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Sino Green Land Corporation has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net revenues of $457,247, a decrease from $545,878 in the same quarter the previous year. The decrease is attributed to reduced sales of plastic recycle products.
Cost of revenues for the quarter was $657,728, down from $743,512 in the previous year. This decrease is in line with the decrease in net revenues.
The company reported a gross loss of $200,481 for the quarter, compared to a gross loss of $197,634 in the previous year.
General and administrative expenses decreased to $106,963 from $178,132, primarily due to reduced auditor fees and penalties.
Net loss for the quarter was $333,331, down from $386,859 in the previous year. The decrease is primarily due to reduced cost of revenue and operating expenses.
Cash used in operating activities was $228,941, while cash provided by investing and financing activities was $9,105 and $451,200, respectively.
Sino Green Land had a working capital deficit of $3,182,084 as of September 30, 2024. The company acknowledges substantial doubt about its ability to continue as a going concern.
The filing details related party transactions, including amounts due to entities controlled by the company's major shareholders.
The company reported no legal proceedings and no unregistered sales of equity securities during the quarter.
Sino Green Land identified material weaknesses in its internal controls over financial reporting, including inadequate segregation of duties and insufficient personnel with U.S. GAAP knowledge.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sino Green Land Corp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.