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SSHT S&T Group Ltd (SSHT0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenues to $74,278 from $42,346 in the same quarter the previous year. The increase is attributed to the removal of restrictions imposed by Chinese government agencies on business operations.
General and administrative expenses for the quarter decreased to $35,467 from $55,570 in the previous year, primarily due to reduced costs associated with Form S1.
The company reported a net income of $38,716 for the quarter, compared to a net loss of $13,224 in the previous year.
Net cash used in operating activities was $4,162 for the quarter, compared to $11,556 in the same quarter of the previous year.
SSHT had $8,205 in cash on hand as of September 30, 2024. The company does not have any off-balance sheet arrangements.
The filing discusses the company's ability to continue as a going concern, noting an accumulated deficit of $2,550,022 as of September 30, 2024.
SSHT's management identified material weaknesses in its internal controls over financial reporting, including inadequate segregation of duties and insufficient written policies and procedures.
The company continues to focus on improving operational efficiency and enhancing its marketing function while seeking additional funding through debt or equity financing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SSHT S&T Group Ltd quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.