Lakeside Announces Fiscal 2025 Second Quarter and Six-Month Results
Lakeside Holding (LSH) reported financial results for Q2 FY2025. Total revenues decreased by 31.3% to $3.4M for Q2, primarily due to reduced cross-border airfreight volumes. The company reported a gross loss of $42,231 in Q2 FY2025, compared to a gross profit of $1.1M in Q2 FY2024.
Key operational highlights include expansion of Dallas-Fort Worth facilities from 20,000 to 46,657 square feet, acquisition of Hupan Pharmaceutical for RMB 4.0M ($0.6M), and new partnerships with major e-commerce platforms. Revenues from Asia-based customers grew 29.4% in H1 FY2025, while U.S.-based customer revenues declined 60.2%.
The company reported a net loss of $1.9M for Q2 FY2025, compared to net income of $0.06M in Q2 FY2024. For H1 FY2025, net loss was $3.3M versus $0.2M loss in H1 FY2024.
Lakeside Holding (LSH) ha riportato i risultati finanziari per il secondo trimestre dell'anno fiscale 2025. I ricavi totali sono diminuiti del 31,3%, raggiungendo i 3,4 milioni di dollari per il secondo trimestre, principalmente a causa della riduzione dei volumi di merci aeree transfrontaliere. L'azienda ha registrato una perdita lorda di 42.231 dollari nel secondo trimestre dell'anno fiscale 2025, rispetto a un utile lordo di 1,1 milioni di dollari nel secondo trimestre dell'anno fiscale 2024.
I principali aspetti operativi includono l'espansione delle strutture di Dallas-Fort Worth da 20.000 a 46.657 piedi quadrati, l'acquisizione di Hupan Pharmaceutical per 4,0 milioni di RMB (0,6 milioni di dollari) e nuove collaborazioni con importanti piattaforme di e-commerce. I ricavi dai clienti basati in Asia sono cresciuti del 29,4% nel primo semestre dell'anno fiscale 2025, mentre i ricavi dai clienti statunitensi sono diminuiti del 60,2%.
L'azienda ha registrato una perdita netta di 1,9 milioni di dollari per il secondo trimestre dell'anno fiscale 2025, rispetto a un reddito netto di 60.000 dollari nel secondo trimestre dell'anno fiscale 2024. Per il primo semestre dell'anno fiscale 2025, la perdita netta è stata di 3,3 milioni di dollari rispetto a una perdita di 200.000 dollari nel primo semestre dell'anno fiscale 2024.
Lakeside Holding (LSH) informó los resultados financieros para el segundo trimestre del año fiscal 2025. Los ingresos totales disminuyeron un 31.3%, alcanzando 3.4 millones de dólares en el segundo trimestre, principalmente debido a la reducción de los volúmenes de carga aérea transfronteriza. La compañía reportó una pérdida bruta de 42,231 dólares en el segundo trimestre del año fiscal 2025, en comparación con una ganancia bruta de 1.1 millones de dólares en el segundo trimestre del año fiscal 2024.
Los aspectos operativos clave incluyen la expansión de las instalaciones de Dallas-Fort Worth de 20,000 a 46,657 pies cuadrados, la adquisición de Hupan Pharmaceutical por 4.0 millones de RMB (0.6 millones de dólares) y nuevas asociaciones con importantes plataformas de comercio electrónico. Los ingresos de los clientes con sede en Asia crecieron un 29.4% en el primer semestre del año fiscal 2025, mientras que los ingresos de los clientes con sede en EE. UU. disminuyeron un 60.2%.
La compañía reportó una pérdida neta de 1.9 millones de dólares para el segundo trimestre del año fiscal 2025, en comparación con un ingreso neto de 60,000 dólares en el segundo trimestre del año fiscal 2024. Para el primer semestre del año fiscal 2025, la pérdida neta fue de 3.3 millones de dólares frente a una pérdida de 200,000 dólares en el primer semestre del año fiscal 2024.
