SUIC Worldwide Holdings Ltd. reported no revenue from continuing operations for the fiscal year ending December 31, 2024, consistent with the previous year. The company recorded a net loss of $234,211, a decrease from the loss of $552,753 reported in 2023. General and administrative expenses increased slightly to $157,623 from $150,995, primarily due to higher professional fees related to marketing activities. The company also reported a significant reduction in bad debt expenses, which fell to $60,000 from $380,578 in the prior year.
In terms of operational changes, SUIC Worldwide Holdings has shifted its focus towards integrating technology in various sectors, including fintech and food supply chain management, through its partnership with Beneway Holdings Group Ltd. The company aims to leverage its fintech subsidiary, Boom Fintech, which holds nine patents, to create a comprehensive financial ecosystem. Additionally, SUIC is exploring opportunities in the food industry by partnering with international trade financiers to facilitate raw material imports and exports between the U.S. and Asia.
The company has undergone several organizational changes, including a reverse stock split of 1-for-10 effective July 25, 2023, aimed at increasing its stock price to attract investors. Leadership changes included the appointment of Hanwei Wang as CEO in August 2023 and Kuo Yu-Chieh as Chairman of the Board in October 2023. As of December 31, 2024, SUIC had a working capital deficit of $540,252, with current assets primarily consisting of cash.
Looking ahead, SUIC Worldwide Holdings acknowledges the challenges it faces, including reliance on a limited customer base and strong competition in the technology sector. The company plans to continue its focus on research and development, particularly in areas such as cloud computing, AI, and blockchain technology. However, it also recognizes the need to generate sales and secure additional financial resources to support its operations and growth initiatives. The management has indicated that it will seek to raise funds through an IPO and capital markets to support mergers and acquisitions in the food supply chain sector.
About SUIC Worldwide Holdings Ltd.
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