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JRSIS Health Care Corp (JRSS0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's financial performance, including a total revenue of $222,922 for the third quarter of 2024, a decrease of 55% compared to the same period in 2023. The decline is attributed to reduced demand for products and services due to economic conditions.
Cost of revenue for the quarter was $196,037, down 48% from the previous year, reflecting lower sales volume. The company reported a gross profit of $26,885, a decrease from $120,109 in the prior year.
Operating expenses increased significantly to $233,075 from $69,098, driven by higher marketing and administrative costs.
The company recorded a net loss of $219,977 for the quarter, compared to a net income of $39,407 in the same period of 2023.
Cash used in operating activities was $826,061 for the nine months ended September 30, 2024, compared to cash provided by operating activities of $420,966 in the previous year.
JRSIS Health Care Corp's management expressed concerns about the company's ability to continue as a going concern due to recurring losses and working capital deficits.
The filing also outlines the company's efforts to improve its financial position, including potential additional financing and strategic initiatives to increase revenue.
The company's operations remain focused on the development and sale of smart terminal products and related services in the PRC.
JRSIS Health Care Corp continues to face challenges related to market demand and economic conditions, impacting its financial performance and outlook.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the JRSIS Health Care Corp quarterly 10-Q report dated December 20, 2024. To report an error, please email earnings@qz.com.