Lakeside Holding (LSH)는 2025 회계연도 2분기 재무 결과를 발표했습니다. 총 수익은 31.3% 감소하여 340만 달러에 달했으며, 이는 주로 국경 간 항공 화물량 감소로 인한 것입니다. 회사는 2025 회계연도 2분기에 42,231 달러의 총 손실을 기록했으며, 이는 2024 회계연도 2분기 110만 달러의 총 이익과 비교됩니다.
주요 운영 하이라이트에는 달라스-포트워스 시설의 면적을 20,000에서 46,657 제곱피트로 확장하고, 후판 제약을 400만 위안(60만 달러)에 인수하며, 주요 전자상거래 플랫폼과의 새로운 파트너십이 포함됩니다. 아시아 기반 고객으로부터의 수익은 2025 회계연도 상반기에 29.4% 증가했지만, 미국 기반 고객의 수익은 60.2% 감소했습니다.
회사는 2025 회계연도 2분기에 190만 달러의 순손실을 기록했으며, 이는 2024 회계연도 2분기 6만 달러의 순이익과 비교됩니다. 2025 회계연도 상반기 순손실은 330만 달러로, 2024 회계연도 상반기 20만 달러의 손실에 비해 증가했습니다.
Lakeside Holding (LSH) a annoncé les résultats financiers pour le deuxième trimestre de l'exercice 2025. Les revenus totaux ont diminué de 31,3 %, atteignant 3,4 millions de dollars pour le deuxième trimestre, principalement en raison de la réduction des volumes de fret aérien transfrontalier. L'entreprise a enregistré une perte brute de 42 231 dollars au deuxième trimestre de l'exercice 2025, contre un bénéfice brut de 1,1 million de dollars au deuxième trimestre de l'exercice 2024.
Les points saillants opérationnels incluent l'extension des installations de Dallas-Fort Worth de 20 000 à 46 657 pieds carrés, l'acquisition de Hupan Pharmaceutical pour 4,0 millions de RMB (0,6 million de dollars) et de nouveaux partenariats avec des plateformes de commerce électronique majeures. Les revenus des clients basés en Asie ont augmenté de 29,4 % au cours du premier semestre de l'exercice 2025, tandis que les revenus des clients basés aux États-Unis ont chuté de 60,2 %.
L'entreprise a enregistré une perte nette de 1,9 million de dollars pour le deuxième trimestre de l'exercice 2025, contre un revenu net de 60 000 dollars au deuxième trimestre de l'exercice 2024. Pour le premier semestre de l'exercice 2025, la perte nette était de 3,3 millions de dollars contre une perte de 200 000 dollars au premier semestre de l'exercice 2024.
Lakeside Holding (LSH) hat die finanziellen Ergebnisse für das 2. Quartal des Geschäftsjahres 2025 veröffentlicht. Die Gesamterlöse sanken um 31,3 % auf 3,4 Millionen Dollar im 2. Quartal, hauptsächlich aufgrund reduzierter grenzüberschreitender Luftfrachtmengen. Das Unternehmen berichtete von einem Bruttoverlust von 42.231 Dollar im 2. Quartal des Geschäftsjahres 2025, verglichen mit einem Bruttogewinn von 1,1 Millionen Dollar im 2. Quartal des Geschäftsjahres 2024.
Zu den wichtigsten operativen Highlights gehören die Erweiterung der Einrichtungen in Dallas-Fort Worth von 20.000 auf 46.657 Quadratfuß, die Akquisition von Hupan Pharmaceutical für 4,0 Millionen RMB (0,6 Millionen Dollar) und neue Partnerschaften mit großen E-Commerce-Plattformen. Die Einnahmen von asiatischen Kunden stiegen im ersten Halbjahr des Geschäftsjahres 2025 um 29,4 %, während die Einnahmen von US-Kunden um 60,2 % zurückgingen.
Das Unternehmen berichtete von einem Nettoverlust von 1,9 Millionen Dollar für das 2. Quartal des Geschäftsjahres 2025, verglichen mit einem Nettogewinn von 60.000 Dollar im 2. Quartal des Geschäftsjahres 2024. Für das erste Halbjahr des Geschäftsjahres 2025 betrug der Nettoverlust 3,3 Millionen Dollar im Vergleich zu einem Verlust von 200.000 Dollar im ersten Halbjahr des Geschäftsjahres 2024.
