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Yunhong Green CTI Ltd. (YHGJ-1.62%) 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 net sales to $2,540,000 from $1,923,000 in the same quarter the previous year. The increase is attributed to higher sales of foil balloons.
Cost of sales for the quarter was $2,560,000, representing 101% of sales, compared to 99% in the same quarter of the previous year. This increase in cost ratio is attributed to product disposal due to a warehouse incident and timing of shipments.
The company reported a gross loss of $20,000 for the quarter, compared to a gross profit of $20,000 in the previous year.
General and administrative expenses increased to $751,000 from $677,000, primarily due to higher audit fees.
Net loss for the quarter was $1,193,000, compared to a net loss of $967,000 in the previous year.
Cash provided by operating activities was $862,000, while cash used in investing and financing activities was $302,000 and $1,476,000, respectively.
Yunhong had a working capital of $2,611,000 as of September 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various financial agreements, including a loan and security agreement with Line Financial.
Yunhong does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
Yunhong continues to focus on its core operations and highlights its dependence on a few large customers for a significant portion of its sales.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Yunhong Green CTI Ltd. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.