King Resources, Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>King Resources, Inc. filed its quarterly report (10-Q) for the period ending December 31, 2023, detailing its financial performance and position.</b>

AI Summary

KING RESOURCES, INC. (KRFG) filed a Quarterly Report (10-Q) with the SEC on February 20, 2024. King Resources, Inc. filed a 10-Q for the period ending December 31, 2023. The filing covers the third quarter of fiscal year 2024. The company's fiscal year ends on March 31st. The filing was made on February 20, 2024. The company's SIC code is 3612 for Power, Distribution & Specialty Transformers.

Why It Matters

For investors and stakeholders tracking KING RESOURCES, INC., this filing contains several important signals. This 10-Q filing provides investors with an updated view of King Resources' financial health and operational status for the most recent quarter. Understanding the details within this report is crucial for assessing the company's performance against its previous filings and market expectations.

Risk Assessment

Risk Level: low — KING RESOURCES, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant new disclosures that would suggest high risk.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand King Resources' current financial performance and outlook.

Key Numbers

• 2023-12-31 — Period End Date (Quarterly report period)
• 2024-02-20 — Filing Date (Date the report was submitted)
• 0331 — Fiscal Year End (Company's fiscal year end)
• 3612 — SIC Code (Industry classification)

Key Players & Entities

• KING RESOURCES, INC. (company) — Filer name
• KRFG (company) — Ticker symbol
• 2023-12-31 (date) — Period of report
• 2024-02-20 (date) — Filed as of date
• 3612 (industry) — Standard Industrial Classification

FAQ

Industry Context

King Resources, Inc. operates within the Power, Distribution & Specialty Transformers industry (SIC 3612). This sector involves the manufacturing of electrical equipment used in power transmission and distribution.

Regulatory Implications

The filing is a standard Form 10-Q, which is a mandatory quarterly report filed by public companies with the SEC under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for the quarter ended December 31, 2023.
2. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into performance drivers and trends.
3. Compare the current quarter's results with the same quarter in the previous year and the preceding quarter to identify significant changes.

Key Dates

• 2023-12-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-02-20: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is a standard 10-Q for the period ending December 31, 2023. Specific comparative data from the previous filing (e.g., 10-Q for September 30, 2023) is not detailed in this header information.

Key Financial Figures

• $0.001 — he registrant's common stock, par value $0.001 per share, as of January 19, 2024 was 5

Filing Documents

• king_i10q-123123.htm (10-Q) — 797KB
• king_ex2100.htm (EX-21) — 9KB
• king_ex3101.htm (EX-31.1) — 8KB
• king_ex3201.htm (EX-32.1) — 4KB
• image_001.jpg (GRAPHIC) — 36KB
• 0001683168-24-001071.txt (&nbsp;) — 4415KB
• krfg-20231231.xsd (EX-101.SCH) — 38KB
• krfg-20231231_cal.xml (EX-101.CAL) — 55KB
• krfg-20231231_def.xml (EX-101.DEF) — 126KB
• krfg-20231231_lab.xml (EX-101.LAB) — 260KB
• krfg-20231231_pre.xml (EX-101.PRE) — 225KB
• king_i10q-123123_htm.xml (XML) — 618KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 1 Unaudited Condensed Consolidated Balance Sheets as of December 31, 2023 and March 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended December 31, 2023 and 2022 2 Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2023 and 2022 3 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit for the Three and Nine Months Ended December 31, 2023 and 2022 4 Notes to Unaudited Condensed Consolidated Financial Statements 6

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 30

Controls and Procedures

Item 4. Controls and Procedures 31

- OTHER INFORMATION

PART II - OTHER INFORMATION 32

Legal Proceedings

Item 1. Legal Proceedings 32

Risk Factors

Item 1A. Risk Factors 32

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 32

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 32

Other Information

Item 5. Other Information 32

Exhibits

Item 6. Exhibits 33

SIGNATURES

SIGNATURES 34 i INTRODUCTORY COMMENT We are not a Hong Kong operating company but a Delaware holding company with operations conducted through our wholly owned subsidiaries based in Hong Kong and the British Virgin Islands. Our investors hold shares of common stock in King Resources, Inc., the Delaware holding company. This structure presents unique risks as our investors may never directly hold equity interests in our Hong Kong operating subsidiary and will be dependent upon contributions from our subsidiaries to finance our cash flow needs. Our ability to obtain contributions from our subsidiaries are significantly affected by regulations promulgated by Hong Kong and the People's Republic of China ("the PRC") authorities. Any change in the interpretation of existing rules and regulations or the promulgation of new rules and regulations may materially affect our operations and or the value of our securities, including causing the value of our securities to significantly decline or become worthless. For a detailed description of the risks facing the Company associated with our structure, please refer to " Risk Factors – Risk Factors Relating to Doing Business in Hong Kong and China ." set forth in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on July 14, 2023 (the "Annual Report"). We currently operate in Hong Kong, and we intend to expand distribution of our products into China and other Asia markets as opportunities permit. While we have no current intention of expanding our physical presence or operations into China, we expect to become directly subject to all PRC laws with all risks described herein relating to the PRC to increase if we develop such physical presence or establish operations in China. King Resources, Inc. and its Hong Kong and British Virgin Islands subsidiaries are not required to obtain permission from the Chinese authorities including the China Securities Regulatory Commission, or CSRC, or Cybersecur

View Full Filing

View this 10-Q filing on SEC EDGAR