Tue, May 14, 3:38 PM (230 days ago)
Vivic Corp. reported its financial results for the quarter ended March 31, 2024. The company generated net revenue of $1,837,442 with a gross profit of $1,187,951, reflecting strong sales performance in its yacht sales business in Taiwan. This marks a significant improvement compared to the same quarter in 2023, when no revenue was recorded. General and administrative expenses increased to $404,541, primarily due to higher commission, audit, professional, legal, and travel expenses. Net income from continuing operations was $610,165, a substantial turnaround from the net loss of $105,542 in Q1 2023. The company had $47,224 in cash and cash equivalents and a working capital of $2.78 million, which includes $2.82 million due from a related party. Despite the positive results, Vivic Corp. faces ongoing concerns about its ability to continue as a going concern, necessitating additional financing and support from related parties. The company plans to expand its yacht offerings and market reach while seeking further financing to support its operations.