- Expansion of Dallas-Fort Worth warehouse space by 133% to 46,657 square feet
- 29.4% revenue growth from Asia-based customers in H1 FY2025
- New pharmaceutical division expected to contribute $7M in annual revenue
- Secured $1.5M sales agreement with Sinopharm Holding Hubei
- 31.3% decrease in Q2 total revenues to $3.4M
- Q2 gross loss of $42,231 compared to $1.1M profit last year
- Net loss widened to $1.9M in Q2 from $0.06M profit last year
- G&A expenses increased 94.1% to $1.9M in Q2
- Air freight volume declined 45.7% to 4,459 tons in Q2
Insights
The Q2 FY2025 results paint a concerning picture of Lakeside's current operations, with several critical metrics deteriorating significantly. The 31.3% revenue decline to
The company's strategic transformation presents a complex narrative. While the pivot toward Asia-based e-commerce customers shows promise with 29.4% growth in H1, the dramatic 72.9% decline in U.S.-based customer revenues suggests potential market share losses in their traditional business. The warehouse expansion from 20,000 to 46,657 square feet, coupled with rising G&A expenses (94.1% increase), indicates significant fixed cost absorption challenges that need to be addressed.
The new pharmaceutical division, while showing promising 44.2% gross margins, currently represents only 6.1% of total revenue. The
Most concerning is the rapid deterioration in operational metrics. The decline in air freight volume from 8,217 to 4,459 tons (45.7% decrease) and ocean freight from 1,330 to 1,046 TEU (21.4% decrease) suggests either market share losses or broader industry headwinds. The company's
The strategic partnerships with major e-commerce platforms and Sinopharm Group could provide future growth catalysts, but the immediate challenge is stabilizing core operations and improving cost efficiency. The
ITASCA, Ill. , Feb. 14, 2025 /PRNewswire/ -- Lakeside Holding Limited ("Lakeside" or the "Company") (Nasdaq: LSH), a
Management Commentary
Henry Liu, Chairman and Chief Executive Officer of Lakeside commented, "While we faced industry-wide headwinds in the second quarter, we've made tremendous strategic progress in positioning Lakeside for long-term growth. Our expansion into pharmaceutical logistics through Hupan Pharmaceutical, our new partnerships with major e-commerce platforms, and our significantly-expanded
Operational Highlights
E-Commerce & Cross-Border Logistics:
- Entered one-year agreement with a major Asian e-commerce platform
- Partnered with a leading global social media and e-commerce platform for customs brokerage services
- Launched new Pick & Pack Fulfillment service for a major Chinese logistics partner
- Expanded
Dallas-Fort Worth operations:- More than doubled warehouse space from 20,000 to 46,657 square feet
- Added staff to support expanded operations
- Part of multi-hub strategy including Chicago O'Hare (ORD),
Dallas-Fort Worth (DFW), andLos Angeles (LAX)
Medical/Pharmaceutical Business Development:
- Acquired Hupan Pharmaceutical (
Hubei ) Co., Ltd:- Purchase price: RMB 4.0M (
$0.6M - Expected annual revenue contribution:
$7M - Gained licenses for drug wholesale, retail, and medical device distribution
- Partnerships with 15 major Wuhan hospitals
- Purchase price: RMB 4.0M (
- Established partnership with Sinopharm Group Hubei Co., Ltd. for:
- Essential medicine storage
- Transportation services
- Logistics services
- Signed
RMB 11.0M ($1.5M - One-year contract effective January 1, 2025
- Covers critical medicines including Sodium Bicarbonate, Glucose, and Glucose Sodium Chloride
Financial Results for the Three Months Ending December 31, 2024:
Total revenues decreased by
- Revenues from our cross-border airfreight solutions decreased by
$1.1 million 35.5% , from$3.1 million $2.0 million - Revenues from our cross-border ocean freight solutions decreased by
$0.4 million 24.2% , from$1.8 million $1.4 million - For the three months ended December 31, 2024, our total revenue from pharmaceutical product distribution amounted to
