Sino Green Land Corporation Reports 37% Revenue Decline and Increased Gross Loss for Six Months Ending December 31, 2024

Sino Green Land Corporation reported a significant decline in financial performance for the six months ending December 31, 2024, as detailed in its latest 10-Q filing. The company recorded net revenues of $574,230, a decrease of 37% from $905,230 in the same period of the previous year. For the three months ended December 31, 2024, revenues fell to $116,936, down 68% from $360,761. The decrease in revenue was attributed primarily to a reduction in sales of plastic recycling products. The cost of revenues also decreased, amounting to $1,034,524 for the six months, down 10% from $1,150,381, reflecting lower unit costs in line with the revenue decline.

The company reported a gross loss of $460,294 for the six months ended December 31, 2024, compared to a gross loss of $245,151 in the prior year, marking an increase of 88%. Operating expenses were reduced significantly, with general and administrative expenses dropping 55% to $175,283 for the six-month period. Despite these reductions, the net loss for the six months increased slightly to $691,975 from $659,662, indicating ongoing challenges in achieving profitability.

Sino Green Land's balance sheet as of December 31, 2024, showed total current assets of $578,651, a decrease from $834,790 as of June 30, 2024. The company’s current liabilities increased to $3,905,485, resulting in a working capital deficit of $3,326,834. The accumulated deficit reached $3,583,534, raising substantial doubt about the company's ability to continue as a going concern. The company has indicated that it relies on continued financial support from stockholders and the ability to secure external financing to sustain operations.

Operationally, the company has faced challenges in cash flow management, with cash used in operating activities amounting to $202,685 for the six months ended December 31, 2024, an improvement from $478,025 in the previous year. However, cash flow from financing activities decreased significantly to $256,120 from $838,281, primarily due to reduced loan proceeds. The company’s cash and cash equivalents at the end of the period stood at $18,292, down from $28,858 at the end of June 2024.

Looking ahead, Sino Green Land Corporation acknowledges the need for strategic changes to improve its financial health. The company is focused on cost control and aims to implement a business plan that extends operations and generates sufficient revenues. However, the management has expressed uncertainty regarding the availability of future financing and the potential impact on operations, emphasizing the need for careful monitoring of market conditions and operational performance.