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Heartcore Enterprises, Inc. 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 revenues to $17,850,411 from $4,688,908 in the same quarter the previous year. This increase is attributed to the recognition of revenues from noncash consideration in the form of warrants and ordinary shares from consulting services customers.
Cost of revenues decreased to $3,433,024 from $3,860,241, primarily due to a decrease in the costs of GO IPO consulting services.
The company reported a gross profit of $14,417,387 for the quarter, compared to $828,667 in the previous year, with the increase attributed to higher revenues from consulting services.
A loss of $3,970,628 was recorded from the sale of warrants.
Selling expenses decreased to $243,110 from $274,043, primarily due to a decrease in stock-based compensation.
General and administrative expenses decreased to $1,966,717 from $2,172,298, primarily due to a decrease in salaries and welfare.
Net income for the quarter was $10,816,930, compared to a net loss of $2,541,133 in the previous year. The increase is attributed to higher revenues and lower operating expenses.
Cash used in operating activities was $3,499,514, while cash provided by investing activities was $5,317,323, primarily from the sale of warrants.
Heartcore had cash and cash equivalents of $1,232,117 as of September 30, 2024. The company continues to focus on its consulting services and software development business units.
The filing also details various financial agreements, including investments in marketable securities and warrants.
Heartcore does not anticipate any significant changes in its operations or financial condition in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Heartcore Enterprises Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.