TDH Holdings, Inc. Reports Full Year 2024 Audited Financial Results
TDH Holdings (NASDAQ: PETZ) reported its full year 2024 financial results, marking a significant business transformation. The company discontinued its restaurant business in Q2 2024 to focus on commercial real estate property management. Key financial highlights include:
- Revenue increased to $0.56 million from nearly zero in 2023
- Gross profit reached $0.24 million with 42.29% margin
- Operating loss improved to $1.83 million from $6.19 million
- Net income attributable to shareholders was $2.68 million ($0.26 per share)
The company maintained a strong financial position with $15.70 million in cash and working capital of $24.60 million. Management believes current measures will provide sufficient liquidity for at least 12 months.
TDH Holdings (NASDAQ: PETZ) ha comunicato i risultati finanziari dell'intero anno 2024, segnando una significativa trasformazione aziendale. La società ha interrotto la sua attività nel settore della ristorazione nel secondo trimestre del 2024 per concentrarsi sulla gestione di immobili commerciali. Principali dati finanziari includono:
- Ricavi saliti a 0,56 milioni di dollari da quasi zero nel 2023
- Utile lordo pari a 0,24 milioni di dollari con un margine del 42,29%
- Perdita operativa migliorata a 1,83 milioni di dollari da 6,19 milioni
- Utile netto attribuibile agli azionisti di 2,68 milioni di dollari (0,26 dollari per azione)
L'azienda ha mantenuto una solida posizione finanziaria con 15,70 milioni di dollari in liquidità e un capitale circolante di 24,60 milioni di dollari. La direzione ritiene che le misure attuali garantiranno una liquidità sufficiente per almeno 12 mesi.
TDH Holdings (NASDAQ: PETZ) informó sus resultados financieros del año completo 2024, marcando una transformación significativa del negocio. La compañía discontinuó su negocio de restaurantes en el segundo trimestre de 2024 para enfocarse en la gestión de propiedades inmobiliarias comerciales. Aspectos financieros clave incluyen:
- Los ingresos aumentaron a 0,56 millones de dólares desde casi cero en 2023
- La utilidad bruta alcanzó 0,24 millones de dólares con un margen del 42,29%
- La pérdida operativa mejoró a 1,83 millones de dólares desde 6,19 millones
- El ingreso neto atribuible a los accionistas fue de 2,68 millones de dólares (0,26 dólares por acción)
La empresa mantuvo una posición financiera sólida con 15,70 millones de dólares en efectivo y un capital de trabajo de 24,60 millones de dólares. La dirección considera que las medidas actuales proporcionarán liquidez suficiente por al menos 12 meses.
TDH Holdings (NASDAQ: PETZ)는 2024년 전체 재무 결과를 발표하며 중요한 사업 전환을 이루었습니다. 회사는 2024년 2분기에 식당 사업을 중단하고 상업용 부동산 관리에 집중하기로 했습니다. 주요 재무 하이라이트는 다음과 같습니다:
- 2023년 거의 없던 매출이 56만 달러로 증가
- 42.29%의 마진으로 24만 달러의 총이익 달성
- 영업손실이 619만 달러에서 183만 달러로 개선
- 주주에게 귀속된 순이익 268만 달러(주당 0.26달러)
회사는 1,570만 달러의 현금과 2,460만 달러의 운전자본으로 강한 재무 상태를 유지했습니다. 경영진은 현재 조치들이 최소 12개월간 충분한 유동성을 제공할 것이라고 보고 있습니다.
TDH Holdings (NASDAQ : PETZ) a publié ses résultats financiers pour l'année complète 2024, marquant une transformation majeure de son activité. La société a arrêté son activité de restauration au deuxième trimestre 2024 pour se concentrer sur la gestion de biens immobiliers commerciaux. Faits marquants financiers clés :
- Le chiffre d'affaires a augmenté à 0,56 million de dollars contre presque rien en 2023
- Le bénéfice brut a atteint 0,24 million de dollars avec une marge de 42,29 %
- La perte d'exploitation s'est améliorée à 1,83 million de dollars contre 6,19 millions
- Le résultat net attribuable aux actionnaires s'élève à 2,68 millions de dollars (0,26 dollar par action)
L'entreprise a maintenu une position financière solide avec 15,70 millions de dollars en liquidités et un fonds de roulement de 24,60 millions de dollars. La direction estime que les mesures actuelles assureront une liquidité suffisante pour au moins 12 mois.
