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EvoAir Holdings Inc (EVOH). has submitted its 10-K filing for the financial year ended August 31, 2024.
The filing details the company's operations, including its focus on the research, development, manufacturing, and sale of eco-friendly HVAC products in Asia.
EvoAir reported a revenue of $314,719 for the year, a decrease from $388,038 in the previous year, attributed to challenges in product certification and customer adoption.
Operating expenses increased significantly to $26,311,487 from $6,097,019, primarily due to technology-related intangible asset impairment.
The company recorded a net loss of $26,315,396 for the year, compared to a loss of $6,317,373 in the prior year.
EvoAir's cash and cash equivalents decreased to $152,985 as of August 31, 2024, from $779,049 in 2023, reflecting changes in operating, investing, and financing activities.
The filing highlights the company's strategic initiatives, including product expansion, geographical growth, and plans to uplist on the Nasdaq Capital Market to enhance capital access.
The report also discusses risks related to competition, intellectual property, and regulatory compliance, as well as the company's ongoing efforts to improve internal controls.
EvoAir's board of directors approved a 1-for-4 reverse stock split, effective September 11, 2024, reducing the number of outstanding shares.
The company issued shares to consultants in exchange for services related to a proposed initial public offering, as part of its strategic growth plans.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the EvoAir Holdings Inc annual 10-K report dated November 29, 2024. To report an error, please email earnings@qz.com.