Wed, Nov 13, 11:13 AM (66 days ago)
Jocom Holdings Corp. (JOCM) reported its quarterly financial results for the period ending September 30, 2024. The company achieved consistent revenue of $18,000 for both the nine-month periods ending September 30, 2024, and 2023, with no cost of revenue reported, resulting in a gross profit of $18,000. Notably, net profit improved significantly to $37,218, contrasting with a loss of $127,749 in the prior year, primarily due to reduced general and administrative expenses and a reversal of doubtful debts. As of September 30, 2024, Jocom's cash and cash equivalents increased to $10,696, up from $9,695 a year earlier. Operating cash flow showed a positive shift, generating $10,493 compared to a cash outflow of $110,477 in 2023. However, the company carries a substantial accumulated deficit of $675,829 and a capital deficiency of $99,860, raising concerns about its ability to continue as a going concern without further financing. The financial health reflects a reliance on shareholder support for liquidity, with no significant off-balance sheet arrangements or credit facilities. The company’s operational focus remains on data analytics within the Southeast Asian grocery market, leveraging its proprietary software platform.