TDH Holdings (NASDAQ: PETZ) veröffentlichte die Finanzergebnisse für das Gesamtjahr 2024 und markierte damit eine bedeutende geschäftliche Umstrukturierung. Das Unternehmen stellte im zweiten Quartal 2024 sein Restaurantgeschäft ein, um sich auf das Management von Gewerbeimmobilien zu konzentrieren. Wesentliche finanzielle Highlights sind:
- Umsatz stieg auf 0,56 Millionen US-Dollar von nahezu null im Jahr 2023
- Bruttogewinn erreichte 0,24 Millionen US-Dollar mit einer Marge von 42,29 %
- Operativer Verlust verbesserte sich auf 1,83 Millionen US-Dollar von 6,19 Millionen
- Nettogewinn, der den Aktionären zuzurechnen ist, betrug 2,68 Millionen US-Dollar (0,26 US-Dollar je Aktie)
Das Unternehmen behielt eine starke finanzielle Position mit 15,70 Millionen US-Dollar in bar und einem Working Capital von 24,60 Millionen US-Dollar bei. Das Management ist der Ansicht, dass die aktuellen Maßnahmen für mindestens 12 Monate ausreichende Liquidität gewährleisten.
- Turned profitable with $2.68 million net income vs $23.63 million loss in 2023
- Strong liquidity position with $15.70 million cash and $12.95 million in short-term investments
- Improved operating loss by 70.37% to $1.83 million
- Achieved 42.29% gross profit margin in new real estate management business
- revenue of only $0.56 million from new real estate management business
- Continued negative operating cash flow of $0.23 million
- Operating loss margin remains high at -325.10%
- Recorded $0.32 million goodwill impairment charge
Insights
TDH's pivot to real estate management generated profit of $2.68M despite minimal revenue, showing early-stage transition potential with improving financial metrics.
TDH Holdings has completed a significant business transformation, discontinuing its restaurant business to focus exclusively on commercial real estate property management. Financial results reveal this pivot is in its earliest stages, with revenue of just
The most notable improvement comes in the bottom-line metrics. The company turned a substantial net loss of
The financial position appears stable with cash reserves of
The property management business shows a healthy gross margin of
Full Year 2024 Financial Highlights:
For the Twelve Months Ended December 31, | |||||||
($ millions, except per share data) | 2024 | 2023 | % Change | ||||
Revenues from continuing operations | - | 74,664.72 % | |||||
Gross profit (loss) | - | (107,497.30) % | |||||
Gross profit (loss) margin | 42.29 % | -29.44 % | 71.73 pp* | ||||
Loss from operations | ( | ( | (70.37) % | ||||
Operating loss margin | (325.10) % | (820,361.14) % | 820,036.04 pp* | ||||
Net income (loss) attributable to common | (111.36 %) | ||||||
Earnings (loss) per share - basic and | (111.36 %) | ||||||
* pp: percentage points
| |||||||
- Revenues from continuing operations increased by approximately 74,
665% from$0 million $0.56 million $0.56 million - Gross profit from continuing operations was
$0.24 million $0 million
Operating loss from continuing operations was$1.83 million $6.19 million 325% and approximately negative 820,361% for the years ended December 31, 2024 and 2023, respectively. Although total operating loss from continuing operations decreased in fiscal year 2024 as compared to fiscal year 2023, we still reported loss from continuing operations in fiscal year 2024 mainly due to limited revenue generated from commercial real estate property management business offset by higher amount of operating expenses during fiscal year 2024.
