Planet Green Holdings Corp
For the period ended Sep 30, 2024. Filed Nov 15, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 15, 2024
PLAG$0.37+6.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-14.
0001213900-24-068899
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-15.
0001213900-24-098608
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 43 previous paragraphs and 44 current paragraphs.
23 unchanged; 14 reworded; 7 added; 6 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Current report
Gross Profit. Our gross profit for the three months ended September 30, 2024 decreased by $0.01 million, representing a 13% decrease to $0.12 million compared to $0.13 million for the same period in 2023. The decrease was attributed to a decrease in sales of revenue, as discussed above.
Current report
Our net loss for the three months ended September 30, 2024 decreased by $0.09 million, to $1.19 million from $1.28 million in the same period in 2023. This increase was primarily attributed to the decrease of selling and marketing expenses, as discussed above.
Current report
Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023.
Current report
Net Revenues. Our net revenue for the nine months ended September 30, 2024 was $5.29 million, representing a decrease of approximately $10.16 million or 66% from the same period last year’s $15.44 million. The decrease in revenue can be attributed to the stagnant sales of high-grade synthetic fuel products, which decreased from $6.85 million to $3.36 million during the current period, and a decline in food product sales from $8.14 million to $1.34 million.
Current report
Net Loss
Current report
Our net loss for the nine months ended September 30, 2024 decreased by $10.78 million, or 73%, to $3.99 million from $14.76 million in the same period in 2023. This decrease was primarily attributed to the loss on disposal of equity investments.
Removed paragraphs (6)
Previous report
*Gross Profit.*Our gross profit for the three months ended June 30, 2024 increased by $0.03 million, representing a 60% increase to $0.07 million compared to $0.04 million for the same period in 2023. The increase was attributed to a significant surge in advertising revenue coupled with a decline in sales of unprofitable products of high-grade synthetic fuel. This significant growth is primarily attributed to the sharp increase in advertising revenue from Fast branch, which operates at approximately 100% gross profit rate.
Previous report
Our net income for the three months ended June 30, 2024 decreased by $17.89 million, or 147%, to a net income of $0.57 million from a net loss of $12.20 million in the same period in 2023. This increase was primarily attributed to the gain from disposal of a subsidiary, an increase in advertising revenue sales and a decline in sales of unprofitable high-grade synthetic fuel products as previously mentioned.
Previous report
Six Months Ended June 30, 2024 Compared to Six months Ended June 30, 2023.
Previous report
Net Revenues. As of June 30, 2024, our net revenue for the six months ended was $3.48 million, representing a decrease of approximately $9.63 million or 73% from the same period last year’s $13.11 million. During the corresponding period in the previous fiscal year, over 56% of our total revenue was derived from selling various food products to restaurants. However, this segment has been significantly impacted by COVID-19 and the company management is strategically realigning new supply markets to effectively mitigate this adverse impact, resulting in sales declining from $7.30 million in 2023 to $1.00 million dollars in 2024. The sales of high-grade synthetic fuel products have remained stagnant in the current period, decreasing from $4.28 million to $0.06 million.
Previous report
Net Income
Previous report
Our net income for the six months ended June 30, 2024 increased by $18.09 million, or 134%, to a net income of $4.61million from a loss of $13.49 million in the same period in 2023. This increase was primarily attributed to the gain from disposal of a subsidiary, an increase in advertising revenue sales and a decline in sales of unprofitable high-grade synthetic fuel products as previously mentioned.** **
Reworded paragraphs (14)
Previous wording
Net Revenues. Our net revenues for the three months ended June 30, 2024 amounted to $1.95 million, which represents a decrease of approximately $2.63 million, or 57%, from $4.57 million for the three months ended June 30, 2023. The decrease in revenue can be attributed to the stagnant sales of high-grade synthetic fuel products, which decreased from $2.09 million to $0.04 million during the current period, as well as a decline in food product sales from $2.01 million to $1.00 million.
Current wording
*Net Revenues.*Our net revenues for the three months ended September 30, 2024 amounted to $1.81 million, which represents a decrease of approximately $1.71 million, or 49%, from $3.52 million for the three months ended September 30, 2023. The decrease in revenue can be attributed to the stagnant sales of high-grade synthetic fuel products, which decreased from $2.57 million to $1.43 million during the current period, and a decline in beef products sales from $0.84 million to $0.34 million.
