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acquire, add, Bad, Chairman, compensation, competent, couple, description, disposal, distribute, exceed, grant, Jun, local, longer, Lu, main, mobile, necessarily, opinion, past, realizability, recurring, registering, representative, requirement, requisite, restricted, salary, sporadic, spouse, thereto, transportation, Xing, Yan
Financial report summary
?Management Discussion
- Net Revenues. As of March 31, 2024, our net revenue for the three months ended was $1.53 million, representing a decrease of approximately $7.00 million or 82% from the same period last year's $8.53 million. During the corresponding period in the previous fiscal year, over 60% of our total revenue was derived from selling various food products to restaurants. However, this segment has been significantly impacted by COVID-19 and the company management is strategically realigning new supply markets to effectively mitigate this adverse impact, resulting in sales declining from $5.28 million in 2023 to zero dollars in 2024.
- Cost of Revenues. During the three months ended March 31, 2024, we experienced a decrease in cost of revenue of $7.12 million or 86%, in comparison to the three months ended March 31, 2023, from approximately $8.29 million to $1.17 million. This change was mainly due to a decrease in sales of revenue, as discussed above.
- Gross Profit. Our gross profit for the three months ended March 31, 2024 increased by $0.12 million, representing a 48% increase to $0.36 million compared to $0.25 million for the same period in 2023. This significant growth is primarily attributed to the sharp increase in advertising revenue from Fast branch, which operates at approximately 100% gross profit rate.