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AB International Group Corp (ABQQ-28.57%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing a total revenue of $626,350, down from $801,747 in the same quarter the previous year. The decrease is mainly due to a reduction in sales of copyrights and broadcast rights.
Operating costs and expenses for the quarter were $679,091, compared to $829,905 in the previous year. This decrease is attributed to lower amortization expenses and general and administrative expenses.
The company reported a net loss of $50,036 for the quarter, compared to a net income of $43,600 in the previous year.
Cash provided by operating activities was $241,109, while cash used in financing activities was $38,813.
AB International Group Corp had a working capital deficit of $18,904 as of November 30, 2024. The company acknowledges its dependence on continued financial support from stockholders or external financing to meet future obligations.
The filing also details the company's revenue streams, which include selling copyrights of movies or TV shows, licensing the NFT MMM platform, and operating a movie theater.
AB International Group Corp continues to focus on expanding its intellectual property and movie investment and licensing operations, despite the financial challenges outlined in the report.
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 quarterly 10-Q report dated January 14, 2025. To report an error, please email earnings@qz.com.