$0.2 million
Revenues by Customer Geographic
For the three months ended December 31, | ||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||
Revenues | Amount | % of | Amount | % of | Amount | Percentage | ||||||||||||||||||
Revenue from cross-border freight solutions | ||||||||||||||||||||||||
$ | 2,750,202 | 76.5 | % | $ | 2,602,745 | 52.9 | % | $ | 147,457 | 5.7 | % | |||||||||||||
627,301 | 17.4 | % | 2,313,358 | 47.1 | % | (1,686,057) | (72.9) | % | ||||||||||||||||
3,377,503 | 93.9 | % | 4,916,103 | 100.0 | % | (1,538,600) | (31.3) | % | ||||||||||||||||
Revenue from distribution of pharmaceuticals | ||||||||||||||||||||||||
218,086 | 6.1 | % | - | - | 218,086 | N/A | ||||||||||||||||||
Total revenues | $ | 3,595,587 | 100.0 | % | $ | 4,916,103 | 100.0 | % | $ | (1,320,514) | (26.9) | % | ||||||||||||
- Revenues from
Asia -based customers increased by$0.1 million 5.7% , from$2.6 million $2.8 million Asia -based customers was driven by a surge in volume from these customers, particularly those serving large e-commerce platforms. This growth reflects the rising demand for our services, a direct result of the overall expansion of theU.S. e-commerce market. - Revenues from
U.S. -based customers decreased by$1.7 million 72.9% , from$2.3 million $0.6 million U.S. -based customers in the three months ended December 31, 2024, compared to the same period in 2023, was primarily due to our strategic shift towardAsia -based e-commerce customers.
Total cost of revenues decreased by
Our overall gross loss was
Our gross margin of distribution of pharmaceuticals was
General and administrative expenses increased by
Net loss was
Financial Results for the Six Months Ending December 31, 2024:
Total revenues decreased by
- Revenues from our cross-border airfreight solutions decreased by
$1.3 million 23.4% , from$5.5 million $4.2 million - Revenues from our cross-border ocean freight solutions decreased by
$0.3 million 8.7% , from$3.5 million $3.2 million
Revenues by Customer Geographic
For the six months ended December 31, | ||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||
Revenues | Amount | % of | Amount | % of | Amount | Percentage | ||||||||||||||||||
Revenue from cross-border freight solutions | ||||||||||||||||||||||||
$ | 5,559,837 | 72.4 | % | $ | 4,296,968 | 47.4 | % | $ | 1,262,869 | 29.4 | % | |||||||||||||
1,899,220 | 24.7 | % | 4,767,611 | 52.6 | % | (2,868,391) | (60.2) | % | ||||||||||||||||
7,459,057 | 97.2 | % | 9,064,579 | 100.0 | % | (1,605,522) | (17.7) | % | ||||||||||||||||
Revenue from distribution of pharmaceuticals | ||||||||||||||||||||||||
218,086 | 2.8 | % | - | - | 218,086 | N/A | ||||||||||||||||||
Total revenues | $ | 7,677,143 | 100.0 | % | $ | 9,064,579 | 100.0 | % | $ | (1,387,436) | (15.3) | % | ||||||||||||
- Revenues from
Asia -based customers increased by$1.3 million 29.4% , from$4.3 million $5.6 million Asia -based customers was driven by an increase in volume from these customers, particularly those serving large e-commerce platforms. This growth reflects the rising demand for our services, a direct result of the overall expansion of theU.S. e-commerce market. - Revenues from cross-border freight solutions for the
U.S. -based customers decreased by$2.9 million 60.2% , from$4.8 million $1.9 million U.S. -based customers in the three months ended December 31, 2024, compared to the same period in 2023, was primarily due to our strategic shift towardAsia -based e-commerce customers.
Cost of revenues decreased by
Gross profit decreased by
General and administrative expenses increased by
Net loss was
Conference Call & Audio Webcast
Lakeside's management team will hold an earnings conference call at 4:30 PM Eastern Time (3:30 PM Central Time) on Tuesday, February 17 to discuss the Company's financial results and provide an overview of the Company's operations. Management will lead the conference call and be available to answer questions.
