Tue, Oct 15, 1:06 PM (79 days ago)
For the quarter ended June 30, 2024, Hanryu Holdings, Inc. (Ticker: HRYU) reported a significant decline in revenue, generating only $198 compared to $265,769 in the same period last year, largely due to a strategic restructuring of its FANTOO platform. The company incurred a net loss of $1,608,971, an improvement from a loss of $6,059,252 in Q2 2023, primarily driven by reduced operating expenses, which decreased by 70% to $1,738,757. Cash flow from operating activities showed a net cash outflow of $490,256, reflecting ongoing challenges in achieving profitability. Current assets decreased to $16,391,609 from $17,617,070, while total liabilities increased to $8,191,966, resulting in stockholders' equity dropping to $10,566,638. The company faces uncertainties about its ability to continue as a going concern, necessitating substantial capital raises to support operations and strategic initiatives. Future plans include launching an e-commerce platform and video production operations to enhance revenue streams. The company also received a notice from Nasdaq regarding compliance with minimum bid price requirements, adding to operational uncertainties.