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AB International Group Corp (ABQQ-28.57%) has submitted its 10-K filing for the fiscal year ended August 31, 2024.
The filing includes financial statements for the fiscal year, showing total revenue of $3,300,467, up from $1,473,222 in the previous year. The increase is attributed to higher sales of movie copyrights and broadcast rights, as well as increased revenue from consulting services.
Operating expenses decreased to $2,813,563 from $5,030,354, mainly due to reduced amortization expenses and general and administrative costs. The company reported a net income of $542,331, compared to a net loss of $3,566,710 in the previous year.
The company has a working capital of $160,617 as of August 31, 2024, compared to a working capital deficit of $1,005,847 the previous year. Cash provided by operating activities was $162,319, while cash used in financing activities was $214,985.
AB International Group Corp operates in two segments: IP and cinema. The IP segment includes the sale and licensing of movie copyrights and the NFT MMM platform, while the cinema segment involves the operation of the Mt. Kisco Theatre.
The company acknowledges its dependence on external financing and support from stockholders to continue operations. It plans to increase revenue through the sale of movie and TV drama copyrights and broadcast rights, as well as the expansion of its streaming service ABQQ.tv.
The filing also details various risks, including competition in the movie theater and streaming markets, regulatory compliance, and potential impacts from macroeconomic conditions and public health issues.
AB International Group Corp does not anticipate paying dividends in the near future and highlights the potential for dilution of existing shareholders through future equity issuances.
The company identified material weaknesses in its internal controls over financial reporting, including inadequate segregation of duties and insufficient written policies and procedures.
AB International Group Corp continues to focus on expanding its media offerings and improving its financial position through strategic initiatives and potential financing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AB International Group Corp annual 10-K report dated November 26, 2024. To report an error, please email earnings@qz.com.