To access the call by phone, please dial 1- 877-407-9716 (international callers, please dial 1- 201-493-6779) approximately 10 minutes before the start of the call. Refer to conference ID: LAKESIDE. **NOTE: THIS CONFERENCE ID WILL BE REQUIRED FOR ENTRY
A live audio conference call webcast will be available online at
https://viavid.webcasts.com/starthere.jsp?ei=1708554&tp_key=b4f1b10725
About Lakeside Holding Limited
Lakeside Holding Limited is a
American Bear Logistics, with strategic hubs in
Lakeside recently acquired Hupan Pharmaceutical (
For more information, please visit https://lakeside-holding.com.
Safe Harbor Statement
This press release contains forward-looking statements that reflect our current expectations and views of future events. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You can identify some of these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements involve various risks and uncertainties. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. We qualify all of our forward-looking statements by these cautionary statements.
Investor Relations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com
(tables follow)
LAKESIDE HOLDING LIMITED | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(UNAUDITED) | ||||||||
As of (unaudited) | As of (audited) | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | $ | 1,123,414 | $ | 123,550 | ||||
Accounts receivable – third parties, net | 1,645,774 | 2,082,152 | ||||||
Accounts receivable – related party, net | 207,293 | 763,285 | ||||||
Prepayment and other receivable | 49,476 | — | ||||||
Contract assets | 31,388 | 129,506 | ||||||
Inventory, net | 10,328 | — | ||||||
Due from related parties | 682,980 | 441,279 | ||||||
Loan to a third party | 686,697 | — | ||||||
Total current assets | 4,437,350 | 3,539,772 | ||||||
NON-CURRENT ASSETS | ||||||||
Investment in other entity | 15,741 | 15,741 | ||||||
Property and equipment at cost, net of accumulated depreciation | 514,073 | 344,883 | ||||||
Intangible asset, net | 418,867 | — | ||||||
Right of use operating lease assets | 4,074,617 | 3,471,172 | ||||||
Right of use financing lease assets | 110,998 | 37,476 | ||||||
Deferred tax asset | — | 89,581 | ||||||
Deferred offering costs | — | 1,492,798 | ||||||
Deposit and prepayment | 265,480 | 202,336 | ||||||
Total non-current assets | 5,399,776 | 5,653,987 | ||||||
TOTAL ASSETS | $ | 9,837,126 | $ | 9,193,759 | ||||
LIABILITIES AND EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payables – third parties | $ | 1,233,142 | $ | 1,161,858 | ||||
Accounts payables – related parties | 71,557 | 227,722 | ||||||
Accrued liabilities and other payables | 1,244,501 | 1,335,804 | ||||||
Current portion of obligations under operating leases | 2,203,766 | 1,186,809 | ||||||
Current portion of obligations under financing leases | 48,865 | 37,619 | ||||||
Loans payable, current | 609,935 | 746,962 | ||||||
Dividend payable | — | 98,850 | ||||||
Tax payable | 79,825 | 79,825 | ||||||
Due to shareholders | — | 1,018,281 | ||||||
Total current liabilities | 5,491,591 | 5,893,730 | ||||||
NON-CURRENT LIABILITIES | ||||||||
Loans payable, non-current | 174,846 | 136,375 | ||||||
Deferred tax liabilities | 104,717 | — | ||||||
Obligations under operating leases, non-current | 2,339,439 | 2,506,402 | ||||||
Obligations under financing leases, non-current | 80,252 | 17,460 | ||||||
Total non-current liabilities | 2,699,254 | 2,660,237 | ||||||
TOTAL LIABILITIES | $ | 8,190,845 | $ | 8,553,967 | ||||
Commitments and Contingencies | ||||||||
EQUITY | ||||||||
Common stocks, | 750 | 600 | ||||||
Subscription receivable | — | (600) | ||||||
Additional paid-in capital | 4,942,791 | 642,639 | ||||||
