Tue, Jul 1, 10:02 AM (18 days ago)
**Abstract/Summary of SUIC Worldwide Holdings Ltd. (SUIC) 10-K Annual Report for the Fiscal Year Ended December 31, 2024** **Financial Performance:** - **Revenue:** $0 for both 2024 and 2023. - **Net Income:** Net losses of $(234,211) and $(552,753) for the years ended December 31, 2024 and 2023, respectively. - **Operating Expenses:** General and administrative expenses increased to $157,623 in 2024 from $150,995 in 2023. - **Earnings per Share (EPS):** Basic and diluted EPS were $(0.02) and $(0.80) for 2024, and $(0.12) and $(1.95) for 2023, respectively. **Strategic Overview:** - SUIC focuses on IT, cloud computing, mobile payments, Big Data, Blockchain, and AI. - Partnerships with Beneway Holdings Group Ltd. in fintech, food industry supply chain integration, global chain & franchise expansion, and other supply chain integrations. - Plans to raise funds from an IPO and capital markets to support mergers and acquisitions. **Future Outlook:** - Seeking external financing and developing new businesses to generate adequate cash flow. - Plans to have joint ventures and cooperate with other companies to attract new investment and expand business practices. **Risk Factors:** - Heavy reliance on a limited number of consumers. - Strong competition in the industry. - Increases in raw material costs. - Inability to fund capital requirements. - Lack of independent directors and U.S. GAAP expertise. - Material weaknesses in internal control over financial reporting. **Financial Condition:** - Working capital deficit of $(540,252) as of December 31, 2024. - Current assets of $38,495, primarily consisting of cash in the bank. - Current liabilities of $578,747, primarily composed of loans payables, accrued interest payable, short-term debts, other payables, credit card payable, and accounts payables. **Market Position Changes:** - Stock price fluctuations with high and low closing prices ranging from $1.8000 to $0.2510 in 2024. - Approximately 109 stockholders of record as of December 31, 2024. **Amendments:** - Reverse stock split at a ratio of 1 for 10, effective July 25, 2023. - Changes in CEO from Esther Jou to Hanwei Wang on August 15, 2023. - Appointment of Kuo Yu-Chieh as Chairman of the Board on October 30, 2023. **Conclusion:** SUIC Worldwide Holdings Ltd. faces significant financial challenges and risks but is actively seeking strategic partnerships and external financing to improve its financial condition and expand its business operations.