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Kun Peng International Ltd (KPEA0.00%) has filed its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing details the company's financial performance, including a reported net loss of $1,991,747 for the year. This represents a slight improvement from the previous year's net loss of $2,149,213.
Revenue for the year was $2,078,741, a decrease from $3,917,335 in the prior year. The decline is attributed to a significant drop in wholesale revenue.
Operating expenses totaled $3,473,901, down from $5,733,003 the previous year, due to reductions in both selling expenses and general and administrative expenses.
The company reported a gross profit of $1,473,103, with a gross margin of 70.9%, down from 88.9% in the previous year.
Kun Peng International Ltd operates primarily through its variable interest entity (VIE) structure in China, focusing on health-related products and services.
The company faces risks related to its VIE structure, regulatory changes in China, and its ability to continue as a going concern.
Cash and cash equivalents as of September 30, 2024, were $82,184, a decrease from $457,580 at the end of the previous fiscal year.
The filing highlights the company's efforts to expand its online platforms, including King Eagle Mall and Kun Zhi Jian, to increase revenue streams.
The company acknowledges the impact of the COVID-19 pandemic on its operations and continues to adapt its business strategy accordingly.
Kun Peng International Ltd has not declared any dividends and does not anticipate paying dividends in the foreseeable future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kun Peng International Ltd annual 10-K report dated January 14, 2025. To report an error, please email earnings@qz.com.