Sino Green Land Corporation (SGLA), formerly known as Go Silver Toprich Holding Inc., reported its financial results for the three months ended September 30, 2024, reflecting a challenging period marked by a decline in revenue and ongoing operational losses. The company completed a merger on October 1, 2023, which resulted in the issuance of 160,349,203 shares of common stock and 1,781,658 shares of preferred stock, with majority control held by Luo Xiong and spouse Wo Kuk Ching, who own 89.78% of the company.

For the third quarter of 2024, SGLA generated net revenues of $457,247, a decrease of 16% from $545,878 in the same period of 2023. The cost of revenues also fell by 12% to $657,728, leading to a gross loss of $200,481, slightly higher than the gross loss of $197,634 reported a year earlier. General and administrative expenses were reduced significantly by 40% to $106,963, down from $178,132 in the prior year, contributing to a narrower operating loss of $307,444 compared to $375,766 in Q3 2023.

The net loss for the quarter was $333,331, a 14% improvement from the net loss of $386,859 in the same quarter of 2023. Total comprehensive loss also decreased to $303,435 from $364,182 year-over-year. Cash used in operating activities was $228,941, a notable reduction from $329,015 in the previous year.

As of September 30, 2024, SGLA's total current assets increased to $970,100 from $834,790 at the end of June 2024, driven by a rise in accounts receivable to $139,086 and inventory to $732,158. However, total liabilities rose to $6,388,879 from $5,481,601, resulting in a total stockholders’ deficit of $(863,579), up from $(560,144) in the prior quarter. The accumulated deficit also widened to $(3,224,890) from $(2,891,559).

The company reported cash and cash equivalents of $39,599 as of September 30, 2024, an increase from $28,858 at the end of June 2024. Cash flows from investing activities improved to $9,105, contrasting with a cash outflow of $(41,671) in the previous year, while financing activities generated $451,200, up from $409,827 in Q3 2023.

SGLA's financial statements indicate substantial doubt about its ability to continue as a going concern, emphasizing the need for capital to fund its business plan and achieve profitability. The company anticipates that future cash requirements will be met through advances from related parties, although the availability of such financing remains uncertain.