Yoshiharu Global Co. reported financial results for the quarter ended June 30, 2024, with revenues reaching $6.1 million, a 30.9% increase from the previous year, driven by the acquisition of three new Las Vegas restaurants. The company's restaurant operating expenses rose to $5.7 million, up 31.6%, primarily due to the new acquisitions. Net loss improved by 8.5% to $1.98 million. General and administrative expenses decreased by 9.5% to $2.0 million, reflecting management's efforts to control costs. The company's cash flow from operations turned positive at $621,458, a significant improvement from a cash use of $2.5 million in the prior year. Capital expenditures were $2.2 million, mainly for new restaurant openings. Financing activities provided $1.3 million in cash, primarily through bank borrowings. Yoshiharu's growth strategy includes new restaurant development, aiming for...Show More

Yoshiharu Global Co. reported financial results for the quarter ended June 30, 2024, with revenues reaching $6.1 million, a 30.9% increase from the previous year, driven by the acquisition of three new Las Vegas restaurants. The company's restaurant operating expenses rose to $5.7 million, up 31.6%, primarily due to the new acquisitions. Net loss improved by 8.5% to $1.98 million. General and administrative expenses decreased by 9.5% to $2.0 million, reflecting management's efforts to control costs. The company's cash flow from operations turned positive at $621,458, a significant improvement from a cash use of $2.5 million in the prior year. Capital expenditures were $2.2 million, mainly for new restaurant openings. Financing activities provided $1.3 million in cash, primarily through bank borrowings. Yoshiharu's growth strategy includes new restaurant development, aiming for over 100% annual unit growth rate over the next three to five years, consistent comparable restaurant sales growth, increased profitability, and heightened brand awareness. The company plans to initiate franchise sales in 2024. Despite material weaknesses in internal controls over financial reporting due to inadequate accounting resources and lack of segregation of duties, management believes the financial statements are fairly stated.