Hi-Great Group Holding Company reported a revenue of $69,210 for the fiscal year ending December 31, 2024, a decrease of approximately 37% from the $109,491 recorded in the previous year. The company's cost of sales also declined to $35,243 from $58,573, resulting in a gross profit of $33,968, down from $50,918 in 2023. Despite the reduction in revenue and gross profit, Hi-Great's net loss improved to $48,616 compared to a net loss of $121,758 in the prior year, indicating a narrowing of losses as the company continues to stabilize its operations.
The company has undergone significant changes in its management structure and strategic direction over the past few years. Following a change in control in October 2019, the leadership transitioned to a new team, including Ho Soon Yang as CEO and CFO. Hi-Great is focusing on expanding its product offerings in the health supplement sector, particularly through a licensing agreement with SellaCare, Inc., which involves a royalty payment structure based on gross revenues. The company is also planning to integrate new product lines, including CBD oils and cosmetics, to diversify its revenue streams.
Operationally, Hi-Great has made strides in its inventory management, with inventory increasing to $76,150 in 2024 from $54,090 in 2023. The company reported a total of 100 million shares issued and outstanding, maintaining its capital structure. However, the accumulated deficit has grown to $892,794, reflecting ongoing challenges in achieving profitability. The company has also accrued $162,222 in licensing fees payable to SellaCare, indicating its commitment to the partnership.
Looking ahead, Hi-Great Group Holding Company aims to enhance its online sales presence and customer engagement through a redesigned retail website. The company plans to focus on its core business activities, including the continued sales of nutritional health supplements and the development of its Harvest Island Garden Resort. Management acknowledges the need for additional funding to support its operations and is actively seeking capital to ensure the sustainability of its business model. The company remains optimistic about its growth potential in the agritourism sector, which is gaining traction as consumer interest in organic farming experiences increases.
About Hi-Great Group Holding Co
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