGenesis Corporation (PSE:NXGEN) reported a P1.098 million net loss last year based on their latest financial report. This amount is higher by P0.274M compared to P0.824 million net loss for the same period during the previous year. No revenues was recorded as the company is still not in operations but merely a shell company.
Net interest income, representing gross revenues, dropped by P0.013 million or 100 percent from P0.013 million to nil. This comprised of interest income from investment securities and deposit with banks.
Operating expenses of NextGenesis amounted to P1.098 million was higher by P0.261 million or 31.19 percent against that of December 31, 2015. The company noted that the increase was mainly due to legal fees incurred that are also booked under Management and Professional Fees P0.386 million, Other Expenses by P0.041 million, decrease in Occupancy and Other Equipment Related Expense P0.004 million, Taxes and Licenses P0.009 million, Travel and Transportation P0.074 million, Postage, Telephone and Cable P0.002 million and Fines, Penalties and Other Charges P0.075 million.
The disclosure emphasized that the management and professional fees represent fees paid by the Company to consultants employed to operate the shell company as well as legal fees and fees paid to our external auditors. Occupancy and equipment related expenses represent rental and utilities paid during the fiscal year.
Other than those significant components of the financial performance, there are no known trends, events or uncertainties, as of now, which the Company projects to have a significant or material impact on its liquidity. NextGenesis disclosed no material commitments for capital expenditures neither there are any significant changes expected.
Total assets of NextGenesis reached P129.544 million as of the end of 2016, this is P0.223 million or 0.17 percent higher versus the fiscal year-end level of P129.321 million. The increase in total assets was due to a decrease in Other Assets amounting to P0.142 million or 80.74 percent, net of the increase in Cash at P0.365 million. Other Assets decreased by P0.142 million due to the amortization of prepaid annual listing fee with the PSE. The increase in Cash was due to advances from Officers/Stockholders.
Total liabilities amounted to 36.07 percent of total resources. Total Liabilities increased by 2.91 percent or P1.321 million from P45.406 million as of June 30, 2016, to P46.727 million as of December 31, 2016, due to the increase in advances from stockholders and accrual of expenses.
The Company’s capital funds decreased by P1.098 million as of December 31, 2016, in comparison to that of June 30, 2016. The decrease was accounted for by the operating losses for the period.