2024 Q4 Form 10-K Financial Statement

#000166357724000297 Filed on November 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2024
Revenue $626.4K $3.300M
YoY Change -21.88% 124.03%
Cost Of Revenue $189.5K
YoY Change -22.22%
Gross Profit $3.111M
YoY Change 153.01%
Gross Profit Margin 94.26%
Selling, General & Admin $199.5K $829.0K
YoY Change -23.76% -45.02%
% of Gross Profit 26.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $477.00 $3.879K
YoY Change -56.95% -12.65%
% of Gross Profit 0.12%
Operating Expenses -$679.1K -$2.814M
YoY Change -18.17% -44.07%
Operating Profit -$52.74K $486.9K
YoY Change 87.3% -113.69%
Interest Expense $32.28K
YoY Change 212.87%
% of Operating Profit 6.63%
Other Income/Expense, Net $5.003K
YoY Change -94.11%
Pretax Income -$50.04K $542.3K
YoY Change -214.76% -115.21%
Income Tax
% Of Pretax Income
Net Earnings -$50.04K $542.3K
YoY Change -214.76% -115.21%
Net Earnings / Revenue -7.99% 16.43%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 2.281B shares 2.332B shares 2.288B shares
Diluted Shares Outstanding 2.281B shares 2.288B shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $266.7K $64.43K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $226.2K $624.6K
Other Receivables
Total Short-Term Assets $492.9K $689.0K
YoY Change 54.97% 488.41%
LONG-TERM ASSETS
Property, Plant & Equipment $3.898K $4.375K
YoY Change -45.45% -47.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.729M $1.660M
YoY Change -26.04% -33.73%
TOTAL ASSETS
Total Short-Term Assets $492.9K $689.0K
Total Long-Term Assets $1.729M $1.660M
Total Assets $2.222M $2.349M
YoY Change -16.34% -10.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $511.8K $528.4K
YoY Change -54.12% -52.95%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $511.8K $528.4K
Total Long-Term Liabilities
Total Liabilities $810.2K $889.3K
YoY Change -51.28% -48.63%
SHAREHOLDERS EQUITY
Retained Earnings -$11.90M -$11.85M
YoY Change -3.63% -4.38%
Common Stock $13.31M $13.31M
YoY Change -0.22% 0.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.412M $1.460M
YoY Change
Total Liabilities & Shareholders Equity $2.222M $2.349M
YoY Change -16.34% -10.41%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2024
OPERATING ACTIVITIES
Net Income -$50.04K $542.3K
YoY Change -214.76% -115.21%
Depreciation, Depletion And Amortization $477.00 $3.879K
YoY Change -56.95% -12.65%
Cash From Operating Activities $241.1K $162.3K
YoY Change -769.93% -129.33%
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 $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$38.81K -$215.0K
YoY Change -121.57% -136.66%
NET CHANGE
Cash From Operating Activities $241.1K $162.3K
Cash From Investing Activities
Cash From Financing Activities -$38.81K -$215.0K
Net Change In Cash $202.3K -$52.67K
YoY Change 40.49% -260.21%
FREE CASH FLOW
Cash From Operating Activities $241.1K $162.3K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2024 dei Entity Incorporation Date Of Incorporation
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2013-07-29
CY2024 us-gaap Use Of Estimates
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<p id="xdx_84A_eus-gaap--UseOfEstimates_zxku5mmEqZFl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"><span style="text-decoration: underline">Use of Estimates</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #212529"><b>AB INTERNATIONAL GROUP CORP.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #212529"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"><b>NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"> </p>
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CY2024Q3 us-gaap Warrants And Rights Outstanding
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CY2024 us-gaap Reclassifications
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<p id="xdx_847_eus-gaap--Reclassifications_zkY4iB0NNpQg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"><span style="text-decoration: underline">Reclassification</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529">Certain prior period amounts have been reclassified to conform to the current period presentation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"> </p>
CY2024Q3 ABQQ Retained Earnings Accumulated Deficit Estimated
RetainedEarningsAccumulatedDeficitEstimated
-11800000 usd
CY2024Q3 us-gaap Capital
Capital
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Depreciation
3879 usd
CY2023 us-gaap Depreciation
Depreciation
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CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Rolling Twelve Months
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CY2024Q3 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Two
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
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CY2024Q3 us-gaap Receivable With Imputed Interest Discount
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5093 usd
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608149 usd
