Tancheng Group Co., Ltd. (formerly Bigeon Corp.) reported significant declines in financial performance for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Revenues for the third quarter fell to $145,764, a decrease of 76.7% from $625,954 in Q3 2023. For the nine-month period, revenues dropped to $302,899, down 83.4% from $1,826,670 in the prior year. This decline was attributed to lower product selling prices and an 86.8% decrease in the quantity sold, from 5,608 pieces to 888 pieces.

Gross profit also saw a substantial decline, with a gross loss of $40,641 in Q3 2024 compared to a gross profit of $167,590 in Q3 2023. For the nine months, gross profit decreased to $80,257 from $320,602, although the gross margin improved from 17.6% to 26.5% due to a more significant reduction in cost of revenue, which fell from $1,506,068 to $222,642.

The company reported a net loss of $53,941 for Q3 2024, contrasting with a net income of $23,031 in Q3 2023. For the nine months, the net loss increased to $254,896 from $225,530 in the previous year. Loss from operations for the nine-month period was $(255,075), up from $(226,433) in 2023.

Total current assets decreased significantly to $1,530,501 as of September 30, 2024, down from $3,376,985 at the end of 2023. Total assets also fell to $1,635,917 from $3,501,553. Current liabilities decreased from $4,696,852 to $3,099,278, resulting in a working capital deficiency of $(1,568,777).

Cash and cash equivalents at the end of the reporting period were $189,842, down from $463,014 a year earlier. The company used $443,053 in operating activities for the nine months ended September 30, 2024, an improvement from $(539,198) in 2023.

Tancheng Group's accumulated deficit increased to $(1,668,122) as of September 30, 2024, from $(1,413,226) at the end of 2023. The company raised concerns about its ability to continue as a going concern, indicating a need for additional financing. Management expressed optimism about future results based on business plans and financial support from related parties.

The company continues to operate through its subsidiaries, focusing on the sale of self-designed ornament and adornment products in the PRC, leveraging its cultural heritage for product development and tourism initiatives.