Hongchang International Files Q3 2024 10-Q

TL;DR

Hongchang Intl (HCII) filed its 10-Q for Q3 2024. Check financials.

AI Summary

Hongchang International Co., Ltd. filed its quarterly report on Form 10-Q for the period ended September 30, 2024. The company, previously 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 third quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing and does not contain immediate, significant risk-inducing information.

Key Numbers

• 000-26731 — Commission File Number (Identifies the company's filing with the SEC.)
• 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)

Key Players & Entities

• Hongchang International Co., Ltd (company) — Registrant
• 000-26731 (dollar_amount) — Commission file number
• September 30, 2024 (date) — Quarterly period end date
• Heyu Biological Technology Corp (company) — Former company name
• PACIFIC WEBWORKS INC (company) — Former company name

FAQ

Key Financial Figures

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

Filing Documents

• ea0220018-10q_hongchang.htm (10-Q) — 649KB
• ea022001801ex31-1_hongchang.htm (EX-31.1) — 9KB
• ea022001801ex31-2_hongchang.htm (EX-31.2) — 9KB
• ea022001801ex32-1_hongchang.htm (EX-32.1) — 5KB
• ea022001801ex32-2_hongchang.htm (EX-32.2) — 5KB
• 0001213900-24-097441.txt ( ) — 5335KB
• hcil-20240930.xsd (EX-101.SCH) — 69KB
• hcil-20240930_cal.xml (EX-101.CAL) — 54KB
• hcil-20240930_def.xml (EX-101.DEF) — 263KB
• hcil-20240930_lab.xml (EX-101.LAB) — 468KB
• hcil-20240930_pre.xml (EX-101.PRE) — 275KB
• ea0220018-10q_hongchang_htm.xml (XML) — 570KB

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 September 30, 2024 December 31, 2023 (unaudited) US$ US$ ASSETS: Current assets: Cash 307,049 895,730 Accounts receivable, net 291,266 742,851 Amount due from a related party - 141 Other receivable, net 57,846 1,106,574 Inventories, net 1,855,356 13,713 Advance to supplier 799,273 13,811 Advance to supplier-related party - 59,324 Other current assets 1,061,613 1,128,598 Total current assets 4,372,403 3,960,742 Non-current assets: Property and equipment, net 19,305 3,193 Construction-in-progress 44,133,659 41,423,399 Intangible assets, net 2,993 3,213 Land use right, net 4,090,369 4,118,101 Other non-current assets 9,492,501 706,920 Total non-current assets 57,738,827 46,254,826 Total assets 62,111,230 50,215,568 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Long-term bank loans -current portion 38,495 - Accounts payable 155,864 650,905 Accounts payable-related party 182,514 - Accounts payable-construction in progress 16,239 18,493 Advances from customers 29,537 - Accrued expenses and other liabilities 119,791 385,805 Total current liabilities 542,440 1,055,203 Non-current liabilities Deferred subsidies 2,008,175 1,989,463 Long term loans 6,448,688 - Amounts due to related parties 12,399,628 6,682,959 Total non-current liabilities 20,856,491 8,672,422 Total liabilities 21,398,931 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 September 30, 2024 and December 31, 2023, respectively) 518,831 518,831 Additional paid-in capital 39,905,228 39,905,228 Accumulated deficit ( 1,034,975 ) ( 812,539 ) Accumulated other comprehensive income 1,262,357 876,423 Total Hon

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