ENTREPRENEUR UNIVERSE BRIGHT GROUP Announces 2023 Q3 Financial Results
- Impressive 113.9% revenue growth compared to the same period last year
- Strong client relationships and trusted position in the live streaming market
- Team's hard work, expertise, and ability to drive results for clients
- None.
Mr. Guolin Tao, CEO of Entrepreneur Universe Bright Group commented, "Over the course of the three months concluding on September 30, 2023, our company achieved noteworthy financial results. During this period, our total revenue amounted to
"Our commitment to excellence and our dedication to delivering tailored solutions have not only fostered strong client relationships but have also enabled us to position ourselves as a trusted and reliable partner within the competitive live streaming market. The impressive increase in revenue for the mentioned three-month period is a testament to our team's hard work, expertise, and ability to drive results for our clients. This expanded passage offers more context and detail about the company's performance and the factors contributing to its revenue growth." Mr. Tao added.
Third Quarter 2023 Unaudited Financial Results
Unaudited Condensed Consolidated Statement of Operations for the Three Months Ended September 30, 2023 and 2022
Three Months Ended September 30, | ||||||||||||||||
2023 | 2022 | |||||||||||||||
$ | % of | $ | % of | |||||||||||||
Revenues | $ | 1,714,786 | 100 | % | $ | 801,784 | 100 | % | ||||||||
Cost of revenues | (114,040) | (7) | % | (140,009) | (17) | % | ||||||||||
Gross profit | 1,600,746 | 93 | % | 661,775 | 83 | % | ||||||||||
Selling Expenses: | (9,277) | (1) | % | (10,043) | (1) | % | ||||||||||
General and administrative expenses | (380,211) | (22) | % | (423,931) | (53) | % | ||||||||||
Total other income (expenses), net | 9,447 | 1 | % | (124,016) | (15) | % | ||||||||||
Income before income tax | 1,220,705 | 71 | % | 103,785 | 13 | % | ||||||||||
Income tax expense | (479,535) | (28) | % | (135,784) | (17) | % | ||||||||||
Net income (loss) | $ | 741,170 | 43 | % | $ | (31,999) | (4) | % |
Revenue and cost of revenue: During the three months ended September 30, 2023, we generated revenue of
Cost of revenue for the three months ended September 30, 2023 was
Profit margin for the three months ended September 30, 2023 was
Gross profit: The gross profit was
Net income (loss): We generated a net income of
Cash and cash equivalents. As of September 30, 2023 and December 31, 2022,
Unaudited Condensed Consolidated Statement of Operations for the Nine months ended September 30, 2023 and 2022
Nine months ended September 30, | ||||||||||||||||
2023 | 2022 | |||||||||||||||
$ | % of | $ | % of | |||||||||||||
Revenues | $ | 4,597,664 | 100 | % | $ | 2,851,656 | 100 | % | ||||||||
Cost of revenues | (337,175) | (7) | % | (565,820) | (20) | % | ||||||||||
Gross profit | 4,260,489 | 93 | % | 2,285,836 | 80 | % | ||||||||||
Selling Expenses: | (15,995) | 0 | % | (34,957) | (1) | % | ||||||||||
General and administrative expenses | (1,194,007) | (26) | % | (1,066,604) | (37) | % | ||||||||||
Total other income, net | 40,260 | 1 | % | 35,905 | 1 | % | ||||||||||
Income before income tax | 3,090,747 | 67 | % | 1,220,180 | 43 | % | ||||||||||
Income tax expense | (1,227,673) | (27) | % | (595,156) | (21) | % | ||||||||||
Net income | $ | 1,863,074 | 41 | % | $ | 625,024 | 22 | % |
Revenue and cost of revenue: During the nine months ended September 30, 2023, we generated revenue of
Cost of revenue for the nine months ended September 30, 2023 was
Profit margin for the three months ended September 30, 2023 was
Gross profit: The gross profit was
Net income: As a result of the above, we generated a net income of
About ENTREPRENEUR UNIVERSE BRIGHT GROUP
ENTREPRENEUR UNIVERSE BRIGHT GROUP is a digital marketing consultation company with its main operation in
Safe Harbor Statement
This press release contains projections and "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995 related to the Company's business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; financial condition and results of operations; product and service demand and acceptance; reputation and brand; the impact of competition and pricing; changes in technology; government regulations; fluctuations in general economic and business conditions in
For more information, please contact:
The Company:
Jianyong Li
Email: lijianyong@eubggroup.com
Phone: +86-(029) 86100263
Investor Relations:
Tina Li
EverGreen Consulting Inc.
