SUIC Worldwide Holdings Ltd. Files Q1 2024 10-Q

TL;DR

SUIC Worldwide Holdings Q1 2024 10-Q filed. Financials updated.

AI Summary

SUIC Worldwide Holdings Ltd. filed its Q1 2024 10-Q report on May 21, 2024, covering the period ending March 31, 2024. The company, formerly known as Sino United Worldwide Consolidated Ltd., is involved in industrial organic chemicals. Financial details for the quarter and prior years are included in the filing.

Why It Matters

This filing provides investors with an update on SUIC Worldwide Holdings Ltd.'s financial performance and position for the first quarter of 2024, crucial for understanding the company's operational health.

Risk Assessment

Risk Level: medium — The company has a history of name changes and operates in the industrial organic chemicals sector, which can be subject to regulatory and market volatility.

Key Numbers

• Q1 2024 — Reporting Period (Covers the first quarter of 2024.)
• 2024-03-31 — Period End Date (The financial reporting period concluded on this date.)
• 2024-05-21 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• SUIC Worldwide Holdings Ltd. (company) — Filer of the 10-Q
• Sino United Worldwide Consolidated Ltd. (company) — Former name of SUIC Worldwide Holdings Ltd.
• 20240331 (date) — End of reporting period for the 10-Q
• 20240521 (date) — Filing date of the 10-Q

FAQ

Key Financial Figures

• $0.001 — registered Common Stock , par value $0.001 per share SUIC OTC Indicate by ch
• $0.01 — 0 shares of the Company's common stock, $0.01 par value, were issued and outstanding
• $250,000 — ral Deposit Insurance Corporation up to $250,000. The Company has not experienced any lo
• $0 — of March 31, 2024, we account for it as $0. Fair value measurements The Company
• $30,000 — t -Held-For-Trading - iDrink, Taiwan of $30,000 is measured at fair value on a recurrin
• $1,100 — he interest income accrued in amount of $1,100 as of March 31, 2024. NOTE 5 – Convert
• $4,628 — 59 , with quarterly interest accrued of $4,628 . NOTE 6 – Income Taxes As of March

Filing Documents

• suic0515form10q.htm (10-Q) — 340KB
• suic0515form10qexh31_1.htm (EX-31.1) — 7KB
• suic0515form10qexh31_2.htm (EX-31.2) — 7KB
• suic0515form10qexh32_1.htm (EX-32.1) — 4KB
• suic0515form10qexh32_2.htm (EX-32.2) — 4KB
• 0001554795-24-000142.txt ( ) — 1961KB
• suic-20240331.xsd (EX-101.SCH) — 16KB
• suic-20240331_cal.xml (EX-101.CAL) — 37KB
• suic-20240331_def.xml (EX-101.DEF) — 16KB
• suic-20240331_lab.xml (EX-101.LAB) — 145KB
• suic-20240331_pre.xml (EX-101.PRE) — 105KB
• suic0515form10q_htm.xml (XML) — 173KB

-- FINANCIAL INFORMATION

PART I-- FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 4 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. 15 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 18 Item 4. Control and Procedures 18

-- OTHER INFORMATION

PART II-- OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 19 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 19 Item 3. Defaults Upon Senior Securities 19 Item 4. Mine Safety Disclosures. 19 Item 5. Other Information. 19 Item 6. Exhibits 19

SIGNATURES

SIGNATURES 20 SUIC WORLDWIDE HOLDINGS LTD. Index to the consolidated financial statements Table of Contents Page(s) Balance Sheets at March 31, 2024 (Unaudited) and December 31, 2023 F-1 Unaudited Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 F-2 Unaudited Statement of Stockholders' Equity for the Three Months Ended March 31, 2024 F-3 Unaudited Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 F-4 Notes to the Consolidated Financial Statements (Unaudited) F-5 - F-10 4 SUIC WORLDWIDE HOLDINGS LTD. Condensed Balance Sheet March 31, 2024 March 31, 2024 (Unaudited) December 31, 2023 ASSETS CURRENT ASSETS: Cash $ 11,709 $ 7,600 Accounts receivable, net 210,299 186,799 Short Term Investment - Held-For-Trading 30,000 30,000 Total Current Assets 252,008 224,399 NONCURRENT ASSETS: Loans receivable — — Fixed asset- office equipment 88 100 Other receivables - Income From HFT — — Other interest receivables - Sinoway International 12,811 11,702 Other receivables -SUIC Beneway USA Inc. 2,000 2,000 Other receivables 146,078 146,078 Investment in Midas Touch Technology Co. Ltd — — Total Noncurrent Assets 160,978 159,880 Total Assets $ 412,985 $ 384,279 LIABILITIES AND STOCKHOLDERS' DEFICIENCY CURRENT LIABILITIES: Credit Card payable $ 9,565 $ 5,474 Accounts payable 20,000 30.000 Short term debt 127,961 107,734 Accrued expenses and other liabilities 9,459 4,832 Total Current Liabilities 166,985 148,040 NONCURRENT LIABILITIES: Convertible promissory notes- other 279,000 279,000 Total Noncurrent Liabilities 279,000 279,000 Stockholders' Deficiency Common stock, $ 0.001 par value, 394,500,000 shares authorized; 11,350,360 shares issued and outstanding 41,504 41,504 Additional paid-in capital 1,647,731 1,647,731 Accumulated deficit ( 1,722,235 ) ( 1,731,996 ) Total Stockho

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View this 10-Q filing on SEC EDGAR