ENTREPRENEUR UNIVERSE BRIGHT GROUP Announces 2023 Q2 Financial Results
- Revenue increased by 40.6% in Q2 2023 compared to the prior period.
- Gross profit increased by 119.6% in Q2 2023 due to the increase in revenue and decrease in cost of revenues.
- Selling expenses decreased by 36.5% in Q2 2023.
- General and administrative expenses increased by 17.8% in Q2 2023 primarily due to audit fees.
- Net income for Q2 2023 was $690,447, representing a 159.5% increase compared to the same period last year.
- None.
Mr. Guolin Tao, CEO of Entrepreneur Universe Bright Group, commented, "Our business experienced a significant boost in revenue, with an increase of approximately
Second Quarter 2023 Unaudited Financial Results
Unaudited Condensed Consolidated Statement of Operations for the Three Months Ended June 30, 2023 And 2022
Three Months Ended June 30, | ||||||||||||||||
2023 | 2022 | |||||||||||||||
$ | % of | $ | % of | |||||||||||||
Revenues | $ | 1,705,942 | 100 | % | $ | 840,868 | 100 | % | ||||||||
Cost of revenues | (108,581) | (6) | % | (113,332) | (13) | % | ||||||||||
Gross profit | 1,597,361 | 94 | % | 727,536 | 87 | % | ||||||||||
Selling Expenses: | (5,279) | 0 | % | (8,319) | (1) | % | ||||||||||
General and administrative expenses | (390,294) | (23) | % | (331,385) | (39) | % | ||||||||||
Total other income (expenses), net | (55,476) | (3) | % | 58,099 | 7 | % | ||||||||||
Income before income tax | 1,146,312 | 67 | % | 445,931 | 53 | % | ||||||||||
Income tax expense | (455,865) | (27) | % | (180,081) | (21) | % | ||||||||||
Net income | $ | 690,447 | 40 | % | $ | 265,850 | 32 | % |
Revenue and cost of revenue: During the three months ended June 30, 2023, we generated revenue of
Cost of revenue for the three months ended June 30, 2023 was
As a result of the above, the gross profit was
Selling expenses: During the three months ended June 30, 2023, we incurred
General and administrative expenses: During the three months ended June 30, 2023, we incurred
Total other income (expenses), net: During the three months ended June 30, 2023, we incurred net other expense of
Income tax expense: During the three months ended June 30, 2023, we incurred income tax expense of
For the three months ended June 30, 2023, our income tax expenses comprised of current tax expenses and deferred tax expenses of
Net income: As a result of the above, we generated a net income of
Cash and cash equivalents: As of June 30, 2023 and 2022,
Unaudited Condensed Consolidated Statement of Operations for the Six Months Ended June 30, 2023 And 2022
Six Months Ended June 30, | ||||||||||||||||
2023 | 2022 | |||||||||||||||
$ | % of | $ | % of | |||||||||||||
Revenues | $ | 2,882,878 | 100 | % | $ | 2,049,872 | 100 | % | ||||||||
Cost of revenues | (223,135) | (8) | % | (425,811) | (21) | % | ||||||||||
Gross profit | 2,659,743 | 92 | % | 1,624,061 | 79 | % | ||||||||||
Selling Expenses: | (6,718) | 0 | % | (24,914) | (1) | % | ||||||||||
General and administrative expenses | (813,796) | (28) | % | (642,673) | (31) | % | ||||||||||
Total other income, net | 30,813 | 1 | % | 159,921 | 8 | % | ||||||||||
Income before income tax | 1,870,042 | 65 | % | 1,116,395 | 54 | % | ||||||||||
Income tax expense | (748,138) | (26) | % | (459,372) | (22) | % | ||||||||||
Net income | $ | 1,121,904 | 39 | % | $ | 657,023 | 32 | % |
Revenue and cost of revenue: During the six months ended June 30, 2023, we generated revenue of
Cost of revenue for the six months ended June 30, 2023 was
As a result of the above, the gross profit was
Selling expenses: During the six months ended June 30, 2023, we incurred
General and administrative expenses: During the six months ended June 30, 2023, we incurred
Total other income, net: During the six months ended June 30, 2023, we recorded net other income of
Income tax expense: During the six months ended June 30, 2023, we incurred income tax expense of
For the six months ended June 30, 2023, our income tax expenses comprised of current tax expenses and deferred tax expenses of
Net income: As a result of the above, we generated a net income of
About ENTREPRENEUR UNIVERSE BRIGHT GROUP
ENTREPRENEUR UNIVERSE BRIGHT GROUP is a digital marketing consultation company with its main operation in
Safe Harbor Statement
This press release contains projections and "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995 related to the Company's business. 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. 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; financial condition and results of operations; product and service demand and acceptance; reputation and brand; the impact of competition and pricing; changes in technology; government regulations; fluctuations in general economic and business conditions in
For more information, please contact:
The Company:
Jianyong Li
Email: lijianyong@eubggroup.com
Phone: +86-(029) 86100263
Investor Relations:
Tina Li
EverGreen Consulting Inc.
