Fri, Aug 23, 8:08 PM (144 days ago)
For the quarter ended June 30, 2024, YCQH Agricultural Technology Co. Ltd reported a total revenue of $2,539, a significant increase from $1,677 in the prior year, primarily driven by growth in its online retailing business, which accounted for nearly all revenue. The company's gross profit rose to $2,319, maintaining a gross margin of 91%. However, the company incurred an operating loss of $78,003, an improvement from a loss of $95,291 in the same quarter last year. For the six-month period, total revenue increased to $292,405 from $155,971, with the online retailing segment generating $292,389. The overall gross profit reached $227,288, with a consistent gross margin of 78%. Despite these gains, the company reported a net loss of $84,763, though it showed a net profit of $70,844 for the first half of 2024. Cash flow was a concern, with cash decreasing to $1,481 from $95,938, and a net cash used in operating activities of $48,391. The company faces significant uncertainties, including a working capital deficit of $153,369 and reliance on its controlling shareholder for funding, raising doubts about its ability to continue as a going concern.