Wed, Aug 21, 7:14 PM (146 days ago)
Bio Essence Corp. reported a net loss of $81,740 for the six months ended June 30, 2024, a significant reduction from a loss of $463,351 in the same period of 2023. The company generated revenues of $41,695 from continuing operations, a notable increase from zero in the previous year, while costs of revenues were $12,508, yielding a gross profit of $29,187. However, general and administrative expenses surged to $346,029, up 412.86% year-over-year, primarily due to increased office rent and consulting fees. The company faced substantial losses from discontinued operations, amounting to $120,827, although it realized a gain of $377,752 from the disposal of these operations. As of June 30, 2024, the company reported a working capital deficit of $2,192,611 and a current ratio of 0.29:1, indicating liquidity challenges. The company is exploring funding options to support its operations, including potential public offerings and loans. The uncertainty surrounding its ability to generate sufficient revenue raises concerns about its going concern status. Furthermore, the amendment to the 10-Q report primarily addressed the incorporation of iXBRL data and did not alter the financial results.