UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of, September 2024
Commission File Number 001-40848
GUARDFORCE AI CO., LIMITED
(Translation of registrant’s name into English)
10 Anson Road, #28-01 International Plaza
Singapore 079903
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F: Form 20-F ☒ Form 40-F ☐
EXPLANATORY NOTE
Guardforce AI Co., Limited (the “Company”)
is furnishing this Form 6-K to provide the unaudited consolidated financial statements for the six months ended June 30, 2024 and 2023
and incorporate such financial statements into the Company’s registration statements referenced below.
Additionally, the Company reports further details
on the At-The-Market (ATM) sales conducted from July 2, 2024, to the date of this report, under the 2024 ATM equity program.
On July 2, 2024, the Company entered into an At
the Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright & Co., LLC (the “Sales Agent”), pursuant
to which the Company may offer and sell, from time to time, its ordinary shares, par value $0.12 per share (the “Ordinary Shares”),
through the Sales Agent in an “at the market offering” (the “ATM Offering”), as defined in Rule 415(a)(4) promulgated
under the Securities Act of 1933, as amended, for an aggregate offering price of up to $10,862,168.
For the period from July 2, 2024, to the date
of this report, the Company issued 1,628,368 Ordinary Shares pursuant to the 2024 ATM equity program for gross proceeds of $2,593,842.
The Ordinary Shares were sold at prevailing market prices, for an average price per share of $1.59.
Pursuant to the ATM Agreement, a cash commission of $64,846 on the aggregate gross proceeds raised was paid to the Sales Agent in connection
with its services under the AMT Agreement.
The Company is using the net proceeds raised from
the ATM Offering between July 2, 2024, and the date of this report for research and development to further advance its AI and robotic
business and technology capabilities, business development, corporate management, talent recruitment, and general working capital.
This report on Form 6-K and the attached Exhibits
99.1, 99.2 and 99.3 are incorporated by reference into (i) the prospectus contained in the Company’s registration statement on Form F-3 (SEC File No. 333-261881) declared effective by the Securities and Exchange Commission on January 5, 2022, (ii) the prospectus
dated February 9, 2022 contained in the Company’s registration statement on Form F-3 (SEC File No. 333-262441) declared
effective by the Securities and Exchange Commission on February 9, 2022, and (iii) the prospectus dated June 14, 2022 contained in the
Company’s post-effective Amendment No. 1 to the Form F-1 registration statement on Form F-3 (SEC File No. 333-258054)
declared effective by the Securities and Exchange Commission on June 14, 2022.
FORWARD-LOOKING INFORMATION
This Report on Form 6-K contains forward-looking
statements and information relating to us that are based on the current beliefs, expectations, assumptions, estimates and projections
of our management regarding our company and industry. When used in this report, the words “may”, “will”, “anticipate”,
“believe”, “estimate”, “expect”, “intend”, “plan” and similar expressions,
as they relate to us or our management, are intended to identify forward-looking statements. These statements reflect management’s
current view of us concerning future events and are subject to certain risks, uncertainties and assumptions, including among many others:
our negative operating profits may raise substantial doubt regarding our ability to continue as a going concern, our substantial customer
concentration, with a limited number of customers accounting for a substantial portion of our recent revenues, our subsidiaries’
ability to distribute dividends to us may be subject to restrictions under the laws of their respective jurisdictions, the emergence of
additional competing technologies, changes in domestic and foreign laws, regulations and taxes, political and social events in Thailand,
the volatility of the securities markets, and other risks and uncertainties which are generally set forth under the heading, “Key
information - Risk Factors” and elsewhere in our Annual Report on Form 20-F filed on April 29, 2024 (the “Annual Report”).
Should any of these risks or uncertainties materialize, or should the underlying assumptions about our business and the commercial markets
in which we operate prove incorrect, actual results may vary materially from those described as anticipated, estimated or expected in
the Annual Report.
All forward-looking statements included herein
attributable to us or other parties or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements
contained or referred to in this section. Except to the extent required by applicable laws and regulations, we undertake no obligations
to update these forward-looking statements to reflect events or circumstances after the date of this report or to reflect the occurrence
of unanticipated events.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: September 25, 2024 |
Guardforce AI Co., Limited |
|
|
|
By: |
/s/ Lei Wang |
|
|
Lei Wang |
|
|
Chief Executive Officer |
EXHIBIT INDEX
4
Exhibit 99.1
GUARDFORCE AI CO., LIMITED AND SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2024 and 2023
Guardforce AI Co., Limited and Subsidiaries
Unaudited Interim Condensed Consolidated Balance
Sheets
(Expressed in U.S. Dollars)
| |
Note | | |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
| | |
(Unaudited) | | |
| |
Assets | |
| | |
| | |
| |
Current assets: | |
| | |
| | |
| |
Cash and cash equivalents | |
| 4 | | |
$ | 13,979,217 | | |
$ | 20,235,227 | |
Restricted cash | |
| 4 | | |
| 26,319 | | |
| 100,764 | |
Trade receivables | |
| 6 | | |
| 5,316,983 | | |
| 5,630,805 | |
Other current assets | |
| 8 | | |
| 2,633,799 | | |
| 1,665,571 | |
Withholding tax receivable, net | |
| 7 | | |
| 366,884 | | |
| 607,221 | |
Inventories | |
| 5 | | |
| 381,155 | | |
| 506,403 | |
Amounts due from related parties | |
| 21 | | |
| 13,086 | | |
| 2,172,638 | |
Assets held for sale | |
| | | |
| - | | |
| 201,963 | |
Total current assets | |
| | | |
| 22,717,443 | | |
| 31,120,592 | |
| |
| | | |
| | | |
| | |
Non-current assets: | |
| | | |
| | | |
| | |
Restricted cash | |
| 4 | | |
| 1,496,236 | | |
| 1,608,762 | |
Property, plant and equipment | |
| 9 | | |
| 3,280,470 | | |
| 4,043,725 | |
Right-of-use assets | |
| 10 | | |
| 2,588,540 | | |
| 2,688,208 | |
Intangible assets, net | |
| 11 | | |
| 2,684,655 | | |
| 2,836,250 | |
Goodwill | |
| | | |
| 411,862 | | |
| 411,862 | |
Withholding tax receivable, net | |
| 7 | | |
| 1,504,543 | | |
| 1,617,625 | |
Deferred tax assets, net | |
| 16 | | |
| 1,110,164 | | |
| 1,085,477 | |
Other non-current assets | |
| 8 | | |
| 390,065 | | |
| 402,447 | |
Total non-current assets | |
| | | |
| 13,466,535 | | |
| 14,694,356 | |
Total assets | |
| | | |
$ | 36,183,978 | | |
$ | 45,814,948 | |
| |
| | | |
| | | |
| | |
Liabilities and Equity | |
| | | |
| | | |
| | |
Current liabilities: | |
| | | |
| | | |
| | |
Trade and other payables | |
| 12 | | |
$ | 3,047,534 | | |
$ | 3,016,850 | |
Borrowings | |
| 13 | | |
| 187,288 | | |
| 337,241 | |
Borrowing from a related party | |
| 21 | | |
| - | | |
| 3,104,149 | |
Current portion of operating lease liabilities | |
| 10 | | |
| 1,457,783 | | |
| 1,239,066 | |
Current portion of finance lease liabilities | |
| 15 | | |
| 53,055 | | |
| 108,597 | |
Other current liabilities | |
| 12 | | |
| 1,764,636 | | |
| 3,171,643 | |
Amounts due to related parties | |
| 21 | | |
| 139,557 | | |
| 2,898,506 | |
Liabilities directly associated with the assets held for sale | |
| | | |
| - | | |
| 130,876 | |
Total current liabilities | |
| | | |
| 6,649,853 | | |
| 14,006,928 | |
| |
| | | |
| | | |
| | |
Non-current liabilities: | |
| | | |
| | | |
| | |
Borrowings | |
| 13 | | |
| - | | |
| 44,410 | |
Operating lease liabilities | |
| 10 | | |
| 1,124,195 | | |
| 1,455,857 | |
Finance lease liabilities | |
| 15 | | |
| 203,127 | | |
| 218,996 | |
Provision for employee benefits | |
| 17 | | |
| 4,591,555 | | |
| 4,935,982 | |
Total non-current liabilities | |
| | | |
| 5,918,877 | | |
| 6,655,245 | |
Total liabilities | |
| | | |
| 12,568,730 | | |
| 20,662,173 | |
| |
| | | |
| | | |
| | |
Equity | |
| | | |
| | | |
| | |
Ordinary shares – par value $0.12 authorized 300,000,000 shares, issued and outstanding 10,237,282 shares at June 30, 2024; issued and outstanding 9,830,373 shares at December 31, 2023 | |
| | | |
| 1,228,509 | | |
| 1,179,680 | |
Subscription receivable | |
| | | |
| (50,000 | ) | |
| (50,000 | ) |
Additional paid in capital | |
| | | |
| 82,011,907 | | |
| 80,983,164 | |
Legal reserve | |
| 20 | | |
| 223,500 | | |
| 223,500 | |
Warrants reserve | |
| | | |
| 251,036 | | |
| 251,036 | |
Accumulated deficit | |
| | | |
| (60,188,269 | ) | |
| (58,340,675 | ) |
Accumulated other comprehensive income | |
| | | |
| 209,422 | | |
| 985,120 | |
Capital & reserves attributable to equity holders of the Company | |
| | | |
| 23,686,105 | | |
| 25,231,825 | |
Non-controlling interests | |
| | | |
| (70,857 | ) | |
| (79,050 | ) |
Total equity | |
| | | |
| 23,615,248 | | |
| 25,152,775 | |
Total liabilities and equity | |
| | | |
$ | 36,183,978 | | |
$ | 45,814,948 | |
The accompanying notes
are an integral part of these unaudited condensed consolidated financial statements.
Guardforce AI Co., Limited and Subsidiaries
Unaudited Interim Condensed Consolidated Statements
of Profit or Loss
(Expressed in U.S. Dollars)
| |
Note | | |
For the six months ended June 30, | |
| |
| | |
2024 | | |
2023 | |
| |
| | |
(Unaudited) | | |
(Unaudited) | |
Revenue | |
| | | |
$ | 17,566,844 | | |
$ | 18,005,603 | |
Cost of sales | |
| | | |
| (14,327,094 | ) | |
| (15,846,807 | ) |
Gross profit | |
| | | |
| 3,239,750 | | |
| 2,158,796 | |
| |
| | | |
| | | |
| | |
Stock-based compensation | |
| | | |
| (172,655 | ) | |
| - | |
Recovery (Provision for and write off) of withholding tax receivable | |
| | | |
| 32,980 | | |
| (561,277 | ) |
Provision for expected credit loss on trade and other receivables | |
| | | |
| (184,180 | ) | |
| (870,408 | ) |
Provision for obsolete inventories | |
| | | |
| - | | |
| (3,090,283 | ) |
Impairment loss on fixed assets | |
| | | |
| - | | |
| (1,591,766 | ) |
Impairment on goodwill | |
| | | |
| (30,467 | ) | |
| (1,263,040 | ) |
Selling, distribution and administrative expenses | |
| 19 | | |
| (4,967,290 | ) | |
| (6,683,850 | ) |
Operating loss from continuing operations | |
| | | |
| (2,081,862 | ) | |
| (11,901,828 | ) |
| |
| | | |
| | | |
| | |
Other income, net | |
| | | |
| 312,342 | | |
| 77,665 | |
Foreign exchange losses, net | |
| | | |
| (49,041 | ) | |
| (584,093 | ) |
Finance costs | |
| | | |
| (81,534 | ) | |
| (578,308 | ) |
Loss before income tax from continuing operations | |
| | | |
| (1,900,095 | ) | |
| (12,986,564 | ) |
| |
| | | |
| | | |
| | |
Provision for income tax benefit (expense) | |
| 16 | | |
| 22,949 | | |
| (874,431 | ) |
Net loss for the period from continuing operations | |
| | | |
| (1,877,146 | ) | |
| (13,860,995 | ) |
| |
| | | |
| | | |
| | |
Discontinued operations: | |
| | | |
| | | |
| | |
Net gain for the period from discontinued operations | |
| | | |
| 38,719 | | |
| 11,562 | |
Net loss for the period | |
| | | |
| (1,838,427 | ) | |
| (13,849,433 | ) |
Less: net profit (loss) attributable to non-controlling interests | |
| | | |
| 9,167 | | |
| (30,214 | ) |
Net loss attributable to equity holders of the Company | |
| | | |
$ | (1,847,594 | ) | |
$ | (13,819,219 | ) |
| |
| | | |
| | | |
| | |
Loss per share | |
| | | |
| | | |
| | |
Basic and diluted loss attributable to the equity holders of the Company | |
| | | |
$ | (0.18 | ) | |
$ | (4.35 | ) |
| |
| | | |
| | | |
| | |
Loss per share from continuing operations | |
| | | |
| | | |
| | |
Basic and diluted loss attributable to the equity holders of the Company | |
| | | |
$ | (0.19 | ) | |
$ | (4.36 | ) |
| |
| | | |
| | | |
| | |
Weighted average number of shares used in computation: | |
| | | |
| | | |
| | |
Basic and diluted | |
| | | |
| 9,991,600 | | |
| 3,174,282 | |
The accompanying notes are an integral part
of these unaudited interim condensed consolidated financial statements.
Guardforce AI Co., Limited and Subsidiaries
Unaudited Interim Condensed Consolidated Statements
of Comprehensive Loss
(Expressed in U.S. Dollars)
|
|
|
Note |
| |
For the six months ended June 30, | |
|
|
|
|
| |
2024 | | |
2023 | |
|
|
|
|
| |
(Unaudited) | | |
(Unaudited) | |
Net loss for the period |
|
|
|
| |
$ | (1,838,427 | ) | |
$ | (13,849,433 | ) |
Currency translation differences |
|
|
|
| |
| (775,698 | ) | |
| 169,410 | |
Total comprehensive (loss) for the period |
|
|
|
| |
$ | (2,614,125 | ) | |
$ | (13,680,023 | ) |
|
|
|
|
| |
| | | |
| | |
Attributable to: |
|
|
|
| |
| | | |
| | |
Equity holders of the Company |
|
|
|
| |
$ | (2,631,861 | ) | |
$ | (13,651,390 | ) |
Non-controlling interests |
|
|
|
| |
| 17,736 | | |
| (28,633 | ) |
|
|
|
|
| |
$ | (2,614,125 | ) | |
$ | (13,680,023 | ) |
The accompanying notes are an integral part
of these unaudited interim condensed consolidated financial statements.
Guardforce AI Co., Limited and Subsidiaries
Unaudited Interim Condensed Consolidated Statement
of Changes in Equity
(Expressed in U.S. Dollars)
| |
| | |
| | |
| | |
| | |
| | |
| | |
Accumulated | | |
| | |
| | |
| |
| |
Number
of Shares | | |
Amount
($0.12 par) | | |
Subscription
Receivable | | |
Additional
Paid-in Capital | | |
Legal
Reserve | | |
Warrants
Reserves | | |
Other
Comprehensive Income | | |
Accumulated
Deficit | | |
Non-
controlling Interests | | |
Total
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance as of
December 31, 2022 | |
| 1,618,977 | | |
$ | 194,313 | | |
$ | (50,000 | ) | |
$ | 46,231,302 | | |
$ | 223,500 | | |
$ | 251,036 | | |
$ | 1,112,494 | | |
$ | (28,769,014 | ) | |
$ | (61,329 | ) | |
$ | 19,132,302 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Currency translation adjustments | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 169,410 | | |
| - | | |
| - | | |
| 169,410 | |
Cancellation of shares (Note 18) | |
| (245,339 | ) | |
| (29,441 | ) | |
| - | | |
| (4,880,223 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (4,909,664 | ) |
Issuance of ordinary shares
through CMPOs (Note 18) | |
| 4,946,184 | | |
| 593,542 | | |
| - | | |
| 20,273,844 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 20,867,386 | |
Issuance of ordinary shares through exercise
of warrants (Note 18) | |
| 128,901 | | |
| 15,468 | | |
| - | | |
| 491,224 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 506,692 | |
Issuance of ordinary shares
for acquisition of assets (Note 18) | |
| 262,500 | | |
| 31,500 | | |
| - | | |
| 1,816,500 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,848,000 | |
Issuance of ordinary shares
for a convertible note conversion (Note 18) | |
| 172,000 | | |
| 20,640 | | |
| | | |
| 1,217,760 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 1,238,400 | |
Net
loss for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (13,819,219 | ) | |
| (30,214 | ) | |
| (13,849,433 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
as of June 30, 2023 (Unaudited) | |
| 6,883,223 | | |
$ | 826,022 | | |
$ | (50,000 | ) | |
$ | 65,150,407 | | |
$ | 223,500 | | |
$ | 251,036 | | |
$ | 1,281,904 | | |
$ | (42,588,233 | ) | |
$ | (91,543 | ) | |
$ | 25,003,093 | |
Balance as of December 31,
2023 | |
| 9,830,373 | | |
$ | 1,179,680 | | |
$ | (50,000 | ) | |
$ | 80,983,164 | | |
$ | 223,500 | | |
$ | 251,036 | | |
$ | 985,120 | | |
$ | (58,340,675 | ) | |
$ | (79,050 | ) | |
$ | 25,152,775 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Currency translation adjustments | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (775,698 | ) | |
| - | | |
| - | | |
| (775,698 | ) |
Disposal of a subsidiary
(Note 18) | |
| (1,091 | ) | |
| (131 | ) | |
| - | | |
| (2,651 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| (974 | ) | |
| (3,756 | ) |
Issuance of ordinary shares
for stock-based compensation (Note 18) | |
| 408,000 | | |
| 48,960 | | |
| - | | |
| 1,031,394 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,080,354 | |
Net
loss for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,847,594 | ) | |
| 9,167 | | |
| (1,838,427 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
as of June 30, 2024 (Unaudited) | |
| 10,237,282 | | |
$ | 1,228,509 | | |
$ | (50,000 | ) | |
$ | 82,011,907 | | |
$ | 223,500 | | |
$ | 251,036 | | |
$ | 209,422 | | |
$ | (60,188,269 | ) | |
$ | (70,857 | ) | |
$ | 23,615,248 | |
The accompanying notes are an integral
part of these unaudited interim condensed consolidated financial statements
Guardforce AI Co., Limited and Subsidiaries
Unaudited Interim Condensed Consolidated Statements
of Cash Flows
(Expressed in U.S. Dollars)
| |
For the six months ended June 30, | |
| |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Cash flows from operating activities | |
| | |
| |
Net (loss) from continuing operations | |
$ | (1,877,146 | ) | |
$ | (13,860,995 | ) |
Net gain from discontinued operations | |
| 38,719 | | |
| 11,562 | |
Net loss | |
| (1,838,427 | ) | |
| (13,849,433 | ) |
Adjustments for: | |
| | | |
| | |
Depreciation and Amortization of fixed and intangible assets | |
| 1,556,922 | | |
| 2,619,001 | |
Stock-based compensation | |
| 172,655 | | |
| - | |
(Recovery) Provision for and write off of withholding tax receivable | |
| (32,980 | ) | |
| 561,277 | |
Provision for expected credit loss on trade and other receivables | |
| 184,180 | | |
| 869,519 | |
Provision for obsolete inventories | |
| - | | |
| 3,090,282 | |
Impairment loss on fixed assets | |
| - | | |
| 1,591,766 | |
Impairment on goodwill | |
| 30,467 | | |
| 1,263,040 | |
Finance costs | |
| 81,778 | | |
| 584,897 | |
Interest income | |
| (261,041 | ) | |
| - | |
Deferred income taxes | |
| (101,998 | ) | |
| 874,431 | |
(Gain) Loss from assets disposal | |
| (31,577 | ) | |
| 41,965 | |
Gain on disposal of a subsidiary | |
| (3,607 | ) | |
| - | |
Changes in operating assets and liabilities: | |
| | | |
| | |
(Increase) Decrease in trade and other receivables | |
| (90,891 | ) | |
| 157,279 | |
Increase in other assets | |
| (1,005,338 | ) | |
| (719,595 | ) |
Decrease in inventories | |
| 114,223 | | |
| 296,824 | |
(Decrease) Increase in amounts due to related parties | |
| (386,720 | ) | |
| 639,807 | |
(Decrease) Increase in Trade and other payables and other current liabilities | |
| (437,966 | ) | |
| 1,285,317 | |
Decrease (Increase) in withholding tax receivable | |
| 227,903 | | |
| (374,013 | ) |
Increase in provision for employee benefits | |
| 13,428 | | |
| 20,774 | |
Net cash used in operating activities | |
| (1,808,989 | ) | |
| (1,046,862 | ) |
| |
| | | |
| | |
Cash flows from investing activities | |
| | | |
| | |
Acquisition of property, plant and equipment | |
| (34,442 | ) | |
| (829,231 | ) |
Proceeds from sale of property, plant and equipment | |
| 27,805 | | |
| - | |
Acquisition of intangible assets | |
| (114,224 | ) | |
| (217,077 | ) |
Disposal of a subsidiary, net of cash disposed | |
| (28,186 | ) | |
| - | |
Interest received | |
| 283,750 | | |
| - | |
Net cash provided by (used in) investing activities | |
| 134,703 | | |
| (1,046,308 | ) |
| |
| | | |
| | |
Cash flows from financing activities | |
| | | |
| | |
Proceeds from issue of shares | |
| - | | |
| 20,867,386 | |
Proceeds from exercise of warrants | |
| - | | |
| 506,693 | |
Cash paid for the cancellation of fractional shares | |
| - | | |
| (49,664 | ) |
Proceeds from bank borrowings | |
| - | | |
| 1,756,738 | |
Repayment of bank borrowings | |
| (252,717 | ) | |
| (1,937,096 | ) |
Repayment of related party borrowings | |
| (3,304,787 | ) | |
| - | |
Payment of lease liabilities | |
| (877,553 | ) | |
| (1,267,979 | ) |
Net cash (used in) generated from financing activities | |
| (4,435,057 | ) | |
| 19,876,078 | |
| |
| | | |
| | |
Net (decrease)/increase in cash and cash equivalents, and restricted cash | |
| (6,109,343 | ) | |
| 17,782,908 | |
Effect of movements in exchange rates on cash held | |
| (362,280 | ) | |
| 16,840 | |
Cash and cash equivalents, and restricted cash at January 1, | |
| 21,973,395 | | |
| 8,230,644 | |
Cash and cash equivalents, and restricted cash at June 30, | |
$ | 15,501,772 | | |
$ | 26,030,392 | |
| |
| | | |
| | |
Non-cash investing and financing activities | |
| | | |
| | |
Equity portion of purchase consideration paid for acquisition of subsidiaries | |
| - | | |
| 1,848,000 | |
The accompanying notes are an integral
part of these unaudited interim condensed consolidated financial statements.
Guardforce AI Co., Limited and Subsidiaries
Notes to the Unaudited Interim Condensed Consolidated
Financial Statements
(Expressed in U.S. Dollars)
Guardforce AI Co., Limited (“Guardforce”)
is a company incorporated and domiciled in the Cayman Islands under the Cayman Islands Companies Act on April 20, 2018. The Company’s
ordinary shares and warrants are listed under the symbol “GFAI” and “GFAIW”, respectively, on the Nasdaq Capital
Market upon the completion of an initial public offering on September 28, 2021.
Guardforce AI Holding Limited (“AI
Holdings”) was incorporated in the British Virgin Islands under the BVI Business Companies Act, 2004, on May 22, 2018. AI Holdings
is a 100% owned subsidiary of Guardforce. AI Holdings is an investment holding company.
Guardforce AI Robots Limited (“AI
Robots”) was incorporated in the British Virgin Islands under the BVI Business Companies Act, 2004, on May 22, 2018. AI Robots is
a 100% owned subsidiary of Guardforce. AI Robots is an investment holding company.
Guardforce AI (Hong Kong) Co., Limited
(“AI Hong Kong”) was incorporated in Hong Kong under the Hong Kong Companies’ Ordinance (Chapter 622), on May 30, 2018.
AI Hong Kong is a 100% owned subsidiary of Guardforce. Beginning March 2020, AI Hong Kong commenced AI&Robotics solution business
of selling and leasing robots.
Southern Ambition Limited (“Southern
Ambition”) was incorporated in the British Virgin Islands under the BVI Business Companies Act, 2004, on August 3, 2018. Southern
Ambition is a 100% owned subsidiary of AI Robots. Southern Ambition is an investment holding company.
Horizon Dragon Limited (“Horizon
Dragon”) was incorporated in the British Virgin Islands under the BVI Business Companies Act, 2004, on July 3, 2018. Horizon Dragon
is a 100% owned subsidiary of AI Holdings. Horizon Dragon is an investment holding company.
Guardforce AI Group Co., Limited (“AI
Thailand”) was incorporated in Thailand under the Civil and Commercial Code at the Registry of partnerships and Companies, Bangkok
Metropolis, Thailand, on September 21, 2018 and has 100,000 ordinary plus preferred shares outstanding. 48,999 of the shares in AI Thailand
are owned by Southern Ambition Limited, with one share being held by Horizon Dragon Limited, for an aggregate of 49,000 ordinary shares,
or 49%, and 51,000 cumulative preferred shares are owned by two individuals of Thailand. The two individuals owned in aggregate 49,000
ordinary shares with a value of approximately $16,000. The cumulative preferred shares are entitled to dividends of USD$0.03 per share
when declared. The cumulative unpaid dividends of the preferred shares as of June 30, 2024 and December 31, 2023 is approximately $1,700.
Pursuant to article of associates of AI Thailand, the holder of an ordinary share may cast one vote per share at a general meeting of
shareholders, the holder of preferred shares may cast one vote for every 20 preferred shares held at a general meeting of shareholders.
Southern Ambition is entitled to cast more than 95% of the votes at a general meeting of shareholders. No dividends were declared for
the six months ended June 30, 2024 and 2023.
Guardforce Cash Solutions Security Thailand
Co., Limited (“GF Cash (CIT)”) was incorporated in Thailand under the Civil and Commercial Code at the Registry of partnerships
and Companies, Bangkok Metropolis, Thailand, on July 27, 1982 and has 3,857,144 outstanding shares. 3,799,544 ordinary shares and 21,599
preferred shares of the outstanding shares in GF Cash (CIT) (approximately 99.07% of the shares in GF Cash (CIT)) are owned by AI Thailand
with one preferred share being held by Southern Ambition and 33,600 ordinary shares and 2,400 preferred shares (approximately 0.933% of
the shares in GF Cash (CIT)) being held by Bangkok Bank Public Company Limited. Pursuant to the articles of association a shareholder
may cast one vote per one share at a general meeting of shareholders. AI Thailand is entitled to cast 99.07% of the votes at a general
meeting of shareholders. No dividends were declared for the six months ended June 30, 2024 and 2023. The Company engages principally in
providing cash management and handling services located in Thailand.
