SUIC Worldwide Holdings Ltd.,(SUIC) a global company specializing in various industries, has released its financial statements for the first quarter ended March 31, 2023. The company reported a net income of $42,376 during this period, reflecting its strong performance and strategic initiatives. The revenue for the quarter amounted to $60,000, indicating the company's ability to generate steady income. This article provides an overview of SUIC Worldwide Holdings' financial performance and key highlights from its consolidated financial statements.
The financial statements released by SUIC Worldwide Holdings highlight the company's financial position as of March 31, 2023. The balance sheet reveals that the company's total assets amounted to $622,843, indicating growth compared to the previous year-end balance of $573,027. The current assets, including cash, accounts receivable, and short-term investments, stood at $457,316. The non-current assets, comprising fixed assets and other receivables, totaled $165,527.
In the statements of comprehensive income, SUIC Worldwide Holdings reported a revenue of $60,000 for the first quarter of 2023. The cost of revenue amounted to $13,470, resulting in a gross profit of $46,530. The company also recorded other income of $1,110. After accounting for expenses, including interest expense, the income from operations for the quarter totaled $47,640. Overall, SUIC Worldwide Holdings achieved a net income of $42,376 during this period.
The statements of stockholders' equity illustrate the changes in SUIC Worldwide Holdings' equity position. The common stock remained at 33,503,604 shares, with a par value of $0.001 per share. The additional paid-in capital also remained unchanged at $1,647,731. The accumulated deficit decreased from $1,739,820 to $1,697,444 due to the net income generated in the first quarter of 2023. Consequently, the total stockholders' deficiency improved from $58,585 to $16,210.
These financial results indicate SUIC Worldwide Holdings' efforts to enhance its financial stability and generate positive returns for its shareholders. The company's management remains focused on strategic initiatives and aims to further strengthen its market position in the coming quarters. Investors and stakeholders are encouraged by the steady revenue growth and improved net income, which demonstrate the company's resilience and potential for future success.