Yoshiharu Global Co. reported its financial performance for the quarter ended March 31, 2024, with revenues increasing by 13.4% to $2.8 million compared to $2.5 million in the same period last year. The rise in revenue was attributed to the opening of three new restaurants. Despite the revenue growth, the company experienced a net loss of $876,205, which was an improvement from the $1,144,489 net loss in the previous year. The net loss reduction was due to efforts in controlling general and administrative expenses. Food, beverage, and supply costs increased slightly by 2.5%, while labor costs rose by 13.0% due to the new restaurant openings. Rent and utilities expenses also saw an increase of 6.7%. The company's depreciation and amortization expenses went up by 33.1% due to the new restaurants...Show More

Yoshiharu Global Co. reported its financial performance for the quarter ended March 31, 2024, with revenues increasing by 13.4% to $2.8 million compared to $2.5 million in the same period last year. The rise in revenue was attributed to the opening of three new restaurants. Despite the revenue growth, the company experienced a net loss of $876,205, which was an improvement from the $1,144,489 net loss in the previous year. The net loss reduction was due to efforts in controlling general and administrative expenses. Food, beverage, and supply costs increased slightly by 2.5%, while labor costs rose by 13.0% due to the new restaurant openings. Rent and utilities expenses also saw an increase of 6.7%. The company's depreciation and amortization expenses went up by 33.1% due to the new restaurants. Yoshiharu Global Co. used $373,196 in operating activities but managed to reduce this outflow compared to the previous year's $1,768,802. The company's investing activities led to a cash use of $356,642, mainly for property and equipment purchases related to new restaurant openings. Financing activities provided a net cash inflow of $623,250 due to bank borrowings, offset by repayments. Yoshiharu Global Co. is focusing on new restaurant development, consistent comparable restaurant sales growth, increasing profitability, and heightening brand awareness as part of its growth strategies. The company acknowledges material weaknesses in its internal controls over financial reporting due to inadequate accounting resources and the lack of segregation of duties but has taken steps to address these issues.