- Net income attributable to common stockholders was
$2.68 million $0.26 $23.63 million $2.29
Full Year 2024 Financial Results
Revenues
Due to the discontinuation of our restaurant business segment in the second quarter of 2024, the Company's revenue streams are now primarily from its commercial real estate property management business. Revenues from continuing operations increased by approximately 74,
For the Twelve Months Ended December 31, | |||||||||||||||||||
2024 | 2023 | Y/Y Change | |||||||||||||||||
Revenues | % of | Revenues | % of | Amount ($'000) | % | ||||||||||||||
Pet food domestic sales | $ | - | - | $ | 1 | 100.00 % | $ | (1) | -100.00 % | ||||||||||
Commercial real estate business revenue | 566 | 100.36 % | - | - | 566 | 100.00 % | |||||||||||||
Less: sales tax and additional surcharge | (2) | -0.36 % | - | - | 2 | -100.00 % | |||||||||||||
Total | $ | 564 | 100.00 % | $ | 1 | 100.00 % | $ | 563 | 74,664.72 % | ||||||||||
For the year ended December 31, 2024, revenue generated from continuing operations increased by
For the year ended December 31, 2024, in terms of continuing operations, our revenue generated from the commercial real estate business increased by
Cost of revenues
Our cost of revenues from our continuing operations is primarily comprised of the cost of our payroll and employee benefit costs, lease and occupancy costs, depreciation and amortization costs and agency service costs. Our cost of revenues from continuing operations increased by
Gross profit (loss) and gross profit (loss) margin
Gross profit from continuing operations was
Operating expense
Operating expense consists of selling expenses and general and administrative expenses.
Operating expenses from our continuing operations were
Selling expense from our continuing operations was
General and administrative expenses from our continuing operations were
Impairment of goodwill charge was
Operating loss and operating loss margin
Operating loss from our continuing operations was
Net income (loss) and earnings (loss) per share
- Net income was
$2.50 million $23.63 million $2.68 million $0.26 $23.63 million $2.29
Financial Conditions
As of December 31, 2024, the Company had cash and cash equivalents of
Net cash used in operating activities was
Liquidity
Our consolidated financial statements have been prepared assuming we will continue as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business.
For the year ended December 31, 2024, in June 2024, we discontinued our restaurant business and started to focus on owing, operating and managing commercial real estate properties going forward. Because the commercial real estate property management business is a newly added business line, our revenue generated from it only slightly increased by approximately
If we are not able to effectively manage, lease and acquire new properties that successfully generate revenue, we may not be able to grow and maintain our business as anticipated, and our revenue may decline and our future business, financial condition and results of operations may be materially adversely affected. There can be no assurances that future revenue or capital infusion will be sufficient to enable us to develop our business to a level where we will be profitable or continuously to generate positive cash flows.
In assessing our liquidity, management monitors and analyzes our cash and cash equivalents, our ability to generate sufficient revenue sources in the future, and our operating and capital expenditure commitments. As of December 31, 2024, we had cash and cash equivalents of approximately
As of December 31, 2024 our major liabilities included accounts payable of
Recent Developments
Discontinued operations
We discontinued our restaurant business segment during the second quarter of 2024. The Company now focuses on the management of commercial real estate. We believe this pivot to the commercial real estate management business is in the best interests of our shareholders due to high costs we were experiencing in the restaurant segment business line, and the Company believes it can obtain stable revenue from rental income and property appreciation income from the increasing demand in the commercial real estate market from small and medium sized enterprises.
Notice
Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.
About TDH Holdings, Inc.
Founded in April 2002, TDH Holdings, Inc. (the "Company") (NASDAQ: PETZ), a PRC-based company that is an owner, operator and manager of commercial real estate properties. More information about the Company can be found at www.tiandihui.com.
