Garden Stage Limited has released its audited financial report for the fiscal years ended March 31, 2024, and 2023. The report details a total revenue of $1,408,469 for 2024, with advisory fees and brokerage commissions being the largest contributors at $420,918 and $391,060 respectively. Despite these revenues, the company faced substantial expenses totaling $5,984,588, leading to a net loss of $4,589,478 for the year. Compensation and benefits were the most notable expenses, amounting to $3,286,834. Shareholders' equity stood at $9,285,488, and the company had cash and restricted cash of $8,938,202 as of March 31, 2024. The financial report also highlighted the successful completion of an IPO on NASDAQ on December 1, 2023, which raised net proceeds of $10,133,680 after costs. However, the audit identified material weaknesses in internal control over financial reporting. The company operates with a...Show More

Garden Stage Limited has released its audited financial report for the fiscal years ended March 31, 2024, and 2023. The report details a total revenue of $1,408,469 for 2024, with advisory fees and brokerage commissions being the largest contributors at $420,918 and $391,060 respectively. Despite these revenues, the company faced substantial expenses totaling $5,984,588, leading to a net loss of $4,589,478 for the year. Compensation and benefits were the most notable expenses, amounting to $3,286,834. Shareholders' equity stood at $9,285,488, and the company had cash and restricted cash of $8,938,202 as of March 31, 2024. The financial report also highlighted the successful completion of an IPO on NASDAQ on December 1, 2023, which raised net proceeds of $10,133,680 after costs. However, the audit identified material weaknesses in internal control over financial reporting. The company operates with a favorable tax position, with no income or capital gains tax in the Cayman Islands and a 16.5% profits tax in Hong Kong. Garden Stage Limited manages currency and credit risks effectively, with the Hong Kong Dollar's peg to the US Dollar minimizing currency risk, and an allowance for expected credit losses recorded at $7,668.