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0 usd
CY2023Q3 us-gaap Other Loans Payable
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0 usd
CY2024Q2 us-gaap Stockholders Equity Reverse Stock Split
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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 approval from the Financial Industry Regulatory Authorization (FINRA
CY2024Q3 ABQQ Stockholders Equity Reverse Stock Split Cancellation
StockholdersEquityReverseStockSplitCancellation
On August 19, 2024, the Board of Directors decided to cancel the company's upcoming 1-for 2,000 reverse split. The Board of Directors decided it would not be in the best interest of the stockholders or the Company to execute a reverse split at this time. The Company plans to inform FINRA that it will not be moving forward with the reverse split and will withdraw its application
CY2024Q3 us-gaap Payments For Repurchase Of Common Stock
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50699 usd
CY2024 us-gaap Accelerated Share Repurchases Final Price Paid Per Share
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0.001
CY2022Q4 us-gaap Common Stock Shares Authorized
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CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10000000000 shares
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 September 8, 2023, however, the Board of Directors decided to cancel the company's upcoming 10,000 to 1 reverse split. The Board of Directors decided it would not be in the best interest of the shareholders or the Company to execute a reverse split at this time. The Company informed FINRA that it will not be moving forward with the reverse split withdrew its application
CY2024Q3 us-gaap Common Stock Shares Issued
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CY2024Q3 us-gaap Common Stock Shares Outstanding
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CY2023Q3 us-gaap Common Stock Shares Issued
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CY2023Q3 us-gaap Common Stock Shares Outstanding
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CY2024 us-gaap Dividends Share Based Compensation
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CY2023 us-gaap Dividends Share Based Compensation
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CY2024 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21 pure
CY2024Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2024Q3 us-gaap Deferred Tax Assets Valuation Allowance
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CY2023Q3 us-gaap Deferred Tax Assets Valuation Allowance
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CY2024Q3 us-gaap Deferred Tax Assets Valuation Allowance
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CY2024 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2024 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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0.21 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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0.21 pure
CY2024 us-gaap Effective Income Tax Rate Continuing Operations
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0 pure
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2024Q3 ABQQ Hong Kong Deposit Protection
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64000 usd
CY2024Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
92972 usd
CY2024Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2024Q3 us-gaap Fair Value Concentration Of Risk Cash And Cash Equivalents
FairValueConcentrationOfRiskCashAndCashEquivalents
64430 usd
CY2023Q3 us-gaap Fair Value Concentration Of Risk Cash And Cash Equivalents
FairValueConcentrationOfRiskCashAndCashEquivalents
24124 usd
CY2024 us-gaap Revenues
Revenues
3300467 usd
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Revenues
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CY2024 us-gaap Costs And Expenses
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CY2024 us-gaap Cost Of Revenue
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CY2023 us-gaap Cost Of Revenue
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243635 usd
CY2024 us-gaap Depreciation And Amortization
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CY2023 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CY2024 us-gaap Interest Expense Debt
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31588 usd
CY2023 us-gaap Interest Expense Debt
InterestExpenseDebt
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CY2024 us-gaap Proceeds From Divestiture Of Businesses And Interests In Affiliates
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2349170 usd
CY2023 us-gaap Proceeds From Divestiture Of Businesses And Interests In Affiliates
ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates
2622080 usd
CY2024 ABQQ Segment Income Loss
SegmentIncomeLoss
542331 usd
CY2023 ABQQ Segment Income Loss
SegmentIncomeLoss
-3566710 usd

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