Forward-Looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company's statements regarding, among others, its growth and business outlook, the excepted revenue growth from the Company's commercial real estate management business and the Company's ability to execute on its business plan, are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; general risks affecting the commercial real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, changes in client preferences and space utilization, dependence on clients' financial condition, and competition from other developers, owners and operators of real estate); changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in
For more information, please contact:
Feng Zhang, CFO
Email: tdhpets@163.com
Phone: +86 183-1102-1983
TDH HOLDINGS, INC. AND SUBSIDIARIES
| ||||||||
December 31, | December 31, | |||||||
2024 | 2023 | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 15,699,562 | $ | 13,126,605 | ||||
Short-term investments | 12,952,597 | 13,317,882 | ||||||
Accounts receivable, net | 5,748 | - | ||||||
Advances to suppliers, net | 37,790 | - | ||||||
Prepayments and other current assets, net | 103,519 | 63,074 | ||||||
Current assets held for sale associated with discontinued operation of Farlings and Bolings | - | 713,715 | ||||||
Total current assets | 28,799,216 | 27,221,277 | ||||||
NON-CURRENT ASSETS | ||||||||
Property, plant and equipment, net | 2,363,989 | 657,124 | ||||||
Operating lease right-of-use assets | 2,175,456 | - | ||||||
Non-current assets held for sale associated with discontinued operation of Farlings and Bolings | - | 1,022,996 | ||||||
Total non-current assets | 4,539,445 | 1,680,120 | ||||||
Total assets | $ | 33,338,661 | $ | 28,901,397 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | $ | 122,251 | $ | 65,982 | ||||
Advances from customers | 183,173 | 295 | ||||||
Bank overdrafts | 73,105 | 77,486 | ||||||
Short-term loans - related parties | 261,725 | 277,408 | ||||||
Taxes payable | 14,681 | 9,290 | ||||||
Due to related parties | 200,318 | 1,963,794 | ||||||
Operating lease liabilities, current | 486,121 | - | ||||||
Other current liabilities | 2,859,061 | 166,025 | ||||||
Current liabilities held for sale associated with discontinued operation of Farlings and Bolings | - | 828,764 | ||||||
Total current liabilities | 4,200,435 | 3,389,044 | ||||||
NON-CURRENT LIABILITIES: | ||||||||
Operating lease liabilities, non-current | 1,738,371 | - | ||||||
Non-current liabilities held for sale associated with discontinued operation of Farlings and Bolings | - | 463,196 | ||||||
Total liabilities | 5,938,806 | 3,852,240 | ||||||
SHAREHOLDERS' EQUITY: | ||||||||
Common shares ( | 206,465 | 206,465 | ||||||
Additional paid-in capital | 51,129,439 | 51,129,439 | ||||||
Accumulated deficit | (23,937,478) | (26,622,000) | ||||||
Accumulated other comprehensive loss | (95,784) | (95,066) | ||||||
Total TDH Holdings, Inc. shareholders' equity | 27,302,642 | 24,618,838 | ||||||
Non-controlling interest | 97,213 | 430,319 | ||||||
Total shareholders' equity | 27,399,855 | 25,049,157 | ||||||
Total liabilities and shareholders' equity | $ | 33,338,661 | $ | 28,901,397 | ||||
The accompanying notes are an integral part of these consolidated financial statements. |
F-3 |
TDH HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||
For The Years Ended December 31, | ||||||||||||
2024 | 2023 | 2022 | ||||||||||
Net revenue | $ | 563,726 | $ | 754 | $ | 24,726 | ||||||
Total revenue | 563,726 | 754 | 24,726 | |||||||||
Cost of revenue | 325,304 | 976 | 105,554 | |||||||||
