Thu, Aug 22, 6:02 PM (145 days ago)
**Summary of ESG Inc. 10-K/A Filing** ESG Inc. reported a modest revenue increase of 3% to $7.45 million for the fiscal year ending December 31, 2023, compared to $7.25 million in 2022. The company achieved a significant gross profit rise to $1.75 million, up 300% from the prior year, due to improved production efficiency and reduced costs of goods sold, which declined by 16% to $5.70 million. Despite these gains, ESG posted a net loss of $392,243, a 62% decrease in loss compared to the previous year. The company’s financial condition remains precarious, with a working capital deficit of $9.81 million and a current ratio of 0.19:1. Total liabilities decreased slightly to $13.48 million. ESG is focused on expanding its composting operations through a $18.09 million debt financing agreement to enhance revenue streams. Key risks include reliance on short-term financing, regulatory changes in China, and potential operational disruptions due to public health crises. The company has not paid dividends and does not anticipate doing so in the near future, emphasizing reinvestment in growth. The management's outlook hinges on improving operational efficiency and securing additional long-term financing.