In This Story
Yinfu Gold Corporation has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports no revenue for the quarter, consistent with the same period in the previous year. Operating expenses for the quarter were $19,754, a decrease from $21,768 in the prior year, mainly due to a reduction in general and administrative expenses.
Yinfu Gold recorded a net loss of $12,015 for the quarter, compared to a net loss of $21,779 in the previous year. The improvement is attributed to other income of $7,739 from rental agreements.
For the six months ended September 30, 2024, operating expenses increased to $38,555 from $33,106 in the previous year, primarily due to higher professional fees.
The company reported a net loss of $21,893 for the six-month period, an improvement from a net loss of $32,459 in the previous year, with the change driven by increased other income.
Yinfu Gold's total assets were $25,193 as of September 30, 2024, down slightly from $25,860 as of March 31, 2024, due to a decrease in operating lease right-of-use assets.
Total liabilities increased to $2,705,959 from $2,656,537, resulting in a stockholders' deficit of $2,680,766 as of September 30, 2024.
The company acknowledges the need for additional capital to fund operations and highlights a working capital deficiency of $2,681,856.
Cash used in operating activities was $20,321 for the six months ended September 30, 2024, compared to $7,518 in the previous year, with financing activities providing $20,623 in cash during the same period.
Yinfu Gold's management identified material weaknesses in internal controls, including a lack of a functioning audit committee and inadequate segregation of duties.
The company remains subject to risks related to its operations in China, including potential regulatory changes and government influence over business activities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Yinfu Gold Corp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.