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Phoenix Plus (PXPC0.00%) Corp. has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements showing a decrease in revenue to $30,707 from $444,071 in the same period the previous year. The decrease is attributed to project delays and increased costs.
Cost of revenue for the quarter was $46,299, leading to a gross loss of $15,592, compared to a gross profit of $65,761 in the previous year.
General and administrative expenses increased to $113,781 from $97,982, primarily due to higher salary and professional fees.
The company reported a net loss of $96,200 for the quarter, compared to a net loss of $43,820 in the previous year.
Cash and cash equivalents as of October 31, 2024, were $337,394, down from $821,371 in the previous year.
Net cash used in operating activities was $80,854, while cash used in investing activities was $1,417.
Phoenix Plus Corp. does not have any credit facilities or significant off-balance sheet arrangements.
The filing also discusses legal proceedings involving Vettons City Angels Sdn. Bhd. and Lenggong Hydro Sdn. Bhd., with the latter resulting in a settlement.
The company identified material weaknesses in its internal controls over financial reporting, specifically in segregation of duties and accounting procedures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Phoenix Plus quarterly 10-Q report dated December 12, 2024. To report an error, please email earnings@qz.com.