Yinfu Gold Corp (ELRE) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements showing a net loss of $32,801 for the nine months ended December 31, 2024, compared to a net loss of $42,192 for the same period in the previous year.
The company reported total operating expenses of $57,810 for the nine months ended December 31, 2024, up from $51,230 in the previous year, primarily due to increased professional fees.
Yinfu Gold Corp generated no revenue during the reported period, consistent with the previous year, as the company has not yet engaged in business operations.
The company had cash and cash equivalents of $945 as of December 31, 2024, compared to $488 as of March 31, 2024.
Total liabilities as of December 31, 2024, were $2,680,521, compared to $2,656,537 as of March 31, 2024, with the increase primarily due to related party transactions.
Yinfu Gold Corp's management has identified material weaknesses in internal controls over financial reporting, including lack of a functioning audit committee and inadequate segregation of duties.
The company has not sold any stock during the nine months ended December 31, 2024, and no defaults on senior securities were reported.
Yinfu Gold Corp continues to face challenges related to its going concern status, requiring additional capital to fund operations and address its working capital deficiency.
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 February 14, 2025. To report an error, please email [email protected].