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Asiafin Holdings (ASFH0.00%) Corp. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $1,032,360 from $695,145 in the same quarter the previous year. This increase is attributed to the company's information technology services.
Selling, general, and administrative expenses for the quarter were $792,496, compared to $737,279 in the same quarter of the previous year. These expenses primarily include salary expenses, audit fees, and other professional fees.
The company reported a net income of $184,481 for the quarter, compared to a net loss of $74,394 in the previous year.
For the nine months ended September 30, 2024, Asiafin Holdings generated revenue of $2,094,588, an increase from $1,813,426 in the same period the previous year.
During the nine months ended September 30, 2024, the company incurred a net loss of $374,726, compared to a net loss of $418,304 in the same period the previous year.
Cash used in operating activities was $257,116 for the nine months ended September 30, 2024, while cash used in investing and financing activities was $104,939 and $55,286, respectively.
Asiafin Holdings had total assets of $3,733,769 as of September 30, 2024, with a total stockholders' equity of $2,034,237.
The company acknowledges its dependence on improving profitability and financial support from major shareholders to continue as a going concern.
The filing also details various financial agreements and transactions with related parties, including purchases and leasing arrangements.
Asiafin Holdings does not anticipate cash dividend payments to common stockholders in the near future.
The company identified material weaknesses in its internal controls over financial reporting, including a lack of a functioning audit committee and inadequate segregation of duties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Asiafin Holdings quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.