DataSea Inc. Files Q4 2024 10-Q Report

TL;DR

DATASEA INC. FILED ITS 10-Q FOR THE QUARTER ENDED DEC 31, 2024. CHECK FINANCIALS.

AI Summary

DataSea Inc. filed its 10-Q for the quarterly period ended December 31, 2024. The company, formerly known as Rose Rock Inc., is incorporated in Nevada and headquartered in Beijing, China. This filing covers their financial performance and operations for the specified quarter.

Why It Matters

This report provides investors with crucial financial data and operational insights into DataSea Inc.'s performance for the last quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly filing (10-Q) and does not inherently indicate new or elevated risks.

Key Players & Entities

• DATASEA INC. (company) — Registrant
• Rose Rock Inc. (company) — Former company name
• December 31, 2024 (date) — Quarterly period end date
• 001-38767 (other) — Commission file number
• 45-2019013 (other) — IRS Employer Identification No.

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value DTSS NASDAQ Capital Market

Filing Documents

• ea0230219-10q_datasea.htm (10-Q) — 1618KB
• ea023021901ex31-1_datasea.htm (EX-31.1) — 10KB
• ea023021901ex31-2_datasea.htm (EX-31.2) — 10KB
• ea023021901ex32-1_datasea.htm (EX-32.1) — 4KB
• ea023021901ex32-2_datasea.htm (EX-32.2) — 4KB
• image_001.jpg (GRAPHIC) — 341KB
• 0001213900-25-013537.txt ( ) — 9110KB
• dtss-20241231.xsd (EX-101.SCH) — 66KB
• dtss-20241231_cal.xml (EX-101.CAL) — 62KB
• dtss-20241231_def.xml (EX-101.DEF) — 306KB
• dtss-20241231_lab.xml (EX-101.LAB) — 555KB
• dtss-20241231_pre.xml (EX-101.PRE) — 326KB
• ea0230219-10q_datasea_htm.xml (XML) — 1096KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2024 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-38767 DATASEA INC. (Exact name of registrant as specified in its charter) Nevada 45-2019013 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 20th Floor , Tower B , Guorui Plaza 1 Ronghua South Road , Technological Development Zone Beijing, People's Republic of China 100176 (Address of principal executive offices) (Zip Code) +86 10-56145240 (Registrant's telephone number, including area code) N/A (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common Stock, $0.001 par value DTSS NASDAQ Capital Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large-accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large-accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No As of February 12, 2025, 7,489,402 shares of common stock, $0.001par value per share, were outstanding. DATASEA INC. TABLE OF CONTENTS Page No. Part I - Financial Information 1 Item 1 Financial 1 Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3 Quantitative and Qualitative Disclosures about Market Risk 59 Item 4 Controls and Procedures 59 Part II - Other Information 62 Item 1 Legal Proceedings 62 Item 1A Risk Factors 62 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 62 Item 3 Defaults Upon Senior Securities 63 Item 4 Mine Safety Disclosures 63 Item 5 Other Information 63 Item 6 Exhibits 64 i PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS DATASEA INC. CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2024 JUNE 30, 2024 (UNAUDITED) ASSETS CURRENT ASSETS Cash $ 268,101 $ 181,262 Accounts receivable 210,980 718,546 Inventory, net 319,932 153,583 Value-added tax prepayment 111,300 107,545 Prepaid expenses and other current assets 684,783 1,486,956 Total current assets 1,595,096 2,647,892 NONCURRENT ASSETS Property and equipment, net 41,399 48,466 Intangible assets, net 4,081,544 546,001 Right-of-use assets, net 185,494 49,345 Total noncurrent assets 4,308,437 643,812 TOTAL ASSETS $ 5,903,533 $ 3,291,704 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 314,367 $ 1,075,641 Unearned revenue 135,514 49,239 Accrued expenses and other payables 499,637 596,714 Due to related parties 411,619 654,560 Operating lease liabilities 79,308 53,530 Bank loan payable 1,119,860 1,170,298 Total current liabilities 2,560,305 3,599,982 NONCURRENT LIABILITIES Operating lease liabilities 116,820 - Total noncurrent liabilities 116,820 - TOTAL LIABILITIES 2,677,125 3,599,982 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY (DEFICIT) Common stock, $ 0.001 par value, 25,000,000 shares authorized, 7,164,402 and 3,589,620 shares issued and outstanding as of December 31, 2024 and June 30, 2024 , respectively 7,164 3,589 Additional paid-in capital 45,633,189 38,957,780 Accumulated comprehensive income 134,302 242,208 Accumulated deficit ( 42,538,589 ) ( 39,440,322 )

View Full Filing

View this 10-Q filing on SEC EDGAR