Email: IR@changqingconsulting.com
Mobile: +86-13721971703 (from
+1-281-250-4349 (from
ENTREPRENEUR UNIVERSE BRIGHT GROUP | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
AS OF JUNE 30, 2023 AND DECEMBER 31, 2022 | ||||||||
(UNAUDITED) | ||||||||
(In | ||||||||
June 30, | December 31, | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 8,059,731 | $ | 7,193,591 | ||||
Accounts receivable | 421,736 | 234,978 | ||||||
Other receivables and prepayments | 58,052 | 73,069 | ||||||
Total current assets | 8,539,519 | 7,501,638 | ||||||
NON-CURRENT ASSETS | ||||||||
Plant and equipment, net | 142,943 | 188,889 | ||||||
Operating lease right-of-use assets, net | 53,310 | 83,077 | ||||||
Total non-current assets | 196,253 | 271,966 | ||||||
TOTAL ASSETS | $ | 8,735,772 | $ | 7,773,604 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Other payables and accrued liabilities | $ | 197,457 | $ | 369,727 | ||||
Other payables and accrued liabilities – related party | 3,902 | - | ||||||
Receipt in advance | - | 1,710 | ||||||
Operating lease liabilities, current | 53,310 | 54,705 | ||||||
Tax payables | 363,685 | 94,758 | ||||||
Amount due to a director | 3,496 | 167,936 | ||||||
Total current liabilities | 621,850 | 688,836 | ||||||
NON-CURRENT LIABILITY | ||||||||
Deferred tax liabilities | 200,639 | 172,196 | ||||||
Operating lease liabilities, non-current | - | 28,372 | ||||||
Total non-current liabilities | 200,639 | 200,568 | ||||||
TOTAL LIABILITIES | 822,489 | 889,404 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
STOCKHOLDERS' EQUITY | ||||||||
Preferred stock, par value | - | - | ||||||
Common stock, par value | 170,118 | 170,118 | ||||||
Additional paid-in capital | 6,453,048 | 6,453,048 | ||||||
Statutory reserves | 65,911 | 65,911 | ||||||
Retained earnings | 1,169,119 | 47,215 | ||||||
Accumulated other comprehensive income | 55,087 | 147,908 | ||||||
Total stockholders' equity | 7,913,283 | 6,884,200 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 8,735,772 | $ | 7,773,604 |
ENTREPRENEUR UNIVERSE BRIGHT GROUP | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022 | ||||||||||||||||
(UNAUDITED) | ||||||||||||||||
(In | ||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenue | 1,705,942 | 840,868 | $ | 2,882,878 | $ | 2,049,872 | ||||||||||
Cost of revenue | (108,581) | (113,332) | (223,135) | (425,811) | ||||||||||||
Gross profit | 1,597,361 | 727,536 | 2,659,743 | 1,624,061 | ||||||||||||
Selling expenses | (5,279) | (8,319) | (6,718) | (24,914) | ||||||||||||
General and administrative expenses | (390,294) | (331,385) | (813,796) | (642,673) | ||||||||||||
Profit from operations | 1,201,788 | 387,832 | 1,839,229 | 956,474 | ||||||||||||
Other income (expenses): | - | |||||||||||||||
Interest income | 10,764 | 12,637 | 18,500 | 22,967 | ||||||||||||
Exchange gain (loss) | (74,178) | 27,862 | (53,630) | 27,922 | ||||||||||||
