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China Foods Holdings Ltd (CFOO0.00%). 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 $22,403 from $5,293 in the same quarter the previous year. The increase is attributed to rising demand in the Chinese wine market.
Cost of revenue for the quarter was $21,088, representing 94% of sales, compared to 31% in the same quarter of the previous year. This increase in cost ratio is due to sourcing products from vendors with higher costs.
The company reported a gross profit of $1,315 for the quarter, compared to $3,674 in the previous year, with the decline attributed to increased cost of revenue.
Operating expenses decreased to $111,984 from $117,238, primarily due to a decrease in administrative expenses.
Net loss for the quarter was $127,173, compared to $113,551 in the previous year. The increase in net loss is primarily due to the rise in the cost of revenue.
Cash used in operating activities was $201,678, while cash used in investing activities was $4,169. Cash provided by financing activities was $104,147, primarily from advances from a director and related parties.
China Foods had cash and cash equivalents of $65,565 as of September 30, 2024. The company acknowledges its dependence on financial support from stockholders to meet future obligations.
The filing also details the company's operations in the healthcare and wine segments, with the majority of revenue derived from customers located in China.
China Foods does not anticipate any off-balance sheet arrangements and has no material commitments or contingencies as of the filing date.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the China Foods Holdings Ltd - Class A quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.