Fri, Jul 5, 10:03 AM (64 days ago)
Jingbo Technology, Inc. reported a significant financial downturn for the fiscal year ended February 29, 2024. Revenues decreased to $1,583,637 from $3,426,492 in the previous year, primarily due to a reduction in the number of parking lots managed. The company's cost of revenues also dropped to $2,121,929 from $4,603,742, contributing to a gross loss of $538,292, down from $1,177,250. Operating expenses saw a decline, with general and administrative expenses falling to $3,888,621 from $4,775,932, and research and development expenses decreasing to $334,029 from $428,076. Consequently, net loss improved to $5,482,077 from $7,107,559. The company's total assets decreased to $12,866,660 from $23,081,187, and total liabilities fell to $31,568,840 from $37,037,567. The company faces substantial doubt about its ability to continue as a going concern, relying heavily on long-term loans and financial support from related parties.