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Bio Essence Corp Com Accd Inv (BIOE0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, indicating revenues of $176,385 from continuing operations. The company reported a net loss of $1,281,233 for the nine months ended September 30, 2024.
The company incurred a net loss from continuing operations of $1,538,158 for the nine months ended September 30, 2024, compared to $221,556 for the same period in 2023.
Bio Essence disposed of its subsidiaries BEP and BEH, resulting in a gain from discontinued operations of $377,752.
Operating expenses for the quarter were $573,469, significantly higher than $150,114 for the same period in the previous year, primarily due to increased office rent and consulting fees.
The company reported a gross profit of $110,179 for the nine months ended September 30, 2024, with costs of revenues amounting to $66,206.
Bio Essence has a working capital deficit of $2,351,386 as of September 30, 2024, and is seeking additional funding to continue operations.
The company identified substantial doubt about its ability to continue as a going concern, citing accumulated deficits and ongoing losses.
Bio Essence plans to increase income through sales force strengthening, sales incentives, and marketing activities, and is exploring additional financing options.
The filing also notes that the company has loans from major shareholders amounting to $1,637,377, which are unsecured and non-interest bearing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bio Essence Corp Com Accd Inv quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.