Previous wording
Cost of Revenues. During the three months ended June 30, 2024, we experienced a decrease in cost of revenue of $2.65 million or 59%, in comparison to the three months ended June 30, 2023, from approximately $4.53 million to $1.88 million. This change was mainly due to a decrease in sales of revenue, as discussed above.
Current wording
*Cost of Revenues.*During the three months ended September 30, 2024, we experienced a decrease in cost of revenue of $1,69 million or 50%, in comparison to the three months ended September 30, 2023, from approximately $3.39 million to $1.70 million. This change was mainly due to a decrease in sales of revenue, as discussed above.
Previous wording
Selling and Marketing Expenses. Our selling and marketing expenses decreased by $0.21 million, or 86%, to $0.03 million for the three months ended June 30, 2024 from $0.24 million for the three months ended June 30, 2023. This decrease was mainly due to the aforementioned reasons, attributable to a decrease in sales of revenue. The selling and marketing expenses mainly come from transportation and storage cost and the sales staff salaries cost decline.
Current wording
Selling and Marketing Expenses. Our selling and marketing expenses decreased by $0.20 million, or 87%, to $0.03 million for the three months ended September 30, 2024 from $0.23 million for the three months ended September 30, 2023. This decrease was mainly due to the aforementioned reasons, attributable to a decrease in sales of revenue. The selling and marketing expenses mainly come from transportation and storage cost and the sales staff salaries cost decline.
Previous wording
General and Administrative Expenses. Our general and administrative expenses for the six months ended June 30, 2024 increased slightly by $0.35million, or 17%, to $2.43 million compared to the previous year’s $2.08 million for the same period. The increase was primarily due to a reclassification of selling and marketing expenses to general and administrative expenses as a result of staff function realignment.
Current wording
General and Administrative Expenses. Our general and administrative expenses for the three months ended September 30, 2024 decreased slightly by $0.03 million, or 2%, to $1.15 million compared to the previous year’s $1.18 million for the same period.
Previous wording
The following discussion should be read in conjunction with the company’s audited consolidated financial statement for the six months ended June 30, 2024, and 2023 and related notes to that.
Current wording
The following discussion should be read in conjunction with the company’s audited consolidated financial statement for the nine months ended September 30, 2024, and 2023 and related notes to that.
Previous wording
Cost of Revenues. During the six months ended June 30, 2024, we experienced a decrease in cost of revenue of $9.77 million or 76%, in comparison to the six months ended June 30, 2023, from approximately $12.82 million to $3.05 million. This change was mainly due to a decrease in revenue, as discussed above.
Current wording
Cost of Revenues. During the nine months ended September 30, 2024, we experienced a decrease in cost of revenue of $10.23 million or 68%, in comparison to the nine months ended September 30, 2023, from approximately $14.97 million to $4.74 million. This change was mainly due to a decrease in revenue, as discussed above.
Previous wording
Gross Profit. Our gross profit for the six months ended June 30, 2024 increased by $0.14 million, representing a 49% increase to $0.43 million compared to $0.29 million for the same period in 2023. The substantial growth is primarily attributed to the significant increase in advertising revenue from the Fast branch, which operates at an approximate gross profit rate of 100%.
Current wording
Gross Profit. Our gross profit for the nine months ended September 30, 2024 increased by $0.08 million, representing a 16% increase to $0.55 million compared to $0.47 million for the same period in 2023. The growth is primarily attributed to the significant increase in advertising revenue from the Fast branch, which operates at an approximate gross profit rate of 100%.
Previous wording
*Selling and Marketing Expenses.*Our selling and marketing expenses decreased by $0.41 million, or 85%, to $0.08 million for the six months ended June 30, 2024 from $0.49 million for the six months ended June 30, 2023. This decrease was mainly due to the aforementioned reasons, attributable to a decrease in sales of revenue.
Current wording
*Selling and Marketing Expenses.*Our selling and marketing expenses decreased by $0.61 million, or 85%, to $0.11 million for the nine months ended September 30, 2024 from $0.72 million for the nine months ended September 30, 2023. This decrease was mainly due to the aforementioned reasons, attributable to a decrease in sales of revenue.
