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Planet Green Holdings Corp. (PLAG-5.36%) 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 net revenues to $1.81 million from $3.52 million in the same quarter the previous year. The decrease is attributed to stagnant sales of high-grade synthetic fuel products and a decline in beef product sales.
Cost of revenues for the quarter was $1.70 million, representing a decrease from $3.39 million in the same quarter of the previous year. This change was mainly due to a decrease in sales revenue.
The company reported a gross profit of $0.12 million for the quarter, compared to $0.13 million in the previous year, with the decline attributed to decreased sales.
Selling and marketing expenses decreased to $0.03 million from $0.23 million, primarily due to a decrease in sales revenue.
General and administrative expenses slightly decreased to $1.15 million from $1.18 million in the previous year.
Net loss for the quarter was $1.19 million, down from $1.28 million in the previous year. This decrease was primarily attributed to the decrease in selling and marketing expenses.
Cash provided by operating activities was $0.05 million, while cash used in investing and financing activities was $0.02 million and $0.10 million, respectively.
Planet Green had a working capital deficit of $8,938,115 as of September 30, 2024. The company acknowledges its dependence on private placements or related party funding to meet future obligations.
The filing also details various financial arrangements, including loans from several banks and related party transactions.
Planet Green identified a material weakness in its internal controls over financial reporting due to ineffective review and approval procedures over journal entries and financial statement preparation.
The company continues to focus on its primary business activities, which include producing and distributing tea leaves, importing animal proteins, and selling synthetic fuel products.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Planet Green Holdings Corp. quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.