Mon, Aug 19, 12:07 PM (148 days ago)
Yubo International Biotech Limited's Q2 2024 report reveals significant financial challenges. For the quarter ending June 30, 2024, the company reported no revenue, a stark decline from $1,430 in Q2 2023. The six-month revenue also plummeted to $3,488 from $153,880 year-over-year, primarily due to reduced sales in health management services. Operating expenses surged to $470,436 for Q2 2024, up from $368,161, driven by increased employee compensation and occupancy costs. Consequently, the net loss widened to $598,348, compared to $367,327 in Q2 2023, with cumulative losses for the first half of 2024 reaching $1,007,853. The company's cash position remains precarious, with only $7,700 available and negative working capital of $3,191,054. Yubo International's reliance on shareholder loans and the need for additional capital raise concerns about its ability to continue as a going concern. Regulatory uncertainties in China, particularly regarding the Variable Interest Entity structure, further complicate operational stability. The report emphasizes the necessity for new financing and the potential for significant dilution of existing shareholders' equity. Overall, Yubo International faces substantial operational and financial uncertainties impacting its future viability.