Total cost of revenue | 325,304 | 976 | 105,554 | |||||||||
Gross profit | 238,422 | (222) | (80,828) | |||||||||
Operating expenses: | ||||||||||||
Selling expense | - | 22 | 146 | |||||||||
General and administrative expense | 1,745,247 | 3,145,280 | 2,952,355 | |||||||||
Stock-based compensation expense | - | 3,040,000 | ||||||||||
Impairment of long-lived assets other than goodwill | - | - | 6,833 | |||||||||
Impairment of goodwill | 325,832 | - | - | |||||||||
Total operating expenses | 2,071,079 | 6,185,302 | 2,959,334 | |||||||||
Loss from operations | (1,832,657) | (6,185,523) | (3,040,162) | |||||||||
Interest income (expense) | (68,858) | (14,276) | 43,081 | |||||||||
Other income (expense) | 15,670 | 461,461 | (21,375) | |||||||||
Investment income (loss), net | 3,811,339 | (2,644,576) | 4,161,093 | |||||||||
Total other income (expenses) | 3,758,151 | (2,197,391) | 4,182,799 | |||||||||
Income (loss) before income tax provision | 1,925,494 | (8,382,915) | 1,142,637 | |||||||||
Income tax provision | (182) | - | ||||||||||
Net income (loss) from continuing operations | 1,925,312 | (8,382,915) | 1,142,637 | |||||||||
Net income (loss) from discontinued operations of Tiandihui | - | (15,095,547) | (339,054) | |||||||||
Net income (loss) from discontinued operations of Bo Lings and Far Lings | 575,249 | (153,054) | 51,430 | |||||||||
Net income (loss) | 2,500,561 | (23,631,516) | 855,013 | |||||||||
Less: Net income (loss) attributable to non-controlling interest | (183,961) | (5,344) | 51,313 | |||||||||
Net income (loss) attributable to TDH Holdings, Inc. | $ | 2,684,522 | $ | (23,626,172) | $ | 803,700 | ||||||
Comprehensive income (loss) | ||||||||||||
Net (loss) income | $ | 2,500,561 | $ | (23,631,516) | $ | 855,013 | ||||||
Other comprehensive income (loss) | ||||||||||||
Foreign currency translation adjustment | (718) | (523,315) | 888,951 | |||||||||
Total comprehensive income (loss) | 2,499,843 | (24,154,831) | 1,743,964 | |||||||||
Less: Comprehensive income (loss) attributable to non-controlling interest | (333,106) | (5,344) | 51,313 | |||||||||
Comprehensive income (loss) attributable to TDH Holdings, Inc. | $ | 2,832,949 | $ | (24,149,487) | $ | 1,692,651 | ||||||
Earnings (loss) per common share attributable to TDH Holdings, Inc. | ||||||||||||
Basic | $ | 0.26 | $ | (2.29) | $ | 0.10 | ||||||
Diluted | $ | 0.26 | $ | (2.29) | $ | 0.10 | ||||||
Weighted average common shares outstanding | ||||||||||||
Basic | 10,323,268 | 10,323,268 | 8,019,208 | |||||||||
Diluted | 10,323,268 | 10,323,268 | 8,019,208 | |||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
F-4 |
TDH HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||
Number of | Common | Additional | Stock | Statutory | Accumulated | Accumulated | Total | Non- | Total | |||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 5,218,681 | $ | 104,374 | $ | 42,151,658 | $ | $ | 160,014 | $ | (28,969,627) | $ | (460,702) | $ | 12,985,717 | $ | 384,350 | $ | 13,370,067 | ||||||||||||||||||||||
Net income | - | - | - | - | - | 803,700 | - | 803,700 | 51,313 | 855,013 | ||||||||||||||||||||||||||||||
Issuance of common stock and | 4,000,000 | 80,000 | 5,937,781 | - | - | - | - | 6,017,781 | - | 6,017,781 | ||||||||||||||||||||||||||||||
Warrants exercised for cashless | 1,104,587 | 22,091 | - | - | - | - | - | 22,091 | - | 22,091 | ||||||||||||||||||||||||||||||
Foreign currency translation | - | - | - | - | - | - | 888,951 | 888,951 | - | 888,951 | ||||||||||||||||||||||||||||||
