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Lakeside Holding Limited (LSH+4.42%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in total revenues to $4,081,554 from $4,148,476 in the same quarter the previous year, primarily due to a decline in cross-border airfreight solutions revenue.
Revenues from cross-border ocean freight solutions increased by 7.8%, while revenues from cross-border airfreight solutions decreased by 8.2%, reflecting changes in freight volumes.
Cost of revenues increased slightly to $3,559,015, up 1.7% from the previous year, driven by higher warehouse service charges and freight arrangement costs.
The company reported a gross profit of $522,539, down from $647,543 in the previous year, with a gross margin decrease to 12.8% from 15.6%.
General and administrative expenses rose significantly to $1,837,206 from $855,778, due to increased payroll, professional fees, and insurance expenses.
Net loss for the quarter was $1,335,407, compared to a net loss of $304,260 in the previous year, primarily due to higher operating expenses.
Cash used in operating activities was $1,402,784, while cash provided by financing activities was $4,044,402, largely from the proceeds of an initial public offering.
Lakeside Holding Limited completed its initial public offering on July 1, 2024, raising approximately $5.79 million after expenses.
The company identified material weaknesses in its internal controls over financial reporting, including inadequate segregation of duties and insufficient written policies.
Lakeside Holding Limited plans to address these weaknesses by hiring additional accounting staff and improving its financial reporting procedures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lakeside Holding Limited quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.