On March 25, 2021, the Company acquired
51% majority stake in information security consultants Handshake Networking Ltd (“Handshake”), a Hong Kong-based company
specializing in penetration testing and forensics analysis in Hong Kong and the Asia Pacific region since 2004. On February 6, 2024, the
Company separated with Handshake. On February 6, 2024, the Company transferred 510 shares of Handshake back to its original shareholders
in exchange for returning 1,091 restricted ordinary shares issued by the Company. The cancellation of the returned 1,091 shares was effective
on March 4, 2024.
On November 1, 2021, the Company entered
into a Transfer Agreement (the “Singapore Agreement”) to acquire 100% of the equity interests in Guardforce AI Singapore Pte.
Ltd. (“AI Singapore”), a company incorporated in Singapore. Pursuant to the Agreement, AI Singapore became a wholly owned
subsidiary of the Company. AI Singapore commenced AI&Robotics solution business of selling and leasing robots.
On November 18, 2021, the Company entered
into a Transfer Agreement (the “Macau Agreement”) to acquire 100% of the equity interests in Macau GF Robotics Limited,
a company incorporated in Macau (“AI Macau”). The consideration is approximately $3,205 (MOP25,000). AI Macau commenced AI&Robotics
solution business of selling and leasing robots. The acquisition was closed on February 9, 2022. AI Macau is a 100% owned subsidiary of
AI Robotics.
On November 18, 2021, the Company entered
into another Transfer Agreement (the “Malaysia Agreement”) to acquire 100% of the equity interests in GF Robotics
Malaysia Sdn. Bhd., a company incorporated in Malaysia (“AI Malaysia”). The consideration is approximately $1 (RM1). AI Malaysia
commenced AI&Robotics solution business of selling and leasing robots. The acquisition was closed on January 20, 2022. AI Malaysia
is a 100% owned subsidiary of AI Robotics.
GFAI Robotics Group Co., Limited (“AI
Robotics”) was incorporated in the British Virgin Islands under the BVI Business Companies Act, 2004, on December 6, 2021. AI Robotics
is a 100% owned subsidiary of Guardforce. AI Robotics is an investment holding company.
GFAI Robot Service (Hong Kong) Limited
(“AI Robot Service”) was incorporated in Hong Kong under the Hong Kong Companies’ Ordinance (Chapter 622), on January
18, 2022. AI Robot Service is an investment holding company. AI Robot Service is a 100% owned subsidiary of AI Robotics.
Guardforce AI Robot Service (Shenzhen)
Co., Limited (“AI Shenzhen”) was incorporated in the People’s Republic of China (“PRC”) on February 23,
2022. AI Shenzhen is an investment holding company. AI Shenzhen is a 100% owned subsidiary of AI Robot Service.
GFAI Robotics Services LLC (“AI
US”) was incorporated in the State of Delaware on February 28, 2022. AI US commenced AI&Robotics solution business of selling
and leasing robots. AI US is a 100% owned subsidiary of AI Robotics.
GFAI Robot Service (Australia) Pty Ltd.
(“AI Australia”) was incorporated in Australia on February 28, 2022. AI Australia commenced AI&Robotics solution business
of selling and leasing robots. AI Australia is a 100% owned subsidiary of AI Robot Service. On September 25, 2023, AI Australia was deregistered.
GFAI Robot & Smart Machines Trading
LLC (“AI Dubai”) was incorporated in the United Arab Emirates (UAE) on March 13, 2022. AI Dubai commenced AI&Robotics
solution business of selling and leasing robots. AI Dubai is a 100% owned subsidiary of AI Robot Service.
GFAI Robotic and Innovation Solution
(Thailand) Company Limited (“AI R&I”) was incorporated in Thailand on March 30, 2022. AI R&I commenced AI&Robotics
solution business of selling and leasing robots. AI R&I is 98% owned by AI Thailand, 1% owned by Horizon Dragon and 1% owned by Southern
Ambition.
GFAI Robot Service (UK) Limited (“AI
UK”) was incorporated in the United Kingdom on April 29, 2022. AI UK commenced AI&Robotics solution business of selling and
leasing robots. AI UK is a 100% owned subsidiary of AI Robot Service. On February 6, 2024, AI UK was deregistered.
GFAI Robot Service Limited (“AI
Canada”) was incorporated in Canada on May 6, 2022. AI Canada commenced AI&Robotics solution business of selling and leasing
robots. AI Canada is a 100% owned subsidiary of AI Robot Service. On January 5, 2024, AI Canada was deregistered.
Guardforce AI Robot (Jian) Co., Limited
(“AI Jian”) was incorporated in the People’s Republic of China (“PRC”) on May 16, 2022. AI Jian is an investment
holding company. AI Jian is a 100% owned subsidiary of AI Robot Service. On November 22, 2023, AI Jian was deregistered.
GFAI Robot Service GK (“AI Japan”)
was incorporated in Japan on May 24, 2022. AI Japan commenced AI&Robotics solution business of selling and leasing robots. AI Japan
is a 100% owned subsidiary of AI Hong Kong.
GFAI Robot Service Co., Ltd. (“AI
Korea”) was incorporated in South Korea on June 17, 2022. AI Korea commenced AI&Robotics solution business of selling and leasing
robots. AI Korea is a 100% owned subsidiary of AI Hong Kong.
On March 11, 2022, the Company entered
into a Sale and Purchase Agreement (the “Kewei Agreement”) with Shenzhen Kewei Robot Technology Co., Limited (“Shenzhen
Kewei”) to acquire 100% of the equity interests in Shenzhen Keweien Robot Service Co., Ltd. (“Shenzhen GFAI”) and Guangzhou
Kewei Robot Technology Co., Ltd. (“Guangzhou GFAI”) from Shenzhen Kewei. Both acquirees are PRC-based companies. The
acquisition serves an integral role in the growth of the Company’s AI&Robotics solution business as a service (RaaS) business
initiative. The acquisition was closed on March 22, 2022. The acquisition purchase price of $10,000,000 was paid in a mix of cash (10%)
and restricted ordinary shares of the Company (90%). On March 14, 2022, the Company issued 53,571 restricted Ordinary Shares to the sellers’
designated parties.
On May 24, 2022, the Company entered
into a Sale and Purchase Agreement (the “Yeantec Agreement”) with Shenzhen Yeantec Co., Limited (“Yeantec”) to
acquire 100% of the equity interests in Beijing Wanjia Security System Co., Ltd. (“Beijing Wanjia”) from Yeantec. Beijing
Wanjia is a PRC-based company with more than 25 years of experience in providing integrated security solution, focusing on fire alarm
security systems, and a well-established customer base among retail businesses. The acquisition serves the growth of the Company’s
other security business. The acquisition was closed on June 22, 2022. The acquisition purchase price of $8,400,000 was paid in a mix of
cash (10%) and restricted ordinary shares of the Company (90%). On June 16, 2022, the Company issued 94,500 restricted Ordinary Shares
to the sellers’ designated parties.
GFAI Robot Service (Vietnam) Co.,
Ltd (“AI Vietnam”) was incorporated in Vietnam on July 8, 2022. AI Vietnam is a dormant company and is a 100% owned subsidiary
of AI Hong Kong. On March 22, 2023, AI Vietnam was deregistered.
On December 21, 2022, the Company entered
into an asset purchase agreement (“Agreement”) with Shenzhen Kewei Robot Technology Co., Limited (“Shenzhen Kewei”)
to purchase certain of Shenzhen Kewei’s robot-related business assets in China. The Company will acquire, and Yeantec will transfer
to the Company, select robotic equipment assets and Kewei’s technology platform. The purchase price for these assets is $2,100,000,
which will be fully paid in the form of 262,500 restricted ordinary shares of the Company based on a price of $8.0 per share. The Company
issued 262,500 shares to Shenzhen Kewei on March 1, 2023.
GFAI Technology Limited (“GFAI
Technology”) was incorporated in the British Virgin Islands under the BVI Business Companies Act, 2004, on December 7, 2023. GFAI
Technology is a 100% owned subsidiary of Guardforce. GFAI Technology is an investment holding company.
GFAI Technology (Hong Kong) was incorporated
in Hong Kong on January 8, 2024. GFAI Technology (Hong Kong) is a 100% owned subsidiary of GFAI Technology.
InnoAI Technology (Shenzhen) Co., Ltd.
(“InnoAI”) was incorporated in China on December 13, 2023. On May 13, 2024, the Company acquired 100% of the interest in InnoAI
with RMB1 and InnoAI became a 100% owned subsidiary of AI Shenzhen. InnoAI is a company dedicated to the research and development of artificial
intelligence projects.
The following diagram illustrates the
Company’s legal entity ownership structure as of June 30, 2024:
2. |
SIGNIFICANT ACCOUNTING POLICIES |
The accounting policies applied for
the six months ended June 30, 2024 and 2023 are consistent with those of the audited consolidated financial statements for the years ended
December 31, 2023 and 2022, as described in those audited consolidated financial statements, except for the adoption of new and amended
International Financial Reporting Standards (“IFRS”) effective for the year ending December 31, 2023 which are relevant to
the preparation of the June 30, 2024 and 2023 interim condensed consolidated financial statements.
On September 25, 2024, the interim condensed
consolidated financial statements were approved by the board of directors and authorized for issuance.
2.1 | Basis of presentation |
The accompanying interim condensed consolidated
financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial
Reporting”. These statements should be read in conjunction with the audited consolidated financial statements for the years ended
December 31, 2023, 2022 and 2021, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”)
as issued by the International Accounting Standards Board (“IASB”). The interim condensed consolidated financial statements
have been prepared on a historical cost basis. In the opinion of management, all adjustments necessary for a fair presentation have
been included in the accompanying unaudited condensed consolidated financial statements. The results of operations for the six months
ended June 30, 2024 are not necessarily indicative of the results that may be expected for the full year ended December 31, 2024.
All amounts are presented in United
States dollars (“USD”) and have been rounded to the nearest USD.
In addition, the accompanying condensed
consolidated interim financial statements are presented on the basis that the Company is a going concern. The going concern assumption
contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
2.2 | Basis of consolidation |
The consolidated statements of profit
or loss and other comprehensive loss, statements of changes in equity and statements of cash flows of the Company for the relevant periods
include the results and cash flows of all companies now comprising the Company from the earliest date presented or since the date when
the subsidiaries and/or businesses first came under the common control of the controlling shareholders, wherever the period is shorter.
The interim condensed consolidated balance
sheet of the Company as of June 30, 2024 has been prepared to present the assets and liabilities of the subsidiaries under the historical
cost convention.
Equity interests in subsidiaries held
by parties other than the controlling shareholders are presented as non-controlling interests in equity.
All intra-group and inter-company transactions
and balances have been eliminated on consolidation.
IAS 14 Segment Reporting requires
reporting of financial information by business or geographical area. It requires disclosures for ‘primary’ and ‘secondary’
segment reporting formats, with the primary format based on whether the entity’s risks and returns are affected predominantly by
the products and services it produces or by the fact that it operates in different geographical areas.
The entity’s reportable segments
are its business and geographical segments for which a majority of their revenue is earned from sales to external customers and for which:
|
● |
revenue from sales to external customers and from transactions with other segments is 10% or more of the total revenue, external and internal, of all segments; or |
|
● |
segment result, whether profit or loss, is 10% or more the combined result of all segments in profit or the combined result of all segments in loss, whichever is greater in absolute amount; or |
|
● |
assets are 10% or more of the total assets of all segments. |
Segments deemed too small for separate
reporting may be combined with each other, if related, but they may not be combined with other significant segments for which information
is reported internally. Alternatively, they may be separately reported. If neither combined nor separately reported, they must be included
as an unallocated reconciling item.
Segment information is consistent with
how management reviews the businesses, makes investing and resource allocation decisions and assesses operating performance. Transfers
and sales between reportable segments, if any, are recorded at cost.
The Company reports financial and operating
information in the following four segments and geographical segmental data as shown in Note 22:
|
(ii) |
AI&Robotics solution business; |
|
(iii) |
General security solutions; and |
|
(iv) |
Corporate and others |
The Corporate and others segment covers
the non-operating activities supporting the Company. It comprises the Company’s holdings and treasury organization, including its
headquarter and central functions. All listing related expenses are included in the Corporate and others segment. This segment is an administrative-operating
segment rather than a revenue-generating operating segment.
The Company completed the divestiture
with Handshake on February 6, 2024. The business of Handshake represented the entirety of the Company’s information security operating
segment through February 6, 2024, which is excluded from the Company’s segment reporting.
2.4 | Business combinations |
The Company accounts for business combinations
using the acquisition method when control is transferred to the Company, other than those between and among entities under common control.
The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any
goodwill that arises is tested annually for impairment. Any gain on the bargain purchase is recognized in the statement of profit or loss
immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.
2.5 | Critical accounting estimate and judgements |
The preparation of the consolidated
financial statements.in conformity with IFRS requires management to make estimates and judgments that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting periods. Actual results could differ from these estimates.
In preparing the interim condensed consolidated
financial statements, the significant judgments made by management in applying the Company’s accounting policies and the key sources
of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended December 31,
2023.
2.6 | Foreign currency translation |
The presentational currency of the Company
is the USD. The functional currency of Guardforce, AI Holdings, AI Robots, Horizon Dragon, Southern Ambition, AI Robotics, AI US, AI Macau,
AI Singapore, AI Malaysia, AI Hong Kong, AI Thailand, GF Cash (CIT), AI R&I, InnoAI, AI Shenzhen, Shenzhen GFAI, Guangzhou GFAI and
Beijing Wanjia is the local currency where these companies operate. The functional currency of AI Korea, AI Australia, AI Canada, AI Vietnam,
AI Japan, and AI Dubai is USD.
The currency exchange rates and the
entities that significantly impact our business are shown in the following table:
| |
Period End Rate | | |
Average Rate | |
| |
June 30, | | |
December 31, | | |
For the six months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Thai Baht (GF Cash (CIT), AI R&I) | |
| 0.0271 | | |
| 0.0292 | | |
| 0.0275 | | |
| 0.0293 | |
Hong Kong Dollar (AI Hong Kong) | |
| 0.1281 | | |
| 0.1282 | | |
| 0.1279 | | |
| 0.1282 | |
Chinese Renminbi (Beijing Wanjia) | |
| 0.1376 | | |
| 0.1409 | | |
| 0.1386 | | |
| 0.1444 | |
2.7 | Financial risk management |
2.7.1 |
Financial risk factors |
The Company’s activities expose
it to a variety of financial risks: foreign exchange risk, interest rate risk and liquidity risk. The Company’s overall risk management
program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company’s financial
performance.
The interim condensed consolidated financial
statements do not include all financial risk management information and disclosures required in the audited financial statements and should
be read in conjunction with the Company’s audited consolidated financial statements as of December 31, 2023 and 2022.
Prudent liquidity management implies
maintaining sufficient cash and cash equivalents and the availability of funding through an adequate amount of committed credit facilities.
The Company’s primary cash requirements
are for operating expenses. The Company mainly finances its working capital requirements from cash generated from funds raised from the
public offerings, operations, proceeds from the exercise of warrants, bank borrowings and finance leases.
The Company’s policy is to regularly
monitor current and expected liquidity requirements to ensure it maintains sufficient cash and cash equivalents and an adequate amount
of committed credit facilities to meet its liquidity requirements in the short and long term.
At the reporting date, the contractual
undiscounted cash flows of the Company’s current financial liabilities approximate their respective carrying amounts due to their
short maturities.
2.7.3 |
Capital risk management |
The Company’s objectives on managing
capital are to safeguard the Company’s ability to continue as a going concern and support the sustainable growth of the Company
in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to enhance
shareholders’ value in the long term.
In order to maintain or adjust the capital
structure, the Company may adjust the amount of dividends paid to shareholders, return of capital to shareholders, issue new shares or
sell assets to reduce debt.
The COVID-19 pandemic has developed
since 2020, causing severe impact to the Company’s financial performance. Until the beginning of 2023, when governments of the countries
where the Company is operating lifted most of the social distancing measures and other restrictions, the Company’s business has
gradually recovered and the Company has resumed normal business operations in 2024.
Inventories solely consist of security
equipment and are stated at the lower of cost, determined on a weighted average basis, or net realizable value (Note 5). Net realizable
value is the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated costs
necessary to make the sale. When inventory is sold, their carrying amount is charged to expense in the period in which the revenue is
recognized. Write-downs for declines in net realizable value or for losses of inventories are recognized as an expense in the period the
impairment or loss occurs. The Company recorded an allowance for slow-moving or obsolete robots’ inventories of $nil and $3,090,283
for the six months ended June 30, 2024 and 2023, respectively.
During the six months ended June 30,
2024, no inventories were purchased from related parties. And during the six months ended June 30, 2023, all inventories were purchased
from the related parties (Note 21).
Parties are considered to be related
if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party
in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant
influence, such as a family member or relative, shareholder, or a related corporation.
The Company recognizes the contractual
right to receive money or products from related parties as amounts due from related parties. For those that the contractual maturity date
is less than one year, the Company records as current assets.
2.10 | Assets under construction |
Assets under construction are stated
at cost less impairment losses, if any. Cost comprises direct costs of construction as well as interest expense and exchange differences
capitalized during the periods of construction and installation. Capitalization of these costs ceases and the construction in progress
is transferred to property, plant and equipment when substantially all the activities necessary to prepare the assets for their intended
use are completed. No depreciation is provided for assets under construction until they are completed and ready for intended use.
Following initial recognition, goodwill
is stated at cost less any accumulated impairment losses. Goodwill is reviewed for impairment annually or more frequently if events or
changes in circumstances indicate that the carrying value may be impaired.
At the acquisition date, any goodwill
acquired is allocated to the cash-generating units (CGU) which are expected to benefit from the combination’s synergies. Impairment
is determined by assessing the recoverable amount of the CGU to which the goodwill related. Where the recoverable amount of the CGU is
less than the carrying amount, an impairment loss is recognized. Where goodwill forms part of a CGU and part of the operation within that
unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining
the gain or loss on disposal of the operation. Goodwill disposed of In these circumstances is measured on the basis of the relative values
of the operation disposed of and the portion of the CGU retained.
The Company recorded impairment loss
of $30,467 and $1,263,040 for the six months ended June 30, 2024 and 2023, respectively.
2.12 | Impairment of long-lived assets |
At the end of each reporting period,
the Company reviews the carrying amounts of its long-lived assets to determine whether there is any indication that those assets have
suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the
extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company
estimates the recoverable amount of the cash-generating unit to which the asset belongs. For the six months ended June 30, 2024 and 2023,
an impairment loss on the robots’ assets of $ nil and $1,591,766 was recognized, respectively when the carrying amount was greater
than the value in use. Management estimated the value in use by estimating the expected cash flows from the cash-generating unit as well
as a suitable discount rate in order to calculate the present value of those cash flows. The basis of impairment is determined based on
the result of assessment.
2.13 | Offsetting Assets and Liabilities |
During the six months ended June 30,
2024, the Company engages in offsetting arrangements for certain financial assets and financial liabilities. These arrangements primarily
involve the offsetting of related party receivables and related party payables. The Company has established legally enforceable rights
to offset financial assets and financial liabilities subject to offsetting arrangements. These rights may arise from agreements, netting
arrangements, or a combination of legal and contractual rights.
2.14 | Revenue from contracts with customers |
The Company generates its revenue primarily
from four service lines: (1) Secured logistics; (2) AI&Robotics solution business; (3) Information security; and (4) General security
solutions.
Each service line primarily renders
the following services:
| (i) | Cash-In-Transit
– Non Dedicated Vehicle (CIT Non-DV); (ii) Cash-In-Transit – Dedicated Vehicle (CIT DV); (iii) ATM management; (iv) Cash
Processing (CPC); (v) Cash Center Operations (CCT); (vi) Consolidate Cash Center (CCC); (vii) Express Cash; (viii) Coin Processing Service;
and (ix) Cash Deposit Management Solutions |
|
(2) |
AI&Robotics solution business |
| (i) | Sale of robots and (ii) Rental of robots |
| (3) | Information security – the Company generates this revenue
from Handshake. After the completion of the decoupling with Handshake on February 6, 2024, the Company was no longer generating any revenues
from this service line. For the six months ended June 30, 2024 and 2023, revenue and results of operations derived from this service
line were presented as discontinued operations on the consolidated statements of profit or loss. |
| (i) | Penetration test; (ii) PCI ASVScan and (iii) Rapid7 Sales |
|
(4) |
General security solutions |
| (i) | Installation
of fire alarm security systems; (ii) Sale of security equipment |
The Company recognizes revenue at a
point in time as products are delivered and services are performed. Consultancy fees typically covers a period of time, the revenue is
recognized on a ratable basis over the contract term. The Company applies the following five-step model in order to determine the amount:
|
● |
To identify the contract or quotation with the agreed service price. |
|
● |
To evaluate the services engaged in the customer’s contract and identify the related performance obligations. |
|
● |
To consider the contract terms and commonly accepted practices in the business to determine the transaction price. The transaction price is the consideration that the Company expects to be entitled for delivering the services engaged with the customer. The consideration engaged in a customer’s contract is generally a fixed amount. |
|
● |
To allocate the transaction price, if necessary, to each performance obligation (to each good or service that is different) for an amount that represents the part of the benefit that the Company expects to receive in exchange for the right of delivering the services engaged with the customer. |
|
● |
To recognize revenue when the Company satisfies the performance obligation through the rendering of services engaged. |
All of the conditions mentioned above
are accomplished normally when the services are rendered to the customer and this moment is considered a point in time. The reported revenue
reflects services delivered at the contract or agreed-upon price.
Revenue is recognized when the related
performance obligation is satisfied.
Disaggregation information of revenue
by service type which was recognized based on the nature of performance obligation disclosed above is as follows:
| |
For the six months ended June 30, | |
| |
2024 | | |
Percentage of Total | | |
2023 | | |
Percentage of Total | |
Service Type | |
$ | | |
Revenue | | |
$ | | |
Revenue | |
| |
(Unaudited) | | |
| | |
(Unaudited) | | |
| |
Cash-In-Transit – Non-Dedicated Vehicles (CIT Non-DV) | |
$ | 6,016,286 | | |
| 34.2 | % | |
$ | 5,988,087 | | |
| 33.3 | % |
Cash-In-Transit – Dedicated Vehicle to Banks (CIT DV) | |
| 1,765,869 | | |
| 10.1 | % | |
| 1,961,464 | | |
| 10.9 | % |
ATM Management | |
| 3,293,725 | | |
| 18.7 | % | |
| 3,895,708 | | |
| 21.6 | % |
Cash Processing (CPC) | |
| 1,710,792 | | |
| 9.7 | % | |
| 1,613,933 | | |
| 9.0 | % |
Cash Center Operations (CCT) | |
| 857,109 | | |
| 4.9 | % | |
| 958,760 | | |
| 5.3 | % |
Consolidate Cash Center (CCC) | |
| 276,137 | | |
| 1.6 | % | |
| 395,105 | | |
| 2.2 | % |
Others ** | |
| - | | |
| - | % | |
| 4,332 | | |
| 0.0 | % |
Cash Deposit Management Solutions (GDM) | |
| 1,842,026 | | |
| 10.5 | % | |
| 1,125,767 | | |
| 6.3 | % |
AI&Robotics solution | |
| 131,142 | | |
| 0.8 | % | |
| 440,229 | | |
| 2.4 | % |
General security solutions | |
| 1,673,758 | | |
| 9.5 | % | |
| 1,622,218 | | |
| 9.0 | % |
Total | |
$ | 17,566,844 | | |
| 100.0 | % | |
$ | 18,005,603 | | |
| 100.0 | % |
During the six months ended June 30,
2023, all revenue were generated from third parties.
During the six months ended June 30,
2024, revenue amounting to $17,562,192 were generated from third parties; and $4,652 were generated from a related party (Note 21).
Cost of sales consists primarily
of internal labor costs and related benefits, and other overhead costs that are directly attributable to services provided.
2.16 | New and amended accounting standards |
All new standards and amendments that
are effective for annual reporting period commencing January 1, 2024 have been applied by the Company for the six months ended June 30,
2024. The adoption of these new and amended standards did not have material impact on the interim condensed consolidated financial statements
of the Company. A number of new standards and amendments to standards have not come into effect for the year beginning January 1, 2024,
and they have not been early adopted by the Company in preparing these interim condensed consolidated financial statements. None of these
new standards and amendments to standards is expected to have a significant effect on the interim condensed consolidated financial statements
of the Company.
On May 13, 2024, the Company closed
an acquisition of InnoAI Technology (Shenzhen) Co., Ltd. (“InnoAI”). Approximately $0.1 (RMB1) was paid in consideration of
100% of the equity interest in InnoAI. This acquisition has been accounted for in accordance with IFRS 3 guidelines under acquisition
accounting, whereby the Company recognized the assets and liabilities transferred at their carrying amounts with carry-over basis.
A Purchase Price Allocation exercise
has been undertaken to establish the constituent parts of the acquired companies’ balance sheet at fair value on acquisition. As
is customary in these circumstances, this will remain under review and subject to change during the twelve-month hindsight period. At
the date of the acquisition, the total assets, total liabilities and goodwill represent $4,720, $(35,187) and $30,467, respectively.
The total revenue included in the Consolidated
Statement of Profit or Loss for the six months ended June 30, 2024 since the acquisition date contributed by InnoAI was $99. Total
net loss for the six months ended June 30, 2024 incurred by InnoAI since the acquisition date was $95,290.
Had InnoAI been consolidated from January
1, 2024, the Consolidated Statement of Profit or Loss for the six months ended June 30, 2024 would show revenue from InnoAI of $831
and net loss from InnoAI of $99,550.
During the six months ended June 30,
2024, the Company recorded a full goodwill impairment loss on InnoAI of $30,467.