Balance, December 31, 2022 | 10,323,268 | $ | 206,465 | $ | 48,089,439 | $ | - | $ | 160,014 | $ | (28,165,927) | $ | 428,249 | $ | 20,718,240 | $ | 435,663 | $ | 21,153,903 | |||||||||||||||||||||
Net loss | - | - | - | - | (23,626,172) | - | (23,626,172) | (5,344) | (23,631,516) | |||||||||||||||||||||||||||||||
Stock-based compensation | 3,040,000 | 3,040,000 | 3,040,000 | |||||||||||||||||||||||||||||||||||||
Adjustment to reflect the effect | - | - | - | - | (160,014) | 25,170,099 | - | 25,010,085 | - | 25,010,085 | ||||||||||||||||||||||||||||||
Foreign currency translation | - | - | - | - | - | - | (523,315) | (523,315) | - | (523,315) | ||||||||||||||||||||||||||||||
Balance, December 31, 2023 | 10,323,268 | $ | 206,465 | $ | 51,129,439 | $ | - | $ | - | $ | (26,622,000) | $ | (95,066) | $ | 24,618,838 | $ | 430,319 | $ | 25,049,157 | |||||||||||||||||||||
Net income | - | - | - | - | 2,684,522 | - | 2,684,522 | (183,961) | 2,500,561 | |||||||||||||||||||||||||||||||
Foreign currency translation | - | - | - | - | - | - | (718) | (718) | (149,145) | (149,863) | ||||||||||||||||||||||||||||||
Balance, December 31, 2024 | 10,323,268 | $ | 206,465 | $ | 51,129,439 | $ | - | $ | - | $ | (23,937,478) | $ | (95,784) | $ | 27,302,642 | $ | 97,213 | $ | 27,399,855 | |||||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
F-5 |
TDH HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
For The Years Ended December 31, | ||||||||||||
2024 | 2023 | 2022 | ||||||||||
Cash flows from operating activities | ||||||||||||
Net income (loss) | $ | 2,684,522 | $ | (23,626,172) | $ | 803,700 | ||||||
Less: net income (loss) from discontinued operations | 575,249 | (15,248,601) | (287,624) | |||||||||
Net income (loss) from continuing operations | 2,109,273 | (8,377,571) | 1,091,324 | |||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation and amortization expense | 111,642 | 22,649 | 17,114 | |||||||||
Fair value change of short-term investments | (3,811,339) | 2,644,576 | (4,161,093) | |||||||||
Impairment of goodwill | 325,832 | - | - | |||||||||
Impairment of long-lived assets other than goodwill | - | 1,964 | 6,833 | |||||||||
Inventory write-down | - | 69,677 | 11,532 | |||||||||
Allowance for doubtful accounts | - | 22,674 | 7,210 | |||||||||
Loss (gain) on disposal of property, plant and equipment | 59,009 | 37,766 | 153,983 | |||||||||
Gain from operating lease contract modification | - | - | (408,198) | |||||||||
Amortization of operating lease right-of-use assets | (676,397) | 2,623,288 | - | |||||||||
Stock-based compensation | 3,040,000 | - | ||||||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable, net | 114,462 | 40,894 | 93,952 | |||||||||
Inventories, net | 8,370 | 44,240 | 41,252 | |||||||||
Operating lease liabilities | 2,315,206 | 691,854 | 4,023,944 | |||||||||
Advances to suppliers, net | (38,144) | (32,465) | 8,197 | |||||||||
Prepayments and other current assets, net | (1,660,998) | (3,210,336) | (2,714,557) | |||||||||
Accounts payable | 66,823 | (369,142) | (266,778) | |||||||||
Accounts payable - related parties | - | 502,635 | (132,081) | |||||||||
Interest payable | 30,662 | 3,573 | (411,112) | |||||||||
Taxes payable | 6,982 | (2,445) | (17,103) | |||||||||
Advances from customers | 185,145 | (6,974) | - | |||||||||
Advances from customer - related party | - | - | (13,799) | |||||||||
Other current liabilities | 2,615,861 | (1,239,570) | 811,658 | |||||||||
Net cash provided by (used in) operating activities from continuing operations | 1,762,390 | (3,492,712) | (1,857,721) | |||||||||
Net cash provided by (used in) operating activities from discontinued operations | (1,996,377) | 999,987 | (214,994) | |||||||||
