$SUIC
SUIC Worldwide Holdings Ltd.

2024 Q2 Form 10-Q Financial Statement

#000155479524000217 Filed on August 22, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q2
Revenue $30.00K $30.00K
YoY Change 0.0% -33.33%
Cost Of Revenue $6.000K $12.69K
YoY Change -52.73% -71.57%
Gross Profit $24.00K $17.31K
YoY Change 38.67% 4887.61%
Gross Profit Margin 80.0% 57.69%
Selling, General & Admin $7.990K $12.69K
YoY Change -37.04% -71.58%
% of Gross Profit 33.29% 73.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.00 $20.00
YoY Change 0.0% 0.0%
% of Gross Profit 0.08% 0.12%
Operating Expenses -$7.991K $12.69K
YoY Change -162.97% -71.58%
Operating Profit $16.01K $17.31K
YoY Change -7.5% 4887.61%
Interest Expense -$3.980K -$4.900K
YoY Change -18.78% -7.55%
% of Operating Profit -24.86% -28.31%
Other Income/Expense, Net $5.094K $13.90K
YoY Change -63.35% 162.34%
Pretax Income $12.04K $4.866K
YoY Change 147.37% -40.45%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $12.04K $4.866K
YoY Change 147.37% -40.45%
Net Earnings / Revenue 40.12% 16.22%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 11.35M shares 33.50M shares
Diluted Shares Outstanding 290.4M shares 320.5M shares

Balance Sheet

Concept 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.47K $42.89K
YoY Change 13.01% 9.58%
Cash & Equivalents $18.47K $12.89K
Short-Term Investments $30.00K $30.00K
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $197.1K $336.5K
Other Receivables $0.00 $0.00
Total Short-Term Assets $245.5K $379.4K
YoY Change -35.29% -4.35%
LONG-TERM ASSETS
Property, Plant & Equipment $80.00 $130.00
YoY Change -38.46% -27.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $30.00K $30.00K
YoY Change 0.0% 0.0%
Other Assets $0.00 $0.00
YoY Change
Total Long-Term Assets $162.1K $157.6K
YoY Change 2.82% -23.21%
TOTAL ASSETS
Total Short-Term Assets $245.5K $379.4K
Total Long-Term Assets $162.1K $157.6K
Total Assets $407.6K $537.1K
YoY Change -24.1% -10.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.230K $4.380K
YoY Change -71.92% -20.36%
Accrued Expenses $14.15K $84.28K
YoY Change -83.21% -55.52%
Deferred Revenue
YoY Change
Short-Term Debt $122.3K $172.7K
YoY Change -29.18% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $149.6K $548.4K
YoY Change -72.73% -16.24%
LONG-TERM LIABILITIES
Long-Term Debt $279.0K $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00
YoY Change
Total Long-Term Liabilities $279.0K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $149.6K $548.4K
Total Long-Term Liabilities $279.0K $0.00
Total Liabilities $428.6K $548.4K
YoY Change -21.85% -16.24%
SHAREHOLDERS EQUITY
Retained Earnings -$1.710M -$1.693M
YoY Change 1.04% -2.39%
Common Stock $41.50K $33.50K
YoY Change 23.88% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$20.96K -$11.34K
YoY Change
Total Liabilities & Shareholders Equity $407.6K $537.1K
YoY Change -24.1% -10.78%

Cashflow Statement

Concept 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income $12.04K $4.866K
YoY Change 147.37% -40.45%
Depreciation, Depletion And Amortization $20.00 $20.00
YoY Change 0.0% 0.0%
Cash From Operating Activities $12.39K -$1.900K
YoY Change -752.11% -93.98%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.630K 0.000
YoY Change
NET CHANGE
Cash From Operating Activities 12.39K -1.900K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities -5.630K 0.000
Net Change In Cash 6.760K -1.900K
YoY Change -455.79% -93.57%
FREE CASH FLOW
Cash From Operating Activities $12.39K -$1.900K
Capital Expenditures $0.00 $0.00
Free Cash Flow $12.39K -$1.900K
YoY Change -752.11% -93.98%

