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Hanryu Holdings, Inc. (HRYU0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's financial performance, showing a revenue of $198 for the nine months ended September 30, 2024, compared to $980,441 in the same period the previous year. The decrease is attributed to restructuring and strategic decisions to upgrade the FANTOO platform.
Operating expenses for the nine months ended September 30, 2024, were $2,110,025, down from $9,018,805 in the previous year. This decrease is primarily due to reduced marketing, research, and general administrative expenses.
The company reported a net loss of $2,100,679 for the nine months ended September 30, 2024, compared to $9,163,826 in the previous year. The reduction in net loss is due to lower operating expenses.
Hanryu Holdings continues to face substantial doubt about its ability to continue as a going concern, citing recurring losses and the need for additional capital to fund operations.
The company plans to generate future revenue through its FANTOO platform, focusing on direct sales and user-to-user commissions. It also anticipates revenue from its entertainment agency business by the end of 2024.
Cash and cash equivalents were reported at $6,975 as of September 30, 2024. The company used $660,632 in cash for operating activities during the nine-month period.
Hanryu Holdings is in discussions to convert bonds with warrants totaling $3,410,124 that matured on July 2, 2024.
The filing also notes the company's efforts to regain compliance with Nasdaq's minimum bid price requirement, with a deadline of February 3, 2025.
The company identified material weaknesses in its internal controls over financial reporting, citing inadequate accounting resources and lack of segregation of duties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hanryu Holdings, Inc. quarterly 10-Q report dated November 20, 2024. To report an error, please email earnings@qz.com.