4. |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Cash on hand | |
$ | 514,080 | | |
$ | 472,641 | |
Cash in bank | |
| 13,465,137 | | |
| 19,762,586 | |
Subtotal | |
| 13,979,217 | | |
| 20,235,227 | |
Restricted cash – current (a) | |
| 26,319 | | |
| 100,764 | |
Restricted cash – non-current (b) | |
| 1,496,236 | | |
| 1,608,762 | |
Cash, cash equivalents, and restricted cash | |
| 15,501,772 | | |
| 21,944,753 | |
Cash at banks attributable to discontinued operations | |
| - | | |
| 28,642 | |
Cash, cash equivalents, and restricted cash | |
$ | 15,501,772 | | |
$ | 21,973,395 | |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Robots in warehouse | |
$ | 4,584,078 | | |
$ | 4,743,645 | |
Security equipment* | |
| 381,155 | | |
| 506,403 | |
Impairment provision for inventories | |
| (4,584,078 | ) | |
| (4,743,645 | ) |
Inventories | |
$ | 381,155 | | |
$ | 506,403 | |
The Company recorded an allowance for
slow-moving or obsolete robots’ inventories of $nil and $3,090,283 for the six months ended June 30, 2024 and 2023, respectively.
6. |
TRADE RECEIVABLES, NET |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Trade receivable | |
$ | 5,636,167 | | |
$ | 5,780,144 | |
Provision for doubtful accounts | |
| (319,184 | ) | |
| (149,339 | ) |
Trade receivable, net | |
$ | 5,316,983 | | |
$ | 5,630,805 | |
The Company recorded an allowance for
doubtful accounts of $184,180 and $45,932 for the six months ended June 30, 2024 and 2023, respectively.
7. |
WITHHOLDING TAX RECEIVABLE |
Withholding tax receivable movement for the six months ended June 30,
2024 and 2023:
| |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Balance at January 1, | |
$ | 2,224,846 | | |
$ | 2,691,096 | |
Addition | |
| 376,265 | | |
| 401,941 | |
Collection | |
| (604,168 | ) | |
| - | |
Recovery of (Write off)/Allowance for uncollectible | |
| 32,980 | | |
| (561,277 | ) |
Exchange difference | |
| (158,496 | ) | |
| (73,713 | ) |
Balance at June 30, | |
$ | 1,871,427 | | |
$ | 2,458,047 | |
Withholding tax receivable balance as of June 30, 2024 and December
31, 2023:
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Current portion | |
$ | 366,884 | | |
$ | 607,221 | |
Non-current portion | |
| 1,504,543 | | |
| 1,617,625 | |
Withholding tax receivable | |
$ | 1,871,427 | | |
$ | 2,224,846 | |
During the six months ended June 30,
2024, the Company received a withholding tax refund of approximately THB22.0 million (approximately $0.6 million) in connection with the
Company’s 2019 withholding tax refund. The Company recorded a recovery of uncollectible of $0.03 million, representing the difference
between the receivable recorded and the amount of refund received from the Thai Revenue Department.
Based on amounts refunded and written
off for the receivable related to years 2013 to 2019, the Company recorded an allowance of approximately $nil million and $0.3 million
for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, an allowance balance of $1.0
million and $1.2 million, respectively were maintained against its withholding tax receivable.
8. |
OTHER CURRENT AND OTHER NON-CURRENT ASSETS |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Input VAT and other taxes receivable | |
$ | 244,025 | | |
$ | 219,232 | |
Prepayments – office and warehouse rental | |
| 1,284,395 | | |
| 818,997 | |
Prepayments - insurance | |
| 383,101 | | |
| 91,022 | |
Prepayments - others | |
| 393,910 | | |
| 187,759 | |
Uniforms | |
| 12,876 | | |
| 17,417 | |
Prepayments – independent directors’ fee | |
| 77,700 | | |
| - | |
Tools and supplies | |
| 120,355 | | |
| 143,760 | |
Cash advances to employees | |
| 48,386 | | |
| 79,169 | |
Interest receivable on bank deposits | |
| 69,051 | | |
| 108,215 | |
Other current assets | |
$ | 2,633,799 | | |
$ | 1,665,571 | |
| |
| | | |
| | |
Deposits | |
$ | 390,065 | | |
$ | 402,447 | |
Other non-current assets | |
$ | 390,065 | | |
$ | 402,447 | |
9. |
PROPERTY, PLANT AND EQUIPMENT |
| |
Leasehold improvements | | |
Machinery and equipment | | |
Office decoration and equipment | | |
Vehicles | | |
Assets under construction | | |
GDM machines | | |
Robots | | |
Total | |
Cost | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
At December 31, 2022 | |
$ | 3,146,864 | | |
$ | 4,868,015 | | |
$ | 5,354,351 | | |
$ | 15,518,987 | | |
$ | 33,222 | | |
$ | 1,948,698 | | |
$ | 7,194,815 | | |
$ | 38,064,952 | |
Additions | |
| - | | |
| 1,750 | | |
| 6,964 | | |
| - | | |
| - | | |
| 624,126 | | |
| 273,779 | | |
| 906,619 | |
Disposals | |
| (104,773 | ) | |
| (105,939 | ) | |
| (48,955 | ) | |
| (47,155 | ) | |
| - | | |
| - | | |
| (56,389 | ) | |
| (363,211 | ) |
Impairment of fixed assets | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,591,766 | ) | |
| (1,591,766 | ) |
Exchange differences | |
| (60,518 | ) | |
| (95,521 | ) | |
| (106,807 | ) | |
| (353,552 | ) | |
| (652 | ) | |
| (38,238 | ) | |
| (141,241 | ) | |
| (796,529 | ) |
At June 30, 2023 (Unaudited) | |
| 2,981,573 | | |
| 4,668,305 | | |
| 5,205,553 | | |
| 15,118,280 | | |
| 32,570 | | |
| 2,534,586 | | |
| 5,679,198 | | |
| 36,220,065 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At December 31, 2023 | |
$ | 3,073,809 | | |
$ | 4,829,343 | | |
$ | 5,335,825 | | |
$ | 15,505,385 | | |
$ | 108,909 | | |
$ | 3,133,883 | | |
$ | 3,954,153 | | |
$ | 35,941,307 | |
Additions | |
| - | | |
| 24,171 | | |
| 14,640 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 38,811 | |
Transfer in (out) | |
| - | | |
| - | | |
| - | | |
| 70,842 | | |
| (70,842 | ) | |
| - | | |
| - | | |
| - | |
Disposals | |
| (955,753 | ) | |
| - | | |
| (1,073,690 | ) | |
| (278,087 | ) | |
| - | | |
| - | | |
| (9,900 | ) | |
| (2,317,430 | ) |
Exchange differences | |
| (204,895 | ) | |
| (350,278 | ) | |
| (359,132 | ) | |
| (1,107,555 | ) | |
| (6,902 | ) | |
| (227,085 | ) | |
| (126,900 | ) | |
| (2,382,747 | ) |
At June 30, 2024 (Unaudited) | |
| 1,913,161 | | |
| 4,503,236 | | |
| 3,917,643 | | |
| 14,190,585 | | |
| 31,165 | | |
| 2,906,798 | | |
| 3,817,353 | | |
| 31,279,941 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Accumulated Depreciation | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At December 31, 2022 | |
$ | 2,577,341 | | |
$ | 4,748,031 | | |
$ | 4,889,742 | | |
$ | 13,493,656 | | |
$ | - | | |
$ | 1,230,247 | | |
$ | 3,059,174 | | |
$ | 29,998,191 | |
Depreciation charged for the period | |
| 48,922 | | |
| 34,180 | | |
| 87,164 | | |
| 263,962 | | |
| - | | |
| 202,983 | | |
| 516,626 | | |
| 1,153,837 | |
Disposals | |
| (108,213 | ) | |
| (109,514 | ) | |
| (44,542 | ) | |
| (48,748 | ) | |
| - | | |
| - | | |
| (14,847 | ) | |
| (325,864 | ) |
Exchange differences | |
| (48,443 | ) | |
| (90,705 | ) | |
| (101,287 | ) | |
| (275,519 | ) | |
| - | | |
| (30,774 | ) | |
| (77,779 | ) | |
| (624,507 | ) |
As June 30, 2023 (Unaudited) | |
| 2,469,607 | | |
| 4,581,992 | | |
| 4,831,077 | | |
| 13,433,351 | | |
| - | | |
| 1,402,456 | | |
| 3,483,174 | | |
| 30,201,657 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At December 31, 2023 | |
$ | 2,605,039 | | |
$ | 4,761,599 | | |
$ | 5,015,520 | | |
$ | 13,880,678 | | |
$ | - | | |
$ | 1,680,593 | | |
$ | 3,954,153 | | |
$ | 31,897,582 | |
Depreciation charged for the period | |
| 48,918 | | |
| 28,323 | | |
| 64,202 | | |
| 175,152 | | |
| - | | |
| 209,611 | | |
| - | | |
| 526,206 | |
Disposals | |
| (955,747 | ) | |
| - | | |
| (1,072,429 | ) | |
| (276,081 | ) | |
| - | | |
| - | | |
| (9,900 | ) | |
| (2,314,157 | ) |
Exchange differences | |
| (174,655 | ) | |
| (345,427 | ) | |
| (340,421 | ) | |
| (998,055 | ) | |
| - | | |
| (124,702 | ) | |
| (126,900 | ) | |
| (2,110,160 | ) |
As June 30, 2024 (Unaudited) | |
| 1,523,555 | | |
| 4,444,495 | | |
| 3,666,872 | | |
| 12,781,694 | | |
| - | | |
| 1,765,502 | | |
| 3,817,353 | | |
| 27,999,471 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net book value | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At June 30, 2023 (Unaudited) | |
$ | 511,966 | | |
$ | 86,313 | | |
$ | 374,476 | | |
$ | 1,684,929 | | |
$ | 32,570 | | |
$ | 1,132,130 | | |
$ | 2,196,024 | | |
$ | 6,018,408 | |
At June 30, 2024 (Unaudited) | |
$ | 389,606 | | |
$ | 58,741 | | |
$ | 250,771 | | |
$ | 1,408,891 | | |
$ | 31,165 | | |
$ | 1,141,296 | | |
$ | - | | |
$ | 3,280,470 | |
Depreciation expense related to property,
plant and equipment was $526,206 and $1,057,117, respectively for the six months ended June 30, 2024 and 2023.
For the six months ended June 30, 2024
and 2023, the Company recorded an impairment loss on robots’ assets of $nil and $1,591,766, respectively.
As of June 30, 2024 and 2023, net book
value of robot assets was approximately $nil and $695,000, respectively and these robots were leased out to third parties and the robots’
assets were held and used by the lessee.
10. |
RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES |
The right-of-use assets movement for the six months
ended June 30, 2024 and 2023 and the carrying amounts are as below:
| |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Balance at January 1, | |
$ | 2,688,208 | | |
$ | 4,171,409 | |
New leases | |
| 1,003,988 | | |
| 271,004 | |
Termination of a lease | |
| (112,912 | ) | |
| - | |
Depreciation expense | |
| (816,084 | ) | |
| (1,042,981 | ) |
Exchange difference | |
| (174,660 | ) | |
| (75,562 | ) |
Net book amount | |
$ | 2,588,540 | | |
$ | 3,323,870 | |
The total operating lease liabilities are as below:
| |
As of
June 30,
2024 | | |
As of
December 31,
2023 | |
Current portion | |
$ | 1,457,783 | | |
$ | 1,239,066 | |
Non-current portion | |
| 1,124,195 | | |
| 1,455,857 | |
Operating lease liabilities | |
$ | 2,581,978 | | |
$ | 2,694,923 | |
Lease liabilities were measured at the
present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate. The weighted average incremental
borrowing rate applied to new leases during the six months ended June 30, 2024 was 5.37%. The weighted average incremental borrowing rate
applied to new leases during the six months ended June 30, 2023 was 3.52%.
For the six months ended June 30, 2024
and 2023, interest expense of $58,248 and $58,602 arising from lease liabilities was included in finance costs, respectively. Depreciation
expense related to right-of-use assets was $816,084 and $1,026,316, respectively for the six months ended June 30, 2024 and 2023.
| |
Computer software | | |
Right-of-use Platform | | |
Customer base | | |
Technical know-how | | |
Security Surveillance system | | |
Intelligent Cloud Platforms | | |
Assets under
construction -Cash Management Systems | | |
Total | |
Cost | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
At December 31, 2022 | |
$ | 887,745 | | |
$ | 673,029 | | |
$ | 1,042,110 | | |
$ | 499,344 | | |
$ | 1,360,898 | | |
$ | 3,000,000 | | |
$ | 194,495 | | |
$ | 7,657,621 | |
Additions | |
| - | | |
| - | | |
| - | | |
| - | | |
| 195,087 | | |
| 1,597,754 | | |
| - | | |
| 1,792,841 | |
Exchange differences | |
| (17,419 | ) | |
| (31,974 | ) | |
| (49,509 | ) | |
| (23,723 | ) | |
| (306,604 | ) | |
| - | | |
| (3,816 | ) | |
| (433,045 | ) |
At June 30, 2023 (Unaudited) | |
| 870,326 | | |
| 641,055 | | |
| 992,601 | | |
| 475,621 | | |
| 1,249,381 | | |
| 4,597,754 | | |
| 190,679 | | |
| 9,017,417 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At December 31, 2023 | |
$ | 919,222 | | |
$ | 114,659 | | |
$ | 829,560 | | |
$ | 486,112 | | |
$ | 1,524,224 | | |
$ | 1,604,580 | | |
$ | 194,082 | | |
$ | 5,672,439 | |
Additions | |
| 115,164 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 115,164 | |
Exchange differences | |
| (67,805 | ) | |
| (2,687 | ) | |
| (19,440 | ) | |
| (11,392 | ) | |
| (35,720 | ) | |
| (3,095 | ) | |
| (14,063 | ) | |
| (154,202 | ) |
At June 30, 2024 (Unaudited) | |
| 966,581 | | |
| 111,972 | | |
| 810,120 | | |
| 474,720 | | |
| 1,488,504 | | |
| 1,601,485 | | |
| 180,019 | | |
| 5,633,401 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Accumulated amortization | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At December 31, 2022 | |
$ | 767,168 | | |
$ | 50,477 | | |
$ | 405,868 | | |
$ | 28,405 | | |
$ | 612,560 | | |
$ | - | | |
$ | - | | |
$ | 1,864,478 | |
Amortization charged for the period | |
| 26,139 | | |
| 33,582 | | |
| 201,013 | | |
| 28,346 | | |
| 63,817 | | |
| 182,671 | | |
| - | | |
| 535,568 | |
Exchange differences | |
| (15,908 | ) | |
| (3,927 | ) | |
| (28,438 | ) | |
| (2,641 | ) | |
| (286,182 | ) | |
| - | | |
| - | | |
| (337,096 | ) |
As June 30, 2023 (Unaudited) | |
| 777,399 | | |
| 80,132 | | |
| 578,443 | | |
| 54,110 | | |
| 390,195 | | |
| 182,671 | | |
| - | | |
| 2,062,950 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At December 31, 2023 | |
$ | 830,600 | | |
$ | 114,659 | | |
$ | 706,271 | | |
$ | 82,956 | | |
$ | 699,123 | | |
$ | 402,580 | | |
$ | - | | |
$ | 2,836,189 | |
Amortization charged for the period | |
| 28,236 | | |
| - | | |
| 40,430 | | |
| 27,204 | | |
| 52,152 | | |
| 66,610 | | |
| - | | |
| 214,632 | |
Exchange differences | |
| (60,535 | ) | |
| (2,687 | ) | |
| (16,848 | ) | |
| (2,144 | ) | |
| (16,766 | ) | |
| (3,095 | ) | |
| - | | |
| (102,075 | ) |
As June 30, 2024 (Unaudited) | |
| 798,301 | | |
| 111,972 | | |
| 729,853 | | |
| 108,016 | | |
| 734,509 | | |
| 466,095 | | |
| - | | |
| 2,948,746 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net book value | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At June 30, 2023 (Unaudited) | |
$ | 92,927 | | |
$ | 560,923 | | |
$ | 414,158 | | |
$ | 421,511 | | |
$ | 859,186 | | |
$ | 4,415,083 | | |
$ | 190,679 | | |
$ | 6,954,467 | |
At June 30, 2024 (Unaudited) | |
$ | 168,280 | | |
$ | - | | |
$ | 80,267 | | |
$ | 366,704 | | |
$ | 753,995 | | |
$ | 1,135,390 | | |
$ | 180,019 | | |
$ | 2,684,655 | |
Amortization expense related to intangible
assets was $214,632 and $535,568, respectively for the six months ended June 30, 2024 and 2023.
12. |
TRADE AND OTHER PAYABLES AND OTHER CURRENT LIABILITIES |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Trade payables – third parties | |
$ | 2,553,826 | | |
$ | 2,113,401 | |
Accrued salaries and bonus | |
| 369,275 | | |
| 603,112 | |
Other payables, accrued customer claims, cash loss and shortage* | |
| 124,433 | | |
| 300,337 | |
Trade and other payables | |
$ | 3,047,534 | | |
$ | 3,016,850 | |
| |
| | | |
| | |
Output VAT and other taxes payable | |
$ | - | | |
$ | 100,166 | |
Accrued expenses | |
| 525,467 | | |
| 639,556 | |
Payroll payable | |
| 715,467 | | |
| 925,142 | |
Provision for stock-based compensation expense** | |
| - | | |
| 830,000 | |
Other payables | |
| 487,172 | | |
| 419,964 | |
Deferred revenue | |
| 36,530 | | |
| 256,815 | |
Other current liabilities | |
$ | 1,764,636 | | |
$ | 3,171,643 | |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Short-term bank borrowing | |
$ | 55,040 | | |
$ | 140,902 | |
Current portion of long-term bank borrowings | |
| 132,248 | | |
| 196,339 | |
Long-term bank borrowings | |
| - | | |
| 44,410 | |
Total borrowings | |
$ | 187,288 | | |
$ | 381,651 | |
The Company maintains two borrowings
with two financial institutions. The borrowings are used for working capital purposes to support its business operations in China and
Thailand. Those borrowings carry interest at the rates of 4.69% and 3.77% per annum with maturity dates of April 7, 2025 and September
25, 2024. For the six months ended June 30, 2024 and 2023, the interest expense recorded for bank borrowings was $10,002 and $33,394,
respectively.
As of June 30, 2024, the Company has
no unused bank overdraft availability and no unused trust receipts availability.
Prior to entering into a loan conversion
agreement with WK Venture on September 28, 2023 to discharge the entire loan amount and accrued unpaid interest, as of June 30, 2023,
the Company maintained a loan in the principal amount of $13.42 million with WK Venture which bears interest at 4% and is due on December
31, 2024. For the six months ended June 30, 2024 and 2023, interest expense recorded for this third-party borrowing was $nil and $411,270.
14. |
CONVERTIBLE NOTE PAYABLE |
On October 25, 2022, the Company issued Streeterville Capital, LLC
(“CVP”) an unsecured convertible promissory note in the principal amount of $1,707,500 (the “Note”). Prior to
the Company’s full settlement on the outstanding convertible note payable with CVP on October 25, 2023, on April 17, 2023, CVP delivered
to the Company a conversion notice informing the Company that CVP has elected to convert a portion of the balances $1,238,400 at the conversion
price pf $7.20. Upon this conversion, the Company issued 172,000 restricted ordinary shares to CVP on April 19, 2023. On October 25, 2023,
the Company paid $554,238 to CVP to fully settle the remaining Note balance.
For the six months ended June 30, 2024
and 2023, the interest expense recorded for the Note was $nil and $65,644.
15. |
FINANCE LEASE LIABILITIES |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Current portion | |
$ | 53,055 | | |
$ | 108,597 | |
Non-current portion | |
| 203,127 | | |
| 218,996 | |
Finance lease liabilities | |
$ | 256,182 | | |
$ | 327,593 | |
For the six months ended June 30, 2024
and 2023, interest expense was $8,954 and $15,987, respectively.
The minimum lease payments under finance
lease agreements are as follows:
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Within 1 year | |
$ | 60,407 | | |
$ | 126,042 | |
After 1 year but within 5 years | |
| 219,171 | | |
| 236,293 | |
Less: Finance charges | |
| (23,396 | ) | |
| (34,742 | ) |
Present value of finance lease liabilities, net | |
$ | 256,182 | | |
$ | 327,593 | |
Finance lease assets comprise primarily
vehicles and office equipment as follow:
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Cost | |
$ | 673,722 | | |
$ | 655,371 | |
Less: Accumulated depreciation | |
| (227,152 | ) | |
| (215,038 | ) |
Net book value | |
$ | 446,570 | | |
$ | 440,333 | |
Value added tax (“VAT”)
GF Cash (CIT) and AI R&I are subsidiaries
operating in Thailand, which are subject to a statutory VAT of 7% for services in Thailand. Shenzhen GFAI, Guangzhou GFAI, InnoAI and
Beijing Wanjia are the subsidiaries operating in the PRC, which are subject to a statutory VAT of 13% for goods delivered and rental provided,
6% for services provided and 9% for construction projects in the PRC. The output VAT is charged to customers who receive services from
the Company and the input VAT is paid when the Company purchases goods and services from its vendors. The input VAT can be offset against
the output VAT. The VAT payable is presented on the balance sheets when input VAT is less than the output VAT. A recoverable balance is
presented on the balance sheets when input VAT is larger than the output VAT.
Income tax
Current income tax is provided on the
basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for
income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income tax is accounted for using
an asset and liability method. Under this method, deferred income tax is recognized for the tax consequences of temporary differences
by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the
tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed to that asset or liability
for tax purposes. The effect on deferred tax of a change in tax rates is recognized in the consolidated statements of profit or loss in
the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than
not that some portion of, or all of the deferred tax assets will not be realized.
The Company offsets deferred tax assets
and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities
and the deferred tax assets and deferred tax liabilities relate to income tax levied by the same taxation authority on either the same
taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize
the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or
assets are expected to be settled or recovered. During the six months ended June 30, 2024 and 2023, the Company made a valuation allowance
of $22,949 and $874,431 on the portion of deferred tax assets not expected to be realized.
17. |
PROVISION FOR EMPLOYEE BENEFITS |
The Company maintains two retired benefit
plans. Both plans are based on the requirements of the Thailand Labor Protection Act B.E.2541 (1988) to provide retirement benefits to
employees based on pensionable remuneration and length of service which are considered as unfunded. The plan asset is unfunded and the
Company will pay benefits when needed.
Movement for the defined benefit obligations for
the six months ended June 30, 2024 and 2023:
| |
Provision for employee benefits | |
| |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Defined benefit obligations at January 1, | |
$ | 4,935,982 | | |
$ | 4,849,614 | |
Estimate for the six months period* | |
| (344,427 | ) | |
| (74,552 | ) |
Defined benefit obligations at June 30, | |
$ | 4,591,555 | | |
$ | 4,775,062 | |
Equity transactions during the six months
ended June 30, 2023:
On January 31, 2023, the Company completed
a 1 for 40 share consolidation of its authorized and issued ordinary shares whereby every forty shares were consolidated into one share.
In addition, the par value of each ordinary share increased from $0.003 to $0.12. Immediately following the completion of the share consolidation,
the Company increased its authorized ordinary shares from 7,500,000 ordinary shares to 300,000,000 ordinary shares. All shares disclosed
in these condensed consolidated financial statement represent post-consolidation number of shares.
On February 17, 2023, a total of 2,339
fractional shares were canceled as a result of the share consolidation.
In connection with the restricted ordinary
shares issued on June 16, 2022 as a deposit to acquire 100% of the equity interests in seven Kewei Group companies and such acquisition
was terminated on September 13, 2022 , on February 13, 2023, a total of 243,000 shares were returned and cancelled.
In connection with an asset purchase
agreement entered between the Company and Shenzhen Kewei Robot Technology Co., Limited (“Shenzhen Kewei”) on December
21, 2022 to purchase certain of Shenzhen Kewei’s robot-related business assets in China (Note 1), on March 1, 2023, a total of 262,500
restricted ordinary shares were issued to the shareholders of Shenzhen Kewei.
In connection with the conversion of
the convertible note with Streeterville Capital, LLC (“CVP”) (Note 14), the Company issued 172,000 restricted ordinary shares
to CVP on April 19, 2023.
A total of 128,901 warrants were exercised
during the six months ended June 30, 2023. As of June 30, 2023, we have an aggregate of 2,013,759 warrants issued and outstanding. On
March 8, 2023, the Company issued a Notice regarding Adjustment of Exercise Price (for Public Warrants) after share consolidation to the
Company’s public warrant holders. As a result of the share consolidation, the exercise price under the public warrant was proportionately
increased from $0.16 to $6.40, the exercise price under the private warrant was proportionately increased from $0.18 to $7.20. If any
holder exercises one warrant, one-40th (1/40) ordinary share will be received in cash (by Cash in Lieu), holders must exercise at
least 40 warrants to receive 1 ordinary share.
On May 5, 2023, the Company completed
an underwritten public offering (“CMPO 1”) to issue 1,720,430 ordinary shares and an additional 258,064 ordinary shares for
the exercise of an over-allotment option at the time of the closing at a public offering price of $4.65 per share for aggregate gross
proceeds of approximately $9.2 million. On May 12, 2023, the Company completed another underwritten public offering (“CMPO 2”)
to issue 2,580,600 ordinary shares and an additional 387,090 ordinary shares for the exercise of an over-allotment option at the time
of the closing at a public offering price of $4.65 per share for aggregate gross proceeds of approximately $13.8 million.
Equity transactions during the six months
ended June 30, 2024:
The Company completed the separation
with Handshake that the returning 1,091 restricted ordinary shares which were canceled on March 4, 2024 (Note 23).
On March 6, 2024, the Company issued
an aggregate number of 120,000 restricted ordinary shares to three independent directors on the Board of Directors, representing 60,000
restricted ordinary shares for their service performed in 2023 and 60,000 restricted ordinary shares for their service to be performed
in 2024. The fair value for the 60,000 restricted ordinary shares for 2024 full-year service was $155,400. The Company recorded stock-based
compensation expense of $77,700 for the six months ended June 30, 2024 and a prepayments for independent directors’ fee of $77,700
as of June 30, 2024 (Note 12).
On May 7, 2024, the Company issued an
aggregate number of 288,000 restricted ordinary shares to officers and certain employees for their service performed in 2023. Fair value
for the 288,000 restricted ordinary shares for 2023 full-year service was $924,955. As of December 31, 2023, the Company made a provision
for the stock-based compensation of $830,000. For the six months ended June 30, 2024, the Company recorded the under-provided amount of
$94,955.
