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Yong Bai Chao New Retail Corporation has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that the company did not generate any revenue during the three and nine months ended September 30, 2024. The company continues to focus on seeking a new and profitable operating business.
Operating expenses for the three months ended September 30, 2024, were $7,653, compared to $9,970 for the same period in 2023, reflecting a decrease primarily due to lower stock transfer agent fees and Edgar filing fees.
The company reported a net loss of $7,653 for the three months ended September 30, 2024, compared to $9,970 for the same period in 2023. For the nine months ended September 30, 2024, the net loss was $34,889, down from $53,767 in the previous year.
As of September 30, 2024, Yong Bai Chao New Retail Corp (YBCN0.00%) had no cash and a working capital deficit of $141,548. The company anticipates negative cash flow from operating activities for the remainder of the year.
The company remains a shell company with no revenue-generating activities and is dependent on additional capital resources to fund operations. Past sources of capital have included equity sales and stockholder advances.
The company identified material weaknesses in its internal controls over financial reporting, which management believes could result in material misstatements that would not be detected.
The filing notes no legal proceedings or unregistered sales of equity securities during the quarter ended September 30, 2024.
Yong Bai Chao New Retail Corp continues to maintain its status as a public company, with ongoing expenses primarily related to accounting, legal services, and filing fees.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Yong Bai Chao New Retail Corp quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.