YCQH Agricultural Technology Co. Ltd reported significant financial changes in its 10-Q filing for the period ending September 30, 2024. The company experienced a notable decline in total current assets, which decreased to $323,223 from $342,373 as of December 31, 2023. This decline was primarily driven by a substantial drop in cash and cash equivalents, which fell to $1,420 from $95,938 in the previous fiscal period. Total assets also decreased from $377,327 to $323,223.
On the liabilities side, total current liabilities decreased to $493,122 from $596,465, contributing to an improvement in total stockholders’ deficit, which narrowed from $(219,138) to $(169,899).
Revenue for the three months ended September 30, 2024, was reported at $0, a significant decrease from $67,593 in the same period of 2023. However, for the nine months ended September 30, 2024, revenue increased to $292,405, compared to $223,564 for the same period in 2023. Gross profit for the three months ended September 30, 2024, was also $0, down from $62,303 in the prior year, while gross profit for the nine-month period rose to $227,288 from $184,557.
The company reported a loss from operations before income tax of $(25,223) for the three months ended September 30, 2024, an improvement from $(66,249) in the same period of 2023. For the nine months, the loss from operations improved to $52,313 from $(91,458) year-over-year. Net income for the nine months ended September 30, 2024, was $45,622, a significant turnaround from a net loss of $(88,331) in the previous year.
Cash flow from operating activities showed a marked improvement, with net cash used decreasing to $(75,911) for the nine months ended September 30, 2024, compared to $(404,282) in the same period of 2023. The company also reported a decrease in cash used in financing activities, which fell to $(21,905) from $171,308.
Strategically, YCQH Agricultural Technology has undergone significant changes, including the transition to purchasing stock from suppliers and outsourcing inventory management, which began in Q4 2023. The company also disposed of XMYC Trading Co. Limited in September 2023. As of September 30, 2024, the company is pursuing recovery of a balance from Sichuan Aima, with a court hearing scheduled for November 19, 2024.
About YCQH Agricultural Technology Co. Ltd
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