$ABQQ
AB INTERNATIONAL GROUP CORP.

2024 Q3 Form 10-Q Financial Statement

#000166357724000198 Filed on July 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $698.3K
YoY Change 21.79%
Cost Of Revenue $32.32K
YoY Change -96.02%
Gross Profit $666.0K
YoY Change -379.06%
Gross Profit Margin 95.37%
Selling, General & Admin $161.6K
YoY Change -60.16%
% of Gross Profit 24.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $370.1K
YoY Change -50.11%
% of Gross Profit 55.57%
Operating Expenses -$562.9K
YoY Change -238.81%
Operating Profit $135.4K
YoY Change -121.02%
Interest Expense -$5.170K
YoY Change -1620.59%
% of Operating Profit -3.82%
Other Income/Expense, Net $2.780K
YoY Change
Pretax Income $133.0K
YoY Change -120.66%
Income Tax
% Of Pretax Income
Net Earnings $133.0K
YoY Change -120.54%
Net Earnings / Revenue 19.05%
Basic Earnings Per Share
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 2.332B shares 2.332B shares
Diluted Shares Outstanding 2.332B shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $165.4K
YoY Change 22.68%
Cash & Equivalents $64.43K $165.4K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $624.6K $254.7K
Other Receivables $0.00
Total Short-Term Assets $689.0K $420.1K
YoY Change 488.41% -6.05%
LONG-TERM ASSETS
Property, Plant & Equipment $4.375K $4.929K
YoY Change -47.0% -99.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $76.01K
YoY Change 68.02%
Total Long-Term Assets $1.660M $1.335M
YoY Change -33.73% -53.05%
TOTAL ASSETS
Total Short-Term Assets $689.0K $420.1K
Total Long-Term Assets $1.660M $1.335M
Total Assets $2.349M $1.756M
YoY Change -10.41% -46.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $130.7K
YoY Change 2.76%
Accrued Expenses $245.7K
YoY Change -2.47%
Deferred Revenue
YoY Change
Short-Term Debt $286.7K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $528.4K $688.6K
YoY Change -52.95% -37.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $423.4K
YoY Change -36.72%
Total Long-Term Liabilities $423.4K
YoY Change -36.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $528.4K $688.6K
Total Long-Term Liabilities $423.4K
Total Liabilities $889.3K $1.112M
YoY Change -48.63% -37.51%
SHAREHOLDERS EQUITY
Retained Earnings -$11.85M -$12.71M
YoY Change -4.38% 8.45%
Common Stock $13.31M $13.35M
YoY Change 0.2% 0.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.460M $643.7K
YoY Change
Total Liabilities & Shareholders Equity $2.349M $1.756M
YoY Change -10.41% -46.66%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $133.0K
YoY Change -120.54%
Depreciation, Depletion And Amortization $370.1K
YoY Change -50.11%
Cash From Operating Activities $164.6K
YoY Change -16.73%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -32.88K
YoY Change -85.63%
NET CHANGE
Cash From Operating Activities 164.6K
Cash From Investing Activities
Cash From Financing Activities -32.88K
Net Change In Cash 131.8K
YoY Change -524.48%
FREE CASH FLOW
Cash From Operating Activities $164.6K
Capital Expenditures
Free Cash Flow
YoY Change

