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Landbay Inc has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing revenue of $170,857 from online data marketing services through its subsidiary Zhejiang Toumi, with a cost of goods sold amounting to $153,912.
Operating expenses for the quarter were $25,367, an increase from $7,988 in the same quarter of the previous year, primarily due to additional public filings with the Securities and Exchange Commission.
The company reported a net loss of $9,111 for the quarter, compared to a net loss of $7,722 in the previous year.
For the nine months ended December 31, 2024, Landbay generated total revenue of $172,916, with a gross profit of $17,346. The company incurred operating expenses of $82,763, leading to a net loss of $66,168.
As of December 31, 2024, Landbay had cash of $18,148 and a working capital deficit of $61,440. This was an improvement from a working capital deficit of $97,392 as of March 31, 2024, primarily due to the forgiveness of loans by shareholders.
The company identified substantial doubt about its ability to continue as a going concern, citing negative financial trends and operating losses.
Landbay's management plans to improve business profitability and obtain additional working capital to address these concerns.
The filing also notes that the company has no off-balance sheet arrangements and provides details on its critical accounting policies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Landbay Inc - Class A quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.