Tue, May 21, 10:16 AM (263 days ago)
Kuber Resources Corporation's amended 10-Q for the quarter ending March 31, 2024, primarily includes the iXBRL data and does not alter any other disclosures from the original 10-Q filing. Key financial highlights include: 1. **Revenue and Profit**: The company reported $1,262,073 in revenue, a significant increase from $33,182 in the same quarter last year. This was primarily driven by formaldehyde treatment services. The gross profit margin was 90.4%. 2. **Expenses**: Operating expenses rose to $308,283 from $41,206, attributed to the merger activities and increased operational costs. 3. **Net Income**: The company achieved a net income of $610,657, compared to a net loss of $9,397 in Q1 2023, largely due to the new revenue streams. 4. **Cash Flow**: Net cash used in operating activities was $198,825, with a notable increase in accounts receivable. Financing activities provided $211,570 from related party debt. 5. **Balance Sheet**: Total assets increased to $6,759,077 from $5,711,371, with current assets rising due to higher accounts receivable. Total liabilities also increased to $2,038,932, primarily from accounts payable and related party advances. 6. **Uncertainties**: The company faces uncertainties related to working capital, competitive market conditions, and operational efficiency, especially with ongoing impacts from COVID-19. Overall, Kuber Resources Corporation demonstrated improved financial performance and liquidity, driven by new business operations and strategic acquisitions.