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Jingbo Technology Inc. (SVMB) recently filed its Form 10-Q for the quarter that ended on November 30, 2024. The report reveals some important numbers about the company’s financial health.
For the last three months, Jingbo reported net revenues of $784,206. This is a significant jump from $305,559 during the same period in 2023. However, the costs of generating these revenues also rose. This quarter, expenses hit $841,439, up from $549,449 last year, leading to a gross loss of $57,233. This is an improvement from the gross loss of $243,890 a year ago.
Operating expenses fell to $708,609 this quarter, down from $1,085,672 the previous year. This decrease reflects cuts in both marketing and general administrative costs. As a result, the net loss for this quarter was $726,432, an improvement compared to last year’s loss of $1,352,372.
Looking at the nine months ending November 30, 2024, net revenues totaled $1,488,982, compared to $1,110,231 the year before. However, the overall net loss for this period increased, reaching $6,203,946, up from $4,649,913 last year.
On the balance sheet, Jingbo showed total assets of $13,894,677 against total liabilities of $35,798,784, leading to a stockholders’ deficit of $21,904,107. This financial situation raises concerns about the company’s future. Management expressed doubt about its ability to continue operating without securing long-term loans or additional financing.
The filing also touches on the company’s corporate structure, including its subsidiaries and operations in China, highlighting some risks tied to its variable interest entity (VIE) structure. Despite recognizing some weaknesses in its internal control over financial reporting, the company does not expect major changes. No legal issues or unreported sales of securities were mentioned in this filing.
The information here comes from the Jingbo Technology Inc. 10-Q report dated January 17, 2025, retrieved from public SEC filings.
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Jingbo Technology Inc., Net income, Profit, Revenue, Retained earnings, Business, Finance, Quartz
