ESG Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>ESG Inc. has filed its Q1 2024 10-Q report, detailing its financial position and operations.</b>

AI Summary

ESG Inc. (ESGH) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. ESG Inc. filed its 10-Q report for the period ending March 31, 2024. The company's principal executive offices are located at 523 School House Rd, Kennett Square, PA 19348. ESG Inc. was formerly known as PLASMA INNOVATIVE INC. until September 20, 2021. The company is incorporated in Nevada (NV). The SIC code for ESG Inc. is 2836, Biological Products (No Diagnostic Substances).

Why It Matters

For investors and stakeholders tracking ESG Inc., this filing contains several important signals. This filing provides investors with the latest financial performance and operational updates for ESG Inc. for the first quarter of 2024. Understanding the company's financial health and strategic direction is crucial for current and potential investors.

Risk Assessment

Risk Level: low — ESG Inc. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags.

Analyst Insight

Monitor future filings for revenue growth, net income trends, and any significant changes in debt or equity.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-15 — Filing Date (Filed as of Date)
• 2836 — SIC Code (Standard Industrial Classification)
• NV — State of Incorporation (State of Incorporation)

Key Players & Entities

• ESG Inc. (company) — Filer name
• 0001520138-24-000207 (other) — Accession Number
• 20240331 (date) — Conformed Period of Report
• 20240515 (date) — Filed as of Date
• 523 SCHOOL HOUSE RD (address) — Business Address Street 1
• KENNETT SQUARE (location) — Business Address City
• PA (location) — Business Address State
• 19348 (postal_code) — Business Address Zip

FAQ

Industry Context

ESG Inc. operates within the Biological Products sector, specifically under the SIC code 2836 for Biological Products (No Diagnostic Substances).

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management discussion.
2. Compare Q1 2024 performance against previous quarters and the same period last year.
3. Identify any new business developments or strategic initiatives mentioned in the filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for ESG Inc. in 2024, providing an update from their previous filings.

Filing Documents

• esgh-20240331_10q.htm (10-Q) — 522KB
• esgh-20240331_ex31z1.htm (EX-31) — 12KB
• esgh-20240331_ex32z1.htm (EX-32) — 5KB
• image_01.jpg (GRAPHIC) — 62KB
• 0001520138-24-000207.txt (&nbsp;) — 3871KB
• esgh-20240331.xsd (EX-101.SCH) — 37KB
• esgh-20240331_cal.xml (EX-101.CAL) — 55KB
• esgh-20240331_def.xml (EX-101.DEF) — 97KB
• esgh-20240331_lab.xml (EX-101.LAB) — 245KB
• esgh-20240331_pre.xml (EX-101.PRE) — 203KB
• esgh-20240331_10q_htm.xml (XML) — 460KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 1 2 3 4 Notes to the Unaudited Financial Statements 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 13 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 18 Item 4.

Controls and Procedures

Controls and Procedures 18 PART II OTHER INFORMATION: Item 1.

Legal Proceedings

Legal Proceedings 19 Item 1A

Risk Factors

Risk Factors 19 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 19 Item 3. Defaults Upon Senior Securities 19 Item 4. Submission of Matters to a Vote of Securities Holders 19 Item 5. Other Information 19 Item 6. Exhibits 19

Signatures

Signatures 20 -i-

Financial Information

Part I. Financial Information

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) ESG INC. CONSOLIDATED BALANCE SHEET March 31, December 31, 2024 2023 (Unaudited) Assets Current Assets Cash 833,089 342,342 Accounts receivable and other receivables 202,665 79,221 Advance to suppliers 394,723 166,010 Inventories 718,213 1,651,376 Total Current Assets 2,148,690 2,238,949 Property, plant and equipment, net 17,941,182 18,694,969 Intangible assets, net 3,016,003 3,085,906 Value added tax receivable 2,190,735 2,211,980 Note receivable 41,142 41,848 Total Non-current Assets 23,189,062 24,034,703 Total Assets 25,337,752 26,273,652 Liabilities and Shareholders' Equity Current Liabilities Short-term bank loans 7,201,019 6,904,228 Accounts payable 1,302,601 1,450,405 Payable to related party - 30,000 Accrued expenses and other current liabilities 2,377,303 2,312,772 Deferred income 1,293,031 1,355,552 Total Current liabilities 12,173,954 12,052,957 Long-term payable 1,365,851 1,423,116 Total Non-current liabilities 1,365,851 1,423,116 Total Liabilities 13,539,805 13,476,073 Commitments and Contingencies Shareholders' Equity (Deficit) Common stock, $ 0.001 par value, 65,000,000 authorized, 25,899,468 issued and outstanding as of March 31,2024 and December 31, 2023. 25,900 25,900 Additional paid in capital 11,152,388 11,152,388 Accumulated comprehensive income (loss) ( 589,786 ) ( 430,206 ) Accumulated deficit ( 1,812,478 ) ( 1,224,811 ) Total Company stockholders' Equity 8,776,024 9,523,271 Noncontrolling interest 3,021,923 3,274,308 Total Equity 11,797,947 12,797,579 Total Liabilities and Stockholders' Equity $ 25,337,752 26,273,652 See accompanying notes to the consolidated

