SUIC Worldwide Holdings Ltd. Q3 2024 10-Q Filing

TL;DR

SUIC Worldwide Holdings Ltd. filed its Q3 2024 10-Q, showing financial results for the period ending Sept 30, 2024.

AI Summary

SUIC Worldwide Holdings Ltd. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as Sino United Worldwide Consolidated Ltd., is involved in industrial organic chemicals. The filing covers financial data for the third quarter and the first nine months of 2024, comparing it to the same periods in 2023.

Why It Matters

This filing provides investors with the latest financial performance and position of SUIC Worldwide Holdings Ltd., crucial for understanding its operational health and future prospects.

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

• Q3 2024 — Reporting Period (Financial results for the third quarter of 2024 are detailed.)
• Nine Months Ended September 30, 2024 — Year-to-Date Period (Financial results for the first nine months of 2024 are detailed.)

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.
• 20240930 (date) — End of the reporting period
• 20250131 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — h registered Common Stock , par value $0.01 per share SUIC OTC Indicate by ch
• $250,000 — ral Deposit Insurance Corporation up to $250,000. The Company has not experienced any lo
• $0 — eptember 30, 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
• $90,000 — velopment LLC, with a revenue amount of $90,000. For the nine months ended September 3
• $120,000 — velopment LLC, with a revenue amount of $120,000. Earnings per Share The Company calc

Filing Documents

• suic0127form10q.htm (10-Q) — 494KB
• suic0127form10qexh31_1.htm (EX-31.1) — 6KB
• suic0127form10qexh31_2.htm (EX-31.2) — 6KB
• suic0127form10qexh32_1.htm (EX-32.1) — 4KB
• suic0127form10qexh32_2.htm (EX-32.2) — 4KB
• 0001554795-25-000025.txt ( ) — 2355KB
• suic-20240930.xsd (EX-101.SCH) — 23KB
• suic-20240930_cal.xml (EX-101.CAL) — 36KB
• suic-20240930_def.xml (EX-101.DEF) — 43KB
• suic-20240930_lab.xml (EX-101.LAB) — 146KB
• suic-20240930_pre.xml (EX-101.PRE) — 115KB
• suic0127form10q_htm.xml (XML) — 259KB

-- FINANCIAL INFORMATION

PART I-- FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 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. 13 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 16 Item 4. Control and Procedures 16

-- OTHER INFORMATION

PART II-- OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 17 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 17 Item 3. Defaults Upon Senior Securities 17 Item 4. Mine Safety Disclosures. 17 Item 5. Other Information. 17 Item 6. Exhibits 17

SIGNATURES

SIGNATURES 18 SUIC WORLDWIDE HOLDINGS LTD. Index to the condensed financial statements Table of Contents Page(s) Condensed Balance Sheets at September 30, 2024 (Unaudited) and December 31, 2023 F-2 Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) F-3 Condensed Statement of Stockholders' Equity for the Nine Months Ended September 30, 2024 and December 31, 2023 (Unaudited) F-4 Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (Unaudited) F-5 Notes to the Condensed Financial Statements (Unaudited) F-6 - F-10 3 SUIC Worldwide Holdings Ltd. Condensed Balance Sheet September 30, 2024 (Unaudited) September 30, 2024 (UNAUDITED) December 31, 2023 (Restated) ASSETS CURRENT ASSETS: Cash $ 13,079 $ 7,600 Accounts receivable, net 220,824 186,799 Account receivable – related party 3,769 — Notes receivable 90,000 90,000 Short Term Investment- Held-for-Trading 30,000 30,000 Total Current Assets 353,902 314,399 NON-CURRENT ASSETS: Fixed asset- office equipment laptop 63 100 Interest receivables on note receivables 15,068 11,702 Other receivables 58,078 58,078 Total Noncurrent Assets 73,209 69,880 Total Assets $ 427,111 $ 384,279 LIABILITIES AND STOCKHOLDERS' DEFICIENCY CURRENT LIABILITIES: Credit card payable $ 19,776 $ 5,474 Accounts payable — 30,000 Short term debt – related party 125,397 107,734 Total Current Liabilities 145,173 143,208 NONCURRENT LIABILITIES: Accrued expenses and other liabilities 18,902 4,832 Convertible promissory notes payable – related party 279,000 279,000 Total Noncurrent liabilities 297,902 283,832 Total Liabilities 443,074 427,040 Stockholders' Deficiency Common stock, $ 0.001 par value, 394,500,000 shares authorized; 11,396,638 shares issued and outstanding, respectively. 41,544 41,504 Additional paid-in capital 1,6

BUSINESS

BUSINESS SUIC Worldwide Holdings Ltd (SUIC) is a Nevada corporation incorporated on August 30, 2006, under the name Gateway Certifications, Inc. On November 16, 2009, our corporate name was changed to American Jianye Greentech Holdings, Ltd., on February 13, 2014, our corporate name was changed to AJ Greentech Holdings, Ltd. and on July 17, 2017, our corporate name was changed to Sino United Worldwide Consolidated Ltd. On November 9, 2022, our corporate name was changed to SUIC Worldwide Holdings Ltd. From November 2009 until October, 2013, through our China and Taiwan subsidiaries, we were engaged in renewable energy business. From October 2013 until September, 2017, through our Taiwan subsidiary, we were engaged in the driving record management system (DMS). Both Subsidiaries was spun off through stock transfer and debt cancellation for the best interest of shareholders. From 2018 to present, the Company focused in products and services that adopt IT, cloud computing, mobile payments, Big Data, Blockchain and AI, and other new and exciting business models that will create revolutionary products and services. From 2020 to present, the Company through promissory notes becomes major creditor and stakeholder in Beneway Holdings Group (its corporate name was changed from Sinoway International Corp.). As of September 30, 2024, Midas Touch Technology Co. Ltd., doesn't have any operation and net assets. The company works with Beneway Holdings Group in several new business ventures with focus on the following fields: Fintech - Through Boom Fintech, the major subsidiary of Beneway USA, the company holds nine revolutionary fintech patents. Boom Fintech integrates payment systems, electronic invoice devices, mobile cash registers, POS system devices and ERP, as well as Big Data, AI and other services, to all-in-one products that provide standardized intellectual property that's modular to all industries, from chain department stores to night market vendors. Beneway Holdi

financial statements

financial statements. NOTE 3 – Going Concern The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company had a working capital of $ 99,830 , an accumulated deficit of $( 1,705,598 ) and stockholders' deficit was $( 15,964 ) as of September 30, 2024. The Company generated positive cash flow from its continuing operation. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The company is seeking for external resource of financing and develop new business in new fields to generate adequate cash flow for purpose of mitigating such unfavorable situation. NOTE 4 - Short Term Investment- Held-for-Trading On August 15, 2019, the Company and iDrink Technology Co. Ltd., Taiwan, signed an investment agreement and the amount of $ 30,000 was remitted to iDrink Technology's designated bank account as investment. In exchange, iDrink Technology should issue twenty percent (20%) of its common stock shares to the Company. NOTE 5 – Restatement Note receivable and other receivable balance were restated at December 31, 2023 to reflect the appropriate classification, refer to Note 6 and Note 7. NOTE 6 – Note Receivable On August 25, 2020, July 5, 2021 and August 24, 2021, the

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