Yinfu Gold Corporation Reports Continued Net Loss and Lack of Revenue for Three and Nine Months Ended December 31, 2024

Yinfu Gold Corporation has reported its financial results for the three and nine months ended December 31, 2024, revealing a continued lack of revenue generation. The company reported a net loss of $10,908 for the three-month period, compared to a loss of $9,733 in the same period last year, marking a 12% increase in losses. For the nine months ended December 31, 2024, the net loss was $32,801, a decrease of 22% from the $42,192 loss reported for the same period in 2023. The company has not generated any revenue during these periods, reflecting its ongoing challenges in establishing a viable business operation.

Total operating expenses for the three months ended December 31, 2024, were $19,255, a 6% increase from $18,124 in the prior year. The increase was primarily driven by a rise in general and administrative expenses, which totaled $11,905, up from $10,345. For the nine-month period, total operating expenses rose to $57,810, a 13% increase from $51,230 in the previous year, largely due to higher professional fees. The company reported other income of $8,347 for the quarter and $25,009 for the nine months, primarily from rental income related to a lease agreement with a related party.

As of December 31, 2024, Yinfu Gold's total assets decreased to $23,630, down from $25,860 as of March 31, 2024. The decline in assets was attributed to a decrease in the operating lease right-of-use asset. The company’s total liabilities increased slightly to $2,680,521 from $2,656,537, resulting in a stockholders' deficit of $2,656,891, compared to $2,630,677 in the previous period. The working capital deficiency also widened to $2,657,326, reflecting an increase in current liabilities, particularly due to amounts owed to related parties.

Yinfu Gold continues to rely on advances from its president and related parties to fund its operations, with a short-term loan from related parties totaling $279,563 as of December 31, 2024. The company has indicated that it requires additional capital to support its ongoing activities and to execute its business plan, which includes entering new application industries such as Internet Technology, Artificial Intelligence, and the Internet of Things. However, the company has not established a consistent source of revenue, raising concerns about its ability to continue as a going concern.

Looking ahead, the company acknowledges the need for additional capital resources to sustain its operations. Management's plans include potential sales of equity instruments and traditional financing options. However, there is no assurance that these efforts will be successful, and the company may face challenges in achieving profitability. The financial statements do not include adjustments that might be necessary if the company is unable to continue as a going concern, highlighting the uncertainty surrounding its future operations.