Wed, Aug 14, 7:29 PM (153 days ago)
For the quarter ending June 30, 2024, Hong Yuan Holding Group reported continued financial challenges, with no revenue generated during the period. The company incurred an operating loss of $10,305, an increase from $9,231 in the previous year, primarily due to rising professional fees, reflecting a 11.6% increase in operating expenses. For the six months ending June 30, 2024, the net loss was $25,694, compared to $21,253 in the same period of 2023. As of June 30, 2024, total liabilities increased to $176,938 from $151,244 at year-end 2023, with significant related-party debt. The company’s cash position remains precarious, with no cash on hand, and it relies heavily on funding from its CEO for operations. The management highlighted ongoing efforts to explore acquisition opportunities, although uncertainties persist regarding funding and operational viability. The financial statements indicate a substantial doubt about the company's ability to continue as a going concern, necessitating additional financing to sustain operations.