$HCIL
Hongchang International Co., Ltd

2023 Q3 Form 10-Q Financial Statement

#000121390023068020 Filed on August 16, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q4
Revenue $51.40K $49.99K
YoY Change 176.49%
Cost Of Revenue $62.96K $3.011K $17.76K
YoY Change -29.57% 184.16%
Gross Profit -$11.56K -$3.011K $32.23K
YoY Change -129.78% 172.44%
Gross Profit Margin -22.49% 64.47%
Selling, General & Admin $153.5K
YoY Change 353.05%
% of Gross Profit 476.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $137.2K $146.3K $153.5K
YoY Change 8949.67% 38.76% 353.19%
Operating Profit -$148.8K -$149.3K -$121.3K
YoY Change 9712.07% 56.64% 450.16%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.00 $110.00
YoY Change -466.67%
Pretax Income -$140.7K -$138.4K -$121.2K
YoY Change 9178.83% 45.28% 448.91%
Income Tax $3.826K $0.00
% Of Pretax Income
Net Earnings -$144.5K -$138.4K -$121.2K
YoY Change 9431.2% 45.28% 448.91%
Net Earnings / Revenue -281.13% -242.45%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 103.2M shares 1.032B shares
Diluted Shares Outstanding 450.0M shares 415.6M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.43K
YoY Change
Cash & Equivalents $863.1K $6.082K $11.43K
Short-Term Investments
Other Short-Term Assets $849.3K $3.130K
YoY Change 27838.42%
Inventory $25.45K $367.00
Prepaid Expenses
Receivables $14.00
Other Receivables $996.1K $23.02K $17.85K
Total Short-Term Assets $2.792M $32.45K $32.40K
YoY Change 9606.8% -14.44% -13.3%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00
YoY Change
Goodwill
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.789M $22.50K
YoY Change
Total Long-Term Assets $44.49M $191.2K
YoY Change 1333.72%
TOTAL ASSETS
Total Short-Term Assets $2.792M $32.45K $32.40K
Total Long-Term Assets $44.49M $191.2K
Total Assets $47.28M $223.6K $32.40K
YoY Change 164299.76% 336.23% -65.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.52K $15.51K $16.15K
YoY Change 144.93% -6.47% -6.95%
Accrued Expenses $75.54K $126.2K $285.1K
YoY Change -76.93% -67.1% 0.43%
Deferred Revenue $416.6K $434.9K
YoY Change -7.02% -7.82%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.023M $2.375M $2.005M
YoY Change 335.65% 22.46% 5.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $92.64K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $8.023M $2.375M $2.005M
Total Long-Term Liabilities $92.64K
Total Liabilities $8.023M $2.467M $2.005M
YoY Change 335.65% 27.24% 5.34%
SHAREHOLDERS EQUITY
Retained Earnings -$826.2K -$20.23M -$19.89M
YoY Change 2.33% 1.35%
Common Stock $518.8K $103.2K $1.032M
YoY Change -49.75% -90.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $39.26M -$2.012M -$1.757M
YoY Change
Total Liabilities & Shareholders Equity $47.28M $223.6K $32.40K
YoY Change 164299.76% 336.23% -65.36%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q4
OPERATING ACTIVITIES
Net Income -$144.5K -$138.4K -$121.2K
YoY Change 9431.2% 45.28% 448.91%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$187.9K
YoY Change 676.29%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $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 192.4K
YoY Change 344.01%
NET CHANGE
Cash From Operating Activities -187.9K
Cash From Investing Activities 0.000
Cash From Financing Activities 192.4K
Net Change In Cash 4.450K
YoY Change -76.73%
FREE CASH FLOW
Cash From Operating Activities -$187.9K
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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Estimates</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>
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hybt Schedule Of Advances To Suppliers Table Text Black
ScheduleOfAdvancesToSuppliersTableTextBlack
Advances to suppliers consists of the following:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of <br/> June 30,<br/> 2023</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/> December 31,<br/> 2022</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="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">2,989</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">3,131</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="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,989</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,131</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
CY2023Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
2989 usd
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
3131 usd
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-20227576 usd
CY2023Q2 hybt Working Capital Deficit
WorkingCapitalDeficit
2342302 usd
CY2023Q2 hybt Cash And Cash Equivalents
CashAndCashEquivalents
6082 usd
CY2022Q4 hybt Cash And Cash Equivalents
CashAndCashEquivalents
11428 usd
CY2023Q2 us-gaap Deposits
Deposits
1267 usd
CY2022Q4 us-gaap Deposits
Deposits
13954 usd
CY2023Q2 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
21748 usd
CY2022Q4 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
3891 usd
CY2023Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
23015 usd
CY2022Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
17845 usd
CY2023Q2 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
2989 usd
CY2022Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
3131 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
168686 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y9M
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.043 pure
CY2023Q2 hybt Operating Leases Future Minimum Payment Due Current
OperatingLeasesFutureMinimumPaymentDueCurrent
52605 usd
CY2023Q2 hybt Operating Leases Future Minimum Payments Due In Two Year
OperatingLeasesFutureMinimumPaymentsDueInTwoYear
60600 usd
CY2023Q2 hybt Operating Leases Future Minimum Payments Due In Three Year
OperatingLeasesFutureMinimumPaymentsDueInThreeYear
60600 usd
CY2023Q2 hybt Operating Leases Future Minimum Payments Due In Four Year
OperatingLeasesFutureMinimumPaymentsDueInFourYear
5050 usd
CY2023Q2 hybt Operating Leases Future Minimum Payment Due
OperatingLeasesFutureMinimumPaymentDue
178855 usd
CY2023Q2 hybt Less Imputed Interest
LessImputedInterest
30796 usd
CY2023Q2 hybt Present Value Of Lease Liabilities
PresentValueOfLeaseLiabilities
148059 usd
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
CY2023Q2 us-gaap Allowance For Doubtful Other Receivables Current
AllowanceForDoubtfulOtherReceivablesCurrent
usd
CY2022Q4 us-gaap Allowance For Doubtful Other Receivables Current
AllowanceForDoubtfulOtherReceivablesCurrent
usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
usd
dei Amendment Flag
AmendmentFlag
false
CY2023Q2 hybt Advances From Customers
AdvancesFromCustomers
416563 usd
CY2023Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
416563 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
434890 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.
CY2023Q2 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
121106 usd
CY2022Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
155078 usd
CY2023Q2 us-gaap Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
5057 usd
CY2022Q4 us-gaap Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
130003 usd
CY2023Q2 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
126163 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
285081 usd
CY2023Q2 us-gaap Other Receivable After Allowance For Credit Loss Noncurrent
OtherReceivableAfterAllowanceForCreditLossNoncurrent
1761003 usd
CY2022Q4 us-gaap Other Receivable After Allowance For Credit Loss Noncurrent
OtherReceivableAfterAllowanceForCreditLossNoncurrent
1268749 usd
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001086303
CY2022Q4 us-gaap Inventory Net
InventoryNet
usd
CY2022Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
usd
CY2022Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
usd
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
2000000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
2000000000 shares
us-gaap Selling Expense
SellingExpense
usd
us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
usd
us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
103246600 shares
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
usd
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
usd
us-gaap Increase Decrease In Prepaid Supplies
IncreaseDecreaseInPrepaidSupplies
usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
usd
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
us-gaap Interest Paid Net
InterestPaidNet
usd
us-gaap Interest Paid Net
InterestPaidNet
usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
103246600 shares

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