Previous wording
General and Administrative Expenses. Our general and administrative expenses for the three months ended June 30, 2024 increased slightly by $0.24 million, or 24%, to $1.22 million compared to the previous year’s $0.99 million for the same period. The increase was primarily due to a reclassification of selling and marketing expenses to general and administrative expenses as a result of staff function realignment.
Current wording
General and Administrative Expenses. Our general and administrative expenses for the nine months ended September 30, 2024 increased by $0.33 million, or 10%, to $3.58 million compared to the previous year’s $3.25 million for the same period. The decrease was primarily due to increase in allowance for doubtful accounts in the amount of $0.22 million.
Previous wording
As of June 30, 2024, we had cash and cash equivalents of $558,933 compared to $436,383 as of December 31, 2023. The debt to assets ratio was 60.86% and 54.40% as of June 30, 2024 and December 31, 2023, respectively. We expect to continue to finance our operations and working capital needs in 2024 from cash generated from operations and, if needed, private financings. Suppose available liquidity is insufficient to meet our operating and loan obligations as they come due. In that case, our plans include pursuing alternative financing arrangements or reducing expenditures as necessary to meet our cash requirements. However, there is no assurance that we will raise additional capital or reduce discretionary spending to provide liquidity if needed. We cannot be sure of the availability or terms of any alternative financing arrangements.
Current wording
As of September 30, 2024, we had cash and cash equivalents of $227,492 compared to $270,317 as of December 31, 2023. The debt to assets ratio was 63.0% and 54.4% as of September 30, 2024 and December 31, 2023, respectively. We expect to continue to finance our operations and working capital needs in 2024 from cash generated from operations and, if needed, private financings. Suppose available liquidity is insufficient to meet our operating and loan obligations as they come due. In that case, our plans include pursuing alternative financing arrangements or reducing expenditures as necessary to meet our cash requirements. However, there is no assurance that we will raise additional capital or reduce discretionary spending to provide liquidity if needed. We cannot be sure of the availability or terms of any alternative financing arrangements.
Previous wording
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern; however, the Company has incurred a net loss of $3,156,608 from continuing operations for the six months ended June 30, 2024. As of June 30, 2024 the Company had an accumulated deficit of $136,118,828, a working capital deficit of $8,092,472, its net cash used in operating activities for the six months ended June 30, 2024 was $660,867.
Current wording
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern; however, the Company has incurred a net loss of $4,342,017 from continuing operations for the nine months ended September 30, 2024. As of September 30, 2024 the Company had an accumulated deficit of $144,711,504, a working capital deficit of $8,938,115, its net cash provided by operating activities for the nine months ended September 30, 2024 was $48,461.
Previous wording
Net cash used in operating activities decreased by $1.57 million to $0.66 million during the six months ended June 30, 2024, from $2.24 million during the six months ended June 30, 2023. This decrease was primarily due to changes in net operating assets and liabilities of $1.98 million and was partially offset by an increase in net loss excluding non-cash expenses, gains and losses of $0.40 million.
Current wording
Net cash provided by operating activities was $0.05 million during the nine months ended September 30, 2024, compared to net cash used in operating activities of $4.18 million during the nine months ended September 30, 2023. This change was primarily due to increase in net operating assets and liabilities of $4.56 million and was partially offset by a decrease in cash provided by operating activities from discontinued operations of $0.16 million.
Previous wording
Net cash provided by investing activities for the six months ended June 30, 2024 decreased to $0.16 million from the $2.74 million provided by investing activities for the same period in 2023. This decrease is primarily due to a reduction in plant and equipment purchases compared to the six months ended June 30, 2023.
Current wording
Net cash used in investing activities was $0.02 million for the nine months ended September 30, 2024, compared to $2.70 million provided by investing activities for the same period in 2023. This change is primarily due to a reduction in proceeds from disposal of equity method investments of $2.77 million compared to the nine months ended September 30, 2023.
Previous wording
The net cash provided by financing activities increased by $0.91 million to $0.94 million during the six-month period ended June 30, 2024, compared to $0.03 million for the same period in 2023. This increase can be attributed to a rise in bank loans obtained for operational purposes.
Current wording
The net cash used in financing activities was $0.10 during the nine-month period ended September 30, 2024, compared to net cash provided by financing activities of $1.47 million for the same period in 2023. This change can be attributed to a rise in loan to related parties.