Tue, Dec 10, 2:13 PM (63 days ago)
For the quarter ending September 30, 2024, KB Global Holdings Limited (Ticker: KB) reported a revenue of $180,028, primarily from a software development contract with Beijing Cabelongteng Investment Center. This marks a significant increase from no revenue in the same period of 2023. The company incurred a net loss of $15,581, a decrease from $32,527 in the prior year, reflecting improved operational efficiency despite rising operating expenses of $68,990. Total assets increased slightly to $430,634, driven by cash and cash equivalents of $67,795. However, the company faces a working capital deficit of $550,813, with current liabilities of $639,793, primarily due to related party debts amounting to $388,173. Cash flow from operations was negative at $110,728, necessitating further capital investment for growth. The management cites ongoing uncertainties in the market and the need for improved internal controls, as identified weaknesses in their financial reporting processes could impact future operations. The company remains focused on enhancing its IT infrastructure and expanding its client base to drive future revenue growth.