Bio Essence Corp. Files 10-Q/A Amendment
Ticker: BIOE · Form: 10-Q/A · Filed: Nov 27, 2024 · CIK: 1723059
Sentiment: neutral
Topics: 10-Q/A, amendment, financial-reporting
TL;DR
Bio Essence Corp. just dropped an amended 10-Q for Q1 2024. Check for updates.
AI Summary
Bio Essence Corp. filed Amendment No. 3 to its Form 10-Q/A for the quarterly period ended March 31, 2024. The company, incorporated in California, is located at 2955 Main Street, Suite 300, Irvine, CA 92614, and can be reached at 888-816-1494. This filing is an amendment to their previous quarterly report.
Why It Matters
This filing indicates an update or correction to Bio Essence Corp.'s financial reporting for the first quarter of 2024, providing potentially new or revised information to investors.
Risk Assessment
Risk Level: low — This filing is an amendment to a standard quarterly report and does not appear to contain significant new negative information.
Key Numbers
- 000-56263 — SEC File Number (Identifies the company's filing with the SEC.)
- 94-3349551 — IRS Number (Company's Employer Identification Number.)
Key Players & Entities
- Bio Essence Corp. (company) — Registrant
- March 31, 2024 (date) — Quarterly period ended
- 2955 Main Street, Suite 300, Irvine, CA 92614 (address) — Business and mail address
- 888-816-1494 (phone_number) — Business phone number
- California (location) — State of incorporation
FAQ
What is the purpose of this 10-Q/A filing?
This filing is Amendment No. 3 to Form 10-Q, indicating an amendment to the quarterly report for the period ended March 31, 2024.
What period does this amended report cover?
The amended report covers the quarterly period ended March 31, 2024.
What is Bio Essence Corp.'s state of incorporation?
Bio Essence Corp. is incorporated in California.
What is the principal executive office address for Bio Essence Corp.?
The principal executive office is located at 12 Chrysler, Unit B, Irvine, CA 92618.
What is the SEC file number for Bio Essence Corp.?
The Commission file number for Bio Essence Corp. is 000-56263.
Filing Stats: 4,575 words · 18 min read · ~15 pages · Grade level 15.4 · Accepted 2024-11-27 15:19:32
Filing Documents
- ea022216501-10qa3_bioess.htm (10-Q/A) — 571KB
- ea022216501ex31-1_bioess.htm (EX-31.1) — 17KB
- ea022216501ex32-1_bioess.htm (EX-32.1) — 10KB
- image_001.jpg (GRAPHIC) — 7KB
- 0001213900-24-103408.txt ( ) — 4876KB
- bioe-20240331.xsd (EX-101.SCH) — 53KB
- bioe-20240331_cal.xml (EX-101.CAL) — 58KB
- bioe-20240331_def.xml (EX-101.DEF) — 251KB
- bioe-20240331_lab.xml (EX-101.LAB) — 403KB
- bioe-20240331_pre.xml (EX-101.PRE) — 259KB
- ea022216501-10qa3_bioess_htm.xml (XML) — 475KB
Financial Statements
Financial Statements Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 1 months ended March 31, 2024 and 2023 (Unaudited) 2 of Changes in Stockholders' Equity for three months ended March 31, 2024 and 2023 (Unaudited) 3 months ended March 31, 2024 and 2023 (Unaudited) 4
Notes to Financial Statements (Unaudited)
Notes to Financial Statements (Unaudited) 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.
Quantitative and Qualitative Disclosures
Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.
Controls and Procedures
Controls and Procedures 23 PART II 25 Item 1.
Legal Proceedings
Legal Proceedings 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. Defaults Upon Senior Securities 25 Item 4. Mine Safety Disclosures 25 Item 5. Other Information 25 Item 6. Exhibits 25
Signatures
Signatures 26 i BIO ESSENCE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2024 AS OF DECEMBER 31, 2023 (UNAUDITED) (RESTATED) ASSETS CURRENT ASSETS Cash and equivalents $ 23 $ - Receivable from sales of subsidiaries 700,000 300,000 Other receivables 197,294 - Total current assets 897,317 300,000 NONCURRENT ASSETS Security deposit 52,545 52,545 Right-of-use assets, net 1,304,223 1,427,918 Property and equipment, net 238 3,688 Intangible assets, net 509 567 Total non-current assets 1,357,515 1,484,718 Assets classified as held for sale - 973,862 TOTAL ASSETS $ 2,254,832 $ 2,758,580 LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Bank overdraft $ - $ 9,436 Accounts payable 13,006 12,453 Accrued liabilities and other payables 334,997 137,700 Accrued interest on government loans 2,359 2,377 Operating lease liabilities 587,417 495,217 Government loans payable - current portion 1,319 4,596 Loan from shareholders 1,979,377 1,788,677 Total current liabilities 2,918,475 2,450,456 NONCURRENT LIABILITIES Operating lease liabilities 806,619 938,409 Government loans payable 56,093 53,120 Total non-current liabilities 862,712 991,529 Liabilities classified as held for sale - 976,889 TOTAL LIABILITIES 3,781,187 4,418,874 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' DEFICIT Preferred stock $ 0.0001 par value; authorized shares 10,000,000 , no shares issued and outstanding as of March 31, 2024 and December 31, 2023 - - Common stock $ 0.0001 par value; authorized shares 100,000,000 ; issued and outstanding shares 38,009,000 as of March 31, 2024 and December 31, 2023 3,801 3,801 Additional paid in capital 7,476,379 7,476,379 Accumulated deficit ( 9,006,535 ) ( 9,140,474 ) TOTAL STOCKHOLDERS' DEFICIT ( 1,526,355 ) ( 1,660,294 ) TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 2,254,832 $ 2,758,580 The accomp
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS MARCH 31, 2024 (RESTATED) (UNAUDITED) AND DECEMBER 31, 2023 1. ORGANIZATION AND DESCRIPTION OF BUSINESS Bio Essence Corporation ("the Company" or "Bio Essence") was incorporated in 2000 in the state of California. Fusion Diet Systems ("FDS") was incorporated in 2010 in the state of Utah. Bio Essence and FDS were under common control since 2016. Bio Essence and FDS are mainly engaged in manufacturing and distributing health supplement products. In January 2017, Bio Essence incorporated two subsidiaries in the state of California: Bio Essence Pharmaceutical Inc. ("BEP") and Bio Essence Herbal Essentials, Inc. ("BEH"), Bio Essence transferred its manufacturing operation to BEP, and transferred its distributing operation to BEH. On March 1, 2017, the 100 % shareholder of FDS transferred all of her ownership in FDS to Bio Essence. On December 7, 2021, the Company dissolved FDS. On November 12, 2021, Bio Essence incorporated a wholly owned subsidiary McBE Pharma Inc. ("McBE") in the state of California, McBE will be engaged in developing, manufacturing and sales of prescription medicine. McBE has not engaged in any operations since its inception. On December 12, 2023, the Company entered into an agreement with Newways Inc. to sell the 100 % equity ownership of BEP for $ 300,000 . On March 28, 2024, the Company entered into an agreement with Health Up Inc. to sell the 100 % equity ownership of BEH for $ 400,000 . On April 15, 2024, the Company dissolved McBE. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation The accompanying consolidated financial statements ("CFS") are prepared in conformity with U.S. Generally Accepted Accounting Principles ("US GAAP") and applicable rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. The functional currency of Bio Essence is U.S. dollars ("$''). The accompanying financial statements are presented in U.S. dollar