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Yoshiharu Global Co. (YOSH+3.15%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $9,152,530 from $6,714,429 in the same quarter the previous year. The increase is attributed to the acquisition of three new restaurants in Las Vegas.
Restaurant operating expenses for the quarter were $8,746,360, compared to $6,568,160 in the same quarter of the previous year. This increase is primarily due to the additional costs from the new Las Vegas locations.
The company reported a net loss of $3,203,137 for the quarter, compared to $3,048,961 in the previous year, with the increase attributed to higher interest expenses and general administrative costs.
Depreciation and amortization expenses increased to $623,253 from $396,388, reflecting the acquisition of new assets.
General and administrative expenses rose to $2,953,755 from $2,700,078, due to increased costs related to the acquisition and expansion activities.
Net cash provided by operating activities was $1,164,719, while cash used in investing and financing activities was $2,237,042 and $1,322,061, respectively.
Yoshiharu had a working capital of $1,712,064 as of September 30, 2024. The company anticipates that cash flow from operations and proceeds from equity sales will be sufficient to meet obligations for the next 12 months.
The filing also details various financial agreements, including loans for the acquisition of Las Vegas restaurants and a convertible note to a related party.
The company plans to continue its expansion strategy, focusing on new restaurant development and increasing brand awareness.
Yoshiharu acknowledges a material weakness in its internal controls over financial reporting due to limited accounting resources and segregation of duties.
The company is exploring initiatives to enhance sales, including potential franchise sales and increasing alcohol sales at its restaurants.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Yoshiharu Global Co. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.