SEATech Ventures Corp., a company specializing in business mentoring, nurturing, and incubation services, as well as corporate development advisory services, has released its Form 10-Q report for the third quarter of 2023. The report provides a detailed overview of the company's financial performance and operational activities for the nine months ended September 30, 2023.
Financial Highlights
- Revenue: $248,340 for the nine months ended September 30, 2023, compared to $335,800 for the same period in 2022. The decrease in revenue is attributed to lower income from business mentoring, nurturing, and incubation services.
- Gross Profit: $60,640 for the nine months ended September 30, 2023, compared to $65,500 for the same period in 2022. The gross margin reflects the cost efficiency in providing corporate development advisory services.
- Net Loss: $70,026 for the nine months ended September 30, 2023, compared to $73,981 for the same period in 2022. The net loss is primarily due to general and administrative expenses.
- Net Loss Per Share – Basic and Diluted: $(0.0008) for the nine months ended September 30, 2023, consistent with $(0.0008) for the same period in 2022.
Business Highlights
- Revenue Segments: The company generated revenue from business mentoring, nurturing, and incubation services, as well as corporate development advisory services.
- Geographical Performance: The company's operations are spread across the United States, Malaysia, and Hong Kong. For the period ended September 30, 2023, the total assets were distributed as $53,540 in the United States, $36,682 in Malaysia, and $206,469 in Hong Kong.
- Future Outlook: The company anticipates increased levels of operating activities going forward, which are expected to result in more significant cash flows. However, there is substantial doubt about the company's ability to continue as a going concern due to net losses and negative operating cash flow.
SEC Filing: