Yong Bai Chao New Retail Corporation, formerly known as Boss Minerals, Inc. and Environmental Control Corp., reported no revenue for both the three and nine months ended September 30, 2024. The company continues to operate as a shell entity, focusing on identifying a new and profitable business with growth potential. For the three months ended September 30, 2024, the company recorded a loss from operations of $7,653, a decrease from a loss of $9,970 in the same period of 2023, reflecting a 23.24% reduction in net loss. For the nine months ended September 30, 2024, the loss from operations totaled $34,889, down from $53,767 in the prior year, marking a 35.11% decrease.
The decrease in operating expenses for both periods was primarily attributed to reduced stock transfer agent fees and Edgar filing fees, although there was a slight increase in legal fees. As of September 30, 2024, the company reported an accumulated deficit of $3.71 million and a working capital deficit of $141,548. The company had no cash or cash equivalents as of the reporting date, and it anticipates negative net cash flow for the remainder of 2024.
In terms of corporate governance, Yong Bai Chao New Retail Corporation has undergone significant changes. Following the resignation of CEO Wang Fei on February 28, 2024, Baobin He was appointed as the sole executive officer and director. On September 25, 2024, Daohong Yuan was appointed as Chairman, CEO, and CFO, while Baobin He resigned from his position. The company is also scheduled to change its name to Nongfu Shop Digital New Retail Co., Ltd. on September 25, 2024.
The company has identified material weaknesses in its internal controls over financial reporting, which management believes could lead to undetected misstatements in financial statements. Consequently, the company's disclosure controls and procedures were deemed ineffective as of September 30, 2024. Despite these challenges, the company maintains that its current cash and liquidity sources are adequate to support operations for at least the next 12 months, relying on equity sales and shareholder advances.
About Yong Bai Chao New Retail Corp
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