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Singularity Future Technology Ltd. (SGLY+20.56%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing shows a decrease in net revenues to $501,402 from $895,926 in the same quarter the previous year, primarily due to a decline in business volume.
Cost of revenues was reported at $773,317, resulting in a gross loss of $271,915 for the quarter, compared to a gross loss of $107,023 in the previous year.
Operating expenses decreased significantly to $1,526,854 from $3,233,752, largely due to reduced general and administrative expenses.
Net loss for the quarter was $1,004,335, compared to $2,414,996 in the previous year. After accounting for non-controlling interest, the net loss attributable to controlling shareholders was $961,789.
Cash used in operating activities was $9,145, a significant decrease from $1,999,968 in the previous year, with cash at the end of the period totaling $17,740,908.
The company's working capital as of September 30, 2024, was $11,891,475, down from $12,904,522 as of June 30, 2024.
The filing notes that the company is exploring new business opportunities, including a joint venture in the solar panel trading business.
Singularity Future Technology Ltd. continues to face challenges related to legal proceedings and government investigations, which are detailed in the filing.
The company acknowledges ongoing risks and uncertainties, including those related to its operations in China and the impact of COVID-19.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Singularity Future Technology Ltd. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.