Accumulated other comprehensive income | (9,214) | 2,972 | ||||||
Deficits | (3,288,046) | (5,819) | ||||||
Total equity | 1,646,281 | 639,792 | ||||||
TOTAL LIABILITIES AND EQUITY | $ | 9,837,126 | $ | 9,193,759 | ||||
LAKESIDE HOLDING LIMITED | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
(UNAUDITED) | ||||||||||||||||
Six Months Ended | Three Months Ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenue from cross-border freight | $ | 6,702,063 | $ | 8,639,983 | $ | 3,102,276 | $ | 4,585,696 | ||||||||
Revenue from cross-border freight | 756,994 | 424,596 | 275,227 | 330,407 | ||||||||||||
Revenue from distribution of pharmaceutical | 218,086 | — | 218,086 | — | ||||||||||||
Total revenue | 7,677,143 | 9,064,579 | 3,595,589 | 4,916,103 | ||||||||||||
Cost of revenue from cross-border | 6,153,994 | 6,329,650 | 3,159,709 | 3,424,053 | ||||||||||||
Cost of revenue from cross-border | 921,050 | 1,022,877 | 356,320 | 427,541 | ||||||||||||
Cost of revenue from pharmaceutical | 121,791 | — | 121,791 | — | ||||||||||||
Total cost of revenue | 7,196,835 | 7,352,527 | 3,637,820 | 3,851,594 | ||||||||||||
Gross profit (loss) | 480,308 | 1,712,052 | (42,231) | 1,064,509 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling expenses | 54,488 | — | 54,488 | — | ||||||||||||
General and administrative expenses | 3,749,059 | 1,840,831 | 1,911,853 | 985,053 | ||||||||||||
Loss from deconsolidation of a subsidiary | — | 73,151 | — | — | ||||||||||||
Provision (reversal) of allowance for expected | 1,956 | 49,591 | (10,881) | (2,531) | ||||||||||||
Total operating expenses | 3,805,503 | 1,963,573 | 1,955,460 | 982,522 | ||||||||||||
Income (loss) from operations | (3,325,195) | (251,521) | (1,997,691) | 81,987 | ||||||||||||
Other income | ||||||||||||||||
Other income, net | 201,541 | 88,449 | 91,753 | 41,500 | ||||||||||||
Interest expense | (68,992) | (53,864) | (40,882) | (31,079) | ||||||||||||
Total other income | 132,549 | 34,585 | 50,871 | 10,421 | ||||||||||||
(Loss) income before income taxes | (3,192,646) | (216,936) | (1,946,820) | 92,408 | ||||||||||||
Income tax expense (credit) | 89,581 | 26,125 | — | 28,184 | ||||||||||||
Net (loss) income | (3,282,227) | (243,061) | (1,946,820) | 64,224 | ||||||||||||
Less: net loss attributable to non-controlling interest | — | (3,025) | — | — | ||||||||||||
Net (loss) income attributable to the Company | (3,282,227) | (240,036) | (1,946,820) | 64,224 | ||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||
Foreign currency translation income | (12,186) | 3,122 | (25,179) | — | ||||||||||||
Comprehensive (loss) income | (3,294,413) | (239,939) | (1,971,999) | 64,224 | ||||||||||||
Less: comprehensive loss attributable to | — | (3,119) | — | — | ||||||||||||
Comprehensive (loss) income attributable | $ | (3,294,413) | $ | (236,820) | $ | (1,971,999) | $ | 64,224 | ||||||||
(Loss) earnings per share – basic and diluted | $ | (0.44) | $ | (0.04) | $ | (0.26) | $ | 0.01 | ||||||||
Weighted Average Shares Outstanding – | 7,500,000 | 6,000,000 | 7,500,000 | 6,000,000 | ||||||||||||
LAKESIDE HOLDING LIMITED | ||||||||
CONDENSSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(UNAUDITED) | ||||||||
For the Six Months Ended | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (3,282,227) | $ | (243,061) | ||||
Adjustments to reconcile net loss to net cash provided by | ||||||||
Depreciation – G&A | 50,804 | 35,991 | ||||||
Depreciation – cost of revenue | 36,328 | 36,328 | ||||||
Amortization and interest expense of operating lease assets | 989,003 | 439,142 | ||||||
Depreciation of right-of-use finance assets | 15,480 | 14,385 | ||||||
Provision of allowance for expected credit loss | 1,956 | 49,591 | ||||||
