Thu, May 16, 1:43 PM (219 days ago)
Arem Pacific Corporation's Form 10-Q for the quarter ended March 31, 2024, reports a mixed financial performance. The company saw a decrease in quarterly revenue to $77,278 from $95,111 in the same period last year, primarily due to reduced travel activity and shorter customer service times. Operating expenses fell significantly to $85,578 from $209,044, mainly due to lower professional compliance costs. Despite these reductions, the company posted a net loss of $9,813, an improvement from the $138,003 loss in the prior year. Key financial metrics include: - Cash and cash equivalents increased slightly to $46,705. - Total assets decreased to $238,892 from $259,811. - Total liabilities decreased to $260,283 from $304,903. - Net stockholders' deficit improved to $21,391 from $45,092. The company reported a net income of $23,832 for the nine months ended March 31, 2024, compared to a net loss of $73,414 in the prior period. A Letter of Support from a significant shareholder ensures financial backing for at least 12 months. The company continues to face challenges related to internal control weaknesses and uncertainties in the market.