Equity transactions subsequent to June
30, 2024:
From July 1, 2024 through the date of
the release of these condensed consolidated financial statements, the Company issued a total of 1,628,368 ordinary shares to various investors
through an “At the Market Offering” (“the ATM Offering”) for aggregate gross proceeds of $2,593,842.
19. |
SELLING, DISTRIBUTION AND ADMINISTRATIVE EXPENSES |
| |
For the six months ended June 30, | |
| |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Staff expense | |
$ | 3,141,756 | | |
$ | 3,602,127 | |
Rental expense | |
| 173,246 | | |
| 345,026 | |
Depreciation and amortization expense | |
| 452,299 | | |
| 1,251,359 | |
Utilities expense | |
| 34,783 | | |
| 53,015 | |
Travelling and entertainment expense | |
| 170,596 | | |
| 135,186 | |
Marketing expense | |
| 187,858 | | |
| 150,203 | |
Professional fees | |
| 582,489 | | |
| 774,553 | |
Repairs and maintenance | |
| 26,280 | | |
| 35,298 | |
Employee benefits | |
| 38,741 | | |
| 29,316 | |
Research and development expense | |
| 106,835 | | |
| 95,322 | |
Other expenses** | |
| 52,407 | | |
| 212,445 | |
| |
$ | 4,967,290 | | |
$ | 6,683,850 | |
Thailand
Under the provisions of the Civil and
Commercial Code, GF Cash (CIT) is required to set aside as a legal reserve at least 5% of the profits arising from the business of the
Company at each dividend distribution until the reserve is at least 10% of the registered share capital. The legal reserve is non-distributable.
The Company’s reserve has met the legal reserve requirement of $223,500 as of June 30, 2024 and December 31, 2023.
The
PRC
Pursuant to
the laws applicable to the PRC’s Foreign Investment Enterprises, the Company must make appropriations from after-tax profit to non-distributable
reserve funds. Subject to certain cumulative limits, the general reserve requires annual appropriations of 10% of after-tax profits as
determined under the PRC laws and regulations at each year-end until the balance reaches 50% of the PRC entity registered capital; the
other reserve appropriations are at the Company’s discretion. These reserves can only be used for specific purposes of enterprise
expansion and are not distributable as cash dividends. For the six months ended June 30, 2024 and 2023, the Company did not accrue any
legal reserve.
21. |
RELATED PARTY TRANSACTIONS |
The principal related party balances
as of June 30, 2024 and December 31, 2023 are as follows:
Amounts due from related parties:
| |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
| |
(Unaudited) | | |
| |
Guardforce TH Group Company Limited | |
(a) | |
$ | 2,506 | | |
$ | 1,804 | |
Shareholders’ of Shenzhen Kewei Robot Technology Co., Limited and its subsidiaries | |
(b) | |
| - | | |
| 2,160,000 | |
CSF Mingda Technology Co., Ltd. | |
(a) | |
| 10,580 | | |
| 10,834 | |
| |
| |
$ | 13,086 | | |
$ | 2,172,638 | |
Amounts due to related parties:
| |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
| |
(Unaudited) | | |
| |
Tu Jingyi | |
(a) | |
$ | - | | |
$ | 152,725 | |
Guardforce Holdings (HK) Limited | |
(a) | |
| - | | |
| 43,337 | |
Guardforce Security (Thailand) Company Limited | |
(b) | |
| 139,287 | | |
| 74,429 | |
Shenzhen Kewei Robot Technology Co., Limited and its subsidiaries | |
(c) | |
| - | | |
| 2,528,916 | |
Shenzhen Zhongzhi Yonghao Robot Co., Ltd. | |
(c) | |
| - | | |
| 63,718 | |
Guardforce Security Service (Shanghai) Co., Ltd. | |
(c) | |
| - | | |
| 35,225 | |
Guardforce Aviation Security Company Limited | |
(b) | |
| 270 | | |
| 156 | |
| |
| |
$ | 139,557 | | |
$ | 2,898,506 | |
Short-term borrowings from related parties:
| |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
| |
(Unaudited) | | |
| |
Guardforce Holdings (HK) Limited | |
(a) | |
$ | - | | |
$ | 1,666,846 | |
Tu Jingyi | |
(b) | |
| - | | |
| 1,437,303 | |
| |
| |
$ | - | | |
$ | 3,104,149 | |
(b) |
For the six months ended June 30, 2024 and 2023, interest expense recorded for borrowings from related parties was $4,575 and $39,949, respectively. |
The principal related party
transactions for the six months ended June 30, 2024 and 2023 are as follows:
Related party transactions:
| |
| |
For the six months ended June 30, | |
Nature | |
| |
2024 | | |
2023 | |
| |
| |
(Unaudited) | | |
(Unaudited) | |
Service/ Products received from related parties: | |
| |
| | |
| |
Guardforce Security (Thailand) Company Limited | |
(a) | |
$ | 431,193 | | |
$ | 68,897 | |
Guardforce Aviation Security Company Limited | |
(b) | |
| 925 | | |
| 600 | |
Shenzhen Kewei Robot Technology Co., Limited | |
(c) | |
| - | | |
| 141,569 | |
| |
| |
$ | 432,118 | | |
$ | 211,066 | |
| |
| |
| | | |
| | |
Service/ Products delivered to related parties: | |
| |
| | | |
| | |
Shenzhen Kewei Robot Technology Co., Limited | |
(d) | |
$ | 4,652 | | |
$ | - | |
Nature of transactions:
22. |
CONSOLIDATED SEGMENT DATA |
Selected information by segment is presented in the following
tables for the six months ended June 30, 2024 and 2023:
| |
For the six months ended June 30, | |
Revenues(1) | |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Secured logistics | |
$ | 15,761,944 | | |
$ | 15,943,156 | |
AI&Robotics solution | |
| 131,142 | | |
| 440,229 | |
General security solutions | |
| 1,673,758 | | |
| 1,622,218 | |
| |
$ | 17,566,844 | | |
$ | 18,005,603 | |
| |
For the six months ended June 30, | |
Operating loss | |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Secured logistics | |
$ | 770,737 | | |
$ | (1,101,369 | ) |
AI&Robotics solution | |
| (894,556 | ) | |
| (8,320,982 | ) |
General security solutions | |
| (109,979 | ) | |
| (542,569 | ) |
Corporate and others (1) | |
| (1,848,064 | ) | |
| (1,936,908 | ) |
Operating profit (loss) from continuing operations | |
| (2,081,862 | ) | |
| (11,901,828 | ) |
Total other income from four segments | |
| 312,342 | | |
| 77,665 | |
Foreign exchange losses (gain), net: | |
| | | |
| | |
- Secured logistics | |
| (1,544 | ) | |
| (598,053 | ) |
- AI&Robotics solution | |
| (30,030 | ) | |
| 13,150 | |
- Corporate and others | |
| (17,467 | ) | |
| 810 | |
Finance costs: | |
| | | |
| | |
- Secured logistics | |
| (56,727 | ) | |
| (423,440 | ) |
- AI&Robotics solution | |
| (17,427 | ) | |
| - | |
- General security solutions | |
| (2,430 | ) | |
| - | |
- Corporate and others | |
| (4,950 | ) | |
| (154,868 | ) |
Loss before income tax from continuing operations | |
| (1,900,095 | ) | |
| (12,986,564 | ) |
Provision for income tax benefit (expense) | |
| 22,949 | | |
| (874,431 | ) |
Net loss for the period from continuing operations | |
| (1,877,146 | ) | |
| (13,860,995 | ) |
Net loss for the period from discontinued operations – Information security segment | |
| 38,719 | | |
| 11,562 | |
Net loss for the period | |
| (1,838,427 | ) | |
| (13,849,433 | ) |
Less: net profit (loss) attributable to the non-controlling interest | |
| 9,167 | | |
| (30,214 | ) |
Net loss attributable to equity holders of the Company | |
$ | (1,847,594 | ) | |
$ | (13,819,219 | ) |
Depreciation and amortization by segment for six
months ended June 30, 2024 and 2023 are as follows:
| |
For the six months ended June 30, | |
Depreciation and amortization: | |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Secured logistics | |
$ | 1,258,825 | | |
$ | 1,570,069 | |
AI&Robotics solution | |
| 173,368 | | |
| 924,219 | |
General security solutions | |
| 124,729 | | |
| 124,713 | |
| |
$ | 1,556,922 | | |
$ | 2,619,001 | |
Total assets by segment as of June 30, 2024 and
December 31, 2023 are as follows:
Total assets | |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Secured logistics | |
$ | 20,897,829 | | |
$ | 21,613,383 | |
Information security | |
| - | | |
| 201,963 | * |
AI&Robotics solution | |
| 2,296,023 | | |
| 3,127,857 | |
General security solutions | |
| 3,697,691 | | |
| 2,836,403 | |
Corporate and others | |
| 9,292,435 | | |
| 18,035,342 | |
| |
$ | 36,183,978 | | |
$ | 45,814,948 | |
Total non-current assets by geographical segment
as of June 30, 2024 and December 31, 2023 are as follows:
Total non-current assets | |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
The PRC (including Hong Kong and Macau) | |
$ | 3,471,387 | | |
$ | 3,289,170 | |
Thailand | |
| 9,979,287 | | |
| 10,472,012 | |
Other countries | |
| 15,861 | | |
| 933,174 | |
| |
$ | 13,466,535 | | |
$ | 14,694,356 | |
23. |
DISPOSAL OF A SUBSIDIARY |
On February 6, 2024, the Company completed
the disposal of its 51% equity interest in Handshake. The Company recorded a gain on disposal of $3,607 for the six months ended June
30, 2024. This disposal was classified as a discontinued operation. The business of Handshake represented the entirety of the Company’s
information security segment through the disposal date, which is excluded from the Company’s segment reporting.
24. |
COMMITMENTS AND CONTINGENCIES |
Executives/directors agreements
The Company has several employment agreements
with executives and directors with the latest expiring in May 2027. All agreements provide for automatic renewal options with varying
terms of one year or three years unless terminated by either party. Future payments for employment agreements as of June 30, 2024, are
as follows:
| |
Amount | |
Twelve months ending June 30: | |
| |
2025 | |
$ | 1,135,957 | |
2026 | |
| 254,167 | |
2027 | |
| 183,333 | |
Total minimum payment required | |
$ | 1,573,457 | |
Contracted expenditure commitments
The Company’s contracted expenditures
commitments as of June 30, 2024 but not provided in the interim condensed consolidated financial statements are as follows:
| |
| |
Payments Due by Period | |
| |
| |
| | |
Less than | | |
1-3 | | |
4-5 | |
Contractual Obligations | |
Nature | |
Total | | |
1 year | | |
years | | |
years | |
Service fee commitments | |
(a) | |
$ | 250,946 | | |
$ | 215,716 | | |
$ | 35,230 | | |
$ | - | |
Operating lease commitments | |
(b) | |
| 2,690,062 | | |
| 1,671,619 | | |
| 946,402 | | |
| 72,041 | |
| |
| |
$ | 2,941,008 | | |
$ | 1,887,335 | | |
$ | 981,632 | | |
$ | 72,041 | |
Bank guarantees
As of June 30, 2024, the Company had
no commitments with banks for bank guarantees in favor of government agencies and others.
Numerous subsequent events disclosures
are being made elsewhere in these condensed consolidated financial statements. Subsequent events have been reviewed through the date of
filing and required no adjustments or disclosures.
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Exhibit 99.2
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
IN CONNECTION WITH THE INTERIM CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS FOR THE
SIX MONTHS ENDED JUNE 30, 2024
In this report, as used herein, and unless the
context suggests otherwise, the terms “GFAI,” “Company,” “we,” “us” or “ours”
refer to the combined business of Guardforce AI Co., Limited, its subsidiaries and other consolidated entities. References to “dollar”
and “$” are to U.S. dollars, the lawful currency of the United States. References to “THB” are to the legal currency
of Thailand. References to “RMB” are to the legal currency of the People’s Republic of China. References to “SEC”
are to the Securities and Exchange Commission.
You should read the following discussion and analysis
of our financial condition and results of operations in conjunction with our unaudited consolidated financial statements and the related
notes included elsewhere in this Report on Form 6-K and with the discussion and analysis of our financial condition and results of operations
contained in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission
on April 29, 2024 (the “2023 Form 20-F”). This discussion may contain forward-looking statements based upon current expectations
that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements
as a result of various factors, including those identified elsewhere in this report on Form 6-K, and those listed in the 2023 Form 20-F
under “Item 3. Key Information-D. Risk Factors” or in other parts of the 2023 Form 20-F.
Overview
Our businesses are categorized into four main
units:
[i] | Secured Logistics Business. |
[ii] | AI&Robotics Solution Business. |
[iii] | General Security Solutions Business; and |
[iv] | Corporate and others. |
Secured Logistics Business
We conduct business mainly through Guardforce
Cash Solutions Security Thailand Co., Limited, or GF Cash (CIT), our subsidiary, which provides secured logistics solutions in Thailand.
This includes the following services:
(i) Cash-In-Transit – Non-Dedicated Vehicle
(Non-DV):
CIT (Non-DV) includes the secure transportation
of cash and other valuables between commercial banks and the Bank of Thailand, Thailand’s central bank. CIT (Non-DV) also includes
the transportation of coins between the commercial banks, the Thai Royal Mints and the Bank of Thailand. As such, the main customers for
this service are the local commercial banks. Charges to the customers are dependent on the value of the consignment; condition of the
cash being collected (for example, seal bag collection, piece count collection, bulk count collection, or loose cash collection); and
the volume of the transaction. Vehicles used for the delivery of this service are not dedicated to the specific customers.
(ii) Cash-In-Transit – Dedicated Vehicle
(DV):
CIT (DV) includes the secure transportation of
cash and other valuables between commercial banks. As part of this service, dedicated vehicles are assigned specifically to the contracted
customer for their dedicated use between the contracted designated bank branches. As this is a dedicated vehicle service, customers will
submit direct schedules to our CIT teams for the daily operational arrangements and planning. Charges to the customers are on a per vehicle
per month basis.
(iii) ATM Management Services:
ATM management includes cash replenishment services
and first and second line of maintenance services for the ATM machines. First line of maintenance services (FLM) includes rectification
of issues related to jammed notes, dispenser failures and transaction record print-out issues. Second line of maintenance services (SLM)
includes all other issues that cannot be rectified under the FLM. SLM includes, for example, complete machine failure, and damage to hardware
and software, among other things.
(iv) Cash Processing (CPC):
Cash processing (CPC) services include counting,
sorting, counterfeit detection and vaulting services. We provide these services to commercial banks in Thailand.
(v) Cash Center Operations (CCT):
Cash Center Operations (CCT) is an outsourced
cash center management service. We operate the cash center on behalf of the customer, which includes note counting, sorting, storage,
inventory management and secured transportation of the notes and coins to the various commercial banks in Thailand.
(vi) Consolidated Cash Center (CCC)
Consolidate Cash Center (CCC) is a new business
commencing in 2021 to provide an outsourced cash center management service. We operate the cash center which includes note counting, sorting,
storage, inventory management and secured transportation of the notes and coins on behalf of for Bank of Thailand (BOT). As of the date
of this report, we operate four Consolidate Cash Centers in Khon Kean, Hadyai, Phitsanulok and Ubon Ratchathani. The newly won contract
to operate Consolidate Cash Center in Chiang Mai will commence at the end of 2024.
(vii) Cash Deposit Management Solutions (GDM):
Cash Deposit Management Solutions are currently
delivered by our Guardforce Digital Machine solution. Our GDM product is deployed at customer sites to provide secured retail cash deposit
services. Customers use our GDM product to deposit daily cash receipts. We then collect the daily receipts from our GDM in accordance
with agreed schedules. All cash receipts are then securely collected and delivered to our cash processing center for further handling
and processing.
(viii) Others
Express Cash:
The express cash service is an expansion of our
Guardforce Digital Machine, or GDM, solution. We work with commercial banks to have a mobile GDM installed in our CIT vehicles to collect
cash from retail customers at the retailers’ sites. The cash is immediately processed inside the CIT vehicle and the cash counting
results are immediately transmitted to GF Cash (CIT) headquarters and to a commercial bank. The bank will then credit the counted amount
to its customers’ bank accounts. We launched the Express Cash service in 2019.
Coin Processing Service:
The Coin Processing Service includes the secure
collection of coins from retail businesses and banks. The coins are stored and then delivered to the Royal Thai Mint, a sub-division of
the Thai Treasury Department, Ministry of Finance. We deploy manpower to work at the Royal Thai Mint as cashier services. Additionally,
we use our existing vehicle fleet to deliver coins from the Royal Thai Mint to bank branches, and vice versa.
AI&Robotics Solution Business
Our AI&Robotics Solutions business was established
in 2020 as part of our revenue diversification efforts. We do not manufacture the robots, but we operate on a Robots-as-a-Service (RaaS)
business model and purchase the robots from equipment manufacturers. We integrate various value-add applications into the robots for leasing
to generate recurring revenue. As part of our market penetration strategy, we have adopted a mass adoption strategy by providing the robots
on a trial basis with an option to purchase or rent.
As the robot deployment expanded, we upgraded
our Guardforce AI Intelligent Cloud Platform (“GFAI ICP”) to enhance robot management and AI functionalities. By 2022, we’ve
launched GFAI ICP 2.0, incorporating advertising features, and launched the AIoT Robot Advertising business. Starting from 2024, we began
upgrading GFAI ICP to version 3.0, with the plan to develop it into a “Unified AI Platform”. This upgrade will enable more AI
integration, such as the access and management of multiple large language models (LLMs), prompt engineering management, LLMs fine-tuning
management, LLMs Agent generation, and LLM recommendation engines. These enhancements, combined with our existing RaaS services and scenario
applications, will provide customers with more intelligent solutions.
General Security Business
We began operating our general security solutions
service through the acquisition of the 100% equity interest in Beijing Wanjia on June 22, 2022. Our services include the provision of
Smart Retail Operation Management, CCTV and Security Alarm Operation, Security Engineering and Maintenance.
Corporate and others
Discontinued Operations
We acquired a majority stake in Handshake Networking
(Handshake) on March 25, 2021. The purpose of this acquisition was to provide us with the experience, expertise, and creditability to
capitalize on the growing information security market.
After taking various factors into consideration,
including the goodwill impairment, unsustainable revenue, and client synergy with other business sectors, combined with our strategic
growth in AI and robotics, we have completed the separation with Handshake on February 6, 2024. For the six months ended June 30, 2024
and 2023, revenue and results of operations derived from this service line were presented as discontinued operations on the consolidated
statements of profit or loss.
Results of Operations
The following table sets forth a summary of our
unaudited interim condensed consolidated results of operations and the amounts as a percentage of total revenues for the periods indicated.
This information should be read together with our unaudited interim condensed consolidated financial statements and related notes included
elsewhere in this prospectus. Our historical results presented below are not necessarily indicative of the results that may be expected
for any future period.
| |
For the six months ended June 30, | |
| |
2024 | | |
2023 | |
| |
$ | | |
% of Revenue | | |
$ | | |
% of Revenue | |
Revenue | |
| 17,566,844 | | |
| 100.0 | % | |
| 18,005,603 | | |
| 100.0 | % |
Cost of sales | |
| (14,327,094 | ) | |
| (81.6 | )% | |
| (15,846,807 | ) | |
| (88.0 | )% |
Gross profit | |
| 3,239,750 | | |
| 18.4 | % | |
| 2,158,796 | | |
| 12.0 | % |
Stock-based compensation | |
| (172,655 | ) | |
| (1.0 | )% | |
| - | | |
| - | % |
Recovery (Provision for and write off) of withholding tax receivable | |
| 32,980 | | |
| 0.2 | % | |
| (561,277 | ) | |
| (3.1 | )% |
Provision for expected credit loss on trade and other receivables | |
| (184,180 | ) | |
| (1.0 | )% | |
| (870,408 | ) | |
| (4.8 | )% |
Provision for obsolete inventories | |
| - | | |
| - | % | |
| (3,090,283 | ) | |
| (17.2 | )% |
Impairment loss on fixed assets | |
| - | | |
| - | % | |
| (1,591,766 | ) | |
| (8.8 | )% |
Impairment on goodwill | |
| (30,467 | ) | |
| (0.2 | )% | |
| (1,263,040 | ) | |
| (7.0 | )% |
Selling, distribution and administrative expenses | |
| (4,967,290 | ) | |
| (28.3 | )% | |
| (6,683,850 | ) | |
| (37.1 | )% |
Operating loss from continuing operations | |
| (2,081,862 | ) | |
| (11.9 | )% | |
| (11,901,828 | ) | |
| (66.1 | )% |
Other income, net | |
| 312,342 | | |
| 1.8 | % | |
| 77,665 | | |
| 0.4 | % |
Foreign exchange losses, net | |
| (49,041 | ) | |
| (0.3 | )% | |
| (584,093 | ) | |
| (3.2 | )% |
Finance costs | |
| (81,534 | ) | |
| (0.5 | )% | |
| (578,308 | ) | |
| (3.2 | )% |
Loss before income tax from continuing operations | |
| (1,900,095 | ) | |
| (10.8 | )% | |
| (12,986,564 | ) | |
| (72.1 | )% |
Provision for income tax benefit (expense) | |
| 22,949 | | |
| 0.1 | % | |
| (874,431 | ) | |
| (4.9 | )% |
Net loss for the period from continuing operations | |
| (1,877,146 | ) | |
| (10.7 | )% | |
| (13,860,995 | ) | |
| (77.0 | )% |
| |
| | | |
| | | |
| | | |
| | |
Discontinued operations: | |
| | | |
| | | |
| | | |
| | |
Net gain for the period from discontinued operations | |
| 38,719 | | |
| | | |
| 11,562 | | |
| | |
Net loss for the period | |
| (1,838,427 | ) | |
| | | |
| (13,849,433 | ) | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Net loss attributable to: | |
| | | |
| | | |
| | | |
| | |
Equity holders of the Company | |
| (1,847,594 | ) | |
| | | |
| (13,819,219 | ) | |
| | |
Non-controlling interests | |
| 9,167 | | |
| | | |
| (30,214 | ) | |
| | |
| |
| (1,838,427 | ) | |
| | | |
| (13,849,433 | ) | |
| | |
Comparison of six months ended June 30,
2024, and 2023
Revenue.
For the six months ended June 30, 2024, our revenue
was $17,566,844, a decrease of $438,759, or 2.4%, compared to $18,005,603 for the six months ended June 30, 2023. This decrease was mainly
driven by the following factors:
Secured logistics:
Revenue from the secured logistics segment decreased
by $181,212, or 1.1%, compared to the interim period 2023. The fluctuations on the currency exchange rates had impacted our business.
Our presentational currency is USD, where the functional currency of GF Cash (CIT) is THB. GF Cash (CIT) operates our entire secured logistics
business in Thailand, contributing 89.7% and 88.5% of our total revenues for the interim period 2024 and 2023, respectively. For the six
months ended June 30, 2024 and 2023, the average rate to convert 1 THB to 1 USD decreased from 0.0293 for the interim period 2023 to 0.0275
for the interim period 2024, representing a THB depreciation of 6.1%. Despite the impact of such foreign currency translation, our secured
logistics business revenue increased by approximately THB28.4 million, or 5.2%, compared to the interim period 2023.
The increase of THB28.4 million in secured logistics
revenues was mainly due to the following reasons:
|
(i) |
We experienced continued increase in the demand for our Guardforce Digital Machine or GDM products. For the interim period 2024, the revenue contribution from our GDM product increased by approximately THB28.6 million, or 74.3%. |
|
|
|
|
(ii) |
Apart from our GDM business, we also experienced continuing increase from our Cash-In-Transit business (Non-dedicated vehicles) with our retail customers by THB14.4 million, or 7.0%, compared to the interim period 2023, due to the increased frequency of services in the retail sector after Thailand began easing its strict Covid pandemic control and lockdown measures in 2023. However, this positive impact on revenue was offset by the decline in revenues mainly in our Cash-In-Transit (Dedicated vehicle) by THB2.7 million, or 4.1%, compared to the interim period 2023 and in our ATM business with our bank customers, by THB13.2 million, or 9.9% compared to the same period last year. This decline was primarily due to a lower demand for cash in the marketplace as well as decreased need for physical bank branches and ATM services. |
AI&Robotics:
Our AI&Robotics solutions revenue decreased
due to the continuing decline in demand on certain models of our robots promoted for temperature reading and social distancing during
the Covid-19 period. Revenue from the AI & Robotics segment decreased by $309,087, or 70.2%, compared to the interim period 2023.
In early 2024, we started evolving our robots with changing consumer preferences to provide more advanced AI solutions by investing in
R&D projects.
Cost of sales.
Cost of revenue consists primarily of internal
labor cost and related benefits, and other overhead costs that are directly attributable to services provided.
For the six months ended June 30, 2024, our cost
of revenue was $14,327,094, a decrease of $1,519,713, or 9.6%, compared to $15,846,807 for the six months ended June 30, 2023. Cost of
revenue as a percentage of our revenues decreased from 88.0% for the six months ended June 30, 2023, to 81.6% for the six months ended
June 30, 2024. The improved cost of revenue ratio was mainly due to (1) the effective manpower streamline project which has significantly
reduced our direct labor cost and (2) the decrease in fuel consumption costs by approximately 7.7% from THB33.70 ($0.99) average per liter
for the interim period 2023 to THB31.12 ($0.86) average per liter for the interim period 2024. Despite a decrease in fuel price, labor
cost and other overhead costs continue to rise due to inflation as we continue our effective cost controls and savings measures to control
our direct labor and overhead cost.
Gross profit.
As a percentage of revenue, our gross profit margin
increased from 12.0% for the six months ended June 30, 2023 to 18.4% for the six months ended June 30, 2024, primarily due to our cost
control initiatives recently implemented, and an increase in revenues, higher profit margin business segments including our continued
growing GDM business and Cash-In-Transit business with our retail customers.
Recovery (Provision for and write off) of withholding
tax receivable.
For the six months ended June 30, 2024, we recorded
a recovery of withholding tax receivable of $32,980, which represents the difference between the receivable recorded and the amount of
refund received from the Thai Revenue Department, in connection with the Company’s 2019 withholding tax receivable. Out of prudence,
at each reporting period, we estimate and record the provision for withholding tax receivable based on the amount historically refunded
and written off.
