Hongchang International Files Q2 2024 10-Q

TL;DR

Hongchang Intl (HCII) filed its Q2 10-Q. Business as usual in NV.

AI Summary

Hongchang International Co., Ltd. filed its quarterly report on Form 10-Q for the period ended June 30, 2024. The company, formerly known as Heyu Biological Technology Corp and Pacific Webworks Inc, is incorporated in Nevada and operates in the electromedical and electrotherapeutic apparatus industry. Its business address is located in Fuqing City, Fujian Province, China.

Why It Matters

This filing provides investors with an update on Hongchang International's financial performance and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing with no immediate red flags or significant new information presented in the header.

Key Players & Entities

• Hongchang International Co., Ltd (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• 20240813 (date) — Filing date
• Heyu Biological Technology Corp (company) — Former company name
• PACIFIC WEBWORKS INC (company) — Former company name
• Nevada (location) — State of incorporation
• 87-0627910 (identifier) — IRS Number
• 000-26731 (identifier) — Commission file number

FAQ

Key Financial Figures

• $ — functional currency of the Company is US$, and the functional currency of the Com

Filing Documents

• ea0210084-10q_hongchang.htm (10-Q) — 730KB
• ea021008401ex31-1_hongchang.htm (EX-31.1) — 8KB
• ea021008401ex31-2_hongchang.htm (EX-31.2) — 8KB
• ea021008401ex32-1_hongchang.htm (EX-32.1) — 4KB
• ea021008401ex32-2_hongchang.htm (EX-32.2) — 4KB
• 0001213900-24-068246.txt ( ) — 5320KB
• hcil-20240630.xsd (EX-101.SCH) — 73KB
• hcil-20240630_cal.xml (EX-101.CAL) — 53KB
• hcil-20240630_def.xml (EX-101.DEF) — 261KB
• hcil-20240630_lab.xml (EX-101.LAB) — 464KB
• hcil-20240630_pre.xml (EX-101.PRE) — 260KB
• ea0210084-10q_hongchang_htm.xml (XML) — 571KB

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets (Unaudited) 1 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) 2 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) 3 Condensed Consolidated Statement of Cash Flows (Unaudited) 4 Notes to Condensed Consolidated Financial Statements (Unaudited) 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 27 Part II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 3. Defaults Upon Senior Securities 28 Item 4. Mine Safety Disclosures 28 Item 5. Other Information 28 Item 6. Exhibits 29 i

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This quarterly report on Form 10-Q ("Report"), financial statements, and notes to financial statements contain forward-looking statements that discuss, among other things, future expectations and projections regarding future developments, operations, and financial conditions. Forward-looking statements may appear throughout this Report and other documents we file with the Securities and Exchange Commission (the "SEC"), including without limitation, the following section: Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Report.

Forward-looking statements generally can be identified

Forward-looking statements generally can be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "will be," "will continue," "may," "could," "will likely result," and similar expressions. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to differ materially from those reflected in the forward-looking statements. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. ii

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Hongchang International Co., Ltd Condensed Consolidated Balance Sheets As of June 30, 2024 December 31, 2023 (unaudited) US$ US$ ASSETS: Current assets: Cash 317,374 895,730 Accounts receivable, net 1,033,707 742,851 Amount due from a related party - 141 Other receivable, net 6,977 1,106,574 Inventories, net 1,780,691 13,713 Advance to supplier 942,056 13,811 Advance to supplier-related party - 59,324 Other current assets 969,209 1,128,598 Total current assets 5,050,014 3,960,742 Non-current assets: Property and equipment, net 15,752 3,193 Construction-in-progress 42,277,536 41,423,399 Intangible assets, net 2,969 3,213 Land use right, net 3,969,005 4,118,101 Other non-current assets 4,903,175 706,920 Total non-current assets 51,168,437 46,254,826 Total assets 56,218,451 50,215,568 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable 151,470 650,905 Accounts payable-related party 418,658 - Accounts payable-construction in progress 15,672 18,493 Advances from customers 161,225 - Accrued expenses and other liabilities 119,429 385,805 Total current liabilities 866,454 1,055,203 Non-current liabilities Deferred subsidies 1,938,094 1,989,463 Long term loans 5,916,793 - Amounts due to related parties 8,196,503 6,682,959 Total non-current liabilities 16,051,390 8,672,422 Total liabilities 16,917,844 9,727,625 Commitments and contingencies - - Stockholders' equity: Common stock (US$ 0.001 par value; 2,000,000,000 shares authorized; 518,831,367 and 518,831,367 issued and outstanding as of December 31, 2023 and June 30, 2024, respectively) 518,831 518,831 Additional paid-in capital 39,905,228 39,905,228 Accumulated deficit ( 973,915 ) ( 812,539 ) Accumulated other comprehensive (loss) income ( 192,263 ) 876,423 Total Hongchang International Co., Ltd's stockholders' equity

View Full Filing

View this 10-Q filing on SEC EDGAR