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Bio Essence Corp Com Accd Inv (BIOE0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations in the herbal health, diet, and nutrition sector, focusing on the sale of health supplements and providing OEM services. The company is headquartered in Irvine, California.
During the fiscal year, Bio Essence reported revenues of $323,940 from continuing operations. This includes $37,415 from product sales, $282,752 from OEM services, and $3,773 from shipping and delivery income.
The company incurred a net loss of $1,565,721 from continuing operations, compared to a net loss of $404,604 in the previous year. The increase in loss is primarily attributed to an impairment loss of $1,050,940 related to the early termination of a lease.
Operating expenses totaled $676,515, an increase from $345,590 in the prior year. This rise was mainly due to increased office rent and consulting fees.
Bio Essence completed the sale of its subsidiaries, Bio Essence Pharmaceutical Inc. and Bio Essence Herbal Essentials Inc., for $700,000 in total. The company recorded a gain of $377,752 from the disposal of Bio Essence Herbal Essentials Inc.
The company reported a working capital deficit of $2,522,008 as of December 31, 2024, with current liabilities exceeding current assets.
Bio Essence's management plans to address the going concern issue by increasing sales efforts and seeking additional funding through potential public or private offerings.
The company does not have any outstanding equity awards or compensation plans for its employees or directors.
Bio Essence's financial statements were audited by Simon & Edward, LLP, who expressed concerns about the company's ability to continue as a going concern due to recurring losses and net capital deficiency.
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 annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.