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Hartford Creative Group Inc (HFUS-6.31%). has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing a revenue increase to $378,037 from $62,443 in the same quarter the previous year. The increase is attributed to the company's expansion into social media advertising services.
Operating costs and expenses rose to $201,187 from $77,447 in the previous year, primarily due to investments in scaling operations and increased marketing expenses.
The company reported an operating income of $176,850 for the quarter, compared to a loss of $15,004 in the previous year, reflecting improved operational efficiency.
Other income for the quarter was $42,785, compared to an expense of $4,993 in the previous year. This includes a gain of $21,362 from the disposal of subsidiaries.
Net income for the quarter was $144,015, up from a net loss of $19,997 in the previous year. The increase in profitability resulted in an income tax expense of $75,620.
As of January 31, 2025, Hartford Creative Group had a working capital deficit of $3,259,662, a decrease from $3,565,965 at the end of the previous fiscal year.
The company continues to seek additional financing through debt or equity to support its operations and plans to uplist its stock from the OTC market to the Nasdaq exchange.
Management identified material weaknesses in internal controls over financial reporting, including a lack of proper authorization procedures and segregation of duties.
The filing also notes that the company is not currently involved in any legal proceedings that would materially impact its financial condition.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hartford Creative Group Inc quarterly 10-Q report dated March 17, 2025. To report an error, please email earnings@qz.com.