$HCIL
Hongchang International Co., Ltd

2023 Q1 Form 10-Q Financial Statement

#000121390023010578 Filed on February 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q3 2021 Q4
Revenue $10.12K $18.08K
YoY Change -33.15% -89.38%
Cost Of Revenue $1.161K $6.250K
YoY Change -79.01% -93.48%
Gross Profit $8.960K $11.83K
YoY Change -6.76% -84.13%
Gross Profit Margin 88.53% 65.43%
Selling, General & Admin $157.5K $1.520K $33.89K
YoY Change 166.31% -99.22% -64.81%
% of Gross Profit 1757.48% 286.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.70K
YoY Change
% of Gross Profit 253.38%
Operating Expenses $157.5K $1.516K $33.88K
YoY Change 166.26% -82.77% -64.82%
Operating Profit -$148.5K -$1.516K -$22.05K
YoY Change 199.83% -117.51% 1.29%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $131.00 -$30.00
YoY Change 555.0% -103.33%
Pretax Income -$148.4K -$1.516K -$22.08K
YoY Change 199.63% -117.5% -95.54%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$148.4K -$1.516K -$22.08K
YoY Change 199.63% -117.5% -92.68%
Net Earnings / Revenue -1466.03% -122.12%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 -$21.39
COMMON SHARES
Basic Shares Outstanding 1.032B shares 1.032B shares
Diluted Shares Outstanding 1.032B shares 1.032B shares

Balance Sheet

Concept 2023 Q1 2022 Q3 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.21K $2.050K
YoY Change 624.81% -52.87%
Cash & Equivalents $29.21K $2.054K $4.323K
Short-Term Investments
Other Short-Term Assets $3.140K $3.040K
YoY Change -7.92% -9.25%
Inventory
Prepaid Expenses
Receivables
Other Receivables $24.20K $23.67K $29.61K
Total Short-Term Assets $56.55K $28.76K $37.38K
YoY Change 66.48% -60.48% -37.68%
LONG-TERM ASSETS
Property, Plant & Equipment $192.6K $0.00
YoY Change 447.07% -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.53K
YoY Change
Total Long-Term Assets $206.1K $56.17K
YoY Change 485.36% -58.18%
TOTAL ASSETS
Total Short-Term Assets $56.55K $28.76K $37.38K
Total Long-Term Assets $206.1K $56.17K
Total Assets $262.7K $28.76K $93.55K
YoY Change 279.67% -80.68% -51.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.21K $15.73K $17.36K
YoY Change -6.87% -8.14% -2.88%
Accrued Expenses $183.4K $327.4K $283.9K
YoY Change -13.03% -0.04% 42.44%
Deferred Revenue $438.0K $422.0K $471.8K
YoY Change -9.19% 2.66%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.276M $1.842M $1.903M
YoY Change 17.82% -3.93% 8.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $112.2K
YoY Change
Total Long-Term Liabilities $112.2K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.276M $1.842M $1.903M
Total Long-Term Liabilities $112.2K $0.00
Total Liabilities $2.389M $1.842M $1.903M
YoY Change 37.42% -3.93% 19.72%
SHAREHOLDERS EQUITY
Retained Earnings -$20.04M -$19.62M
YoY Change 0.84%
Common Stock $1.032M $1.032M $1.032M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.857M -$1.590M -$1.615M
YoY Change
Total Liabilities & Shareholders Equity $262.7K $28.76K $93.55K
YoY Change 279.67% -80.68% -51.85%

