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Jingbo Technology Inc. (SVMB0.00%) has submitted its Form 10-Q filing for the quarterly period ended November 30, 2024.
The filing details the company's financial performance, reporting net revenues of $784,206 for the three months ended November 30, 2024, compared to $305,559 for the same period in 2023.
Cost of revenues increased to $841,439 from $549,449 in the previous year, resulting in a gross loss of $57,233, an improvement from the $243,890 gross loss in 2023.
Operating expenses for the quarter were $708,609, down from $1,085,672 in the prior year, with reductions in both selling and marketing expenses and general and administrative expenses.
The company reported a net loss of $726,432 for the quarter, an improvement from the $1,352,372 net loss reported in the same period last year.
For the nine months ended November 30, 2024, net revenues were $1,488,982, up from $1,110,231 in the previous year, while the net loss increased to $6,203,946 from $4,649,913.
The company had total assets of $13,894,677 and total liabilities of $35,798,784 as of November 30, 2024, resulting in a stockholders' deficit of $21,904,107.
Jingbo Technology's continuation as a going concern is dependent on long-term loans and potential financing, with management acknowledging substantial doubt about the company's ability to continue as a going concern.
The filing also discusses the company's corporate structure, including its subsidiaries and variable interest entities, as well as risks related to its VIE structure and operations in China.
The company does not anticipate significant changes in its internal control over financial reporting, although material weaknesses have been identified and are being addressed.
No significant legal proceedings or unregistered sales of securities were reported during the period covered by the filing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Jingbo Technology Inc. quarterly 10-Q report dated January 17, 2025. To report an error, please email earnings@qz.com.