Mon, Sep 30, 12:07 PM (82 days ago)
Planet Green Holdings Corp. filed an amendment to its 10-Q for the quarter ending June 30, 2024, to restate its financial statements due to an error related to the disposal of its subsidiary, Allinyson Ltd. This restatement resulted in a significant adjustment of $7.4 million to additional paid-in capital, alongside a corresponding decrease in the gain on disposal and accumulated deficit. For Q2 2024, net revenues dropped to $1.95 million, a 55% decline year-over-year, primarily driven by reduced sales in high-grade synthetic fuel products and food items. Gross profit also decreased to $67,305, reflecting a 46% decline. Operating expenses remained stable, with an operating loss of $1.22 million. The net loss for the quarter was $1.72 million, an 86% improvement compared to the previous year, mainly due to the absence of significant losses from equity investments. As of June 30, 2024, the company reported total assets of $42.24 million and liabilities of $25.71 million, indicating a debt-to-assets ratio of 60.86%. The company has raised concerns regarding its ability to continue as a going concern, given a working capital deficit of $8.09 million and an accumulated deficit of $143.53 million. Future operations may rely heavily on management’s ability to execute its business plan and secure additional funding.