Summary by Moomoo AI
INNO Holdings, a Texas-based construction products and services company, reported a challenging financial year, with a net loss of $4,023,204 for the fiscal year ended September 30, 2023. This represents a significant increase in losses compared to the previous year's net loss of $1,130,007. The company's total revenues plummeted to $799,747, a stark decrease from the $4,502,568 reported in the prior year. The financial statements also highlighted a substantial bad debt expense of $1,267,960, which was not present in the previous year. Despite these setbacks, INNO Holdings completed a reverse acquisition under common control, acquiring Inno Metal Studs Corp. (IMSC) and making it a wholly-owned subsidiary. The company's future plans include efforts to increase revenue-generating operations and seeking additional financing to...Show More