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Kuber Resources Corp (KUBR0.00%) 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 revenues to $671,760 from $12,273 in the same quarter the previous year. The increase is attributed to the acquisition of a subsidiary focused on formaldehyde treatment services.
Cost of revenues for the quarter was $75,407, related to the formaldehyde treatment services, resulting in a gross profit of $596,353, or 88.8% of revenues.
Operating expenses for the quarter were $137,316, up from $43,434 in the previous year. The increase is due to additional costs from new subsidiaries.
The company reported a net income of $312,277 from continuing operations, compared to a net loss of $30,705 in the previous year.
A net loss of $432,442 was recorded from discontinued operations, including a $416,896 loss on the disposal of a subsidiary.
For the nine months ended September 30, 2024, revenues increased to $2,238,853 from $68,933 in the same period the previous year, with formaldehyde treatment services contributing significantly.
Operating expenses for the nine-month period were $688,494, up from $115,290 in the previous year, due to the integration of new subsidiaries.
Net income for the nine-month period was $912,236, compared to a net loss of $50,298 in the previous year.
The company disposed of its wholly-owned subsidiary, Asia Image, to a related party for approximately $500,760, resulting in a loss on disposal.
Kuber Resources has a working capital of $2,886,379 as of September 30, 2024. The company is reliant on sales and financing to support operations.
The filing also details an acquisition agreement with Gongfa Materials Co., Limited, pending a valuation report and customary closing conditions.
The company canceled 150,000 shares of Series B Preferred Stock in November 2024 to improve its capital stock structure.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kuber Resources Corp quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.