$FSTJ

First America Resources Corp

CIK:0001525306|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Revenues	$ 5,788,731	$ 4,822,842	$ 10,590,029	$ 8,847,835
Cost of revenues	2,534,405	2,343,044	4,312,319	4,095,204
Gross profit	3,254,326	2,479,798	6,277,710	4,752,631
Operating expenses
General and administrative	625,022	694,631	1,337,599	1,253,131
Payroll expenses	1,482,189	1,261,144	2,822,573	2,375,853
Professional fees	82,870	86,369	173,348	145,715
Advertising and marketing	27,844	32,564	63,692	73,966
Rent and lease	473,411	440,928	971,129	867,506
Depreciation and amortization	18,003	18,933	36,536	36,892
Total operating expenses	2,709,339	2,534,569	5,404,877	4,753,063
Income (loss) from operations	544,987	(54,771)	872,833	(432)
Other income (expense)
Interest expense	(30,399)	(35,875)	(63,072)	(61,789)
Other income	2,630	2,769	4,687	349,473
Total other income (expense)	(27,769)	(33,106)	(58,385)	287,684
Income (loss) before provision for income taxes	517,218	(87,877)	814,448	287,252
Provision for income taxes	34,207	0	34,207	0
Net income (loss)	$ 483,011	$ (87,877)	$ 780,241	$ 287,252
Income (loss) per share - basic and diluted	$ 0.01	$ 0.00	$ 0.01	$ 0.00
Weighted average shares outstanding - basic and diluted	87,964,090	87,964,090	87,964,090	87,964,090

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 780,241	$ 287,252
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	36,536	36,892
Bad debt expense	4,000	154,953
Financed repair costs	0	28,004
Changes in operating assets and liabilities:
Accounts receivable	(185,876)	(1,173,493)
Deposits	86,322	(23,993)
Prepaid expenses	(17,893)	148,640
Accounts payable	(42,841)	664,331
Accrued expenses	(384,490)	(221,295)
Accrued interest	35,855	(5,073)
Right of use assets and lease liabilities	36,893	(820)
Financed insurance policy	0	(145,346)
Net cash provided by (used in) operating activities	348,747	(249,948)
Investing activities
Cash paid for property and equipment	(10,607)	0
Net cash used in investing activities	(10,607)	0
Financing activities
Proceeds from notes payable	0	150,000
Repayments of notes payable	(90,491)	(208,269)
Net cash used in financing activities	(90,491)	(58,269)
Net increase (decrease) in cash	247,649	(308,217)
Cash - beginning of period	276,855	459,022
Cash - end of period	524,504	150,805
Cash paid for income taxes	0	0
Cash paid for interest	27,217	66,862
Supplemental schedule of non-cash investing and financing activities
Recognition of right of use asset and lease liability	2,315,008	0
Accounts payable settled through the issuance of notes payable	0	500,000
Financed property and equipment	$ 0	$ 86,117

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash	$ 524,504	$ 276,855
Accounts receivable, net	1,583,194	2,141,220
Accounts receivable, related party, First America Metal Corp.	1,058,175	318,273
Prepaid expenses	55,332	37,439
Total current assets	3,221,205	2,773,787
Long term assets
Property and equipment, net	346,579	372,508
Right of use assets	3,904,266	2,254,214
Goodwill	750,000	750,000
Deposits	427,308	513,630
Total long term assets	5,428,153	3,890,352
Total assets	8,649,358	6,664,139
Current liabilities
Accounts payable	1,330,775	1,100,608
Accounts payable, related party, First America Metal Corp.	886,563	1,159,571
Accrued expenses	974,422	1,358,912
Accrued interest	56,917	21,062
Lease liability, current portion	877,736	851,191
Loans from officer	228,933	228,933
Notes payable, current portion	1,347,273	1,093,031
Total current liabilities	5,702,619	5,813,308
Lease liability, net of current portion	3,140,196	1,479,796
Notes payable, net of current portion	614,229	958,962
Total liabilities	9,457,044	8,252,066
Stockholders' deficit
Common stock $0.001 par value; 500,000,000 authorized; 87,964,090 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	87,964	87,964
Additional paid-in capital	1,535,266	1,535,266
Accumulated deficit	(2,430,916)	(3,211,157)
Total stockholders' deficit	(807,686)	(1,587,927)
Total liabilities and stockholders' deficit	$ 8,649,358	$ 6,664,139