What drove EUDA's net profit decline in Q2 2023?

EUDA Health Holdings Limited experienced a net income decline of $6.1 million in Q2 2023, which can be attributed to several key factors: 1. **Financial Reporting Issues**: EUDA's failure to comply with Nasdaq Listing Rule 5250(c)(1) by not filing its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2023, in a timely manner, led to a notice from Nasdaq. This non-compliance indicates underlying financial reporting issues that could have impacted the company's financial performance and ultimately contributed to the net profit decline. 2. **Cost of Goods Sold and Total Expenses**: The company's total revenue for Q2 2023 was $1.11 million, with the cost of goods sold amounting to $809,081 and total expenses totaling $0. This indicates that the cost of goods sold and other expenses significantly ate into the revenue, leading to a negative net income. The cost of goods sold and expenses collectively exceeded the total revenue, resulting in a net loss. In summary, EUDA's net profit decline in Q2 2023 was likely driven by a combination of financial reporting issues and operational inefficiencies that led to a significant loss.