Provision for expected credit loss on trade
and other receivables.
For the six months ended June 30, 2024, we made
a provision for expected credit loss on trade and other receivables amounting to $184,180. As each reporting period, we estimated the
potential credit losses through a comprehensive assessment of credit risk, probability of default and scenario analysis and recorded a
provision to reflect the true value of our receivables on the financial statements.
Impairment on goodwill.
For the six months ended June 30, 2024, we recognized
impairment losses of $30,467 on InnoAI Technology (Shenzhen) Co., Ltd. The amount of the impairment losses recognized reflects the excess
of the carrying value of goodwill over its estimated recoverable amount.
Stock-based compensation expense.
For the six months ended June 30, 2024, we recorded
stock-based compensation expense of $172,655, which represents (1) $77,700 for the fair value of the restricted ordinary shares issued
and fully vested for the independent directors’ half-year service in 2024. On March 6, 2024, 60,000 restricted ordinary shares were
issued for their full-year service in 2024, in which 30,000 was fully vested for the interim period 2024, and (2) $94,955 for the under-provision
of the estimated provided amount for the stock-based compensation made at December 31, 2023 for the service performed by the officers
and certain employees performed in fiscal year 2023. On May 7, 2024, an aggregate number of 288,000 restricted ordinary shares to officers
and certain employees for their service performed in 2023.
Selling, distribution and administrative expenses.
The Company’s total selling, distribution
and administrative expenses are comprised of the following:
|
● |
Selling and distribution expenses are mainly comprised of compensation and benefits for our sales and marketing personnel, travel and entertainment expenses, exhibitions, advertising and marketing promotion expenses, depreciation of motor vehicles, rental expenses, utility expenses and transportation charges. |
|
● |
Administrative expenses are mainly comprised of compensation and related expenses for our management and administrative personnel, depreciation of leasehold improvements and motor vehicles and rental expenses of our offices in different regions. |
For the six months ended June 30, 2024, our total
selling, distribution, and administrative expenses were $4,967,290, a meaningful decrease of $1,716,560, or 25.7%, compared to $6,683,850
for the six months ended June 30, 2023. Our three most significant selling, distribution and administrative (“SGA”) expenses
for the six months ended June 30, 2024, were (1) staff expense of $3,141,756, representing 63.2% of our total SGA expenses, (2) professional
fees of $582,489, representing 11.7% of our total SGA expenses, and (3) depreciation and amortization expense of $452,299, representing
9.1% of our total SGA expenses. The decrease was mainly driven by the following reasons:
|
(1) |
Our staff expense mainly represent wages, overtime expense and welfare and benefits expense to our head quarter management team, sales and administrative employees. A decrease of $460,371, or 12.8% compared to $3,602,127 for the interim period 2023 was mainly due to the reduction of existing sales headcount as a result of the Company’s transition into AI&Robotics solution business for the interim period 2024. |
|
(2) |
Our professional fees mainly represent legal fees for the legal advice related to SEC compliance matters and the annual audit fees, interim review fees and audit-related fees. A decrease of $192,064 or 24.8% compared to $774,553 for the interim period 2023, was mainly due to the legal fees for the two underwritten public offerings (“CMPOs”) completed in May 2023, and we did not have such expenses in the interim period 2024. |
|
(3) |
Our depreciation and amortization expense decreased by $799,060 or 63.9% compared to $1,251,359 for the interim period 2023, was mainly due to all of our robotics related fixed assets and intangible assets was fully impaired as of December 31, 2023, and we did not have any depreciation and amortization expense related to these assets in the interim period 2024. |
Overall, we have successfully reduced our operating
expenses which resulted from our successful cost reduction strategies including streamlining processes and allocating resources effectively
to optimize our operational efficiency. Although we maintain our cost reduction measures, we expect our administrative expenses will increase
over time as we continue to expand our business. Our selling expenses are expected to increase as we continue to expand our business and
promote our Guardforce brand. Our administrative expenses are expected to increase, reflecting the hiring of additional personnel and
other costs related to the anticipated growth of our business, as well as the higher costs of operating as a public company.
Other income.
Other income is comprised mainly of miscellaneous
income, interest income and gain (loss) from disposal of fixed assets.
For the six months ended June 30, 2024, other
income was $312,342 as compared to $77,665 for the six months ended June 30, 2023. The increase was mainly due to the interest income
of $244,465 derived from short-term fixed deposits with banks in Hong Kong.
Finance costs.
Finance costs are comprised of finance charges
for leases, interest expense on interest-bearing bank borrowings and related party borrowings utilized for working capital purposes.
For the six months ended June 30, 2024, finance
costs were $81,534, a decrease of $496,774 or 85.9%, as compared to $578,308 for the six months ended June 30, 2023. The decrease was
mainly due to the settlement of a convertible note payable and a third party borrowing in fiscal year 2023.
Provision for income tax benefit (expense).
For the six months ended June 30, 2024, our income
tax benefit was $22,949, as compared to income tax expense of $874,431 for the six months ended June 30, 2023. We operate in different
countries that we file separate tax returns in. The tax returns in these countries that are subject to examination by the foreign tax
authorities.
No provision for income tax expense has been made
as we did not have taxable profits for the six months ended June 30, 2024.
Net loss for the period from continuing operations.
For the six months ended June 30, 2024, our net
loss for the period from continuing operations was $1,877,146, a decrease of $11,983,849, as compared to net loss for the period from
continuing operations of $13,860,995 for the six months ended June 30, 2023. This was mainly due to provisions and impairments made during
the first half-year of 2023.
Although we still incurred a net loss for the
interim period 2024, we expect to see a positive trend in our future results.
Net gain from discontinued operations
For the six months ended June 30, 2024 and 2023,
revenue derived from our discontinued operations was $38,719 and $11,562 prior to the disposal of Handshake.
Net profit (loss) attributable to non-controlling
Interests.
Net profit attributable to non-controlling interests
was $9,167 for the six months ended June 30, 2024 and net loss attributable to non-controlling interests was $30,214 for the six months
ended June 30, 2023.
Net loss attributable to equity holders of
the Company.
For the six months ended June 30, 2024, and 2023,
our net losses attributable to equity holders of the Company were $1,847,594 and $13,819,219, respectively.
Inflation.
Our operating results for the six months ended
June 30, 2024, were negatively affected by the recent inflationary cost pressures. The higher overhead costs and higher wage rates impact
the profitability of our business. We will develop operational strategies to mitigate the inflation which involve a combination of cost-cutting
measures and adjustments to pricing.
Foreign Currency Fluctuations.
Our activities expose it to a variety of financial
risks: foreign exchange risk, interest rate risk and liquidity risk. Our overall risk management program focuses on the unpredictability
of financial markets and seeks to minimize potential adverse effects on our financial performance.
Critical Accounting Policies.
IFRS 15 Revenue from Contracts with Customers
supersedes IAS 11 Construction Contracts, IAS 18 Revenue and related Interpretations and it applies, with limited exceptions, to
all revenue arising from contracts with customers. IFRS 15 establishes a five-step model to account for revenue arising from contracts
with customers and requires that revenue be recognized at an amount that reflects the consideration to which an entity expects to be entitled
in exchange for transferring services or goods to a customer. IFRS 15 requires entities to exercise judgment, taking into consideration
all of the relevant facts and circumstances when applying each step of the model to contracts with our customers. The standard also specifies
the accounting for the incremental costs of obtaining a contract and the costs directly related to fulfilling a contract. In addition,
the standard requires extensive disclosures.
IFRS 9 Financial Instruments replaces IAS 39
Financial Instruments: Recognition and Measurement for annual periods beginning on or after January 1, 2018, bringing together all
three aspects of the accounting for financial instruments: classification and measurement; impairment: and hedge accounting.
Non-IFRS Financial Measures
To supplement our unaudited interim condensed
consolidated financial statements, which are prepared and presented in accordance with IFRS, we use the non-IFRS adjusted EBITDA as financial
measures for our consolidated results.
We believe that adjusted EBITDA helps identify
underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in loss
from operations and net loss. We believe that these non-IFRS measures provide useful information about our core operating results, enhance
the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used
by our management in its financial and operational decision-making. We present the non-IFRS financial measures in order to provide more
information and greater transparency to investors about our operating results.
EBITDA represents net loss before
(i) finance costs, provision for income tax (benefit) expense, depreciation expense of fixed assets and amortization expense of intangible
assets, which we do not believe are reflective of our core operating performance during the periods presented.
Non-IFRS adjusted net income (loss) represents
EBITDA before certain non-cash expenses, consisting of (i) stock-based compensation expense, (ii) (recovery) provision for and
write off of withholding tax receivable, (iii) impairment of assets including trade and other receivables, obsolete inventories, fixed
assets and goodwill and (iv) foreign exchange losses.
Non-IFRS earnings (loss) per share represents
non-IFRS net income (loss) attributable to ordinary shareholders divided by the weighted average number of shares outstanding during the
periods. Non-IFRS diluted earnings (loss) per share represents non-IFRS
net income (loss) attributable to ordinary shareholders divided by the weighted average number of shares outstanding during the periods
on a diluted basis.
The table below is a reconciliation of our net
loss to EBITDA and non-IFRS net income (loss) for the periods indicated:
| |
For the six months ended June 30, | |
| |
2024 | | |
2023 | |
Net loss from continuing operations - IFRS | |
$ | (1,877,146 | ) | |
$ | (13,860,995 | ) |
Finance costs | |
| 81,534 | | |
| 578,308 | |
Provision for income tax (benefit) expense | |
| (22,949 | ) | |
| 874,431 | |
Depreciation and amortization expense | |
| 1,556,922 | | |
| 2,619,001 | |
EBITDA | |
| (261,639 | ) | |
| (9,789,255 | ) |
Stock-based compensation | |
| 172,655 | | |
| - | |
(Recovery) provision for and write off of withholding taxes receivable | |
| (32,980 | ) | |
| 561,277 | |
Provision for expected credit loss on trade and other receivables | |
| 184,180 | | |
| 870,408 | |
Provision for obsolete inventories | |
| - | | |
| 3,090,283 | |
Impairment loss on fixed assets | |
| - | | |
| 1,591,766 | |
Impairment on goodwill | |
| 30,467 | | |
| 1,263,040 | |
Foreign exchange losses, net | |
| 49,041 | | |
| 584,093 | |
Adjusted net income (loss) (Non-IFRS) | |
$ | 141,724 | | |
$ | (1,828,388 | ) |
Non-IFRS earnings (loss) per share | |
| | | |
| | |
Earnings (Loss) per share attributable to equity holders of the Company | |
| | | |
| | |
Basic and diluted | |
$ | 0.01 | | |
$ | (0.58 | ) |
| |
| | | |
| | |
Weighted average number of shares used in computation: | |
| | | |
| | |
Basic and diluted | |
| 9,991,600 | | |
| 3,174,282 | |
Liquidity and Capital Resources
Our principal sources of liquidity and capital
resources have been, and are expected to continue to be, cash flow from operations, bank borrowings and issuances of ordinary shares.
Our principal uses of cash have been, and we expect will continue to be, for working capital to support a reasonable increase in our scale
of operations as well as for business expansion investments.
As of June 30, 2024 and 2023, we had cash and
cash equivalents and restricted cash of approximately $15.5 million and $26.0 million, respectively.
The following table summarizes the key cash flow
components from our unaudited interim condensed consolidated statements of cash flows for the periods indicated.
| |
For the six months ended June 30, | |
| |
2024 | | |
2023 | |
Net cash used in operating activities | |
$ | (1,808,989 | ) | |
$ | (1,046,862 | ) |
Net cash provided by (used in) investing activities | |
| 134,703 | | |
| (1,046,308 | ) |
Net cash (used in) generated from financing activities | |
| (4,435,057 | ) | |
| 19,876,078 | |
Effect of exchange rate changes on cash | |
| (362,280 | ) | |
| 16,840 | |
Net (decrease)/increase in cash and cash equivalents, and restricted cash | |
| (6,471,623 | ) | |
| 17,799,748 | |
Cash and cash equivalents, and restricted cash at January 1, | |
| 21,973,395 | | |
| 8,230,644 | |
Cash and cash equivalents, and restricted cash at June 30, | |
$ | 15,501,772 | | |
$ | 26,030,392 | |
Operating Activities.
Net cash used in operating activities was $1,808,989
for the six months ended June 30, 2024. The difference between our net loss of $(1,838,427) and net cash used in operating activities
was due to (a) the adjustment of non-cash items mainly comprised of (i) depreciation and amortization of $1,556,922 primarily comprised
of depreciation of fixed assets, depreciation of right-of-use assets and amortization of intangible assets; (ii) stock-based compensation
of $172,655; (iii) provision for expected credit loss on trade and other receivable of $184,180; (iv) interest income of $(261,041) mainly
derived from fixed bank deposits; (v) deferred income taxes of $(101,998); and (b) the cash changing in operating assets and liabilities
in a net amount of $(1,565,361) which was generally due to (i) the increase in other assets of $(1,005,338) primarily represents the prepayments
made for office and warehouse rental, insurance and others; (ii) the decrease in inventories of $114,223 related to the sale of security
equipment or installation of security equipment for customers; (iii) the change in amounts due with related parties of $(386,720) due
to the offsetting of receivables and payable balance with Mr. Tu pursuant to a settlement agreement; (iv) the decrease in trade and other
payables and other current liabilities of $(437,966) related to the payroll payable, including accrued salaries and bonus; and (v) the
decrease in withholding tax receivable of $227,903.
Investing Activities.
Net cash provided by investing activities was
$134,703 for the six months ended June 30, 2024, which was due the interest received from fixed bank deposits of $283,750, offset with
the purchase of fixed assets and intangible assets of $(148,666).
Financing Activities.
Net cash used in financing activities was $(4,435,057)
for the six months ended June 30, 2024, which was attributable to (i) repayment of the borrowings from related parties, including the
principal and accrued interest of $(3,304,787); (ii) repayment of bank borrowings and interests of $(252,717); and (iii) payment of finance
lease liabilities of $(877,553).
Research and Development, Patents and Licenses,
Etc.
We have outlined our research and development
plans to foster innovation and drive technology advancements within our robotics AI solutions business. We plan to collaborate with business
partners and develop our internal R&D team’s capabilities. We have budgeted approximately $2.0 million for research and development
expenditures in fiscal year 2024.
We incurred $140,756 research and development
expense during the six months ended June 30, 2024. There is no intellectual property owned by the Company at this moment.
Trend Information
Other than as disclosed elsewhere in this annual
report, we are not aware of any trends, uncertainties, demand, commitments, or events that are reasonably likely to have a material effect
on our net revenues and income from operations, profitability, liquidity, capital resources, or would cause reported financial information
not to be indicative of future operation results or financial condition.
Off-Balance Sheet Arrangements
We do not have off balance sheet arrangements
that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial position, revenues
or expenses, results of operations, liquidity, capital expenditures, or capital resources that are material.
Tabular Disclosure of Contractual Obligations
Executives/directors agreements
The Company has several employment agreements
with executives and directors with the latest expiring in May 2027. All agreements provide for automatic renewal options with varying
terms of one year or three years unless terminated by either party. Future payments for employment agreements as of June 30, 2024, are
as follows:
| |
Amount | |
Twelve months ending June 30: | |
| |
2025 | |
$ | 1,135,957 | |
2026 | |
| 254,167 | |
2027 | |
| 183,333 | |
Total minimum payment required | |
$ | 1,573,457 | |
Contracted expenditure commitments
The Company’s contracted expenditures commitments
as of June 30, 2024 but not provided in the interim condensed consolidated financial statements are as follows:
| |
| |
Payments Due by Period | |
| |
| |
| | |
Less than | | |
1-3 | | |
4-5 | | |
More than | |
Contractual Obligations | |
Nature | |
Total | | |
1 year | | |
years | | |
years | | |
5 years | |
Service fee commitments | |
(a) | |
$ | 250,946 | | |
$ | 215,716 | | |
$ | 35,230 | | |
$ | - | | |
$ | - | |
Operating lease commitments | |
(b) | |
| 2,690,062 | | |
| 1,671,619 | | |
| 946,402 | | |
| 72,041 | | |
| - | |
| |
| |
$ | 2,941,008 | | |
$ | 1,887,335 | | |
$ | 981,632 | | |
$ | 72,041 | | |
$ | - | |
(a) | The
Company has engaged Stander Information Company Limited (“Stander”) to provide technical services relating to the cash management
systems for the Company’s secure logistics business. The service agreement with Stander comprised of a monthly fixed service fee
and certain other fees as specified in the agreement, which will expire in August 2025. |
(b) | From
time to time, the Company enters into various short-term lease agreements to rent warehouses and offices. In addition, the Company has
various low value items with various lease terms that the Company is committed to pay in the future. |
11
Exhibit
99.3
Guardforce
AI Reports Positive Adjusted Net Income for the First Half of 2024
Gross
profit increased 50% in H1 2024 compared to H1 2023
Establishing
a strong AI technology foundation for solution development in travel and retail
NEW
YORK, NY / September 23, 2024 / Guardforce AI Co., Limited (“Guardforce AI” or the “Company”) (NASDAQ: GFAI,
GFAIW), an integrated security, AI and Robot-as-a-Service (RaaS) provider, today announced financial results and provided a business
update for the first half of 2024 (H1 2024) ended June 30, 2024.
H1
Financial Highlights
| ● | Gross
profit increased by approximately 50.0% in H1 2024 compared to H1 2023, driven in part by an
improvement in gross profit margin, which increased to approximately 18.4% in H1 2024, compared
to approximately 12.0% in H1 2023 |
| ● | Adjusted
net income (Non-IFRS) was approximately $0.1 million in H1 2024 compared to an adjusted net
loss of approximately $1.8 million in H1 2023 |
| ● | Selling,
distribution, and administrative expenses was approximately $5.0 million for H1 2024, a 25.7%
decrease, compared to approximately $6.7 million for H1 2023 |
| ● | Operating
loss improved by approximately $9.8 million, or 82.5%, to approximately $2.1 million in H1
2024, compared to approximately $11.9 million in H1 2023. |
| ● | As
of June 30, 2024, the Company had cash and cash equivalents and restricted cash of approximately
$15.5 million |
Lei
(Olivia) Wang, Chairwoman and Chief Executive Officer of Guardforce AI, stated, “2024 marks a pivotal year for us as we improved
financial performance and drove business from our established core technological foundation for our AI initiatives. Our primary focus
is developing GFAI Agents, which serve as the key technological backbone for our AI-driven travel and purchase solutions. By concentrating
on high-margin services within the retail and travel sectors, alongside implementing cost-control initiatives, we’ve achieved notable
results. We expanded services to over 25,000 retail stores, turned adjusted net income positive (reconciliation below), and achieved
an approximately 50.0% increase in gross profit in H1 2024 compared to H1 2023. These efforts have propelled us further on our transformative
journey toward becoming a leading AI solution provider, while reinforcing a solid and sustainable business model.”
H1
2024 Business Highlights
| ● | Consolidated
legacy business by securing long-term contracts with key clients, expanded retail client
base, and drove growth in higher-margin solutions: |
| o | Guardforce
Cash Solutions Security (Thailand) Company (GFCS) won a 5-year contract to operate a Consolidate
Cash Center (CCC) in Chiang Mai, Thailand, to become the largest CCC operator on behalf of
the Bank of Thailand, operating 50% of its CCC operations. This operation allows GFCS to
upgrade facility capabilities without additional investment, enhancing the overall operation
with higher profit margins. |
| o | Guardforce
Digital Machine (GDM) revenue increased by approximately $0.8 million, or 74.3%, in H1 2024
compared to H1 2023. GDM is a higher profit-margin solution which provides clients, particularly
retail clients, with digital cash processing solutions. |
| o | Beijing
Wanjia Security System Limited secured two long-term contracts with existing key clients,
expanding security alarm solutions to approximately an additional 3,900 stores, representing
a more than 50% increase compared to 2023, and bringing the total stores serviced to approximately
12,000 stores across Mainland China. |
| o | The
total number of retail stores served in the security sector surpassed 25,000, marking a transformative
milestone in the client base. This strategy helps the Company better understand clients’
needs, standard procedures, and industry pain points, allowing the development of customized
AI solutions. |
| ● | Developed
GFAI Agents as the core technology foundation for AI Purchase and AI Travel Solutions: |
| o | Upgraded
Guardforce AI Intelligent Cloud Platform as a unified cloud platform to integrate various
large language models and third-party APIs for GFAI Agents development. |
| o | Leveraged
client insights and service experience to develop GFAI Agents that address the challenge
of matching the right products to end-users in the travel and retail industries. |
| o | Developed
the proof of concept for the AI Travel Assistant to optimize travel routes, resources, and
real-time agenda adjustments for end-users in the travel industry, as well as AI Purchase
solutions to provide tailored product recommendations for end-users in retail. |
| ● | Diversified
existing RaaS solutions by: |
| o | Partnering
with iApp Technology Co., Ltd, a Thailand-based technology company specializing in AI and
data processing management, to launch “LinguaBot,” which integrates generative
AI features to enhance the robots’ chatbot capabilities for concierge services. |
| o | Launching
RoboTravel Agent (RTA), an upgraded AIoT Robot Advertising solution for the travel industry
that includes a smart ticketing system and coupon promotion features for scenic sites. |
| o | Continuing
partnership with China International Travel Service Shenzhen Co., Ltd (Nice Tour), and rolling
out approximately 1,000 RTAs in Asia Pacific. |
| o | Expanding
AIoT Robot Advertising to the U.S., with more than 200 robots deployed. |
| o | Launching
a decentralized spatial computing solution that utilizes robots’ unused computing power
to process complex tasks beyond advertising. This initiative will not only generate additional
revenue for Guardforce AI but also offers the potential for revenue-sharing with businesses
where the robots are deployed, creating a mutually beneficial business model. |
“In
2024, we continue to focus on consolidating our legacy business, strengthening our client base in the travel and retail sectors, and
accelerating R&D in AI solutions, particularly the development of GFAI Agents tailored for these industries. Our achievements in
the first half of the year have laid a strong foundation for continued growth, as we remain committed to creating products and services
that help our customers optimize their sales and marketing operations. Additionally, we continue to carefully manage our expenses and
have implemented successful cost reduction strategies that have effectively lowered operating expenses overall,” concluded Ms.
Wang.
Financial
Overview
Net
revenue decreased by approximately $0.4 million, or 2.4%, to approximately $17.6 million, for H1 2024, compared to approximately $18.0
million for H1 2023. The decrease is mainly due to the decrease of foreign currency exchange rates between Thai Baht and U.S. Dollars.
Despite the impact of foreign currency exchange rates, revenue for the secured logistics business increased by approximately $0.8 million,
or 5.2%, compared to the H1 2023. Gross profit increased to approximately $3.2 million for H1 2024, compared to approximately $2.2 million
for H1 2023. Gross profit margin increased to 18.4% for H1 2024, from 12.0% for H1 2023, primarily due to cost control initiatives and
a higher profit margin from our continued growing GDM business and Cash-In-Transit business with our retail customers.
For
H1 2024, selling, distribution, and administrative expenses decreased significantly to approximately $5.0 million, compared to approximately
$6.7 million for H1 2023, representing a 25.7% decrease. Operating loss was approximately $2.1 million in H1 2024, compared to approximately
$11.9 million in H1 2023, mainly due to the reduction in fixed asset depreciation and inventory provisions. Adjusted net income (Non-IFRS)
was approximately $0.1 million in H1 2024 compared to an adjusted net loss of approximately $1.8 million in H1 2023. As of June 30, 2024,
and 2023, the Company had cash and cash equivalents and restricted cash of approximately $15.5 million and $26.0 million, respectively.
About
Guardforce AI Co., Ltd.
Guardforce
AI Co., Limited (NASDAQ: GFAI/GFAIW) is an integrated solution provider, specializing in security solutions, and focusing on implementing
AI and robotics solutions to improve business operational efficiency and sales and marketing process, especially for the retail and travel
industry in the Asia Pacific. Drawing upon 42 years’ operational experience, established premiere long-term customer base, and sales
channels, Guardforce AI has built a robust foundation towards the next level of elevating tailored AI solutions and expanding globally.
For more information, visit www.guardforceai.com Twitter: @Guardforceai.
Safe
Harbor Statement
This
press release contains statements that do not relate to historical facts but are “forward-looking statements” within the meaning
of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can generally (although
not always) be identified by their use of terms and phrases such as anticipate, appear, believe, continue, could, estimate, expect, indicate,
intend, may, plan, possible, predict, project, pursue, will, would and other similar terms and phrases, as well as the use of the future
tense. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on
current beliefs, expectations and assumptions regarding the future of the business of the Company, future plans and strategies, projections,
anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they
are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside
of our control, including the risks described in our registration statements and annual reports under the heading “Risk Factors”
as filed with the Securities and Exchange Commission. Actual results and financial condition may differ materially from those indicated
in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements
in this press release speak only as of the date hereof. Unless otherwise required by law, we undertake no obligation to publicly update
or revise these forward-looking statements, whether because of new information, future events or otherwise.
