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Magna-Lab Inc. - Class A (YBGJ0.00%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported a decrease in sales to $3,470 for the year ended December 31, 2024, from $604,676 in the previous year. This decline was attributed to decreased sales of health management services and health products.
Operating expenses increased to $1,772,567 from $1,613,891 in the prior year, primarily due to higher employee compensation and other operating expenses.
The company recorded a net loss of $1,981,792 for the year, compared to a net loss of $1,195,083 in the previous year. The increase in net loss was due to decreased sales and increased operating expenses.
As of December 31, 2024, the company had cash and cash equivalents of $7,015 and a negative working capital of $4,038,998. The company plans to seek additional financing in 2025.
Yubo International Biotech Limited, a U.S. holding company, operates primarily through its subsidiary, Platinum International Biotech Co., Ltd., and its variable interest entity, Yubo International Biotech (Beijing) Limited.
The company's operations in China are conducted through Yubo Beijing, which focuses on the research, development, and application of endometrial stem cells.
The company faces risks related to its corporate structure, including potential non-compliance with PRC laws and regulations, which could affect the enforceability of its contractual arrangements with Yubo Beijing.
The company is dependent on a small number of customers for a significant percentage of its revenue, with one customer accounting for all of its sales in 2024.
The company has identified a material weakness in its internal controls over financial reporting and is working to address this issue.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Magna-Lab Inc. - Class A annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.