Net cash used in operating activities | $ | (233,987) | $ | (2,492,725) | $ | (2,072,715) | ||||||
Cash flows from investing activities | ||||||||||||
Payments to acquire property and equipment | (1,881,370) | (7,655) | - | |||||||||
Disposal of subsidiaries | 578,400 | - | - | |||||||||
Cash obtained from business acquisition | 16,047 | - | - | |||||||||
Purchase of short-term investments | (46,777,749) | (37,066,925) | (42,483,794) | |||||||||
Proceeds from sale of short-term investments | 50,944,982 | 31,024,365 | 41,150,967 | |||||||||
Investment in equity | (99,280) | - | - | |||||||||
Leasehold improvement | - | (16,836) | - | |||||||||
Net cash provided by (used in) investing activities from continuing operations | 2,781,030 | (6,067,051) | (1,332,827) | |||||||||
Net cash provided by investing activities from discontinued operations | - | - | - | |||||||||
Net cash provided by (used in) investing activities | 2,781,030 | (6,067,051) | (1,332,827) | |||||||||
Cash flows from financing activities | ||||||||||||
Collection of stock subscription receivable | - | - | 6,017,781 | |||||||||
Proceeds from related parties | - | - | 22,410 | |||||||||
Repayments to related parties | - | (6,774) | - | |||||||||
Payment to related party | - | 1,928,329 | 15,289 | |||||||||
Net cash provided by financing activities from continuing operations | - | 1,921,554 | 6,055,480 | |||||||||
Net cash provided by financing activities from discontinued operations | - | - | - | |||||||||
Net cash provided by financing activities | $ | - | $ | 1,921,554 | $ | 6,055,480 | ||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (508,863) | (1,557,522) | (303,788) | |||||||||
Net change in cash, cash equivalents and restricted cash | 2,038,180 | (8,195,743) | 2,346,150 | |||||||||
Cash, cash equivalents and restricted cash, beginning of the year | 13,661,382 | 21,857,125 | 19,510,975 | |||||||||
Cash, cash equivalents and restricted cash, end of the year | $ | 15,699,562 | $ | 13,661,382 | $ | 21,857,125 | ||||||
Less: cash and restricted cash of discontinued operations at the end of the period | - | 534,777 | 1,856,529 | |||||||||
Cash and restricted cash of continued operations at the end of the period | $ | 15,699,562 | $ | 13,126,605 | $ | 20,000,596 | ||||||
Supplemental cash flow information | ||||||||||||
Interest paid | $ | - | $ | - | $ | - | ||||||
Income taxes paid | $ | - | $ | - | $ | - | ||||||
Non-cash investing and financing activities | ||||||||||||
Liabilities assumed in connection with purchase of property, plant and equipment | $ | - | $ | - | $ | - | ||||||
Notes payable reclassified to short-term loans | $ | $ | $ | |||||||||
Short-term loans settled by transferring an equity investment to the creditor | $ | - | $ | - | $ | - | ||||||
Cashless exercise of warrants | $ | $ | $ | |||||||||
Right of use assets obtained in exchange for operating lease obligations | $ | - | $ | - | $ | |||||||
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | ||||||||||||
Cash and cash equivalents | $ | 15,699,562 | $ | 13,126,605 | $ | 20,000,596 | ||||||
Restricted cash | $ | - | $ | 534,777 | $ | 1,856,529 | ||||||
Total cash, cash equivalents, and restricted cash | $ | 15,699,562 | $ | 13,661,382 | $ | 21,857,125 | ||||||
The accompanying footnotes are an integral part of these financial statements. |
F-6 |
View original content:https://www.prnewswire.com/news-releases/tdh-holdings-inc-reports-full-year-2024-audited-financial-results-302439473.html
SOURCE TDH Holdings, Inc.
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