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JAAG Enterprises Ltd. (JAGL-1.47%) 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 revenue to $9,979 from $3,185 in the same quarter the previous year. The increase is attributed to higher sales volume.
Cost of sales for the quarter was $5,757, compared to $1,613 in the same quarter of the previous year. This increase in cost is due to higher production volume.
The company reported a gross profit of $4,222 for the quarter, compared to $1,572 in the previous year, reflecting improved sales performance.
Selling, general, and administrative expenses decreased to $13,295 from $15,011, reflecting cost management efforts.
Net loss for the quarter was $9,250, down from $13,436 in the previous year. The decrease in net loss is attributed to higher revenue and reduced administrative expenses.
Cash used in operating activities was $12,491, while cash provided by financing activities was $18,782, primarily from advances from related parties.
JAAG had total assets of $11,127 as of September 30, 2024, an increase from $4,836 as of June 30, 2024. The increase is mainly due to cash inflows from financing activities.
Total liabilities increased to $43,366 from $27,825, reflecting higher accounts payable and related party advances.
The company acknowledges its dependence on additional investment capital to fund future operations and plans to seek further financing.
The filing also details the company's internal control weaknesses, including inadequate personnel and insufficient segregation of duties.
JAAG's management has concluded that its disclosure controls and procedures were not effective as of September 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the JAAG Enterprises Ltd. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.