Investor
Relations:
David
Waldman or Natalya Rudman
Crescendo
Communications, LLC
Email:
gfai@crescendo-ir.com
Tel:
212-671-1020
Guardforce
AI Corporate Communications
Hu
Yu
Email:
yu.hu@guardforceai.com
(tables
follow)
Guardforce
AI Co., Limited and Subsidiaries
Consolidated
Statements of Profit and Loss
(Expressed
in U.S. Dollars)
| |
For the six months ended June 30, | |
| |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Revenue | |
$ | 17,566,844 | | |
$ | 18,005,603 | |
Cost of sales | |
| (14,327,094 | ) | |
| (15,846,807 | ) |
Gross profit | |
| 3,239,750 | | |
| 2,158,796 | |
| |
| | | |
| | |
Stock-based compensation | |
| (172,655 | ) | |
| - | |
Recovery (Provision for and write off) of withholding tax receivable | |
| 32,980 | | |
| (561,277 | ) |
Provision for expected credit loss on trade and other receivables | |
| (184,180 | ) | |
| (870,408 | ) |
Provision for obsolete inventories | |
| - | | |
| (3,090,283 | ) |
Impairment loss on fixed assets | |
| - | | |
| (1,591,766 | ) |
Impairment on goodwill | |
| (30,467 | ) | |
| (1,263,040 | ) |
Selling, distribution and administrative expenses | |
| (4,967,290 | ) | |
| (6,683,850 | ) |
Operating loss from continuing operations | |
| (2,081,862 | ) | |
| (11,901,828 | ) |
| |
| | | |
| | |
Other income, net | |
| 312,342 | | |
| 77,665 | |
Foreign exchange losses, net | |
| (49,041 | ) | |
| (584,093 | ) |
Finance costs | |
| (81,534 | ) | |
| (578,308 | ) |
Loss before income tax from continuing operations | |
| (1,900,095 | ) | |
| (12,986,564 | ) |
| |
| | | |
| | |
Provision for income tax benefit (expense) | |
| 22,949 | | |
| (874,431 | ) |
Net loss for the period from continuing operations | |
| (1,877,146 | ) | |
| (13,860,995 | ) |
| |
| | | |
| | |
Discontinued operations: | |
| | | |
| | |
Net gain for the period from discontinued operations | |
| 38,719 | | |
| 11,562 | |
Net loss for the period | |
| (1,838,427 | ) | |
| (13,849,433 | ) |
Less: net profit (loss) attributable to non-controlling interests | |
| 9,167 | | |
| (30,214 | ) |
Net loss attributable to equity holders of the Company | |
$ | (1,847,594 | ) | |
$ | (13,819,219 | ) |
| |
| | | |
| | |
Loss per share | |
| | | |
| | |
Basic and diluted loss attributable to the equity holders of the Company | |
$ | (0.18 | ) | |
$ | (4.35 | ) |
| |
| | | |
| | |
Loss per share from continuing operations | |
| | | |
| | |
Basic and diluted loss attributable to the equity holders of the Company | |
$ | (0.19 | ) | |
$ | (4.36 | ) |
| |
| | | |
| | |
Weighted average number of shares used in computation: | |
| | | |
| | |
Basic and diluted | |
| 9,991,600 | | |
| 3,174,282 | |
Guardforce
AI Co., Limited and Subsidiaries
Consolidated
Balance Sheets
(Expressed
in U.S. Dollars)
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Assets | |
| | |
| |
Current assets: | |
| | |
| |
Cash and cash equivalents | |
$ | 13,979,217 | | |
$ | 20,235,227 | |
Restricted cash | |
| 26,319 | | |
| 100,764 | |
Trade receivables | |
| 5,316,983 | | |
| 5,630,805 | |
Other current assets | |
| 2,633,799 | | |
| 1,665,571 | |
Withholding tax receivable, net | |
| 366,884 | | |
| 607,221 | |
Inventories | |
| 381,155 | | |
| 506,403 | |
Amounts due from related parties | |
| 13,086 | | |
| 2,172,638 | |
Assets held for sale | |
| - | | |
| 201,963 | |
Total current assets | |
| 22,717,443 | | |
| 31,120,592 | |
| |
| | | |
| | |
Non-current assets: | |
| | | |
| | |
Restricted cash | |
| 1,496,236 | | |
| 1,608,762 | |
Property, plant and equipment | |
| 3,280,470 | | |
| 4,043,725 | |
Right-of-use assets | |
| 2,588,540 | | |
| 2,688,208 | |
Intangible assets, net | |
| 2,684,655 | | |
| 2,836,250 | |
Goodwill | |
| 411,862 | | |
| 411,862 | |
Withholding tax receivable, net | |
| 1,504,543 | | |
| 1,617,625 | |
Deferred tax assets, net | |
| 1,110,164 | | |
| 1,085,477 | |
Other non-current assets | |
| 390,065 | | |
| 402,447 | |
Total non-current assets | |
| 13,466,535 | | |
| 14,694,356 | |
Total assets | |
$ | 36,183,978 | | |
$ | 45,814,948 | |
| |
| | | |
| | |
Liabilities and Equity | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Trade and other payables | |
$ | 3,047,534 | | |
$ | 3,016,850 | |
Borrowings | |
| 187,288 | | |
| 337,241 | |
Borrowing from a related party | |
| - | | |
| 3,104,149 | |
Current portion of operating lease liabilities | |
| 1,457,783 | | |
| 1,239,066 | |
Current portion of finance lease liabilities | |
| 53,055 | | |
| 108,597 | |
Other current liabilities | |
| 1,764,636 | | |
| 3,171,643 | |
Amounts due to related parties | |
| 139,557 | | |
| 2,898,506 | |
Liabilities directly associated with the assets held for sale | |
| - | | |
| 130,876 | |
Total current liabilities | |
| 6,649,853 | | |
| 14,006,928 | |
| |
| | | |
| | |
Non-current liabilities: | |
| | | |
| | |
Borrowings | |
| - | | |
| 44,410 | |
Operating lease liabilities | |
| 1,124,195 | | |
| 1,455,857 | |
Finance lease liabilities | |
| 203,127 | | |
| 218,996 | |
Provision for employee benefits | |
| 4,591,555 | | |
| 4,935,982 | |
Total non-current liabilities | |
| 5,918,877 | | |
| 6,655,245 | |
Total liabilities | |
| 12,568,730 | | |
| 20,662,173 | |
| |
| | | |
| | |
Equity | |
| | | |
| | |
Ordinary shares – par value $0.12 authorized 300,000,000 shares, issued and outstanding 10,237,282 shares at June 30, 2024; issued and outstanding 9,830,373 shares at December 31, 2023 | |
| 1,228,509 | | |
| 1,179,680 | |
Subscription receivable | |
| (50,000 | ) | |
| (50,000 | ) |
Additional paid in capital | |
| 82,011,907 | | |
| 80,983,164 | |
Legal reserve | |
| 223,500 | | |
| 223,500 | |
Warrants reserve | |
| 251,036 | | |
| 251,036 | |
Accumulated deficit | |
| (60,188,269 | ) | |
| (58,340,675 | ) |
Accumulated other comprehensive income | |
| 209,422 | | |
| 985,120 | |
Capital & reserves attributable to equity holders of the Company | |
| 23,686,105 | | |
| 25,231,825 | |
Non-controlling interests | |
| (70,857 | ) | |
| (79,050 | ) |
Total equity | |
| 23,615,248 | | |
| 25,152,775 | |
Total liabilities and equity | |
$ | 36,183,978 | | |
$ | 45,814,948 | |
Guardforce
AI Co., Limited and Subsidiaries
Consolidated
Statements of Cash Flows
(Expressed
in U.S. Dollars)
| |
For the six months ended June 30, | |
| |
2024 | | |
2023 | |
Cash flows from operating activities | |
(Unaudited) | | |
(Unaudited) | |
Net (loss) from continuing operations | |
$ | (1,877,146 | ) | |
$ | (13,860,995 | ) |
Net gain from discontinued operations | |
| 38,719 | | |
| 11,562 | |
Net loss | |
| (1,838,427 | ) | |
| (13,849,433 | ) |
Adjustments for: | |
| | | |
| | |
Depreciation and Amortization of fixed and intangible assets | |
| 1,556,922 | | |
| 2,619,001 | |
Stock-based compensation | |
| 172,655 | | |
| - | |
(Recovery) Provision for and write off of withholding tax receivable | |
| (32,980 | ) | |
| 561,277 | |
Provision for expected credit loss on trade and other receivables | |
| 184,180 | | |
| 869,519 | |
Provision for obsolete inventories | |
| - | | |
| 3,090,282 | |
Impairment loss on fixed assets | |
| - | | |
| 1,591,766 | |
Impairment on goodwill | |
| 30,467 | | |
| 1,263,040 | |
Finance costs | |
| 81,778 | | |
| 584,897 | |
Interest income | |
| (261,041 | ) | |
| - | |
Deferred income taxes | |
| (101,998 | ) | |
| 874,431 | |
(Gain) Loss from assets disposal | |
| (31,577 | ) | |
| 41,965 | |
Gain on disposal of a subsidiary | |
| (3,607 | ) | |
| - | |
Changes in operating assets and liabilities: | |
| | | |
| | |
(Increase) Decrease in trade and other receivables | |
| (90,891 | ) | |
| 157,279 | |
Increase in other assets | |
| (1,005,338 | ) | |
| (719,595 | ) |
Decrease in inventories | |
| 114,223 | | |
| 296,824 | |
(Decrease) Increase in amounts due to related parties | |
| (386,720 | ) | |
| 639,807 | |
(Decrease) Increase in Trade and other payables and other current liabilities | |
| (437,966 | ) | |
| 1,285,317 | |
Decrease (Increase) in withholding tax receivable | |
| 227,903 | | |
| (374,013 | ) |
Increase in provision for employee benefits | |
| 13,428 | | |
| 20,774 | |
Net cash used in operating activities | |
| (1,808,989 | ) | |
| (1,046,862 | ) |
| |
| | | |
| | |
Cash flows from investing activities | |
| | | |
| | |
Acquisition of property, plant and equipment | |
| (34,442 | ) | |
| (829,231 | ) |
Proceeds from sale of property, plant and equipment | |
| 27,805 | | |
| - | |
Acquisition of intangible assets | |
| (114,224 | ) | |
| (217,077 | ) |
Disposal of a subsidiary, net of cash disposed | |
| (28,186 | ) | |
| - | |
Interest received | |
| 283,750 | | |
| - | |
Net cash provided by (used in) investing activities | |
| 134,703 | | |
| (1,046,308 | ) |
| |
| | | |
| | |
Cash flows from financing activities | |
| | | |
| | |
Proceeds from issue of shares | |
| - | | |
| 20,867,386 | |
Proceeds from exercise of warrants | |
| - | | |
| 506,693 | |
Cash paid for the cancellation of fractional shares | |
| - | | |
| (49,664 | ) |
Proceeds from bank borrowings | |
| - | | |
| 1,756,738 | |
Repayment of bank borrowings | |
| (252,717 | ) | |
| (1,937,096 | ) |
Repayment of related party borrowings | |
| (3,304,787 | ) | |
| - | |
Payment of lease liabilities | |
| (877,553 | ) | |
| (1,267,979 | ) |
Net cash (used in) generated from financing activities | |
| (4,435,057 | ) | |
| 19,876,078 | |
| |
| | | |
| | |
Net (decrease)/increase in cash and cash equivalents, and restricted cash | |
| (6,109,343 | ) | |
| 17,782,908 | |
Effect of movements in exchange rates on cash held | |
| (362,280 | ) | |
| 16,840 | |
Cash and cash equivalents, and restricted cash at January 1, | |
| 21,973,395 | | |
| 8,230,644 | |
Cash and cash equivalents, and restricted cash at June 30, | |
$ | 15,501,772 | | |
$ | 26,030,392 | |
| |
| | | |
| | |
Non-cash investing and financing activities | |
| | | |
| | |
Equity portion of purchase consideration paid for acquisition of subsidiaries | |
| - | | |
| 1,848,000 | |
Non-IFRS
Financial Measures
To
supplement our unaudited interim condensed consolidated financial statements, which are prepared and presented in accordance with IFRS,
we use the non-IFRS adjusted EBITDA as financial measures for our consolidated results.
We
believe that adjusted EBITDA helps identify underlying trends in our business that could otherwise be distorted by the effect of certain
income or expenses that we include in income (loss) from operations and net income (loss). We believe that these non-IFRS measures provide
useful information about our core operating results, enhance the overall understanding of our past performance and future prospects and
allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. We
present the non-IFRS financial measures in order to provide more information and greater transparency to investors about our operating
results.
EBITDA represents
net (loss) income before (i) finance costs, income tax benefit and depreciation of fixed assets and amortization of intangible assets,
which we do not believe are reflective of our core operating performance during the periods presented.
Non-IFRS
adjusted net (loss) income represents net (loss) income before (i) finance costs, income tax benefit and depreciation of
fixed assets and amortization of intangible assets, (ii) certain non-cash expenses, consisting of stock-based compensation expense,
allowance for and write off of withholding tax receivables, provision for obsolete inventory and impairment loss on fixed assets.
Non-IFRS
(loss) earnings per share represents non-IFRS net (loss) income attributable to ordinary
shareholders divided by the weighted average number of shares outstanding during the periods. Non-IFRS diluted earnings
per share represents non-IFRS net (loss) income attributable to ordinary shareholders
divided by the weighted average number of shares outstanding during the periods on a diluted basis.
The
table below is a reconciliation of our net loss to EBITDA and non-IFRS net (loss) income for the periods indicated:
| |
For the six months ended June 30, | |
| |
2024 | | |
2023 | |
Net loss from continuing operations - IFRS | |
$ | (1,877,146 | ) | |
$ | (13,860,995 | ) |
Finance costs | |
| 81,534 | | |
| 578,308 | |
Provision for income tax (benefit) expense | |
| (22,949 | ) | |
| 874,431 | |
Depreciation and amortization expense | |
| 1,556,922 | | |
| 2,619,001 | |
EBITDA | |
| (261,639 | ) | |
| (9,789,255 | ) |
Stock-based compensation | |
| 172,655 | | |
| - | |
(Recovery) provision for and write off of withholding taxes receivable | |
| (32,980 | ) | |
| 561,277 | |
Provision for expected credit loss on trade and other receivables | |
| 184,180 | | |
| 870,408 | |
Provision for obsolete inventories | |
| - | | |
| 3,090,283 | |
Impairment loss on fixed assets | |
| - | | |
| 1,591,766 | |
Impairment on goodwill | |
| 30,467 | | |
| 1,263,040 | |
Foreign exchange losses, net | |
| 49,041 | | |
| 584,093 | |
Adjusted net income (loss) (Non-IFRS) | |
$ | 141,724 | | |
$ | (1,828,388 | ) |
Non-IFRS earnings (loss) per share | |
| | | |
| | |
Earnings (Loss) per share attributable to equity holders of the Company | |
| | | |
| | |
Basic and diluted | |
$ | 0.01 | | |
$ | (0.58 | ) |
| |
| | | |
| | |
Weighted average number of shares used in computation: | |
| | | |
| | |
Basic and diluted | |
| 9,991,600 | | |
| 3,174,282 | |
8
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v3.24.3
Unaudited Interim Condensed Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 13,979,217
|
$ 20,235,227
|
Restricted cash |
26,319
|
100,764
|
Trade receivables |
5,316,983
|
5,630,805
|
Other current assets |
2,633,799
|
1,665,571
|
Withholding tax receivable, net |
366,884
|
607,221
|
Inventories |
381,155
|
506,403
|
Amounts due from related parties |
13,086
|
2,172,638
|
Assets held for sale |
|
201,963
|
Total current assets |
22,717,443
|
31,120,592
|
Non-current assets: |
|
|
Restricted cash |
1,496,236
|
1,608,762
|
Property, plant and equipment |
3,280,470
|
4,043,725
|
Right-of-use assets |
2,588,540
|
2,688,208
|
Intangible assets, net |
2,684,655
|
2,836,250
|
Goodwill |
411,862
|
411,862
|
Withholding tax receivable, net |
1,504,543
|
1,617,625
|
Deferred tax assets, net |
1,110,164
|
1,085,477
|
Other non-current assets |
390,065
|
402,447
|
Total non-current assets |
13,466,535
|
14,694,356
|
Total assets |
36,183,978
|
45,814,948
|
Current liabilities: |
|
|
Trade and other payables |
3,047,534
|
3,016,850
|
Borrowings |
187,288
|
337,241
|
Borrowing from a related party |
|
3,104,149
|
Current portion of operating lease liabilities |
1,457,783
|
1,239,066
|
Current portion of finance lease liabilities |
53,055
|
108,597
|
Other current liabilities |
1,764,636
|
3,171,643
|
Amounts due to related parties |
139,557
|
2,898,506
|
Liabilities directly associated with the assets held for sale |
|
130,876
|
Total current liabilities |
6,649,853
|
14,006,928
|
Non-current liabilities: |
|
|
Borrowings |
|
44,410
|
Operating lease liabilities |
1,124,195
|
1,455,857
|
Finance lease liabilities |
203,127
|
218,996
|
Provision for employee benefits |
4,591,555
|
4,935,982
|
Total non-current liabilities |
5,918,877
|
6,655,245
|
Total liabilities |
12,568,730
|
20,662,173
|
Equity |
|
|
Ordinary shares – par value $0.12 authorized 300,000,000 shares, issued and outstanding 10,237,282 shares at June 30, 2024; issued and outstanding 9,830,373 shares at December 31, 2023 |
1,228,509
|
1,179,680
|
Subscription receivable |
(50,000)
|
(50,000)
|
Additional paid in capital |
82,011,907
|
80,983,164
|
Legal reserve |
223,500
|
223,500
|
Warrants reserve |
251,036
|
251,036
|
Accumulated deficit |
(60,188,269)
|
(58,340,675)
|
Accumulated other comprehensive income |
209,422
|
985,120
|
Capital & reserves attributable to equity holders of the Company |
23,686,105
|
25,231,825
|
Non-controlling interests |
(70,857)
|
(79,050)
|
Total equity |
23,615,248
|
25,152,775
|
Total liabilities and equity |
$ 36,183,978
|
$ 45,814,948
|
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v3.24.3
Unaudited Interim Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of financial position [abstract] |
|
|
Ordinary shares, par value (in Dollars per share) |
$ 0.12
|
$ 0.12
|
Ordinary shares, shares authorized |
300,000,000
|
300,000,000
|
Ordinary shares, shares issued |
10,237,282
|
9,830,373
|
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10,237,282
|
9,830,373
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v3.24.3
Unaudited Interim Condensed Consolidated Statements of Profit or Loss - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Profit or loss [abstract] |
|
|
Revenue |
$ 17,566,844
|
$ 18,005,603
|
Cost of sales |
(14,327,094)
|
(15,846,807)
|
Gross profit |
3,239,750
|
2,158,796
|
Stock-based compensation |
(172,655)
|
|
Recovery (Provision for and write off) of withholding tax receivable |
32,980
|
(561,277)
|
Provision for expected credit loss on trade and other receivables |
(184,180)
|
(870,408)
|
Provision for obsolete inventories |
|
(3,090,283)
|
Impairment loss on fixed assets |
|
(1,591,766)
|
Impairment on goodwill |
(30,467)
|
(1,263,040)
|
Selling, distribution and administrative expenses |
(4,967,290)
|
(6,683,850)
|
Operating loss from continuing operations |
(2,081,862)
|
(11,901,828)
|
Other income, net |
312,342
|
77,665
|
Foreign exchange losses, net |
(49,041)
|
(584,093)
|
Finance costs |
(81,534)
|
(578,308)
|
Loss before income tax from continuing operations |
(1,900,095)
|
(12,986,564)
|
Provision for income tax benefit (expense) |
22,949
|
(874,431)
|
Net loss for the period from continuing operations |
(1,877,146)
|
(13,860,995)
|
Discontinued operations: |
|
|
Net gain for the period from discontinued operations |
38,719
|
11,562
|
Net loss for the period |
(1,838,427)
|
(13,849,433)
|
Less: net profit (loss) attributable to non-controlling interests |
9,167
|
(30,214)
|
Net loss attributable to equity holders of the Company |
$ (1,847,594)
|
$ (13,819,219)
|
Loss per share |
|
|
Basic loss attributable to the equity holders of the Company (in Dollars per share) |
$ (0.18)
|
$ (4.35)
|
Loss per share from continuing operations |
|
|
Basic loss attributable to the equity holders of the Company (in Dollars per share) |
$ (0.19)
|
$ (4.36)
|
Weighted average number of shares used in computation: |
|
|
Basic (in Shares) |
9,991,600
|
3,174,282
|
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v3.24.3
Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Consolidated Statements of Comprehensive Loss [Abstract] |
|
|
Net loss for the period |
$ (1,838,427)
|
$ (13,849,433)
|
Currency translation differences |
(775,698)
|
169,410
|
Total comprehensive (loss) for the period |
(2,614,125)
|
(13,680,023)
|
Attributable to: |
|
|
Equity holders of the Company |
(2,631,861)
|
(13,651,390)
|
Non-controlling interests |
17,736
|
(28,633)
|
Comprehensive income (loss) |
$ (2,614,125)
|
$ (13,680,023)
|
X |
- DefinitionThe amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.
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v3.24.3
Unaudited Interim Condensed Consolidated Statement of Changes in Equity - USD ($)
|
Number of Shares |
Subscription Receivable |
Additional Paid-in Capital |
Legal Reserve |
Warrants Reserves |
Accumulated Other Comprehensive Income |
Accumulated Deficit |
Non- controlling Interests |
Total |
Balance at Dec. 31, 2022 |
$ 194,313
|
$ (50,000)
|
$ 46,231,302
|
$ 223,500
|
$ 251,036
|
$ 1,112,494
|
$ (28,769,014)
|
$ (61,329)
|
$ 19,132,302
|
Balance (in Shares) at Dec. 31, 2022 |
1,618,977
|
|
|
|
|
|
|
|
|
Currency translation adjustments |
|
|
|
|
|
169,410
|
|
|
169,410
|
Cancellation of shares (Note 18) |
$ (29,441)
|
|
(4,880,223)
|
|
|
|
|
|
(4,909,664)
|
Cancellation of shares (Note 18) (in Shares) |
(245,339)
|
|
|
|
|
|
|
|
|
Issuance of ordinary shares through CMPOs (Note 18) |
$ 593,542
|
|
20,273,844
|
|
|
|
|
|
20,867,386
|
Issuance of ordinary shares through CMPOs (Note 18) (in Shares) |
4,946,184
|
|
|
|
|
|
|
|
|
Issuance of ordinary shares through exercise of warrants (Note 18) |
$ 15,468
|
|
491,224
|
|
|
|
|
|
506,692
|
Issuance of ordinary shares through exercise of warrants (Note 18) (in Shares) |
128,901
|
|
|
|
|
|
|
|
|
Issuance of ordinary shares for acquisition of assets (Note 18) |
$ 31,500
|
|
1,816,500
|
|
|
|
|
|
1,848,000
|
Issuance of ordinary shares for acquisition of assets (Note 18) (in Shares) |
262,500
|
|
|
|
|
|
|
|
|
Issuance of ordinary shares for a convertible note conversion (Note 18) |
$ 20,640
|
|
1,217,760
|
|
|
|
|
|
1,238,400
|
Issuance of ordinary shares for a convertible note conversion (Note 18) (in Shares) |
172,000
|
|
|
|
|
|
|
|
|
Net loss for the period |
|
|
|
|
|
|
(13,819,219)
|
(30,214)
|
(13,849,433)
|
Balance at Jun. 30, 2023 |
$ 826,022
|
(50,000)
|
65,150,407
|
223,500
|
251,036
|
1,281,904
|
(42,588,233)
|
(91,543)
|
25,003,093
|
Balance (in Shares) at Jun. 30, 2023 |
6,883,223
|
|
|
|
|
|
|
|
|
Balance at Dec. 31, 2023 |
$ 1,179,680
|
(50,000)
|
80,983,164
|
223,500
|
251,036
|
985,120
|
(58,340,675)
|
(79,050)
|
$ 25,152,775
|
Balance (in Shares) at Dec. 31, 2023 |
9,830,373
|
|
|
|
|
|
|
|
9,830,373
|
Currency translation adjustments |
|
|
|
|
|
(775,698)
|
|
|
$ (775,698)
|
Disposal of a subsidiary (Note 18) |
$ (131)
|
|
(2,651)
|
|
|
|
|
(974)
|
(3,756)
|
Disposal of a subsidiary (Note 18) (in Shares) |
(1,091)
|
|
|
|
|
|
|
|
|
Issuance of ordinary shares for stock-based compensation (Note 18) |
$ 48,960
|
|
1,031,394
|
|
|
|
|
|
1,080,354
|
Issuance of ordinary shares for stock-based compensation (Note 18) (in Shares) |
408,000
|
|
|
|
|
|
|
|
|
Net loss for the period |
|
|
|
|
|
|
(1,847,594)
|
9,167
|
(1,838,427)
|
Balance at Jun. 30, 2024 |
$ 1,228,509
|
$ (50,000)
|
$ 82,011,907
|
$ 223,500
|
$ 251,036
|
$ 209,422
|
$ (60,188,269)
|
$ (70,857)
|
$ 23,615,248
|
Balance (in Shares) at Jun. 30, 2024 |
10,237,282
|
|
|
|
|
|
|
|
10,237,282
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v3.24.3
Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash flows from operating activities |
|
|
Net (loss) from continuing operations |
$ (1,877,146)
|
$ (13,860,995)
|
Net gain from discontinued operations |
38,719
|
11,562
|
Net loss |
(1,838,427)
|
(13,849,433)
|
Adjustments for: |
|
|
Depreciation and Amortization of fixed and intangible assets |
1,556,922
|
2,619,001
|
Stock-based compensation |
172,655
|
|
(Recovery) Provision for and write off of withholding tax receivable |
(32,980)
|
561,277
|
Provision for expected credit loss on trade and other receivables |
184,180
|
869,519
|
Provision for obsolete inventories |
|
3,090,282
|
Impairment loss on fixed assets |
|
1,591,766
|
Impairment on goodwill |
30,467
|
1,263,040
|
Finance costs |
81,778
|
584,897
|
Interest income |
(261,041)
|
|
Deferred income taxes |
(101,998)
|
874,431
|
(Gain) Loss from assets disposal |
(31,577)
|
41,965
|
Gain on disposal of a subsidiary |
(3,607)
|
|
Changes in operating assets and liabilities: |
|
|
(Increase) Decrease in trade and other receivables |
(90,891)
|
157,279
|
Increase in other assets |
(1,005,338)
|
(719,595)
|
Decrease in inventories |
114,223
|
296,824
|
(Decrease) Increase in amounts due to related parties |
(386,720)
|
639,807
|
(Decrease) Increase in Trade and other payables and other current liabilities |
(437,966)
|
1,285,317
|
Decrease (Increase) in withholding tax receivable |
227,903
|
(374,013)
|
Increase in provision for employee benefits |
13,428
|
20,774
|
Net cash used in operating activities |
(1,808,989)
|
(1,046,862)
|
Cash flows from investing activities |
|
|
Acquisition of property, plant and equipment |
(34,442)
|
(829,231)
|
Proceeds from sale of property, plant and equipment |
27,805
|
|
Acquisition of intangible assets |
(114,224)
|
(217,077)
|
Disposal of a subsidiary, net of cash disposed |
(28,186)
|
|
Interest received |
283,750
|
|
Net cash provided by (used in) investing activities |
134,703
|
(1,046,308)
|
Cash flows from financing activities |
|
|
Proceeds from issue of shares |
|
20,867,386
|
Proceeds from exercise of warrants |
|
506,693
|
Cash paid for the cancellation of fractional shares |
|
(49,664)
|
Proceeds from bank borrowings |
|
1,756,738
|
Repayment of bank borrowings |
(252,717)
|
(1,937,096)
|
Repayment of related party borrowings |
(3,304,787)
|
|
Payment of lease liabilities |
(877,553)
|
(1,267,979)
|
Net cash (used in) generated from financing activities |
(4,435,057)
|
19,876,078
|
Net (decrease)/increase in cash and cash equivalents, and restricted cash |
(6,109,343)
|
17,782,908
|
Effect of movements in exchange rates on cash held |
(362,280)
|
16,840
|
Cash and cash equivalents, and restricted cash at January 1, |
21,973,395
|
8,230,644
|
Cash and cash equivalents, and restricted cash at June 30, |
15,501,772
|
26,030,392
|
Non-cash investing and financing activities |
|
|
Equity portion of purchase consideration paid for acquisition of subsidiaries |
|
$ 1,848,000
|
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v3.24.3
Nature of Operations
|
6 Months Ended |
Jun. 30, 2024 |
Nature of Operations [Abstract] |
|
NATURE OF OPERATIONS |
Guardforce AI Co., Limited (“Guardforce”)
is a company incorporated and domiciled in the Cayman Islands under the Cayman Islands Companies Act on April 20, 2018. The Company’s
ordinary shares and warrants are listed under the symbol “GFAI” and “GFAIW”, respectively, on the Nasdaq Capital
Market upon the completion of an initial public offering on September 28, 2021.
