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Green Giant Inc. (formerly known as China HGS Real Estate, Inc.), a company engaged in real estate development and green energy business, reported its financial performance for the quarter ended December 31, 2023. The company's revenue for the quarter was $183,469, a 12.8% increase from the same period in the previous year, primarily from the sale of completed condominium real estate projects. Cost of sales decreased by 16.6% to $108,682, resulting in a gross profit of $74,787 and a gross margin of 40.4%. Operating expenses, however, increased significantly by 391.8% to $2,986,460, mainly due to share-based compensation to consultants. This led to a net loss of approximately $2.9 million for the quarter. The company's cash and restricted cash balance stood at approximately $7.2 million, an increase from the previous quarter. Green Giant Inc. continues to focus on its existing construction projects and is exploring opportunities in the green energy sector in the U.S. The company's management concluded that internal controls over financial reporting were not effective due to identified material weaknesses.
Green Giant Inc. (formerly known as China HGS Real Estate, Inc.), a company engaged in real estate development and green energy business, reported its financial performance for the quarter ended December 31, 2023. The company's revenue for the quarter was $183,469, a 12.8% increase from the same period in the previous year, primarily from the sale of completed condominium real estate projects. Cost of sales decreased by 16.6% to $108,682, resulting in a gross profit of $74,787 and a gross margin of 40.4%. Operating expenses, however, increased significantly by 391.8% to $2,986,460, mainly due to share-based compensation to consultants. This led to a net loss of approximately $2.9 million for the quarter. The company's cash and restricted cash balance stood at approximately $7.2 million, an increase from the previous quarter. Green Giant Inc. continues to focus on its existing construction projects and is exploring opportunities in the green energy sector in the U.S. The company's management concluded that internal controls over financial reporting were not effective due to identified material weaknesses.
从事房地产开发和绿色能源业务的绿色巨人公司（前身为中国HGS房地产有限公司）公布了截至2023年12月31日的季度财务业绩。该公司本季度的收入为183,469美元，比去年同期增长12.8％，主要来自已完成的公寓房地产项目的出售。销售成本下降了16.6％，至108,682美元，毛利润为74,787美元，毛利率为40.4％。但是，运营支出大幅增长了391.8％，达到2,986,460美元，这主要是由于向顾问提供的基于股份的薪酬。这导致本季度净亏损约290万美元。该公司的现金和限制性现金余额约为720万美元，比上一季度有所增加。Green Giant Inc. 继续专注于其现有建筑项目，并正在探索美国绿色能源领域的机会。该公司的管理层得出结论，由于已发现重大缺陷，对财务报告的内部控制无效。
从事房地产开发和绿色能源业务的绿色巨人公司（前身为中国HGS房地产有限公司）公布了截至2023年12月31日的季度财务业绩。该公司本季度的收入为183,469美元，比去年同期增长12.8％，主要来自已完成的公寓房地产项目的出售。销售成本下降了16.6％，至108,682美元，毛利润为74,787美元，毛利率为40.4％。但是，运营支出大幅增长了391.8％，达到2,986,460美元，这主要是由于向顾问提供的基于股份的薪酬。这导致本季度净亏损约290万美元。该公司的现金和限制性现金余额约为720万美元，比上一季度有所增加。Green Giant Inc. 继续专注于其现有建筑项目，并正在探索美国绿色能源领域的机会。该公司的管理层得出结论，由于已发现重大缺陷，对财务报告的内部控制无效。
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