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Vanjia Corporation has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenue of $50,000, compared to $75,500 in the same quarter the previous year. General and administrative expenses were $19,964, resulting in a net profit of $30,036 for the nine months ended September 30, 2024.
The company's balance sheet reports total assets of $863,590 as of September 30, 2024, with no current liabilities. Stockholders' equity was also reported at $863,590.
Cash and cash equivalents increased to $71,590 from $22,568 at the end of the previous year, primarily due to net cash provided by operating activities.
The company continues to focus on its business plan of building affordable homes in Houston, Texas, and enrolling students for real estate licensing courses.
Vanjia Corporation has a line of credit available with an officer and shareholder for up to $5,000,000, bearing 0% interest and due on demand. As of September 30, 2024, there were no borrowings under this line of credit.
The filing notes that the company has an accumulated deficit of $75,810, which may be available to reduce future taxable income. However, a full valuation allowance has been recorded for the deferred tax asset related to these tax loss carry-forwards.
The management has evaluated events after September 30, 2024, and concluded that no significant changes are expected to affect the company's financial position.
Vanjia Corporation's management has assessed the effectiveness of its disclosure controls and procedures and concluded that they are effective as of the end of the period covered by this report.
The company does not anticipate any material legal proceedings that would have a significant adverse effect on its financial condition or results of operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vanjia Corp quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.