Cambell International Holding Corp., formerly known as Bitmis Corp., reported a significant decline in financial performance for the fiscal year ending June 30, 2024. The company generated revenues of $134,531, a decrease of 70.95% from $463,076 in the previous fiscal year. This decline is attributed to insufficient economic development in China, which led to a rapid decrease in domestic demand for the company's products. The gross profit margin also fell sharply from 19.79% in 2023 to 3.57% in 2024, reflecting the challenges faced in maintaining profitability amid declining sales.
The company's operational expenses also saw notable changes. Total operating expenses for the fiscal year 2024 were $694,605, compared to $1,204,089 in 2023, primarily due to a significant reduction in bad debt provisions. However, general and administrative expenses increased, driven by higher professional fees as the company engaged more third-party services. Despite the reduction in overall expenses, Cambell International reported a net loss of $684,984 for 2024, slightly improved from a net loss of $1,095,887 in 2023.
Strategically, Cambell International has been focusing on expanding its product offerings and distribution network. The company operates through its variable interest entity (VIE), Liaoning Kangbaier, which specializes in the production and sale of natural β-carotene health products. As of June 30, 2024, the company had established relationships with over 50 distributors and operated 158 Baijiakang Healthy Lifestyle Supermarkets, up from 55 the previous year. This expansion reflects the company's efforts to enhance its market presence and customer engagement.
The filing also highlighted the company's ongoing challenges, including regulatory uncertainties in China that could impact its operations. The Chinese government has been tightening regulations on foreign investments and data security, which may affect Cambell International's ability to operate and raise capital. The company has expressed concerns about its ability to continue as a going concern, emphasizing the need for additional financing to support its operations and growth plans.
Looking ahead, Cambell International aims to improve its financial position by increasing revenue through product sales and optimizing operational costs. The company is also exploring potential financing options to bolster its liquidity. However, the management cautioned that without successful implementation of its business strategies and access to necessary capital, the company's future operations and financial health could be at risk.
About CAMBELL INTERNATIONAL HOLDING CORP.
Cambell International Holding Corp. operates through a variable interest entity structure in China, focusing on the research, development, production, and sales of natural β-carotene health food products. Its business includes planting raw materials and manufacturing nutritional supplements with antioxidant and vitamin A benefits. The company serves the Chinese health food market via subsidiaries engaged in biotechnology, consulting, and health technology, leveraging contractual arrangements to control its operating entities.
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