Email: IR@changqingconsulting.com
Mobile: +86-13721971703 (from
+1-281-250-4349 (from
ENTREPRENEUR UNIVERSE BRIGHT GROUP | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(UNAUDITED) | ||||||||
(In | ||||||||
September | December 31, | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 8,706,694 | $ | 7,193,591 | ||||
Accounts receivable | 643,424 | 234,978 | ||||||
Other receivables and prepayments | 40,231 | 73,069 | ||||||
Total current assets | 9,390,349 | 7,501,638 | ||||||
NON-CURRENT ASSETS | ||||||||
Plant and equipment, net | 122,988 | 188,889 | ||||||
Operating lease right-of-use assets, net | 39,999 | 83,077 | ||||||
Total non-current assets | 162,987 | 271,966 | ||||||
TOTAL ASSETS | $ | 9,553,336 | $ | 7,773,604 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Other payables and accrued liabilities | $ | 194,204 | $ | 369,727 | ||||
Other payables and accrued liabilities – related party | 1,940 | - | ||||||
Receipt in advance | - | 1,710 | ||||||
Operating lease liabilities, current | 39,999 | 54,705 | ||||||
Tax payables | 379,933 | 94,758 | ||||||
Amount due to a director | 3,498 | 167,936 | ||||||
Total current liabilities | 619,574 | 688,836 | ||||||
NON-CURRENT LIABILITY | ||||||||
Deferred tax liabilities | 302,205 | 172,196 | ||||||
Operating lease liabilities, non-current | - | 28,372 | ||||||
Total non-current liabilities | 302,205 | 200,568 | ||||||
TOTAL LIABILITIES | 921,779 | 889,404 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
STOCKHOLDERS' EQUITY | ||||||||
Preferred stock, par value | - | - | ||||||
Common stock, par value | 170,118 | 170,118 | ||||||
Additional paid-in capital | 6,453,048 | 6,453,048 | ||||||
Statutory reserves | 65,911 | 65,911 | ||||||
Retained earnings | 1,910,289 | 47,215 | ||||||
Accumulated other comprehensive income | 32,191 | 147,908 | ||||||
Total stockholders' equity | 8,631,557 | 6,884,200 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 9,553,336 | $ | 7,773,604 |
ENTREPRENEUR UNIVERSE BRIGHT GROUP | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||
(UNAUDITED) | ||||||||||||||||
(In | ||||||||||||||||
For the three months ended | For the nine months ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenue | $ | 1,714,786 | $ | 801,784 | $ | 4,597,664 | $ | 2,851,656 | ||||||||
Cost of revenue | (114,040) | (140,009) | (337,175) | (565,820) | ||||||||||||
Gross profit | 1,600,746 | 661,775 | 4,260,489 | 2,285,836 | ||||||||||||
Selling expenses | (9,277) | (10,043) | (15,995) | (34,957) | ||||||||||||
General and administrative expenses | (380,211) | (423,931) | (1,194,007) | (1,066,604) | ||||||||||||
Income from operations | 1,211,258 | 227,801 | 3,050,487 | 1,184,275 | ||||||||||||
Other income (expenses): | ||||||||||||||||
Interest income | 3,068 | 10,522 | 21,568 | 33,489 | ||||||||||||
Exchange loss | (2,936) | (135,842) | (56,566) | (107,920) | ||||||||||||
Sundry income | 9,315 | 1,304 | 75,258 | 110,336 | ||||||||||||
Total other income(expenses), net | 9,447 | (124,016) | 40,260 | 35,905 | ||||||||||||
Income before income tax | 1,220,705 | 103,785 | 3,090,747 | 1,220,180 | ||||||||||||
Income tax expense | (479,535) | (135,784) | (1,227,673) | (595,156) | ||||||||||||
Net income (loss) | $ | 741,170 | $ | (31,999) | $ | 1,863,074 | $ | 625,024 | ||||||||
Other comprehensive loss | ||||||||||||||||
Foreign currency translation adjustment | (22,896) | (128,843) | (115,717) | (365,759) | ||||||||||||
Total comprehensive income (loss) | $ | 718,274 | $ | (160,842) | $ | 1,747,357 | $ | 259,265 | ||||||||
Net income per share - Basic and diluted | $ | 0.00 | * | $ | 0.00 | * | $ | 0.00 | * | $ | 0.00 | * | ||||
Weighted average number of common shares outstanding | ||||||||||||||||
- Basic and Diluted | 1,701,181,423 | 1,701,181,423 | 1,701,181,423 | 1,701,181,423 |
ENTREPRENEUR UNIVERSE BRIGHT GROUP | ||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||
(UNAUDITED) | ||||||||
(In | ||||||||
For the nine months ended | ||||||||
2023 | 2022 | |||||||
Cash flows from operating activities | ||||||||
Net income | $ | 1,863,074 | $ | 625,024 | ||||
Adjustments to reconcile net income to cash generated from operating activities: | ||||||||
Depreciation | 59,558 | 62,516 | ||||||
Amortization of operating lease right-of-use assets | 40,003 | 40,575 | ||||||
Deferred tax liabilities | 129,523 | (33,117) | ||||||
Changes in operating assets and liabilities: | ||||||||
Other receivables and prepayments | 30,257 | 11,128 | ||||||
Accounts receivable | (437,017) | (244,432) | ||||||
Accounts payable | - | (111,527) | ||||||
Other payables and accrued liabilities | (164,298) | (159,123) | ||||||
Tax payables | 301,211 | 106,699 | ||||||
Contract liabilities | - | (208,106) | ||||||
Receipt in advance | (1,678) | (4,969) | ||||||
Operating lease liabilities | (40,003) | (40,574) | ||||||
Net cash generated from operating activities | 1,780,630 | 44,094 | ||||||
Cash flows from investing activities | ||||||||
Purchase of property, plant and equipment | (1,849) | (9,746) | ||||||
Loan receivables from an unrelated third party | - | (1,060,394) | ||||||
Net cash used in investing activities | (1,849) | (1,070,140) | ||||||
Cash flows used in financing activities | ||||||||
Repayment to a director | (164,439) | (3,490) | ||||||
Net cash used in financing activities | (164,439) | (3,490) | ||||||
Effect of exchange rates on cash | (101,239) | (289,162) | ||||||
Net increase (decrease) in cash and cash equivalents | 1,513,103 | (1,318,698) | ||||||
Cash and cash equivalents at beginning of period | 7,193,591 | 7,649,129 | ||||||
Cash and cash equivalents at end of period | $ | 8,706,694 | $ | 6,330,431 | ||||
Supplemental cash flow information | ||||||||
Cash paid during the period for: | ||||||||
Income taxes | $ | 650,101 | $ | 369,878 | ||||
Withholding tax paid | - | 151,485 |
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SOURCE ENTREPRENEUR UNIVERSE BRIGHT GROUP
FAQ
What are EUBG's unaudited financial results for Q3 2023?
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