ESG Inc. Files Q3 2024 10-Q
Ticker: ESGH · Form: 10-Q · Filed: Nov 13, 2024 · CIK: 1883835
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
ESG Inc. 10-Q filed: Q3 2024 financials are in. Check it.
AI Summary
ESG Inc. filed its 10-Q for the period ending September 30, 2024. The company, previously known as PLASMA INNOVATIVE INC. until September 20, 2021, is based in Kennett Square, PA. The filing covers financial performance for the third quarter and the year-to-date period of 2024.
Why It Matters
This filing provides investors with the latest financial performance data for ESG Inc., crucial for understanding the company's current health and future prospects in the biological products sector.
Risk Assessment
Risk Level: medium — The filing is a standard quarterly report, but the company operates in the biological products sector which can be subject to regulatory and market risks not detailed in this summary.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
- 2024-11-13 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- ESG Inc. (company) — Filer of the 10-Q
- PLASMA INNOVATIVE INC. (company) — Former name of ESG Inc.
- 20240930 (date) — End of the reporting period
- 20241113 (date) — Filing date
- Kennett Square, PA (location) — Business address of ESG Inc.
FAQ
What were ESG Inc.'s total revenues for the third quarter of 2024?
The provided text does not contain specific revenue figures for the third quarter of 2024.
What is ESG Inc.'s net income or loss for the nine months ended September 30, 2024?
Specific net income or loss figures for the nine months ended September 30, 2024, are not present in the provided excerpt.
How much cash and cash equivalents did ESG Inc. have as of September 30, 2024?
The excerpt does not detail ESG Inc.'s cash and cash equivalents balance as of September 30, 2024.
What were the significant changes in ESG Inc.'s total assets from December 31, 2023, to September 30, 2024?
The provided text does not include comparative balance sheet data to determine changes in total assets.
Did ESG Inc. engage in any new debt financing during the third quarter of 2024?
Information regarding new debt financing activities during the third quarter of 2024 is not available in this excerpt.
Filing Stats: 4,499 words · 18 min read · ~15 pages · Grade level 13.9 · Accepted 2024-11-13 15:36:53
Filing Documents
- esgh-20240930_10q.htm (10-Q) — 608KB
- esgh-20240930_ex31z1.htm (EX-31.1) — 13KB
- esgh-20240930_ex32z1.htm (EX-32.1) — 5KB
- image_01.jpg (GRAPHIC) — 50KB
- 0001520138-24-000421.txt ( ) — 4338KB
- esgh-20240930.xsd (EX-101.SCH) — 38KB
- esgh-20240930_cal.xml (EX-101.CAL) — 59KB
- esgh-20240930_def.xml (EX-101.DEF) — 97KB
- esgh-20240930_lab.xml (EX-101.LAB) — 294KB
- esgh-20240930_pre.xml (EX-101.PRE) — 241KB
- esgh-20240930_10q_htm.xml (XML) — 612KB
Financial Statements (Unaudited)
Financial Statements (Unaudited) 1 Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 1 Consolidated (Unaudited) 2 Consolidated (Unaudited) 3 Consolidated 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 15 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 16 Item 4.
Controls and Procedures
Controls and Procedures 16 PART II OTHER INFORMATION: Item 1.
Legal Proceedings
Legal Proceedings 17 Item 1A
Risk Factors
Risk Factors 17 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 17 Item 3. Defaults Upon Senior Securities 17 Item 4. Submission of Matters to a Vote of Securities Holders 17 Item 5. Other Information 17 Item 6. Exhibits 17
Signatures
Signatures 18 -i-
Financial Information
Part I. Financial Information
Financial Statements (unaudited)
Item 1. Financial Statements (unaudited) ESG INC. CONSOLIDATED BALANCE SHEETS September 30, 2024 (Unaudited) December 31, 2023 ASSETS Current Assets Cash 444,835 342,342 Accounts receivable and other receivables 210,526 79,221 Advance to suppliers 1,208,222 166,010 Inventories 1,869,777 1,651,376 Total Current Assets 3,733,360 2,238,949 Property, plant and equipment, net 17,948,708 18,694,969 Intangible assets, net 3,068,514 3,085,906 Value added tax receivable 2,380,839 2,211,980 Note receivable - 41,848 Total Non-current Assets 23,398,061 24,034,703 Total Assets 27,131,421 26,273,652 LIABILITIES AND EQUITY Current Liabilities Short-term bank loans 6,939,101 6,904,228 Account payable 2,731,467 1,450,405 Payable to related party - 30,000 Accrued expenses and other liabilities 2,749,583 2,312,772 Deferred income 1,271,088 1,355,552 Total Current Liabilities 13,691,239 12,052,957 Long-term payable 1,334,825 1,423,116 Total Liabilities 15,026,064 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 September 30, 2024 and December 31, 2023, respectively. 25,900 25,900 Additional paid in capital 11,152,388 11,152,388 Accumulated comprehensive income (loss) ( 435,822 ) ( 430,206 ) Accumulated deficit ( 1,708,434 ) ( 1,224,811 ) Equity Attributable to stockholders of ESG Inc. 9,034,032 9,523,271 Equity attributable to noncontrolling interest 3,071,325 3,274,308 Total Equity 12,105,357 12,797,579 Total Liabilities and Stockholders' Equity 27,131,421 26,273,652 The accompanying notes are an integral part of these consolidated financial statements. -1- ESG INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) For the three months ended For the nine months ended September 30, 2024 September 3
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2024 (Unaudited) NOTE 1- ORGANIZATION AND DESCRIPTION OF BUSINESS ESG Inc. ("ESG") was incorporated in July 2021 as a Nevada corporation and headquartered at Kennett Square, PA, USA. ESG is a holding company without operations and is engaged in food production and distribution through its subsidiaries. ESG incorporated ESG China Limited as ESG's wholly owned subsidiary in Hong Kong on November 18, 2022. ESG China Limited incorporated Hainan ESG Technology Co., Ltd., a China corporation ("Hainan ESG") with 100 % of ownership on January 16, 2023. ESG, ESG China Limited, and Hainan ESG have no operations. On September 28, 2023, ESG entered into a share exchange agreement with Funan Allied United Farmer Products Co., Ltd., a China corporation incorporated in May 2017 ("AUFP"), and 74.52% of shareholders of AUFP, (each a "Shareholder," and collectively, the "Shareholders"), through Hainan ESG. Pursuant to such agreement, the Shareholders exchanged their equity of AUFP to Hainan ESG for shares of common stock of ESG, and ESG has agreed to offer 10,432,800 of ESG shares. Following this transaction, AUFP became a 74.52 % subsidiary of ESG through Hainan ESG. AUFP incorporated Anhui Allied United Mushroom Technology Co., Ltd. ("AUMT") in China in March 2018 to manufacture white button mushroom compost while AUFP incorporated Anhui Allied United Mushroom Co., Ltd. ("AUM") in China in April 2018 to grow fresh white button mushrooms and provide mushroom growing management services. AUFP, AUMT, and AUM are operating entities in China. Prior to the share exchange, Mr. Zhi Yang owned 30 % of AUFP, Fuyang Zhihan Agricultural Information Co. Ltd. ("Zhihan") owned 24.52 % of AUFP and Mr. Chris Alonzo owned 10 % of AUFP. ESG, after the share exchange agreement described above is completed, owns 74.52 % of AUFP and its subsidiaries, AUM and AUMT in China. Currently Mr. Zhi Yang and Zhihan control 83.526 % of ESG throu