Yinfu Gold Corporation reported its financial results for the three and six months ended September 30, 2024, highlighting significant changes in revenue, expenses, and overall financial condition compared to the previous fiscal period.

For the three months ended September 30, 2024, the company recorded total operating expenses of $19,754, a decrease of 9% from $21,768 in the same period of 2023. General and administrative expenses fell to $11,236 from $16,288, reflecting a 31% reduction. However, professional fees increased significantly to $8,518 from $5,480. The company reported other income of $7,739, a notable improvement from an expense of $(11) in the prior year. Consequently, the net loss for the quarter was $(12,015), a 45% improvement compared to a net loss of $(21,779) in 2023.

For the six months ended September 30, 2024, total operating expenses rose to $38,555 from $33,106 in the same period of 2023, primarily due to increased professional fees. The net loss for this period was $(21,893), an improvement from $(32,459) in the previous year. However, total comprehensive loss for the six months was $(50,089), contrasting sharply with a comprehensive income of $17,171 in 2023.

As of September 30, 2024, the company reported total assets of $25,193, a decrease from $25,860 as of March 31, 2024. Total liabilities increased to $2,705,959 from $2,656,537, resulting in a total stockholders' deficit of $(2,680,766), compared to $(2,630,677) in the prior period. The working capital deficiency also widened to $2,681,856 from $2,631,139.

Cash and cash equivalents decreased to $295 from $488, while cash flows used in operating activities for the six months were $(20,321), compared to $(7,518) in 2023. Financing activities provided $20,623, including a significant advance of $37,285 from a creditor, compared to $7,089 in the previous year.

The company continues to face challenges, including a reliance on advances from related parties and the need for additional capital to support operations. Management has expressed substantial doubt about the company's ability to continue as a going concern without securing adequate funding. Additionally, material weaknesses in internal controls over financial reporting were identified, which management believes did not affect the financial results but could lead to future misstatements.