2024 Q2 Form 10-Q Financial Statement

#000121390024042531 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $24.27K $11.89K $56.17K
YoY Change -48.62% -78.84% 88.03%
Cost Of Revenue $13.31K $7.768K $24.60K
YoY Change -36.2% -68.43% -0.87%
Gross Profit $10.96K $4.117K $31.56K
YoY Change -58.44% -86.96% 524.99%
Gross Profit Margin 45.14% 34.64% 56.19%
Selling, General & Admin $38.87K $60.73K $88.54K
YoY Change -31.41% -22.57%
% of Gross Profit 354.82% 1475.1% 280.53%
Research & Development $0.00
YoY Change -100.0%
% of Gross Profit 0.0%
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $38.87K $60.73K $88.54K
YoY Change -45.92% -31.41% -27.08%
Operating Profit -$27.91K -$56.61K -$56.97K
YoY Change -38.67% -0.64% -51.04%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$80.00 $10.00 $79.00
YoY Change -48.72% -87.34% 163.33%
Pretax Income -$27.99K -$56.60K -$57.05K
YoY Change -38.28% -0.79% -50.96%
Income Tax
% Of Pretax Income
Net Earnings -$27.99K -$56.60K -$57.05K
YoY Change -38.28% -0.79% -50.96%
Net Earnings / Revenue -115.35% -476.24% -101.58%
Basic Earnings Per Share $0.00 -$0.01 -$0.01
Diluted Earnings Per Share $0.00 -$0.01 -$0.01
COMMON SHARES
Basic Shares Outstanding 11.50M shares 11.50M shares 11.50M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.980K $15.41K $25.54K
YoY Change -39.66% -82.56%
Cash & Equivalents $9.981K $15.41K $25.54K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $16.70K $16.39K $14.44K
Other Receivables $409.00 $283.00 $26.50K
Total Short-Term Assets $27.09K $32.08K $75.47K
YoY Change -59.09% -57.49% -57.09%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $27.09K $32.08K $75.47K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $27.09K $32.08K $75.47K
YoY Change -59.09% -57.49% -57.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.506K $34.79K
YoY Change -95.26% 77.79%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $622.2K $600.7K $489.0K
YoY Change 22.23% 22.84% 23.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $622.2K $600.7K $489.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $622.2K $600.7K $489.0K
YoY Change 22.23% 22.84% 23.59%
SHAREHOLDERS EQUITY
Retained Earnings -$809.0K -$781.0K -$606.5K
YoY Change 24.12% 28.78%
Common Stock $187.5K $187.5K $11.50K
YoY Change 1530.43% 1530.43% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$595.1K -$568.6K -$413.5K
YoY Change
Total Liabilities & Shareholders Equity $27.09K $32.08K $75.47K
YoY Change -59.09% -57.49% -57.09%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$27.99K -$56.60K -$57.05K
YoY Change -38.28% -0.79% -50.96%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$28.74K -$57.75K -$32.45K
YoY Change 77.97% -72.07%
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 $9.085K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 21.85K $50.42K $9.085K
YoY Change 454.95% -411.13%
NET CHANGE
Cash From Operating Activities -28.74K -$57.75K -$32.45K
Cash From Investing Activities
Cash From Financing Activities 21.85K $50.42K $9.085K
Net Change In Cash -6.890K -$1.165K -$23.36K
YoY Change -95.01%
FREE CASH FLOW
Cash From Operating Activities -$28.74K -$57.75K -$32.45K
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><i><span style="text-decoration:underline">Use of Estimates - </span></i></b>The preparation of the accompanying unaudited condensed financial statements in conformity with accounting principles generally accepted in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.35pt"><span style="font-family: Times New Roman, Times, Serif"><b><i><span style="text-decoration:underline">Revenue Recognition</span></i></b> – The Company recognizes revenue in accordance with ASC 606. The core principle of ASC606 is to recognize revenue when promised goods or services are transferred to customers in an </span>amount that reflects the consideration that is expected to be received for those goods or services. ASC 606 defines a five-step process to achieve this core principle, which includes: (1) identifying contracts with customers, (2) identifying performance obligations within those contracts, (3) determining the transaction price, (4) allocating the transaction price to the performance obligation in the contract, which may include an estimate of variable consideration, and (5) recognizing revenue when or as each performance obligation is satisfied. Our sales arrangements generally ask customers to pay in advance before any services can be arranged. The company recognizes revenue when each performance obligation is satisfied. Documents and terms and the completion of any customer acceptance requirements, when applicable, are used to verify services rendered. The Company has no returns or sales discounts and allowances because services rendered and accepted by customers are normally not returnable. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Car service </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company currently provides car services to individual and group travelers. It currently offers carpooling, airport pick-up and drop-off, and personal driver services for travelers between Guangdong Province and Hong Kong. It collaborates with car fleet companies and charges a service fee by matching the traveler and the driver. Redefining the user experience, the Company aims to provide its users with comprehensive and convenient service offerings and to become a one-stop travel booking resource for travelers. When the traveler selects and initiates a car service request, an estimated service fee is displayed and the traveler can further decide whether to place the service request or not. Once the traveler places the ride service request and the Company accepts the service request, a car service agreement is entered into between the traveler and the Company. Upon completion of the car services, the Company recognizes ride hailing services revenues on a gross basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Technological development and operation service</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues from technological development service, including information technology system design and cloud platform development, are recognized monthly by a fixed amount based on the contract.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, the Company enters into arrangements to provide technological support and maintenance service applications to its customers. The Company’s efforts are expended evenly throughout the service period. The revenues for the technological support and maintenance services are recognized over the support and maintenance services period, usually from 3 months to one year. The Company’s contracts have a single performance obligation and are primarily on a fixed-price basis. There were no significant returns, refund and other similar obligations during each reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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Files In Submission

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ea020566901ex31-1_pony.htm Edgar Link pending
ea020566901ex32-1_pony.htm Edgar Link pending
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