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Vivic Corp (VIVC-2.83%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $44,243 compared to $791,043 in the same quarter the previous year. The decrease is attributed to a focus on yacht sales in Taiwan and other selected regions.
Cost of sales for the quarter was $128,584, resulting in a gross loss of $84,341, compared to a gross profit of $91,826 in the previous year.
The company reported operating expenses of $491,754, which includes $332,592 in stock-based compensation, leading to a loss from operations of $576,095.
Net loss for the quarter was $584,508, compared to a net income of $1,839,147 in the previous year, which included income from discontinued operations.
Cash used in operating activities was $129,776, while cash provided by financing activities was $31,395.
Vivic had a working capital of $4,039,077 as of September 30, 2024, with $2.5 million due from related parties.
The filing details a going concern uncertainty, with the company dependent on financial support from related parties and potential financing to sustain operations.
Vivic does not anticipate cash dividend payments to common stockholders in the near future.
The company identified material weaknesses in its internal controls over financial reporting due to limited resources and lack of financial staff with accounting expertise.
Vivic continues to focus on expanding its yacht brands and territories, seeking to become an exclusive distributor for yacht manufacturers in Taiwan and other regions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vivic Corp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.