Deferred tax expense | 89,581 | 26,125 | ||||||
Loss from derecognition of shares in subsidiary | — | 73,151 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable – third parties | 424,648 | (479,056) | ||||||
Accounts receivable – related parties | 565,766 | (192,609) | ||||||
Contract assets | 98,118 | (27,169) | ||||||
Inventories, net | (10,328) | — | ||||||
Due from related parties | (241,702) | 40,740 | ||||||
Prepayment, other deposit | (112,620) | (23,269) | ||||||
Accounts payables – third parties | 28,285 | 539,542 | ||||||
Accounts payables – related parties | (156,165) | 241,721 | ||||||
Accrued expense and other payables | 312,722 | 122,547 | ||||||
Operating lease liabilities | (742,649) | (396,263) | ||||||
Net cash (used in) provided by operating activities | (1,933,000) | 257,836 | ||||||
Cash flows from investing activities: | ||||||||
Purchase of furniture and equipment | (36,072) | — | ||||||
Payment for leasehold improvement | (75,008) | — | ||||||
Net cash payment for asset acquisition | (552,721) | — | ||||||
Loan to a third party | (686,697) | — | ||||||
Payment made for investment in other entity | — | (29,906) | ||||||
Net cash outflow from deconsolidation of a subsidiary | — | (48,893) | ||||||
Net cash used in investing activities | (1,350,498) | (78,799) | ||||||
Cash flows from financing activities: | ||||||||
Proceeds from loans | 195,000 | 225,000 | ||||||
Repayment of loans | (339,914) | (185,856) | ||||||
Repayment of equipment and vehicle loans | (55,877) | (59,708) | ||||||
Principal payment of finance lease liabilities | (14,964) | (13,429) | ||||||
Payment for deferring offering cost | — | (140,000) | ||||||
Advances from Hupan Pharmaceutical prior to acquisition | 276,365 | — | ||||||
Proceeds from initial public offering, net of share issuance | 5,351,281 | — | ||||||
Advanced to related parties | (311,185) | — | ||||||
Proceeds from shareholders | — | 158,455 | ||||||
Repayment to shareholders | (805,345) | — | ||||||
Net cash provided by (used in) financing activities | 4,295,361 | (15,538) | ||||||
Effect of exchange rate changes on cash | (11,999) | 3,216 | ||||||
Net increase in cash | 999,864 | 166,715 | ||||||
Cash, beginning of the period | 123,550 | 174,018 | ||||||
Cash, end of the period | $ | 1,123,414 | $ | 340,733 | ||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW | ||||||||
Cash paid for income tax | $ | — | $ | — | ||||
Cash paid for interest | $ | 45,953 | $ | 15,503 | ||||
SUPPLEMENTAL SCHEDULE OF NON-CASH IN | ||||||||
Deferred offering costs within due to shareholders | $ | — | $ | 500,826 | ||||
Deferred offering costs within accrued expense and other | $ | — | $ | 241,176 | ||||
Additions to property and equipment included in loan | $ | 102,235 | — | |||||
Additions to leasehold improvement and furniture and | $ | 42,803 | $ | — | ||||
Settlement of due to shareholder and advance to related | $ | 311,815 | — | |||||
NON-CASH ACTIVITIES | ||||||||
Right of use assets obtained in exchange for operating lease | $ | 1,445,498 | $ | — | ||||
Right of use assets obtained in exchange for finance lease | $ | 89,003 | $ | 19,982 | ||||
APPENDIX A – Net cash outflow from deconsolidation of | ||||||||
Working capital, net | $ | 29,812 | ||||||
Investment in other entity recognized | (15,741) | |||||||
Elimination of NCl at deconsolidation of a subsidiary | 10,187 | |||||||
Loss from deconsolidation of a subsidiary | (73,151) | |||||||
Cash | $ | (48,893) | ||||||
View original content:https://www.prnewswire.com/news-releases/lakeside-announces-fiscal-2025-second-quarter-and-six-month-results-302377335.html
SOURCE Lakeside Holding Limited
FAQ
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