Wed, Aug 21, 9:15 PM (146 days ago)
For Q2 2024, KB Global Holdings Limited reported revenue of $3,464, a significant increase from $0 in Q2 2023, driven by a software development contract worth $180,028 for the six months ended June 30, 2024. Despite this revenue, the company incurred a net loss of $35,018 for Q2 2024, up from $4,230 in the prior year, primarily due to increased operating expenses of $46,089 compared to $4,236 in Q2 2023. The gross profit for the six months was $30,427, indicating operational challenges despite revenue growth. Current liabilities rose to $620,913, primarily from accrued payables and advances from customers. The company has a working capital deficit of $581,465, highlighting liquidity concerns. Cash and cash equivalents decreased to $2,371, down from $28,880 at the start of the quarter. Future operations face uncertainties, including reliance on a single customer for revenue and the need for additional capital to support growth initiatives. The management emphasizes the importance of securing investment to enhance market penetration and broaden their client base. Overall, while revenue growth is a positive sign, the rising losses and liquidity issues present significant challenges for KB Global Holdings.