In This Story
Network CN Inc (NWCN+25.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $80,773, up from $35,149 in the same quarter the previous year. The increase is attributed to the start of business in Beijing in January 2024.
Cost of revenues for the quarter was $67,471, compared to $35,292 in the same quarter of the previous year. Gross profit for the quarter was $13,302, compared to a gross loss of $143 in the previous year.
General and administrative expenses decreased to $114,806 from $209,161, due to reduced salary and office expenses in Ningbo, Tianjin, Chengdu, and Beijing.
Amortization of intangible assets was $86,473, compared to $79,697 in the previous year, due to increased intangible assets from the acquisition in Beijing.
Other income for the quarter was $4, down from $269, primarily due to less government grant received.
Interest and other debt-related expenses were $75,172, a slight decrease from $79,048, attributed to reduced interest from short-term loans.
The company reported a net loss of $263,144 for the quarter, down from $367,780 in the previous year, driven by decreased general and administrative expenses.
For the nine months ended September 30, 2024, revenues were $504,364, up from $377,121, with the increase attributed to business operations in Beijing.
Cost of revenues for the nine months was $490,042, compared to $363,269. Gross profit was $14,322, slightly up from $13,852.
General and administrative expenses for the nine months decreased to $393,811 from $668,202, due to reduced expenses in Ningbo, Tianjin, Chengdu, and Beijing.
Amortization of intangible assets for the nine months was $259,421, compared to $303,298, due to decreased intangible assets after prior year write-offs.
Other income for the nine months was $33, down from $14,858, due to prior year gains from lease liability derecognition and government grants.
Interest and other debt-related expenses for the nine months were $222,996, compared to $231,596.
The company reported a net loss of $861,873 for the nine months, down from $1,623,860, driven by decreased general and administrative expenses.
As of September 30, 2024, the company had cash of $3,493, down from $5,334 at the end of 2023, attributed to decreased office expense settlements.
Net cash used in operating activities for the nine months was $78,849, down from $171,907, due to decreased accounts receivables and inventories.
Net cash provided by financing activities was $57,582, down from $141,906, due to decreased proceeds from short-term loans.
Short-term loans as of September 30, 2024, totaled $1,501,368, up from $1,443,785 at the end of 2023, borrowed from a shareholder and repayable on demand.
The company has no off-balance sheet arrangements that are material to its financial condition or results of operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Network CN Inc quarterly 10-Q report dated November 21, 2024. To report an error, please email earnings@qz.com.