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Video River Networks, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that the company recorded no revenue for the quarter, compared to a negative revenue of $18,791 for the same quarter in the previous year. Operating expenses for the quarter were $9,053, down from $58,397 in the previous year.
The company reported a net loss of $9,053 for the quarter, an improvement from a net loss of $77,188 in the same period last year.
For the nine months ended September 30, 2024, Video River Networks reported no revenue, compared to $1,135,578 in the previous year. The company recorded a net income of $1,486,138, significantly higher than the net income of $658,146 for the same period in 2023.
The increase in net income for the nine-month period was primarily due to a one-time income of $1,562,067 from the disposition of an operating unit.
Video River Networks had a working capital of $77,020 as of September 30, 2024. The company had a cash balance of $4,610 at the end of the period, with no significant changes in cash flow from investing activities.
The company continues to focus on its technology-driven business model, specifically targeting the Electric Vehicles, Artificial Intelligence, Machine Learning, and Robotics sectors.
The filing notes that the company is not currently subject to any legal proceedings and has no contractual obligations as of September 30, 2024.
Video River Networks acknowledges the material weaknesses in its internal controls over financial reporting and plans to address these issues by hiring additional financial personnel and establishing an audit committee.
The company did not engage in any off-balance sheet arrangements as of September 30, 2024, and has no plans for significant capital expenditures in the near term.
Video River Networks continues to explore potential acquisition opportunities in the EV sector, leveraging its management team's experience and network to identify suitable targets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Video River Networks Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.