Mon, Sep 30, 7:02 PM (81 days ago)
For the quarter ending March 31, 2024, Hanryu Holdings, Inc. reported a revenue of $185, a 17% decrease from $223 in the same quarter of 2023. The company incurred a net loss of $1,047,071, significantly improved from a loss of $3,067,331 year-over-year, primarily due to reduced operating expenses, which dropped 61% to $1,098,186. Notably, marketing and advertising expenses plummeted by 99% as part of a strategic restructuring of the FANTOO platform. Cash flow from operating activities showed a smaller outflow of $402,054 compared to $3,958,869 in the previous year, indicating improved cash management. The company’s cash and cash equivalents stood at $9,996, a sharp decrease from $5,427,830 at year-end 2023, driven by substantial cash outflows in investing activities. The company faces significant challenges, including a history of operating losses and uncertainties regarding future capital needs. Despite these hurdles, the management remains focused on enhancing the FANTOO platform to drive user engagement and revenue growth. The outlook remains cautious, with ongoing efforts to secure financing and stabilize operations amid competitive pressures.