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China Green Agriculture, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales to $17,364,939 from $22,397,862 in the same quarter the previous year. This decrease is attributed to lower sales volumes and unit prices for its fertilizer products.
Cost of goods sold for the quarter was $13,378,369, representing a decrease from $17,748,008 in the same quarter of the previous year. The decrease is primarily due to reduced raw material costs.
The company reported a gross profit of $3,986,570 for the quarter, compared to $4,649,854 in the previous year, with the decline attributed to reduced sales.
Selling expenses increased slightly to $1,924,428 from $1,879,155, while general and administrative expenses decreased to $3,826,904 from $4,556,606.
Net loss for the quarter was $1,842,225, compared to a net loss of $1,784,193 in the previous year.
Cash used in operating activities was $2,553,911, while cash used in investing activities was $8,544,101, primarily due to long-term equity investments.
China Green Agriculture had cash and cash equivalents of $51,477,572 as of September 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various financial agreements and outlines the company's strategy for managing its operations and financial resources.
The company continues to focus on its fertilizer and agricultural products, with a noted decrease in sales attributed to market conditions and pricing strategies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the China Green Agriculture Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.