Facts In Submission

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SUIC WORLDWIDE HOLDINGS LTD.
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CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11350360 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33503604 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11350360 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33503604 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
290350360 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
320503604 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
290350360 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
320503604 shares
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
-42761 usd
CY2024Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
9761 usd
CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
-33000 usd
CY2024Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
12037 usd
CY2024Q2 us-gaap Stockholders Equity
StockholdersEquity
-20963 usd
CY2022Q4 us-gaap Shares Outstanding
SharesOutstanding
33503604 shares
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
-58585 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
42376 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
-16210 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
4866 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
-11343 usd
us-gaap Net Income Loss
NetIncomeLoss
21798 usd
us-gaap Net Income Loss
NetIncomeLoss
47243 usd
us-gaap Depreciation
Depreciation
25 usd
us-gaap Depreciation
Depreciation
25 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-10256 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
26000 usd
SUIC Other Receivables Income From Hft
OtherReceivablesIncomeFromHft
9000 usd
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
-2232 usd
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
-2232 usd
SUIC Credit Card Payable
CreditCardPayable
-6383 usd
SUIC Credit Card Payable
CreditCardPayable
-2619 usd
us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
-28769 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
9322 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-85837 usd
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-3729 usd
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-3181 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3729 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3181 usd
us-gaap Proceeds From Collection Of Longterm Loans To Related Parties
ProceedsFromCollectionOfLongtermLoansToRelatedParties
14595 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
14595 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
10866 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-3181 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7600 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16072 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18466 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12891 usd
us-gaap Interest Paid Net
InterestPaidNet
801 usd
us-gaap Interest Paid Net
InterestPaidNet
10163 usd
CY2024Q2 us-gaap Capital
Capital
95950 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_843_eus-gaap--UseOfEstimates_zqsbPWrWcbi5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><span id="xdx_864_zV4kZMSIyh93">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The preparation of financial statements in conformity with U.S. GAAP requires management 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 revenues and expenses during the reporting period. These estimates and assumptions take into account historical and forward-looking factors that the Company believes are reasonable. Actual results could differ from those estimates and assumptions. </span></p>
us-gaap Revenue Recognition Sales Of Services
RevenueRecognitionSalesOfServices
<p id="xdx_841_eus-gaap--RevenueRecognitionSalesOfServices_zeAd4Nm4bGa3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><span id="xdx_86D_zGz4ehVn0nIi">Revenue Recognition</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The Company’s revenue recognition policies are in compliance with ASC 606. Revenue is recognized when the promised goods or services are transferred to the customer. The amount of revenue recognized should equal the total consideration an entity expects to receive in return for the goods or services.</span></p> <p style="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our revenues are primarily generated by providing professional services and software products, consulting and other professional services to our clients and are billable to our clients based on the services provided, or achieved outcomes. Revenues are primarily driven by the total value, scope, and terms of the consulting contracts. We also engage independent contractors to supplement our revenue-generating professionals on client engagements as needed.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We adopt a fixed fee billing arrangement and agree to a pre-established fee in exchange for a predetermined set of professional services. We set the fees based on our estimates of the costs and timing for completing the engagements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our quarterly results are impacted principally by the total value, scope, and terms of our client contracts. Our utilization rate can be affected by seasonal variations in the demand for our services from our clients. Our income as of June 30, 2024 is from the US.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our operating expenses include professional fees, technology costs, software and data hosting expenses, and other office related expenses.</span></p>
CY2024Q2 SUIC Accounts And Notes Receivable Net1
AccountsAndNotesReceivableNet1
14431 usd
CY2024Q2 SUIC Accounts And Notes Receivable Net2
AccountsAndNotesReceivableNet2
90000 usd
SUIC Accrued Interest Receivables
AccruedInterestReceivables
13934 usd
CY2024Q2 SUIC Interest Income Accrued
InterestIncomeAccrued
2232 usd
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
279000 usd
CY2024Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
987788 usd
CY2024Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
207435 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
214062 usd
CY2024Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
207435 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
214062 usd
us-gaap Net Income Loss
NetIncomeLoss
21798 usd
us-gaap Net Income Loss
NetIncomeLoss
47243 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 Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
4578 usd
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
9921 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
4578 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
9921 usd
SUIC Loan Interest Expense Related Party
LoanInterestExpenseRelatedParty
9322 usd
CY2024Q2 SUIC Related Party Loans Principal Balance Due
RelatedPartyLoansPrincipalBalanceDue
401329 usd
CY2024Q2 SUIC Related Party Loans Short Term Debt Portion
RelatedPartyLoansShortTermDebtPortion
122329 usd
CY2024Q2 SUIC Related Party Loans Convertible Promissory Note Portion
RelatedPartyLoansConvertiblePromissoryNotePortion
279000 usd
CY2024Q2 SUIC Related Party Loans Interest Balance
RelatedPartyLoansInterestBalance
14154 usd
SUIC Customer Concentration Risk Revenue Amount
CustomerConcentrationRiskRevenueAmount
60000 usd
CY2024Q2 SUIC Customer Concentration Risk Accounts Receivable Balance
CustomerConcentrationRiskAccountsReceivableBalance
197055 usd
CY2024Q2 SUIC Vendor Concentration Risk Accounts Payable Balance
VendorConcentrationRiskAccountsPayableBalance
1231 usd

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