Kuber Resources Corporation, formerly known as Uonlive Corporation, reported significant financial improvements in its latest 10-Q filing for the quarter ending September 30, 2024. The company generated revenues of $671,760 for the three months ended September 30, 2024, a substantial increase from $12,773 in the same period of 2023. For the nine months ended September 30, 2024, revenues reached $2,238,853, compared to $68,933 in the prior year, marking an increase of $2,169,920.
The gross profit for the third quarter of 2024 was $596,353, reflecting a gross margin of 88.8%, while the nine-month gross profit was $1,994,340, with a margin of 89.1%. This increase in profitability is attributed primarily to the introduction of formaldehyde treatment services, which generated $588,359 in revenue during the third quarter and $2,109,496 for the nine-month period.
Operating expenses rose to $137,316 for the third quarter, up from $43,434 in the previous year, and totaled $688,494 for the nine months, compared to $115,290 in 2023. Despite these increased expenses, Kuber reported net income from continuing operations of $312,277 for the third quarter, a turnaround from a net loss of $30,705 in the same quarter of 2023. For the nine months, net income was $912,236, compared to a loss of $50,298 in the prior year.
The company’s total assets increased to $6,716,488 as of September 30, 2024, up from $5,711,371 at the end of 2023. Total liabilities also rose to $1,989,333 from $1,537,393, while total equity attributable to Kuber Resources Corporation increased to $4,727,155 from $4,173,978.
Strategically, Kuber Resources has been active in acquisitions and disposals. On September 25, 2024, the company disposed of its wholly-owned subsidiary, Asia Image, for approximately $500,760. Additionally, on September 30, 2024, Kuber entered into an acquisition agreement to acquire Gongfa Materials Co., Limited for approximately $130 million, which will involve issuing shares representing about 20% of the company’s total outstanding shares.
The company continues to face challenges, including reliance on debt and equity financing to fund operations and the need for additional funding to support growth initiatives. As of September 30, 2024, Kuber had cash and cash equivalents of $103,653, a slight increase from $102,493 at the end of 2023.
About Kuber Resources Corp
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