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King Resources Inc (KRFG0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net income of $2,497,787 compared to a net loss of $310,472 in the same quarter the previous year.
The company reported a gross profit of $7,694 for the quarter, compared to $7,666 in the previous year.
Research and development expenses were $0, down from $76,281 in the same quarter of the previous year.
General and administrative expenses decreased to $23,782 from $140,754, attributed to a decrease in accounting fees and other expenses.
Other income for the quarter was $2,513,875, primarily due to a gain on disposal of subsidiaries.
The company had no income tax expense for the quarter.
Cash used in operating activities was $75,625, while cash provided by financing activities was $91,919.
The company had a working capital deficit of $695,181 as of September 30, 2024.
King Resources Inc does not anticipate cash dividend payments to common stockholders in the near future.
The company identified material weaknesses in its internal controls over financial reporting due to limited resources and lack of segregation of duties.
The filing also details a corporate restructuring exercise resulting in the disposal of two subsidiaries.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the King Resources Inc quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.