Guardforce AI Holding Limited (“AI
Holdings”) was incorporated in the British Virgin Islands under the BVI Business Companies Act, 2004, on May 22, 2018. AI Holdings
is a 100% owned subsidiary of Guardforce. AI Holdings is an investment holding company.
Guardforce AI Robots Limited (“AI
Robots”) was incorporated in the British Virgin Islands under the BVI Business Companies Act, 2004, on May 22, 2018. AI Robots is
a 100% owned subsidiary of Guardforce. AI Robots is an investment holding company.
Guardforce AI (Hong Kong) Co., Limited
(“AI Hong Kong”) was incorporated in Hong Kong under the Hong Kong Companies’ Ordinance (Chapter 622), on May 30, 2018.
AI Hong Kong is a 100% owned subsidiary of Guardforce. Beginning March 2020, AI Hong Kong commenced AI&Robotics solution business
of selling and leasing robots.
Southern Ambition Limited (“Southern
Ambition”) was incorporated in the British Virgin Islands under the BVI Business Companies Act, 2004, on August 3, 2018. Southern
Ambition is a 100% owned subsidiary of AI Robots. Southern Ambition is an investment holding company.
Horizon Dragon Limited (“Horizon
Dragon”) was incorporated in the British Virgin Islands under the BVI Business Companies Act, 2004, on July 3, 2018. Horizon Dragon
is a 100% owned subsidiary of AI Holdings. Horizon Dragon is an investment holding company.
Guardforce AI Group Co., Limited (“AI
Thailand”) was incorporated in Thailand under the Civil and Commercial Code at the Registry of partnerships and Companies, Bangkok
Metropolis, Thailand, on September 21, 2018 and has 100,000 ordinary plus preferred shares outstanding. 48,999 of the shares in AI Thailand
are owned by Southern Ambition Limited, with one share being held by Horizon Dragon Limited, for an aggregate of 49,000 ordinary shares,
or 49%, and 51,000 cumulative preferred shares are owned by two individuals of Thailand. The two individuals owned in aggregate 49,000
ordinary shares with a value of approximately $16,000. The cumulative preferred shares are entitled to dividends of USD$0.03 per share
when declared. The cumulative unpaid dividends of the preferred shares as of June 30, 2024 and December 31, 2023 is approximately $1,700.
Pursuant to article of associates of AI Thailand, the holder of an ordinary share may cast one vote per share at a general meeting of
shareholders, the holder of preferred shares may cast one vote for every 20 preferred shares held at a general meeting of shareholders.
Southern Ambition is entitled to cast more than 95% of the votes at a general meeting of shareholders. No dividends were declared for
the six months ended June 30, 2024 and 2023.
Guardforce Cash Solutions Security Thailand
Co., Limited (“GF Cash (CIT)”) was incorporated in Thailand under the Civil and Commercial Code at the Registry of partnerships
and Companies, Bangkok Metropolis, Thailand, on July 27, 1982 and has 3,857,144 outstanding shares. 3,799,544 ordinary shares and 21,599
preferred shares of the outstanding shares in GF Cash (CIT) (approximately 99.07% of the shares in GF Cash (CIT)) are owned by AI Thailand
with one preferred share being held by Southern Ambition and 33,600 ordinary shares and 2,400 preferred shares (approximately 0.933% of
the shares in GF Cash (CIT)) being held by Bangkok Bank Public Company Limited. Pursuant to the articles of association a shareholder
may cast one vote per one share at a general meeting of shareholders. AI Thailand is entitled to cast 99.07% of the votes at a general
meeting of shareholders. No dividends were declared for the six months ended June 30, 2024 and 2023. The Company engages principally in
providing cash management and handling services located in Thailand.
On March 25, 2021, the Company acquired
51% majority stake in information security consultants Handshake Networking Ltd (“Handshake”), a Hong Kong-based company
specializing in penetration testing and forensics analysis in Hong Kong and the Asia Pacific region since 2004. On February 6, 2024, the
Company separated with Handshake. On February 6, 2024, the Company transferred 510 shares of Handshake back to its original shareholders
in exchange for returning 1,091 restricted ordinary shares issued by the Company. The cancellation of the returned 1,091 shares was effective
on March 4, 2024.
On November 1, 2021, the Company entered
into a Transfer Agreement (the “Singapore Agreement”) to acquire 100% of the equity interests in Guardforce AI Singapore Pte.
Ltd. (“AI Singapore”), a company incorporated in Singapore. Pursuant to the Agreement, AI Singapore became a wholly owned
subsidiary of the Company. AI Singapore commenced AI&Robotics solution business of selling and leasing robots.
On November 18, 2021, the Company entered
into a Transfer Agreement (the “Macau Agreement”) to acquire 100% of the equity interests in Macau GF Robotics Limited,
a company incorporated in Macau (“AI Macau”). The consideration is approximately $3,205 (MOP25,000). AI Macau commenced AI&Robotics
solution business of selling and leasing robots. The acquisition was closed on February 9, 2022. AI Macau is a 100% owned subsidiary of
AI Robotics. On November 18, 2021, the Company entered
into another Transfer Agreement (the “Malaysia Agreement”) to acquire 100% of the equity interests in GF Robotics
Malaysia Sdn. Bhd., a company incorporated in Malaysia (“AI Malaysia”). The consideration is approximately $1 (RM1). AI Malaysia
commenced AI&Robotics solution business of selling and leasing robots. The acquisition was closed on January 20, 2022. AI Malaysia
is a 100% owned subsidiary of AI Robotics.
GFAI Robotics Group Co., Limited (“AI
Robotics”) was incorporated in the British Virgin Islands under the BVI Business Companies Act, 2004, on December 6, 2021. AI Robotics
is a 100% owned subsidiary of Guardforce. AI Robotics is an investment holding company.
GFAI Robot Service (Hong Kong) Limited
(“AI Robot Service”) was incorporated in Hong Kong under the Hong Kong Companies’ Ordinance (Chapter 622), on January
18, 2022. AI Robot Service is an investment holding company. AI Robot Service is a 100% owned subsidiary of AI Robotics.
Guardforce AI Robot Service (Shenzhen)
Co., Limited (“AI Shenzhen”) was incorporated in the People’s Republic of China (“PRC”) on February 23,
2022. AI Shenzhen is an investment holding company. AI Shenzhen is a 100% owned subsidiary of AI Robot Service.
GFAI Robotics Services LLC (“AI
US”) was incorporated in the State of Delaware on February 28, 2022. AI US commenced AI&Robotics solution business of selling
and leasing robots. AI US is a 100% owned subsidiary of AI Robotics.
GFAI Robot Service (Australia) Pty Ltd.
(“AI Australia”) was incorporated in Australia on February 28, 2022. AI Australia commenced AI&Robotics solution business
of selling and leasing robots. AI Australia is a 100% owned subsidiary of AI Robot Service. On September 25, 2023, AI Australia was deregistered.
GFAI Robot & Smart Machines Trading
LLC (“AI Dubai”) was incorporated in the United Arab Emirates (UAE) on March 13, 2022. AI Dubai commenced AI&Robotics
solution business of selling and leasing robots. AI Dubai is a 100% owned subsidiary of AI Robot Service.
GFAI Robotic and Innovation Solution
(Thailand) Company Limited (“AI R&I”) was incorporated in Thailand on March 30, 2022. AI R&I commenced AI&Robotics
solution business of selling and leasing robots. AI R&I is 98% owned by AI Thailand, 1% owned by Horizon Dragon and 1% owned by Southern
Ambition.
GFAI Robot Service (UK) Limited (“AI
UK”) was incorporated in the United Kingdom on April 29, 2022. AI UK commenced AI&Robotics solution business of selling and
leasing robots. AI UK is a 100% owned subsidiary of AI Robot Service. On February 6, 2024, AI UK was deregistered.
GFAI Robot Service Limited (“AI
Canada”) was incorporated in Canada on May 6, 2022. AI Canada commenced AI&Robotics solution business of selling and leasing
robots. AI Canada is a 100% owned subsidiary of AI Robot Service. On January 5, 2024, AI Canada was deregistered.
Guardforce AI Robot (Jian) Co., Limited
(“AI Jian”) was incorporated in the People’s Republic of China (“PRC”) on May 16, 2022. AI Jian is an investment
holding company. AI Jian is a 100% owned subsidiary of AI Robot Service. On November 22, 2023, AI Jian was deregistered.
GFAI Robot Service GK (“AI Japan”)
was incorporated in Japan on May 24, 2022. AI Japan commenced AI&Robotics solution business of selling and leasing robots. AI Japan
is a 100% owned subsidiary of AI Hong Kong.
GFAI Robot Service Co., Ltd. (“AI
Korea”) was incorporated in South Korea on June 17, 2022. AI Korea commenced AI&Robotics solution business of selling and leasing
robots. AI Korea is a 100% owned subsidiary of AI Hong Kong.
On March 11, 2022, the Company entered
into a Sale and Purchase Agreement (the “Kewei Agreement”) with Shenzhen Kewei Robot Technology Co., Limited (“Shenzhen
Kewei”) to acquire 100% of the equity interests in Shenzhen Keweien Robot Service Co., Ltd. (“Shenzhen GFAI”) and Guangzhou
Kewei Robot Technology Co., Ltd. (“Guangzhou GFAI”) from Shenzhen Kewei. Both acquirees are PRC-based companies. The
acquisition serves an integral role in the growth of the Company’s AI&Robotics solution business as a service (RaaS) business
initiative. The acquisition was closed on March 22, 2022. The acquisition purchase price of $10,000,000 was paid in a mix of cash (10%)
and restricted ordinary shares of the Company (90%). On March 14, 2022, the Company issued 53,571 restricted Ordinary Shares to the sellers’
designated parties.
On May 24, 2022, the Company entered
into a Sale and Purchase Agreement (the “Yeantec Agreement”) with Shenzhen Yeantec Co., Limited (“Yeantec”) to
acquire 100% of the equity interests in Beijing Wanjia Security System Co., Ltd. (“Beijing Wanjia”) from Yeantec. Beijing
Wanjia is a PRC-based company with more than 25 years of experience in providing integrated security solution, focusing on fire alarm
security systems, and a well-established customer base among retail businesses. The acquisition serves the growth of the Company’s
other security business. The acquisition was closed on June 22, 2022. The acquisition purchase price of $8,400,000 was paid in a mix of
cash (10%) and restricted ordinary shares of the Company (90%). On June 16, 2022, the Company issued 94,500 restricted Ordinary Shares
to the sellers’ designated parties. GFAI Robot Service (Vietnam) Co.,
Ltd (“AI Vietnam”) was incorporated in Vietnam on July 8, 2022. AI Vietnam is a dormant company and is a 100% owned subsidiary
of AI Hong Kong. On March 22, 2023, AI Vietnam was deregistered.
On December 21, 2022, the Company entered
into an asset purchase agreement (“Agreement”) with Shenzhen Kewei Robot Technology Co., Limited (“Shenzhen Kewei”)
to purchase certain of Shenzhen Kewei’s robot-related business assets in China. The Company will acquire, and Yeantec will transfer
to the Company, select robotic equipment assets and Kewei’s technology platform. The purchase price for these assets is $2,100,000,
which will be fully paid in the form of 262,500 restricted ordinary shares of the Company based on a price of $8.0 per share. The Company
issued 262,500 shares to Shenzhen Kewei on March 1, 2023.
GFAI Technology Limited (“GFAI
Technology”) was incorporated in the British Virgin Islands under the BVI Business Companies Act, 2004, on December 7, 2023. GFAI
Technology is a 100% owned subsidiary of Guardforce. GFAI Technology is an investment holding company.
GFAI Technology (Hong Kong) was incorporated
in Hong Kong on January 8, 2024. GFAI Technology (Hong Kong) is a 100% owned subsidiary of GFAI Technology.
InnoAI Technology (Shenzhen) Co., Ltd.
(“InnoAI”) was incorporated in China on December 13, 2023. On May 13, 2024, the Company acquired 100% of the interest in InnoAI
with RMB1 and InnoAI became a 100% owned subsidiary of AI Shenzhen. InnoAI is a company dedicated to the research and development of artificial
intelligence projects.
The following diagram illustrates the
Company’s legal entity ownership structure as of June 30, 2024:
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+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2024-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard -URIDate 2024-03-27
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v3.24.3
Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2024 |
Significant Accounting Policies [Abstract] |
|
SIGNIFICANT ACCOUNTING POLICIES |
2. |
SIGNIFICANT ACCOUNTING POLICIES |
The accounting policies applied for
the six months ended June 30, 2024 and 2023 are consistent with those of the audited consolidated financial statements for the years ended
December 31, 2023 and 2022, as described in those audited consolidated financial statements, except for the adoption of new and amended
International Financial Reporting Standards (“IFRS”) effective for the year ending December 31, 2023 which are relevant to
the preparation of the June 30, 2024 and 2023 interim condensed consolidated financial statements.
On September 25, 2024, the interim condensed
consolidated financial statements were approved by the board of directors and authorized for issuance.
2.1 | Basis of presentation |
The accompanying interim condensed consolidated
financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial
Reporting”. These statements should be read in conjunction with the audited consolidated financial statements for the years ended
December 31, 2023, 2022 and 2021, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”)
as issued by the International Accounting Standards Board (“IASB”). The interim condensed consolidated financial statements
have been prepared on a historical cost basis. In the opinion of management, all adjustments necessary for a fair presentation have
been included in the accompanying unaudited condensed consolidated financial statements. The results of operations for the six months
ended June 30, 2024 are not necessarily indicative of the results that may be expected for the full year ended December 31, 2024. All amounts are presented in United
States dollars (“USD”) and have been rounded to the nearest USD.
In addition, the accompanying condensed
consolidated interim financial statements are presented on the basis that the Company is a going concern. The going concern assumption
contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
2.2 | Basis of consolidation |
The consolidated statements of profit
or loss and other comprehensive loss, statements of changes in equity and statements of cash flows of the Company for the relevant periods
include the results and cash flows of all companies now comprising the Company from the earliest date presented or since the date when
the subsidiaries and/or businesses first came under the common control of the controlling shareholders, wherever the period is shorter.
The interim condensed consolidated balance
sheet of the Company as of June 30, 2024 has been prepared to present the assets and liabilities of the subsidiaries under the historical
cost convention.
Equity interests in subsidiaries held
by parties other than the controlling shareholders are presented as non-controlling interests in equity.
All intra-group and inter-company transactions
and balances have been eliminated on consolidation.
IAS 14 Segment Reporting requires
reporting of financial information by business or geographical area. It requires disclosures for ‘primary’ and ‘secondary’
segment reporting formats, with the primary format based on whether the entity’s risks and returns are affected predominantly by
the products and services it produces or by the fact that it operates in different geographical areas.
The entity’s reportable segments
are its business and geographical segments for which a majority of their revenue is earned from sales to external customers and for which:
|
● |
revenue from sales to external customers and from transactions with other segments is 10% or more of the total revenue, external and internal, of all segments; or |
|
● |
segment result, whether profit or loss, is 10% or more the combined result of all segments in profit or the combined result of all segments in loss, whichever is greater in absolute amount; or |
|
● |
assets are 10% or more of the total assets of all segments. |
Segments deemed too small for separate
reporting may be combined with each other, if related, but they may not be combined with other significant segments for which information
is reported internally. Alternatively, they may be separately reported. If neither combined nor separately reported, they must be included
as an unallocated reconciling item.
Segment information is consistent with
how management reviews the businesses, makes investing and resource allocation decisions and assesses operating performance. Transfers
and sales between reportable segments, if any, are recorded at cost.
The Company reports financial and operating
information in the following four segments and geographical segmental data as shown in Note 22:
|
(ii) |
AI&Robotics solution business; |
|
(iii) |
General security solutions; and |
|
(iv) |
Corporate and others |
The Corporate and others segment covers
the non-operating activities supporting the Company. It comprises the Company’s holdings and treasury organization, including its
headquarter and central functions. All listing related expenses are included in the Corporate and others segment. This segment is an administrative-operating
segment rather than a revenue-generating operating segment.
The Company completed the divestiture
with Handshake on February 6, 2024. The business of Handshake represented the entirety of the Company’s information security operating
segment through February 6, 2024, which is excluded from the Company’s segment reporting.
2.4 | Business combinations |
The Company accounts for business combinations
using the acquisition method when control is transferred to the Company, other than those between and among entities under common control.
The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any
goodwill that arises is tested annually for impairment. Any gain on the bargain purchase is recognized in the statement of profit or loss
immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.
2.5 | Critical accounting estimate and judgements |
The preparation of the consolidated
financial statements.in conformity with IFRS requires management to make estimates and judgments that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting periods. Actual results could differ from these estimates.
In preparing the interim condensed consolidated
financial statements, the significant judgments made by management in applying the Company’s accounting policies and the key sources
of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended December 31,
2023.
2.6 | Foreign currency translation |
The presentational currency of the Company
is the USD. The functional currency of Guardforce, AI Holdings, AI Robots, Horizon Dragon, Southern Ambition, AI Robotics, AI US, AI Macau,
AI Singapore, AI Malaysia, AI Hong Kong, AI Thailand, GF Cash (CIT), AI R&I, InnoAI, AI Shenzhen, Shenzhen GFAI, Guangzhou GFAI and
Beijing Wanjia is the local currency where these companies operate. The functional currency of AI Korea, AI Australia, AI Canada, AI Vietnam,
AI Japan, and AI Dubai is USD.
The currency exchange rates and the
entities that significantly impact our business are shown in the following table:
| |
Period End Rate | | |
Average Rate | |
| |
June 30, | | |
December 31, | | |
For the six months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Thai Baht (GF Cash (CIT), AI R&I) | |
| 0.0271 | | |
| 0.0292 | | |
| 0.0275 | | |
| 0.0293 | |
Hong Kong Dollar (AI Hong Kong) | |
| 0.1281 | | |
| 0.1282 | | |
| 0.1279 | | |
| 0.1282 | |
Chinese Renminbi (Beijing Wanjia) | |
| 0.1376 | | |
| 0.1409 | | |
| 0.1386 | | |
| 0.1444 | |
2.7 | Financial risk management |
2.7.1 |
Financial risk factors |
The Company’s activities expose
it to a variety of financial risks: foreign exchange risk, interest rate risk and liquidity risk. The Company’s overall risk management
program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company’s financial
performance.
The interim condensed consolidated financial
statements do not include all financial risk management information and disclosures required in the audited financial statements and should
be read in conjunction with the Company’s audited consolidated financial statements as of December 31, 2023 and 2022.
Prudent liquidity management implies
maintaining sufficient cash and cash equivalents and the availability of funding through an adequate amount of committed credit facilities.
The Company’s primary cash requirements
are for operating expenses. The Company mainly finances its working capital requirements from cash generated from funds raised from the
public offerings, operations, proceeds from the exercise of warrants, bank borrowings and finance leases.
The Company’s policy is to regularly
monitor current and expected liquidity requirements to ensure it maintains sufficient cash and cash equivalents and an adequate amount
of committed credit facilities to meet its liquidity requirements in the short and long term.
At the reporting date, the contractual
undiscounted cash flows of the Company’s current financial liabilities approximate their respective carrying amounts due to their
short maturities.
2.7.3 |
Capital risk management |
The Company’s objectives on managing
capital are to safeguard the Company’s ability to continue as a going concern and support the sustainable growth of the Company
in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to enhance
shareholders’ value in the long term.
In order to maintain or adjust the capital
structure, the Company may adjust the amount of dividends paid to shareholders, return of capital to shareholders, issue new shares or
sell assets to reduce debt.
The COVID-19 pandemic has developed
since 2020, causing severe impact to the Company’s financial performance. Until the beginning of 2023, when governments of the countries
where the Company is operating lifted most of the social distancing measures and other restrictions, the Company’s business has
gradually recovered and the Company has resumed normal business operations in 2024.
Inventories solely consist of security
equipment and are stated at the lower of cost, determined on a weighted average basis, or net realizable value (Note 5). Net realizable
value is the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated costs
necessary to make the sale. When inventory is sold, their carrying amount is charged to expense in the period in which the revenue is
recognized. Write-downs for declines in net realizable value or for losses of inventories are recognized as an expense in the period the
impairment or loss occurs. The Company recorded an allowance for slow-moving or obsolete robots’ inventories of $nil and $3,090,283
for the six months ended June 30, 2024 and 2023, respectively.
During the six months ended June 30,
2024, no inventories were purchased from related parties. And during the six months ended June 30, 2023, all inventories were purchased
from the related parties (Note 21).
Parties are considered to be related
if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party
in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant
influence, such as a family member or relative, shareholder, or a related corporation.
The Company recognizes the contractual
right to receive money or products from related parties as amounts due from related parties. For those that the contractual maturity date
is less than one year, the Company records as current assets. 2.10 | Assets under construction |
Assets under construction are stated
at cost less impairment losses, if any. Cost comprises direct costs of construction as well as interest expense and exchange differences
capitalized during the periods of construction and installation. Capitalization of these costs ceases and the construction in progress
is transferred to property, plant and equipment when substantially all the activities necessary to prepare the assets for their intended
use are completed. No depreciation is provided for assets under construction until they are completed and ready for intended use.
Following initial recognition, goodwill
is stated at cost less any accumulated impairment losses. Goodwill is reviewed for impairment annually or more frequently if events or
changes in circumstances indicate that the carrying value may be impaired.
At the acquisition date, any goodwill
acquired is allocated to the cash-generating units (CGU) which are expected to benefit from the combination’s synergies. Impairment
is determined by assessing the recoverable amount of the CGU to which the goodwill related. Where the recoverable amount of the CGU is
less than the carrying amount, an impairment loss is recognized. Where goodwill forms part of a CGU and part of the operation within that
unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining
the gain or loss on disposal of the operation. Goodwill disposed of In these circumstances is measured on the basis of the relative values
of the operation disposed of and the portion of the CGU retained.
The Company recorded impairment loss
of $30,467 and $1,263,040 for the six months ended June 30, 2024 and 2023, respectively.
2.12 | Impairment of long-lived assets |
At the end of each reporting period,
the Company reviews the carrying amounts of its long-lived assets to determine whether there is any indication that those assets have
suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the
extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company
estimates the recoverable amount of the cash-generating unit to which the asset belongs. For the six months ended June 30, 2024 and 2023,
an impairment loss on the robots’ assets of $ nil and $1,591,766 was recognized, respectively when the carrying amount was greater
than the value in use. Management estimated the value in use by estimating the expected cash flows from the cash-generating unit as well
as a suitable discount rate in order to calculate the present value of those cash flows. The basis of impairment is determined based on
the result of assessment.
2.13 | Offsetting Assets and Liabilities |
During the six months ended June 30,
2024, the Company engages in offsetting arrangements for certain financial assets and financial liabilities. These arrangements primarily
involve the offsetting of related party receivables and related party payables. The Company has established legally enforceable rights
to offset financial assets and financial liabilities subject to offsetting arrangements. These rights may arise from agreements, netting
arrangements, or a combination of legal and contractual rights.
2.14 | Revenue from contracts with customers |
The Company generates its revenue primarily
from four service lines: (1) Secured logistics; (2) AI&Robotics solution business; (3) Information security; and (4) General security
solutions.
Each service line primarily renders
the following services:
| (i) | Cash-In-Transit
– Non Dedicated Vehicle (CIT Non-DV); (ii) Cash-In-Transit – Dedicated Vehicle (CIT DV); (iii) ATM management; (iv) Cash
Processing (CPC); (v) Cash Center Operations (CCT); (vi) Consolidate Cash Center (CCC); (vii) Express Cash; (viii) Coin Processing Service;
and (ix) Cash Deposit Management Solutions |
|
(2) |
AI&Robotics solution business |
| (i) | Sale of robots and (ii) Rental of robots |
| (3) | Information security – the Company generates this revenue
from Handshake. After the completion of the decoupling with Handshake on February 6, 2024, the Company was no longer generating any revenues
from this service line. For the six months ended June 30, 2024 and 2023, revenue and results of operations derived from this service
line were presented as discontinued operations on the consolidated statements of profit or loss. |
| (i) | Penetration test; (ii) PCI ASVScan and (iii) Rapid7 Sales |
|
(4) |
General security solutions |
| (i) | Installation
of fire alarm security systems; (ii) Sale of security equipment |
The Company recognizes revenue at a
point in time as products are delivered and services are performed. Consultancy fees typically covers a period of time, the revenue is
recognized on a ratable basis over the contract term. The Company applies the following five-step model in order to determine the amount:
|
● |
To identify the contract or quotation with the agreed service price. |
|
● |
To evaluate the services engaged in the customer’s contract and identify the related performance obligations. |
|
● |
To consider the contract terms and commonly accepted practices in the business to determine the transaction price. The transaction price is the consideration that the Company expects to be entitled for delivering the services engaged with the customer. The consideration engaged in a customer’s contract is generally a fixed amount. |
|
● |
To allocate the transaction price, if necessary, to each performance obligation (to each good or service that is different) for an amount that represents the part of the benefit that the Company expects to receive in exchange for the right of delivering the services engaged with the customer. |
|
● |
To recognize revenue when the Company satisfies the performance obligation through the rendering of services engaged. |
All of the conditions mentioned above
are accomplished normally when the services are rendered to the customer and this moment is considered a point in time. The reported revenue
reflects services delivered at the contract or agreed-upon price.
