Intelligent Hotel Group Ltd, formerly known as YCQH Agricultural Technology Co., Ltd, reported a significant decline in financial performance for the fiscal year ending December 31, 2024. The company generated total revenue of $246,466, a decrease of 52% from $510,235 in the previous year. This decline is attributed to the cessation of its online retail business, which was shut down in April 2024. The gross profit also fell sharply to $96,482 from $440,316, resulting in a gross margin decrease from 86% to 39%. The company recorded an operating loss of $47,081 compared to an operating income of $6,847 in 2023.
The company has undergone significant strategic changes, including the complete exit from its previous business segments, which included bio-carbon-based fertilizer (BCBF) trading, online retailing, and beauty products trading. As of the reporting date, Intelligent Hotel Group is actively exploring new business opportunities and potential acquisitions in various sectors, including hotel management, cinema, green energy, and automotive industries. The company is currently evaluating potential targets and has reached preliminary agreements with several entities, although no formal contracts have been executed yet.
Operationally, the company has streamlined its workforce, currently employing five individuals, three of whom are full-time. The company’s cash position has also deteriorated, with cash and cash equivalents dropping to $29,825 from $95,938 in the previous year. The accumulated deficit increased to $439,273, and the working capital deficit stood at $281,771 as of December 31, 2024. The company’s liquidity challenges are compounded by the need for substantial capital to support ongoing operations and potential new ventures.
In terms of market dynamics, the company faced intense competition in its previous sectors, particularly in the online retail and beauty products markets in China. The competitive landscape included both established national and international brands, as well as numerous small and medium-sized merchants. The company’s inability to differentiate its offerings and the reliance on third-party platforms for sales visibility further impacted its market position.
Looking ahead, the company acknowledges substantial doubt about its ability to continue as a going concern without securing additional funding. Management is optimistic about its strategic direction and the potential for future profitability but recognizes the need for adequate capital to support its plans. The company’s future performance will depend on its ability to successfully identify and execute new business opportunities while managing its financial obligations.
About YCQH Agricultural Technology Co. Ltd
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