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Longduoduo Co (LDDD-0.20%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $769,072 from $1,587,433 in the same quarter the previous year. The decrease is attributed to a reduction in customer health expenditures and the economic environment.
Cost of revenue for the quarter was $32,276, resulting in a gross profit of $736,796, compared to $1,525,082 in the previous year.
Selling, general, and administrative expenses decreased to $798,872 from $1,090,800, primarily due to reduced advertising and promotion expenses.
Net loss for the quarter was $59,504, compared to a net income of $294,744 in the previous year. The loss is attributed to decreased revenues and continued investment in marketing expenses.
Cash used in operating activities was $534,998, while cash used in investing activities was $56,431. The company ended the quarter with $849,840 in cash and cash equivalents.
Longduoduo reported a working capital of $347,732 as of September 30, 2024. The company anticipates future liquidity requirements to fund growth and pay obligations.
The filing also details the company's exposure to U.S.-China relations and regulatory changes, which could impact its business operations.
Longduoduo does not anticipate any material changes from recent accounting pronouncements.
The company identified material weaknesses in its internal controls over financial reporting due to a lack of segregation of duties and expertise in U.S. GAAP.
Longduoduo continues to focus on improving its operations and adjusting its operational policies in response to the economic environment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Longduoduo Co quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.