Thu, May 30, 7:53 PM (144 days ago)
**Abstract:** EOS Inc. filed Amendment No. 1 to its Form 10-Q for the quarter ended March 31, 2024, to correct clerical errors related to Accounts Receivable and the provision for doubtful debts. The amendment does not change the financial statements. For Q1 2024, EOS Inc. reported a significant decrease in net sales to $54,124, down 68% from $171,079 in Q1 2023, primarily due to reduced consumer demand and phasing out old products. Gross profit dropped to $3,618 with a margin of 7%, compared to $112,906 and a 66% margin in Q1 2023, due to a clean-up sale of old inventory at low prices. Operating expenses decreased by 15% to $205,644. Consequently, the operating loss increased to $202,026. Other income was $158,818, improving from an expense of $717 the previous year, largely due to recovered doubtful debts. Net loss reduced to $43,208 from $130,137 in Q1 2023. Cash and cash equivalents rose to $64,506 from $14,307 at year-end 2023. The company had a working capital deficit of $1,042,955. Net cash provided by operating activities was $121,102, a turnaround from net cash used of $98,218 in Q1 2023, mainly due to better accounts receivable collections. The company continues to face liquidity challenges, raising substantial doubt about its ability to continue as a going concern.