10-Q - NETWORK CN INC (0000934796) (Filer)

Fri, Aug 30, 3:27 PM (16 days ago)

For the quarter ended June 30, 2024, Network CN Inc. reported revenues of $206,678, a significant increase from $93,536 in the same period last year, primarily due to the launch of operations in Beijing. However, the company experienced a gross loss of $1,631 compared to a gross profit of $14,210 in 2023. General and administrative expenses decreased by 45.33% to $115,840, reflecting cost-cutting measures. The net loss narrowed to $278,519 from $813,733 year-over-year, driven by reduced expenses. As of June 30, 2024, total assets dropped to $557,129 from $835,383, while liabilities increased to $8,420,079, indicating a deteriorating financial position with a stockholders’ deficit of $7,862,950. Cash flow from operating activities showed an improvement, with cash ending the period at $10,995, up from $5,334. The company faces uncertainties regarding its ability to continue as a going concern, relying on equity and debt securities for funding. Future operations hinge on successful implementation of new projects, particularly in advertising.