Tue, May 14, 2:47 PM (73 days ago)
Agape ATP Corporation, a Nevada-based company with operations in Malaysia, Hong Kong, and the U.S., focuses on health and wellness products and services. For Q1 2024, the company reported a decrease in revenue to $318,643 from $380,767 in Q1 2023, attributed to a significant drop in network marketing business revenues, partially offset by growth in complementary health therapies. Gross profit also fell to $203,420, reflecting a lower gross margin of 63.8%. Operating expenses increased, particularly due to higher general and administrative costs, including new executive hires and NASDAQ listing fees. The company recorded a net loss of $703,094, worsening from a loss of $434,075 in the prior year, driven by increased operating expenses and lower gross profits. Cash flow from operations was negative at $1,243,460, a substantial increase in cash burn compared to the previous year, primarily due to higher net losses and working capital changes. Agape ATP's total assets decreased to $4.767 million from $5.744 million at year-end 2023, while total liabilities slightly decreased. The company remains focused on diversifying into renewable energy and enhancing its product offerings in network marketing to improve financial performance.