Yubo International Biotech Ltd. reported significant financial challenges in its latest 10-Q filing for the quarter ending September 30, 2024. The company recorded no sales of products and services for the three months ended September 30, 2024, a stark decline from $428,510 in the same period of the previous year. This contributed to a net loss of $621,053 for the quarter, compared to a net income of $6,293 in Q3 2023. For the nine months ended September 30, 2024, Yubo reported a net loss of $1,628,906, a substantial increase from a loss of $677,701 during the same period in 2023.
Operating expenses for the three months ended September 30, 2024, totaled $532,764, up from $337,659 in the prior year. The increase in expenses, coupled with the absence of revenue, led to a loss from operations of $(532,764). The company's accumulated deficit also widened, reaching $(6,371,158) as of September 30, 2024, compared to $(4,885,509) at the end of 2023.
Yubo's balance sheet reflects a total of $4,695,672 in liabilities as of September 30, 2024, up from $3,510,972 at the end of the previous fiscal year. Current liabilities increased to $4,489,595, driven by a rise in accounts payable and accrued expenses, which reached $909,869. Additionally, amounts due to related parties surged to $2,768,041, compared to $1,859,276 at the end of 2023.
The company’s cash position improved slightly, with cash increasing to $8,034 as of September 30, 2024, from $6,359 at the end of 2023. However, the company reported negative working capital of $3,765,630, indicating ongoing liquidity challenges.
Strategically, Yubo has made recent acquisitions, including a 70% ownership stake in EpiAis Biomedical Engineering as of September 30, 2024. The company also initiated the sale of health management and maintenance service agreements in Q3 2023, although this has not yet translated into significant revenue.
Overall, Yubo International Biotech Ltd. is navigating a difficult financial landscape, marked by declining revenues, increasing losses, and rising liabilities, while attempting to reposition itself through strategic acquisitions and new service offerings.
About Yubo International Biotech Ltd
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