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MGSD (MGSD0.00%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing includes financial statements for the year, showing revenue of $804,887, primarily generated by its subsidiary Tongzhilian through cultural tourism services and product sales.
Cost of revenue for the year was $439,260, leading to a gross profit of $365,627, or 45% of revenue.
Operating expenses totaled $388,580, resulting in a loss from operations of $22,953.
The company reported a net loss of $30,810 for the fiscal year, compared to a net loss of $40,502 in the prior period.
As of September 30, 2024, MGSD had $698,307 in cash and cash equivalents, with a working capital deficit of $16,711.
Cash provided by operating activities was $436,701, while cash used in investing activities was $3,724.
Financing activities provided $248,400, mainly from contributions and loans from the CEO.
The company acknowledges its dependence on future revenue generation and potential financing to meet obligations.
The filing details the company's corporate structure, business operations, and plans for future expansion in cultural tourism and arts expositions.
MGSD faces risks related to competition, cybersecurity, and regulatory compliance, particularly in China where its main operations are based.
The company identified material weaknesses in its internal controls over financial reporting, including lack of segregation of duties and expertise in U.S. GAAP.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MGSD annual 10-K report dated November 25, 2024. To report an error, please email earnings@qz.com.