Mon, May 20, 3:56 PM (300 days ago)
YCQH Agricultural Technology Co. Ltd's Form 10-Q for the quarter ended March 31, 2024, reports a significant improvement in financial performance due to the expansion into the online retailing business. The company generated $289,866 in revenue, a substantial increase from $154,294 in the same period last year. The gross profit for Q1 2024 was $224,969, maintaining a gross margin of 78%. Operating expenses rose to $69,430 from $50,642, primarily due to increased general and administrative costs. The net profit was $155,607, up from $69,894 in Q1 2023. The balance sheet shows total assets of $457,760, up from $377,327 at the end of 2023. Cash and cash equivalents increased to $131,357 from $95,938. Current liabilities decreased to $510,354 from $596,465, with a significant reduction in the amount due to a director. The company remains in a stockholders' deficit position but improved to $(66,233) from $(219,138). Cash flow from operating activities was positive at $119,013, a reversal from the negative $256,898 in the prior year. The company repaid $83,193 to its director, improving its financing activities. Overall, YCQH Agricultural Technology Co. Ltd shows improved financial health and operational performance, driven by its new online retailing segment. However, it still faces challenges related to its stockholders' deficit and ongoing uncertainties in the economic and political environment of the PRC.