SEATech Ventures Corp., a company specializing in business mentoring, nurturing, and incubation services, has released its Form 10-Q report for the second quarter of 2024. The report highlights significant financial and operational metrics, reflecting the company's performance and strategic direction.
Financial Highlights
Revenue: $0 for the three months and six months ended June 30, 2024, compared to $100,340 and $248,340 respectively for the same periods in 2023. The decrease in revenue was due to no revenue deal during the three months and six months ended June 30, 2024.
Gross Profit: $0 for the three months and six months ended June 30, 2024, compared to $28,640 and $60,640 respectively for the same periods in 2023. The decrease in gross profit is associated with the decrease in revenue.
Net Loss: $32,285 for the three months and $75,850 for the six months ended June 30, 2024, compared to $16,887 and $24,292 respectively for the same periods in 2023. The losses are mainly derived from general and administrative expenses.
Net Loss Per Share – Basic and Diluted: $(0.00) for both the three months and six months ended June 30, 2024 and 2023. The diluted weighted-average common shares outstanding is equal to basic weighted-average common shares due to the Company’s net loss position.
Business Highlights
Revenue Segments: The company did not generate any revenue for the three and six months ended June 30, 2024, compared to $100,340 and $248,340 for the same periods in 2023. This revenue was previously derived from business mentoring, nurturing, and incubation services.
Geographical Performance: The company operates through its subsidiaries in Malaysia and Hong Kong, with the United States serving as a holding location. For the period ended June 30, 2024, the company reported a net loss across all regions, with the highest loss in the United States at $33,262.
Future Outlook: The company anticipates increased levels of operating activities going forward, which are expected to result in more significant cash flows. However, the company currently relies heavily on financing activities to meet its working capital requirements.
SEC Filing: