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YCQH Agricultural Technology Co. Ltd (YCQH+150.61%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a total revenue of $0, compared to $67,593 in the same quarter the previous year. The decrease is attributed to a decline in the online retailing business.
Cost of revenue for the quarter was $0, compared to $5,290 in the same quarter of the previous year. This decrease is due to reduced customer demand in the online retailing business.
The company reported a gross profit of $0 for the quarter, compared to $62,303 in the previous year, with the decline attributed to reduced business activities.
General and administrative expenses decreased to $25,223 from $128,552, reflecting reductions in salaries, social contributions, and lease expenses.
The company incurred an operating loss of $25,223 for the quarter, compared to $66,249 in the previous year.
For the nine months ended September 30, 2024, the company generated revenue of $292,405, up from $223,564 in the same period of 2023, primarily due to growth in the online retailing business.
Cost of revenue for the nine months was $65,117, compared to $39,007 in the previous year, with the increase attributed to higher sales costs in the online business.
The company recorded a gross profit of $227,288 for the nine months, with a gross margin of 78%, compared to a gross profit of $184,557 and a gross margin of 83% in the previous year.
Selling and distribution expenses increased to $51,058 from $495, aligning with the growth in revenue.
General and administrative expenses for the nine months decreased to $123,917 from $275,520, reflecting adjustments in the company’s business operations.
The company reported an operating profit of $52,313 for the nine months, compared to an operating loss of $91,458 in the previous year.
The filing also highlights the company’s cash position, with available cash of $1,420 as of September 30, 2024, down from $95,938 at the end of 2023.
The company continues to face going concern uncertainties, with a net liability position and a working capital deficit of $169,899.
The filing details a legal dispute involving the company’s subsidiary, SCQC, and Sichuan Aima Ke’er Biotechnology Group Co., regarding a cooperative agreement, with the case scheduled to be heard on November 19, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the YCQH Agricultural Tech quarterly 10-Q report dated November 19, 2024. To report an error, please email [email protected].
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