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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
517631 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
50622 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
84223 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
134845 usd
us-gaap Salaries Wages And Officers Compensation
SalariesWagesAndOfficersCompensation
45000 usd
ABQQ Net Purchase Deposit With Loans Related Partty Sales Of Software
NetPurchaseDepositWithLoansRelatedParttySalesOfSoftware
300000 usd
ABQQ Transfer From Purchase Depositt To Intangible Assets
TransferFromPurchaseDeposittToIntangibleAssets
461724 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84A_eus-gaap--UseOfEstimates_zjubVImHFz7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"><span style="color: Black"><span style="text-decoration: underline">Use of Estimates</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"><span style="color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"><span style="color: Black">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212529"><span style="color: Black"><b> </b></span></p>
CY2024Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0 usd
CY2023Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0 usd
CY2024Q2 us-gaap Revenues
Revenues
698311 usd
CY2023Q2 us-gaap Revenues
Revenues
573389 usd
us-gaap Revenues
Revenues
1885311 usd
us-gaap Revenues
Revenues
1108640 usd
CY2024Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
0 usd
CY2023Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
0 usd
CY2024Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
50000000 usd
us-gaap Reclassifications
Reclassifications
<p id="xdx_847_eus-gaap--Reclassifications_zndaszu6z5y1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"><span style="color: Black"><span style="text-decoration: underline">Reclassification</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"><span style="color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"><span style="color: Black">Certain prior period amounts have been reclassified to conform to the current period presentation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="color: Black"> </span></p>
CY2024Q2 ABQQ Retained Earnings Accumulated Deficit Estimated
RetainedEarningsAccumulatedDeficitEstimated
12700000 usd
CY2024Q2 us-gaap Capital
Capital
300000 usd
ABQQ Net Income Loss Estimated
NetIncomeLossEstimated
300000 usd
us-gaap Depreciation
Depreciation
3325 usd
us-gaap Depreciation
Depreciation
3332 usd
CY2024Q2 ABQQ Total Cost
TotalCost
9714587 usd
CY2023Q3 ABQQ Total Cost
TotalCost
9018798 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-9005177 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
709410 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1455110 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Rolling Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextRollingTwelveMonths
590239 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo
119171 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree
709410 usd
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
155815 usd
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
217140 usd
CY2024Q2 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Two
OperatingLeasesFutureMinimumPaymentsDueInRollingYearTwo
249362 usd
CY2024Q2 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Three
OperatingLeasesFutureMinimumPaymentsDueInRollingYearThree
254183 usd
CY2024Q2 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Four
OperatingLeasesFutureMinimumPaymentsDueInRollingYearFour
171640 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
675185 usd
CY2024Q2 us-gaap Receivable With Imputed Interest Discount
ReceivableWithImputedInterestDiscount
6170 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
669015 usd
CY2023Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
on June 12, 2023, the Board of Directors approved a reverse split for the Company’s issued and outstanding common stock, at a ratio of 1 share for every 10,000 shares, contingent upon receiving a market effectiveness date from FINRA
CY2023Q3 ABQQ Stockholders Equity Reverse Stock Split Cancellation
StockholdersEquityReverseStockSplitCancellation
On April 22, 2024, the Board of Directors approved a reverse split of the Corporation’s issued and outstanding common stock, which has a par value $0.001 per share. The reverse split ratio has been determined at 1 for 2,000 shares. The effectiveness of this reverse split is contingent upon receiving a market effective date from the Financial Industry Regulatory Authorization (FINRA).
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10000000000 shares
CY2024Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2331965321 shares
CY2024Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2331965321 shares
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1285283385 shares
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1285283385 shares
us-gaap Dividends Share Based Compensation
DividendsShareBasedCompensation
14545 usd
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2024Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
2144053 usd
CY2023Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
2077213 usd
CY2024Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
2144053 usd
CY2023Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
2077213 usd
CY2024Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
2144053 usd
CY2023Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
2077213 usd
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.21 pure
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.21 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2024Q2 ABQQ Hong Kong Deposit Protection
HongKongDepositProtection
64000 usd
CY2024Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
18 usd
CY2023Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
92972 usd
CY2024Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2024Q2 us-gaap Fair Value Concentration Of Risk Cash And Cash Equivalents
FairValueConcentrationOfRiskCashAndCashEquivalents
165410 usd
CY2023Q3 us-gaap Fair Value Concentration Of Risk Cash And Cash Equivalents
FairValueConcentrationOfRiskCashAndCashEquivalents
24124 usd
us-gaap Revenues
Revenues
1885311 usd
us-gaap Revenues
Revenues
1108640 usd
us-gaap Cost Of Revenue
CostOfRevenue
136397 usd
us-gaap Cost Of Revenue
CostOfRevenue
139567 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1444814 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2533767 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
25260 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
-495 usd
us-gaap Proceeds From Divestiture Of Businesses And Interests In Affiliates
ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates
1755606 usd
us-gaap Proceeds From Divestiture Of Businesses And Interests In Affiliates
ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates
3291373 usd
ABQQ Segment Income Loss
SegmentIncomeLoss
-318285 usd
ABQQ Segment Income Loss
SegmentIncomeLoss
-2911527 usd
CY2024Q2 us-gaap Revenues
Revenues
698311 usd
CY2023Q2 us-gaap Revenues
Revenues
573389 usd
CY2024Q2 us-gaap Cost Of Revenue
CostOfRevenue
32316 usd
CY2023Q2 us-gaap Cost Of Revenue
CostOfRevenue
60859 usd
CY2024Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
370114 usd
CY2023Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
752300 usd
CY2024Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
5170 usd
CY2023Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
-337 usd
CY2024Q2 us-gaap Proceeds From Divestiture Of Businesses And Interests In Affiliates
ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates
1755606 usd
CY2023Q2 us-gaap Proceeds From Divestiture Of Businesses And Interests In Affiliates
ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates
3291373 usd
CY2024Q2 ABQQ Segment Income Loss
SegmentIncomeLoss
133034 usd
CY2023Q2 ABQQ Segment Income Loss
SegmentIncomeLoss
-643827 usd

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