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Inno Holdings Inc. (INHD0.00%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $198,000 from $166,617 in the same quarter the previous year. This increase is attributed to the company's new business in electronic products trading.
Cost of goods sold for the quarter was $180,000, compared to $169,617 in the previous year, reflecting the costs associated with the new trading business.
The company reported a gross profit of $18,000 for the quarter, compared to a loss of $3,000 in the previous year.
Selling, general, and administrative expenses decreased to $578,578 from $785,536, primarily due to reductions in payroll, bonus, and rent expenses.
Net loss for the quarter was $605,409, down from $817,264 in the previous year. The decrease in net loss is attributed to reduced operating expenses.
Cash used in operating activities was $2,531,650, while cash used in investing activities was $1,428,154, primarily due to an investment in Core Modu LLC.
Cash provided by financing activities was $7,237,281, which included proceeds from several private placement offerings.
Inno Holdings had a working capital of $6,366,687 as of December 31, 2024. The company acknowledges the need for additional capital to fund operations and capital expenditure requirements for the next twelve months.
The filing also details various equity transactions, including private placements in October, November, and December 2024, raising approximately $7.25 million.
The company identified material weaknesses in its internal controls over financial reporting due to inadequate policies and procedures.
Inno Holdings continues to focus on expanding its business into electronic products trading and enhancing its digital transformation efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Inno Holdings Inc. quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.