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MDJM LTD (Nasdaq: MDJH) reported its 2020 financial results, showing revenue growth of 3.3% to $5.87 million, driven by higher commission rates. However, operating expenses rose by 5.8% to $5.63 million, leading to a 32.8% decline in income from operations at $241,000. Net income decreased by 43.1% to $258,000, reflecting a 50% drop in earnings per share to $0.02. The operating profit margin fell to 4.1%, down from 6.3% in 2019. The company expressed cautious optimism for 2021 despite pandemic-related challenges.
MDJM LTD (Nasdaq: MDJH) has been shortlisted by Tianjin Infrastructure Investment Group for a sales agency services project in Zhangguizhuang District, Tianjin. The company is one of only two finalists from six bidders and is currently finalizing the sales agency agreement. Tianjin Infrastructure Investment Group, a state-owned enterprise, manages significant urban infrastructure projects across 563 hectares in Tianjin. This opportunity marks a significant collaborative step for MDJM as it strengthens its presence in the real estate sector of Tianjin.
MDJM LTD (Nasdaq: MDJH) announced the establishment of its UK subsidiary, MD Local Global Limited, which has signed an introducer agreement with Berkeley Residential Pte Ltd. This agreement allows MDJH to introduce prospective buyers to Berkeley and its subsidiaries for introductory fees. Chairman Siping Xu highlighted the significance of this expansion into the UK market, believing it will benefit both MDJH and Berkeley through diversification. The partnership opens new growth opportunities in overseas markets for MDJH.
MDJM LTD (Nasdaq: MDJH), a real estate services company based in China, has signed a sales agent contract with Tianjin Tianxiao Real Estate Development Co., Ltd. The contract covers the "Style Pomegranate Garden," a residential project in Tianjin with a total area of over 333,000 square feet, valued at up to US$3 million. This marks the 12th project in the successful Style Series, furthering their cooperation with Tianxiao. The company operates multiple branches in China and provides a range of real estate services.
MDJM LTD (Nasdaq: MDJH) has signed an exclusive sales agency contract with Tianjin Yuanqing Investment Co., Ltd. for the 'Style Series' residential project, which comprises 560 units in Jizhou, Tianjin, covering over 968,000 square feet. This project is the 11th in the Style Series, celebrated for its quality since 2003. MDJH aims for significant success in upcoming quarters as it supports Yuanqing, a leading real estate developer in China, in this venture.
MDJM LTD (Nasdaq: MDJH) reported financial results for the first half of 2020, showing a 21.2% increase in revenue to $2.71 million compared to the same period in 2019. The company transitioned from a loss to a net profit of $132,000, or $0.01 per share, a significant improvement from a net loss of $510,000, or $0.04 per share last year. Operating expenses decreased by 5.8% to $2.63 million. The Company expressed cautious optimism for the second half of 2020 as the housing market recovers amid the ongoing challenges of the COVID-19 pandemic.
MDJM LTD (Nasdaq: MDJH), a real estate services firm in China, has announced its compliance with Nasdaq Listing Rule 5550(a)(3), as confirmed on September 9, 2020. This comes after receiving a deficiency letter on August 3, 2020, indicating non-compliance due to insufficient public holders. The company successfully demonstrated it had over 300 public holders by September 2, leading to Nasdaq's confirmation of compliance. MDJM LTD is engaged in real estate agency services, consulting, and tourism development with offices in several Chinese cities.
MDJM LTD (Nasdaq: MDJH) announced on August 3, 2020, that it received a deficiency letter from Nasdaq due to non-compliance with the minimum Public Holders requirement, which mandates at least 300 Public Holders. The letter does not affect the current trading of MDJH shares. The company has until September 17, 2020, to submit a compliance plan to Nasdaq, with a potential extension of up to 180 days if accepted. Management is exploring various options to regain compliance to maintain its listing.