Sundry income | 7,938 | 17,600 | 65,943 | 109,032 | ||||||||||||
Total other income(expenses), net | (55,476) | 58,099 | 30,813 | 159,921 | ||||||||||||
Income before income tax | 1,146,312 | 445,931 | 1,870,042 | 1,116,395 | ||||||||||||
Income tax expense | (455,865) | (180,081) | (748,138) | (459,372) | ||||||||||||
Net income | $ | 690,447 | 265,850 | $ | 1,121,904 | $ | 657,023 | |||||||||
Other comprehensive loss | - | |||||||||||||||
Foreign currency translation adjustment | (77,327) | (231,781) | (92,821) | (236,916) | ||||||||||||
Total comprehensive income | $ | 613,120 | 34,069 | $ | 1,029,083 | $ | 420,107 | |||||||||
Net income per share - Basic and diluted | $ | 0.00 | * | 0.00 | * | $ | 0.00 | * | $ | 0.00 | * | |||||
Weighted average number of common shares outstanding | ||||||||||||||||
- Basic and Diluted | 1,701,181,423 | 1,701,181,423 | 1,701,181,423 | 1,701,181,423 |
* | Less than |
ENTREPRENEUR UNIVERSE BRIGHT GROUP | ||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022 | ||||||||
(UNAUDITED) | ||||||||
(In | ||||||||
For the six months ended | ||||||||
2023 | 2022 | |||||||
Cash flows from operating activities | ||||||||
Net income | $ | 1,121,904 | $ | 657,023 | ||||
Adjustments to reconcile net income to cash used in operating activities: | ||||||||
Depreciation | 40,298 | 42,322 | ||||||
Amortization of operating lease right-of-use assets | 26,907 | 27,395 | ||||||
Deferred tax | 28,230 | 123,894 | ||||||
Changes in operating assets and liabilities: | ||||||||
Other receivables and prepayments | 12,259 | 19,049 | ||||||
Accounts receivable | (207,645) | (213,535) | ||||||
Accounts payable | - | (113,645) | ||||||
Other payables and accrued liabilities | (160,301) | (170,904) | ||||||
Tax payables | 286,498 | 125,057 | ||||||
Contract liabilities | - | (212,060) | ||||||
Receipt in advance | (1,703) | (5,064) | ||||||
Operating lease liabilities | (26,908) | (27,395) | ||||||
Net cash generated from operating activities | 1,119,539 | 252,137 | ||||||
Cash flows used in investing activities | ||||||||
Purchase of property, plant and equipment | (1,877) | (8,381) | ||||||
Cash flows used in financing activities | ||||||||
Repayment to a director | (164,441) | - | ||||||
Effect of exchange rates on cash | (87,081) | (255,625) | ||||||
Net increase (decrease) in cash and cash equivalents | 866,140 | (11,869) | ||||||
Cash and cash equivalents at beginning of period | 7,193,591 | 7,649,129 | ||||||
Cash and cash equivalents at end of period | $ | 8,059,731 | $ | 7,637,260 | ||||
Supplemental cash flow information | ||||||||
Cash paid during the period for: | ||||||||
Income taxes | $ | 286,922 | $ | 224,055 |
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SOURCE ENTREPRENEUR UNIVERSE BRIGHT GROUP
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