Cashflow Statement

Concept 2023 Q1 2022 Q3 2021 Q4
OPERATING ACTIVITIES
Net Income -$148.4K -$1.516K -$22.08K
YoY Change 199.63% -117.5% -92.68%
Depreciation, Depletion And Amortization $22.70K
YoY Change
Cash From Operating Activities -$292.5K -$74.64K -$24.21K
YoY Change -600.33% 155.01% -131.74%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00
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 $310.3K -28.92K 43.33K
YoY Change -590.58% -226.62% 275.48%
NET CHANGE
Cash From Operating Activities -$292.5K -74.64K -24.21K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities $310.3K -28.92K 43.33K
Net Change In Cash $17.78K -103.6K 19.12K
YoY Change -471.23% 1510.58% -78.23%
FREE CASH FLOW
Cash From Operating Activities -$292.5K -$74.64K -$24.21K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Management believes that the estimates used in preparing the financial statements are reasonable and prudent; however, actual results could differ from these estimates. Significant estimates include the allowance for doubtful accounts, impairment assessments of goodwill, valuation of deferred tax assets, rebilling collections and certain accrued liabilities such as contingent liabilities. As of September 30, 2022, the Company considered the economic implications of the COVID-19 pandemic on its significant judgments and estimates. Given the impact and other unforeseen effects on the global economy from the COVID-19 pandemic, these estimates required increased judgment, and actual results could differ from these estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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CY2021Q4 hybt Number Of Shares Issued And Outstanding
NumberOfSharesIssuedAndOutstanding
1032466000 shares
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-144376 usd
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-100554 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1032466000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1032466000 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0
CY2022Q3 hybt Retained Earning Accumulated Deficit
RetainedEarningAccumulatedDeficit
19765497 usd
CY2022Q3 hybt Working Capital Deficit
WorkingCapitalDeficit
1812845 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2054 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4323 usd
CY2022Q3 us-gaap Deposits
Deposits
13954 usd
CY2021Q4 us-gaap Deposits
Deposits
15603 usd
CY2022Q3 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
9713 usd
CY2021Q4 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
14005 usd
CY2022Q3 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
23667 usd
CY2021Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
29608 usd
hybt Schedule Of Advances To Suppliers Table Text Black
ScheduleOfAdvancesToSuppliersTableTextBlack
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of <br/> September 30, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of<br/> December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt">Purchases of scientific research equipment</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">3,038</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">3,446</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">3,038</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">3,446</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table>
CY2022Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
3038 usd
CY2021Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
3446 usd
CY2022Q3 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
3038 usd
CY2021Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
3446 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
56172 usd
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0475 pure
CY2022Q3 hybt Advances From Customers
AdvancesFromCustomers
421953 usd
CY2021Q4 hybt Advances From Customers
AdvancesFromCustomers
471788 usd
CY2022Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
421953 usd
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
471788 usd
CY2019Q4 hybt Cash And Securitie Segregated Under Commodity Exchange Act Description
CashAndSecuritieSegregatedUnderCommodityExchangeActDescription
Pursuant to the Clinical Cooperation Agreement, Saikun agreed to pay JSEL 5.5 million RMB as the total preordering payment. 1.5 million RMB and 1.5 million RMB were delivered to JSEL respectively on September 7 and September 27, 2019. The parties are working on the timing for payment of the remaining 2.5 million RMB due under the Clinical Cooperation Agreement. In exchange, JSEL is obligated to purchase all the components of the Chamber from Kangzi, fully assemble it, and conduct a clinical trial with Saikun, third-party hospital partners, and patients using the Chamber. Specifically, after receiving the full amount of payment from Saikun, JSEL shall transport the Chamber to its preferred location, properly install it, and conduct a clinical trial that lasts at least one month.
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
CY2022Q3 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
174946 usd
CY2021Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
166337 usd
CY2022Q3 us-gaap Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
152476 usd
CY2021Q4 us-gaap Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
117537 usd
CY2022Q3 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
327422 usd
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
283874 usd
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
58073 usd
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
58073 usd
CY2022Q3 us-gaap Related Party Transaction Due From To Related Party
RelatedPartyTransactionDueFromToRelatedParty
1076365 usd
CY2021Q4 us-gaap Related Party Transaction Due From To Related Party
RelatedPartyTransactionDueFromToRelatedParty
1072293 usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2022Q3 us-gaap Allowance For Doubtful Other Receivables Current
AllowanceForDoubtfulOtherReceivablesCurrent
usd
CY2021Q4 us-gaap Allowance For Doubtful Other Receivables Current
AllowanceForDoubtfulOtherReceivablesCurrent
usd
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
usd
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
usd
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
usd
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
usd
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
usd
CY2022Q3 us-gaap Revenues
Revenues
usd
CY2022Q3 us-gaap Cost Of Revenue
CostOfRevenue
usd
CY2022Q3 us-gaap Gross Profit
GrossProfit
usd
CY2022Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
usd
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2021Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
usd
CY2022Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
usd
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1032466000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1032466000 shares
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
usd
us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
usd
hybt Advances From Customer
AdvancesFromCustomer
usd
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1032466000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1032466000 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
usd
dei Entity Central Index Key
EntityCentralIndexKey
0001086303

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