BUENA PARK, CA - Yoshiharu Global Co. (NASDAQ:YOSH), a company recognized for its authentic Japanese ramen restaurants, today announced a delay in filing its quarterly report.
The California-based operator filed a Form NT 10-Q with the Securities and Exchange Commission (SEC) on May 15, 2024, seeking an extension due to issues with its former auditor, BF Borgers CPA PC.
The company is currently in the process of securing a new auditor that complies with the Public Company Accounting Oversight Board (PCAOB) standards. Yoshiharu anticipates engaging a new audit firm by the end of this week. This transition comes with a plan to re-audit the financial statements for the years 2022 and 2023, which were previously audited by BF Borgers. The re-audit is expected to be completed by June 2024.
Yoshiharu has gained a reputation for its growth and presence in the Southern California restaurant scene since its debut in 2016. The company currently owns and operates 11 restaurants, with an expansion strategy that has earned them a leading position within six months of their launch.
Investors are advised that the information provided is based on a press release statement.
InvestingPro Insights
As Yoshiharu Global Co. (NASDAQ:YOSH) faces challenges with its financial reporting, investors may be seeking additional context to understand the company's current financial health. According to InvestingPro data, Yoshiharu's market capitalization stands at a modest $5.33 million USD, reflecting the scale of its business within the competitive restaurant industry. This is coupled with a negative P/E ratio of -1.53 for the last twelve months as of Q4 2023, indicating that the company is not currently profitable.
InvestingPro Tips highlight some of the financial pressures that Yoshiharu is facing. The company operates with a significant debt burden, which could be a concern, especially as it may have trouble making interest payments on its debt. Furthermore, Yoshiharu's short-term obligations exceed its liquid assets, suggesting potential liquidity challenges. With a gross profit margin of just 9.87% for the last twelve months as of Q4 2023, Yoshiharu's ability to turn revenues into profits appears constrained, which is a critical factor for investors to consider.
Despite recent price volatility, with a 1-month price total return of 10.47% but a 1-year price total return of -55.25%, the stock has shown significant fluctuations that could attract investors looking for short-term opportunities. However, long-term investors might be cautious due to the company's performance over the past year and the lack of dividend payments to shareholders. For those seeking more in-depth analysis, InvestingPro offers additional tips on Yoshiharu's financials and stock performance. Utilize coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and discover the 12 additional InvestingPro Tips available for Yoshiharu Global Co. at https://www.investing.com/pro/YOSH.
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