Yong Bai Chao New Retail Corporation Reports No Revenue and Decreased Net Loss for Fiscal Year 2024

Yong Bai Chao New Retail Corporation, formerly known as Boss Minerals, Inc. and Environmental Control Corp., reported no revenue for the fiscal year ending December 31, 2024, consistent with the previous year. The company’s operating expenses decreased by 35.8% to $39,794 from $62,017 in 2023, primarily due to reductions in audit and legal fees. The net loss for the year was $39,794, a decrease of $22,223 compared to the net loss of $62,017 in 2023. The company continues to operate as a shell entity with no meaningful operations or subsidiaries, focusing on identifying potential business opportunities for future growth.

Significant changes in the company’s structure occurred during the reporting period, including a 1-for-20 reverse stock split approved by the board of directors on May 11, 2023. This action reduced the number of outstanding shares from approximately 189.1 million to an estimated 9.5 million shares. The reverse stock split has not yet been implemented as the necessary filings with the Secretary of State of Nevada are pending. Additionally, the company experienced a series of executive resignations and appointments, with Baobin He becoming the Chief Executive Officer and Chief Financial Officer on September 25, 2024, following the resignation of Wang Fei.

Yong Bai Chao's operational strategy remains focused on seeking new business opportunities through potential acquisitions or mergers. The company has not established specific criteria for evaluating prospective targets, which may include development-stage or distressed companies. Management acknowledges the inherent risks associated with such transactions, particularly given the lack of financial resources and the potential for significant dilution of existing shareholders' interests. The company has not generated any cash flow from operations and reported liabilities of $146,453 as of December 31, 2024.

Looking ahead, the company anticipates that its ability to execute its business plan will depend on securing additional capital resources. Management has indicated that it will continue to rely on equity sales and shareholder advances to fund operations. However, there is no assurance that the company will be able to raise the necessary funds or successfully identify a viable business opportunity. The company’s status as a shell entity and its classification as a "blank check" company may further complicate its efforts to attract investment and execute its strategic objectives.