financial statements

financial statements. -1- ESG INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) For the Three Months Ended March 31, 2024 2023 Revenues $ 2,378,281 $ 1,808,319 Cost of goods sold 2,468,914 1,465,329 Gross profit ( 90,633 ) 342,990 Operating expenses Research and development cost 131,088 130,204 Selling expense 199 223 General and administrative expense 318,177 273,141 Total operating expenses 449,404 403,568 Loss from operations ( 540,037 ) ( 60,578 ) Non-operating income (expense) Interest income (expense) ( 149,487 ) ( 149,714 ) Other Income (expense) ( 95,964 ) 27,844 Total non-operating income (expenses), net ( 245,451 ) ( 121,870 ) Loss before income taxes ( 785,488 ) ( 182,448 ) Income taxes - - Net loss ( 785,488 ) ( 182,448 ) Less: loss attributable to noncontrolling interest ( 197,821 ) ( 40,100 ) Net loss to ESG Inc. ( 587,667 ) ( 142,348 ) Other comprehensive item Foreign currency translation gain (loss) attributable to the Company ( 159,580 ) 43,059 Foreign currency translation gain (loss) attributable to noncontrolling interest ( 54,564 ) 14,723 Comprehensive loss attributable to the Company $ ( 747,247 ) $ ( 99,289 ) Comprehensive loss attributable to noncontrolling interest $ ( 252,385 ) $ ( 25,377 ) Net loss per share - basic and diluted $ ( 0.03 ) $ ( 0.00 ) Weighted average shares outstanding - basic and diluted 25,899,468 25,899,468 See accompanying notes to the consolidated financial statements. -2- ESG INC. CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) Common stock Additional paid aid-in Accumulated income Accumulated other comprehensive Total Company's Noncontrolling Share Amount capital (deficit) income equity interest Total Balance at December 31, 2023 25,899,648 $ 25,900 $ 11,152,388 $ ( 1,224,811 ) $ ( 430,206 ) $ 9,523,271 $ 3,274,308 $ 12,797,579 Net loss - - - ( 5

financial statements of the Company

financial statements of the Company. On November 22, 2023, Plasma Innovative Inc. filed Articles of Merger with the State of Nevada to merge ESG Inc. into Plasma Innovative Inc. ESG Inc. is the surviving name. Effective February 23, 2024, upon approval from FINRA, the Company's name was changed from Plasma Innovative Inc. to ESG Inc., and its trading symbol was changed from PMIN to ESGH. Our operating subsidiaries are involved in direct white button mushroom composting, growing, food production, distribution as well as import and export of Phase III compost and food to strategize. With the core business philosophy to develop and operate sustainable and technology-driven food businesses consistent with the principles of Environmental, Sustainable and Governance investing, we believe that the growing global demand for sustainable high quality food presents a unique opportunity to operate companies engaged in this critical area that is being paid increasing attention by global investors. -5- NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation and consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include all adjustments necessary for the fair presentation of the Company's financial position for the periods presented. The consolidated financial statements of the Company include the financial statements of the Company and its 74.52 % owned subsidiaries in China. All inter-company transactions and balances between the Company and its subsidiaries have been eliminated upon consolidation. The Equity attributable to minority shareholders who own 25.48 % of AUFP and its subsidiaries are non-controlling interest ("NCI"). The NCI were $ 3,021,923 and $ 3,274,308 as of March 31, 2024 and December 31, 2023, respectively. Interim Financial Information The unaudited financial statements have been prepared

View Full Filing

View this 10-Q filing on SEC EDGAR