Revenue is recognized when the related
performance obligation is satisfied.
Disaggregation information of revenue
by service type which was recognized based on the nature of performance obligation disclosed above is as follows:
| |
For the six months ended June 30, | |
| |
2024 | | |
Percentage of Total | | |
2023 | | |
Percentage of Total | |
Service Type | |
$ | | |
Revenue | | |
$ | | |
Revenue | |
| |
(Unaudited) | | |
| | |
(Unaudited) | | |
| |
Cash-In-Transit – Non-Dedicated Vehicles (CIT Non-DV) | |
$ | 6,016,286 | | |
| 34.2 | % | |
$ | 5,988,087 | | |
| 33.3 | % |
Cash-In-Transit – Dedicated Vehicle to Banks (CIT DV) | |
| 1,765,869 | | |
| 10.1 | % | |
| 1,961,464 | | |
| 10.9 | % |
ATM Management | |
| 3,293,725 | | |
| 18.7 | % | |
| 3,895,708 | | |
| 21.6 | % |
Cash Processing (CPC) | |
| 1,710,792 | | |
| 9.7 | % | |
| 1,613,933 | | |
| 9.0 | % |
Cash Center Operations (CCT) | |
| 857,109 | | |
| 4.9 | % | |
| 958,760 | | |
| 5.3 | % |
Consolidate Cash Center (CCC) | |
| 276,137 | | |
| 1.6 | % | |
| 395,105 | | |
| 2.2 | % |
Others ** | |
| - | | |
| - | % | |
| 4,332 | | |
| 0.0 | % |
Cash Deposit Management Solutions (GDM) | |
| 1,842,026 | | |
| 10.5 | % | |
| 1,125,767 | | |
| 6.3 | % |
AI&Robotics solution | |
| 131,142 | | |
| 0.8 | % | |
| 440,229 | | |
| 2.4 | % |
General security solutions | |
| 1,673,758 | | |
| 9.5 | % | |
| 1,622,218 | | |
| 9.0 | % |
Total | |
$ | 17,566,844 | | |
| 100.0 | % | |
$ | 18,005,603 | | |
| 100.0 | % |
** | Others include primarily revenue from express cash and coin processing services. | During the six months ended June 30,
2023, all revenue were generated from third parties.
During the six months ended June 30,
2024, revenue amounting to $17,562,192 were generated from third parties; and $4,652 were generated from a related party (Note 21).
Cost of sales consists primarily
of internal labor costs and related benefits, and other overhead costs that are directly attributable to services provided.
2.16 | New and amended accounting standards |
All new standards and amendments that
are effective for annual reporting period commencing January 1, 2024 have been applied by the Company for the six months ended June 30,
2024. The adoption of these new and amended standards did not have material impact on the interim condensed consolidated financial statements
of the Company. A number of new standards and amendments to standards have not come into effect for the year beginning January 1, 2024,
and they have not been early adopted by the Company in preparing these interim condensed consolidated financial statements. None of these
new standards and amendments to standards is expected to have a significant effect on the interim condensed consolidated financial statements
of the Company.
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v3.24.3
Business Combination
|
6 Months Ended |
Jun. 30, 2024 |
Business Combination [Abstract] |
|
BUSINESS COMBINATION |
On May 13, 2024, the Company closed
an acquisition of InnoAI Technology (Shenzhen) Co., Ltd. (“InnoAI”). Approximately $0.1 (RMB1) was paid in consideration of
100% of the equity interest in InnoAI. This acquisition has been accounted for in accordance with IFRS 3 guidelines under acquisition
accounting, whereby the Company recognized the assets and liabilities transferred at their carrying amounts with carry-over basis.
A Purchase Price Allocation exercise
has been undertaken to establish the constituent parts of the acquired companies’ balance sheet at fair value on acquisition. As
is customary in these circumstances, this will remain under review and subject to change during the twelve-month hindsight period. At
the date of the acquisition, the total assets, total liabilities and goodwill represent $4,720, $(35,187) and $30,467, respectively.
The total revenue included in the Consolidated
Statement of Profit or Loss for the six months ended June 30, 2024 since the acquisition date contributed by InnoAI was $99. Total
net loss for the six months ended June 30, 2024 incurred by InnoAI since the acquisition date was $95,290.
Had InnoAI been consolidated from January
1, 2024, the Consolidated Statement of Profit or Loss for the six months ended June 30, 2024 would show revenue from InnoAI of $831
and net loss from InnoAI of $99,550.
During the six months ended June 30,
2024, the Company recorded a full goodwill impairment loss on InnoAI of $30,467.
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v3.24.3
Cash, Cash Equivalents and Restricted Cash
|
6 Months Ended |
Jun. 30, 2024 |
Cash, Cash Equivalents and Restricted Cash [Abstract] |
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
4. |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Cash on hand | |
$ | 514,080 | | |
$ | 472,641 | |
Cash in bank | |
| 13,465,137 | | |
| 19,762,586 | |
Subtotal | |
| 13,979,217 | | |
| 20,235,227 | |
Restricted cash – current (a) | |
| 26,319 | | |
| 100,764 | |
Restricted cash – non-current (b) | |
| 1,496,236 | | |
| 1,608,762 | |
Cash, cash equivalents, and restricted cash | |
| 15,501,772 | | |
| 21,944,753 | |
Cash at banks attributable to discontinued operations | |
| - | | |
| 28,642 | |
Cash, cash equivalents, and restricted cash | |
$ | 15,501,772 | | |
$ | 21,973,395 | |
(a) | During the six months ended June 30, 2024, with regards to various labor-related lawsuits in the PRC,
the PRC Court issued an order to freeze one of the Company’s bank accounts which restricted or prohibited the transfer and use of
deposited funds by the Company. The sum will be released upon the Company has paid to satisfy the claims. |
(b) | The non-current restricted cash represents cash pledged with a local bank in Thailand as collateral for
bank guarantees issued by those banks in respect of the Company’s Cash-In-Transit projects. |
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v3.24.3
Inventories
|
6 Months Ended |
Jun. 30, 2024 |
Inventories [Abstract] |
|
INVENTORIES |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Robots in warehouse | |
$ | 4,584,078 | | |
$ | 4,743,645 | |
Security equipment* | |
| 381,155 | | |
| 506,403 | |
Impairment provision for inventories | |
| (4,584,078 | ) | |
| (4,743,645 | ) |
Inventories | |
$ | 381,155 | | |
$ | 506,403 | |
| * | As of December 31, 2023, and June 30, 2024, the Company only had Security equipment in inventory balance. |
The Company recorded an allowance for
slow-moving or obsolete robots’ inventories of $nil and $3,090,283 for the six months ended June 30, 2024 and 2023, respectively.
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v3.24.3
Trade Receivables, Net
|
6 Months Ended |
Jun. 30, 2024 |
Trade Receivables, Net [Abstract] |
|
TRADE RECEIVABLES, NET |
6. |
TRADE RECEIVABLES, NET |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Trade receivable | |
$ | 5,636,167 | | |
$ | 5,780,144 | |
Provision for doubtful accounts | |
| (319,184 | ) | |
| (149,339 | ) |
Trade receivable, net | |
$ | 5,316,983 | | |
$ | 5,630,805 | |
The Company recorded an allowance for
doubtful accounts of $184,180 and $45,932 for the six months ended June 30, 2024 and 2023, respectively.
|
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v3.24.3
Withholding Tax Receivable
|
6 Months Ended |
Jun. 30, 2024 |
Withholding Tax Receivable [Abstract] |
|
WITHHOLDING TAX RECEIVABLE |
7. |
WITHHOLDING TAX RECEIVABLE |
Withholding tax receivable movement for the six months ended June 30,
2024 and 2023:
| |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Balance at January 1, | |
$ | 2,224,846 | | |
$ | 2,691,096 | |
Addition | |
| 376,265 | | |
| 401,941 | |
Collection | |
| (604,168 | ) | |
| - | |
Recovery of (Write off)/Allowance for uncollectible | |
| 32,980 | | |
| (561,277 | ) |
Exchange difference | |
| (158,496 | ) | |
| (73,713 | ) |
Balance at June 30, | |
$ | 1,871,427 | | |
$ | 2,458,047 | |
Withholding tax receivable balance as of June 30, 2024 and December
31, 2023:
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Current portion | |
$ | 366,884 | | |
$ | 607,221 | |
Non-current portion | |
| 1,504,543 | | |
| 1,617,625 | |
Withholding tax receivable | |
$ | 1,871,427 | | |
$ | 2,224,846 | |
During the six months ended June 30,
2024, the Company received a withholding tax refund of approximately THB22.0 million (approximately $0.6 million) in connection with the
Company’s 2019 withholding tax refund. The Company recorded a recovery of uncollectible of $0.03 million, representing the difference
between the receivable recorded and the amount of refund received from the Thai Revenue Department.
Based on amounts refunded and written
off for the receivable related to years 2013 to 2019, the Company recorded an allowance of approximately $nil million and $0.3 million
for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, an allowance balance of $1.0
million and $1.2 million, respectively were maintained against its withholding tax receivable.
|
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v3.24.3
Other Current and Other Non-Current Assets
|
6 Months Ended |
Jun. 30, 2024 |
Other Current and Other Non-Current Assets [Abstract] |
|
OTHER CURRENT AND OTHER NON-CURRENT ASSETS |
8. |
OTHER CURRENT AND OTHER NON-CURRENT ASSETS |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Input VAT and other taxes receivable | |
$ | 244,025 | | |
$ | 219,232 | |
Prepayments – office and warehouse rental | |
| 1,284,395 | | |
| 818,997 | |
Prepayments - insurance | |
| 383,101 | | |
| 91,022 | |
Prepayments - others | |
| 393,910 | | |
| 187,759 | |
Uniforms | |
| 12,876 | | |
| 17,417 | |
Prepayments – independent directors’ fee | |
| 77,700 | | |
| - | |
Tools and supplies | |
| 120,355 | | |
| 143,760 | |
Cash advances to employees | |
| 48,386 | | |
| 79,169 | |
Interest receivable on bank deposits | |
| 69,051 | | |
| 108,215 | |
Other current assets | |
$ | 2,633,799 | | |
$ | 1,665,571 | |
| |
| | | |
| | |
Deposits | |
$ | 390,065 | | |
$ | 402,447 | |
Other non-current assets | |
$ | 390,065 | | |
$ | 402,447 | |
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v3.24.3
Property, Plant and Equipment
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY, PLANT AND EQUIPMENT |
9. |
PROPERTY, PLANT AND EQUIPMENT |
| |
Leasehold improvements | | |
Machinery and equipment | | |
Office decoration and equipment | | |
Vehicles | | |
Assets under construction | | |
GDM machines | | |
Robots | | |
Total | |
Cost | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
At December 31, 2022 | |
$ | 3,146,864 | | |
$ | 4,868,015 | | |
$ | 5,354,351 | | |
$ | 15,518,987 | | |
$ | 33,222 | | |
$ | 1,948,698 | | |
$ | 7,194,815 | | |
$ | 38,064,952 | |
Additions | |
| - | | |
| 1,750 | | |
| 6,964 | | |
| - | | |
| - | | |
| 624,126 | | |
| 273,779 | | |
| 906,619 | |
Disposals | |
| (104,773 | ) | |
| (105,939 | ) | |
| (48,955 | ) | |
| (47,155 | ) | |
| - | | |
| - | | |
| (56,389 | ) | |
| (363,211 | ) |
Impairment of fixed assets | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,591,766 | ) | |
| (1,591,766 | ) |
Exchange differences | |
| (60,518 | ) | |
| (95,521 | ) | |
| (106,807 | ) | |
| (353,552 | ) | |
| (652 | ) | |
| (38,238 | ) | |
| (141,241 | ) | |
| (796,529 | ) |
At June 30, 2023 (Unaudited) | |
| 2,981,573 | | |
| 4,668,305 | | |
| 5,205,553 | | |
| 15,118,280 | | |
| 32,570 | | |
| 2,534,586 | | |
| 5,679,198 | | |
| 36,220,065 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At December 31, 2023 | |
$ | 3,073,809 | | |
$ | 4,829,343 | | |
$ | 5,335,825 | | |
$ | 15,505,385 | | |
$ | 108,909 | | |
$ | 3,133,883 | | |
$ | 3,954,153 | | |
$ | 35,941,307 | |
Additions | |
| - | | |
| 24,171 | | |
| 14,640 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 38,811 | |
Transfer in (out) | |
| - | | |
| - | | |
| - | | |
| 70,842 | | |
| (70,842 | ) | |
| - | | |
| - | | |
| - | |
Disposals | |
| (955,753 | ) | |
| - | | |
| (1,073,690 | ) | |
| (278,087 | ) | |
| - | | |
| - | | |
| (9,900 | ) | |
| (2,317,430 | ) |
Exchange differences | |
| (204,895 | ) | |
| (350,278 | ) | |
| (359,132 | ) | |
| (1,107,555 | ) | |
| (6,902 | ) | |
| (227,085 | ) | |
| (126,900 | ) | |
| (2,382,747 | ) |
At June 30, 2024 (Unaudited) | |
| 1,913,161 | | |
| 4,503,236 | | |
| 3,917,643 | | |
| 14,190,585 | | |
| 31,165 | | |
| 2,906,798 | | |
| 3,817,353 | | |
| 31,279,941 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Accumulated Depreciation | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At December 31, 2022 | |
$ | 2,577,341 | | |
$ | 4,748,031 | | |
$ | 4,889,742 | | |
$ | 13,493,656 | | |
$ | - | | |
$ | 1,230,247 | | |
$ | 3,059,174 | | |
$ | 29,998,191 | |
Depreciation charged for the period | |
| 48,922 | | |
| 34,180 | | |
| 87,164 | | |
| 263,962 | | |
| - | | |
| 202,983 | | |
| 516,626 | | |
| 1,153,837 | |
Disposals | |
| (108,213 | ) | |
| (109,514 | ) | |
| (44,542 | ) | |
| (48,748 | ) | |
| - | | |
| - | | |
| (14,847 | ) | |
| (325,864 | ) |
Exchange differences | |
| (48,443 | ) | |
| (90,705 | ) | |
| (101,287 | ) | |
| (275,519 | ) | |
| - | | |
| (30,774 | ) | |
| (77,779 | ) | |
| (624,507 | ) |
As June 30, 2023 (Unaudited) | |
| 2,469,607 | | |
| 4,581,992 | | |
| 4,831,077 | | |
| 13,433,351 | | |
| - | | |
| 1,402,456 | | |
| 3,483,174 | | |
| 30,201,657 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At December 31, 2023 | |
$ | 2,605,039 | | |
$ | 4,761,599 | | |
$ | 5,015,520 | | |
$ | 13,880,678 | | |
$ | - | | |
$ | 1,680,593 | | |
$ | 3,954,153 | | |
$ | 31,897,582 | |
Depreciation charged for the period | |
| 48,918 | | |
| 28,323 | | |
| 64,202 | | |
| 175,152 | | |
| - | | |
| 209,611 | | |
| - | | |
| 526,206 | |
Disposals | |
| (955,747 | ) | |
| - | | |
| (1,072,429 | ) | |
| (276,081 | ) | |
| - | | |
| - | | |
| (9,900 | ) | |
| (2,314,157 | ) |
Exchange differences | |
| (174,655 | ) | |
| (345,427 | ) | |
| (340,421 | ) | |
| (998,055 | ) | |
| - | | |
| (124,702 | ) | |
| (126,900 | ) | |
| (2,110,160 | ) |
As June 30, 2024 (Unaudited) | |
| 1,523,555 | | |
| 4,444,495 | | |
| 3,666,872 | | |
| 12,781,694 | | |
| - | | |
| 1,765,502 | | |
| 3,817,353 | | |
| 27,999,471 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net book value | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At June 30, 2023 (Unaudited) | |
$ | 511,966 | | |
$ | 86,313 | | |
$ | 374,476 | | |
$ | 1,684,929 | | |
$ | 32,570 | | |
$ | 1,132,130 | | |
$ | 2,196,024 | | |
$ | 6,018,408 | |
At June 30, 2024 (Unaudited) | |
$ | 389,606 | | |
$ | 58,741 | | |
$ | 250,771 | | |
$ | 1,408,891 | | |
$ | 31,165 | | |
$ | 1,141,296 | | |
$ | - | | |
$ | 3,280,470 | |
Depreciation expense related to property,
plant and equipment was $526,206 and $1,057,117, respectively for the six months ended June 30, 2024 and 2023.
For the six months ended June 30, 2024
and 2023, the Company recorded an impairment loss on robots’ assets of $nil and $1,591,766, respectively.
As of June 30, 2024 and 2023, net book
value of robot assets was approximately $nil and $695,000, respectively and these robots were leased out to third parties and the robots’
assets were held and used by the lessee.
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v3.24.3
Right-of-Use Assets and Operating Lease Liabilities
|
6 Months Ended |
Jun. 30, 2024 |
Right-Of-Use Assets And Operating Lease Liabilties [Abstract] |
|
RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES |
10. |
RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES |
The right-of-use assets movement for the six months
ended June 30, 2024 and 2023 and the carrying amounts are as below:
| |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Balance at January 1, | |
$ | 2,688,208 | | |
$ | 4,171,409 | |
New leases | |
| 1,003,988 | | |
| 271,004 | |
Termination of a lease | |
| (112,912 | ) | |
| - | |
Depreciation expense | |
| (816,084 | ) | |
| (1,042,981 | ) |
Exchange difference | |
| (174,660 | ) | |
| (75,562 | ) |
Net book amount | |
$ | 2,588,540 | | |
$ | 3,323,870 | |
The total operating lease liabilities are as below:
| |
As of
June 30,
2024 | | |
As of
December 31,
2023 | |
Current portion | |
$ | 1,457,783 | | |
$ | 1,239,066 | |
Non-current portion | |
| 1,124,195 | | |
| 1,455,857 | |
Operating lease liabilities | |
$ | 2,581,978 | | |
$ | 2,694,923 | |
Lease liabilities were measured at the
present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate. The weighted average incremental
borrowing rate applied to new leases during the six months ended June 30, 2024 was 5.37%. The weighted average incremental borrowing rate
applied to new leases during the six months ended June 30, 2023 was 3.52%.
For the six months ended June 30, 2024
and 2023, interest expense of $58,248 and $58,602 arising from lease liabilities was included in finance costs, respectively. Depreciation
expense related to right-of-use assets was $816,084 and $1,026,316, respectively for the six months ended June 30, 2024 and 2023.
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v3.24.3
Intangible Assets
|
6 Months Ended |
Jun. 30, 2024 |
Intangible Assets [Abstract] |
|
INTANGIBLE ASSETS |
| |
Computer software | | |
Right-of-use Platform | | |
Customer base | | |
Technical know-how | | |
Security Surveillance system | | |
Intelligent Cloud Platforms | | |
Assets under
construction -Cash Management Systems | | |
Total | |
Cost | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
At December 31, 2022 | |
$ | 887,745 | | |
$ | 673,029 | | |
$ | 1,042,110 | | |
$ | 499,344 | | |
$ | 1,360,898 | | |
$ | 3,000,000 | | |
$ | 194,495 | | |
$ | 7,657,621 | |
Additions | |
| - | | |
| - | | |
| - | | |
| - | | |
| 195,087 | | |
| 1,597,754 | | |
| - | | |
| 1,792,841 | |
Exchange differences | |
| (17,419 | ) | |
| (31,974 | ) | |
| (49,509 | ) | |
| (23,723 | ) | |
| (306,604 | ) | |
| - | | |
| (3,816 | ) | |
| (433,045 | ) |
At June 30, 2023 (Unaudited) | |
| 870,326 | | |
| 641,055 | | |
| 992,601 | | |
| 475,621 | | |
| 1,249,381 | | |
| 4,597,754 | | |
| 190,679 | | |
| 9,017,417 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At December 31, 2023 | |
$ | 919,222 | | |
$ | 114,659 | | |
$ | 829,560 | | |
$ | 486,112 | | |
$ | 1,524,224 | | |
$ | 1,604,580 | | |
$ | 194,082 | | |
$ | 5,672,439 | |
Additions | |
| 115,164 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 115,164 | |
Exchange differences | |
| (67,805 | ) | |
| (2,687 | ) | |
| (19,440 | ) | |
| (11,392 | ) | |
| (35,720 | ) | |
| (3,095 | ) | |
| (14,063 | ) | |
| (154,202 | ) |
At June 30, 2024 (Unaudited) | |
| 966,581 | | |
| 111,972 | | |
| 810,120 | | |
| 474,720 | | |
| 1,488,504 | | |
| 1,601,485 | | |
| 180,019 | | |
| 5,633,401 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Accumulated amortization | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At December 31, 2022 | |
$ | 767,168 | | |
$ | 50,477 | | |
$ | 405,868 | | |
$ | 28,405 | | |
$ | 612,560 | | |
$ | - | | |
$ | - | | |
$ | 1,864,478 | |
Amortization charged for the period | |
| 26,139 | | |
| 33,582 | | |
| 201,013 | | |
| 28,346 | | |
| 63,817 | | |
| 182,671 | | |
| - | | |
| 535,568 | |
Exchange differences | |
| (15,908 | ) | |
| (3,927 | ) | |
| (28,438 | ) | |
| (2,641 | ) | |
| (286,182 | ) | |
| - | | |
| - | | |
| (337,096 | ) |
As June 30, 2023 (Unaudited) | |
| 777,399 | | |
| 80,132 | | |
| 578,443 | | |
| 54,110 | | |
| 390,195 | | |
| 182,671 | | |
| - | | |
| 2,062,950 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At December 31, 2023 | |
$ | 830,600 | | |
$ | 114,659 | | |
$ | 706,271 | | |
$ | 82,956 | | |
$ | 699,123 | | |
$ | 402,580 | | |
$ | - | | |
$ | 2,836,189 | |
Amortization charged for the period | |
| 28,236 | | |
| - | | |
| 40,430 | | |
| 27,204 | | |
| 52,152 | | |
| 66,610 | | |
| - | | |
| 214,632 | |
Exchange differences | |
| (60,535 | ) | |
| (2,687 | ) | |
| (16,848 | ) | |
| (2,144 | ) | |
| (16,766 | ) | |
| (3,095 | ) | |
| - | | |
| (102,075 | ) |
As June 30, 2024 (Unaudited) | |
| 798,301 | | |
| 111,972 | | |
| 729,853 | | |
| 108,016 | | |
| 734,509 | | |
| 466,095 | | |
| - | | |
| 2,948,746 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net book value | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At June 30, 2023 (Unaudited) | |
$ | 92,927 | | |
$ | 560,923 | | |
$ | 414,158 | | |
$ | 421,511 | | |
$ | 859,186 | | |
$ | 4,415,083 | | |
$ | 190,679 | | |
$ | 6,954,467 | |
At June 30, 2024 (Unaudited) | |
$ | 168,280 | | |
$ | - | | |
$ | 80,267 | | |
$ | 366,704 | | |
$ | 753,995 | | |
$ | 1,135,390 | | |
$ | 180,019 | | |
$ | 2,684,655 | |
Amortization expense related to intangible
assets was $214,632 and $535,568, respectively for the six months ended June 30, 2024 and 2023.
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v3.24.3
Trade and Other Payables and Other Current Liabilities
|
6 Months Ended |
Jun. 30, 2024 |
Trade and Other Payables and Other Current Liabilities [Abstract] |
|
TRADE AND OTHER PAYABLES AND OTHER CURRENT LIABILITIES |
12. |
TRADE AND OTHER PAYABLES AND OTHER CURRENT LIABILITIES |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Trade payables – third parties | |
$ | 2,553,826 | | |
$ | 2,113,401 | |
Accrued salaries and bonus | |
| 369,275 | | |
| 603,112 | |
Other payables, accrued customer claims, cash loss and shortage* | |
| 124,433 | | |
| 300,337 | |
Trade and other payables | |
$ | 3,047,534 | | |
$ | 3,016,850 | |
| |
| | | |
| | |
Output VAT and other taxes payable | |
$ | - | | |
$ | 100,166 | |
Accrued expenses | |
| 525,467 | | |
| 639,556 | |
Payroll payable | |
| 715,467 | | |
| 925,142 | |
Provision for stock-based compensation expense** | |
| - | | |
| 830,000 | |
Other payables | |
| 487,172 | | |
| 419,964 | |
Deferred revenue | |
| 36,530 | | |
| 256,815 | |
Other current liabilities | |
$ | 1,764,636 | | |
$ | 3,171,643 | |
* | Includes a provision for penalty for failure
to meet certain performance indicators as stipulated in certain customer contracts for approximately $5,462 and $7,108 as of June 30,
2024 and 2023, respectively. | | | ** | During the year ended December 31, 2023, provision was made upon the management decision to grant restricted shares to officers and certain employees based on their performance in 2023 under the Company’s 2022 Equity Incentive Plan. 288,000 shares were granted to officers and certain employees on May 7, 2024 to settle such provision balance (Note 18). |
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v3.24.3
Borrowings
|
6 Months Ended |
Jun. 30, 2024 |
Borrowings [Abstract] |
|
BORROWINGS |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Short-term bank borrowing | |
$ | 55,040 | | |
$ | 140,902 | |
Current portion of long-term bank borrowings | |
| 132,248 | | |
| 196,339 | |
Long-term bank borrowings | |
| - | | |
| 44,410 | |
Total borrowings | |
$ | 187,288 | | |
$ | 381,651 | |
The Company maintains two borrowings
with two financial institutions. The borrowings are used for working capital purposes to support its business operations in China and
Thailand. Those borrowings carry interest at the rates of 4.69% and 3.77% per annum with maturity dates of April 7, 2025 and September
25, 2024. For the six months ended June 30, 2024 and 2023, the interest expense recorded for bank borrowings was $10,002 and $33,394,
respectively.
As of June 30, 2024, the Company has
no unused bank overdraft availability and no unused trust receipts availability.
Prior to entering into a loan conversion
agreement with WK Venture on September 28, 2023 to discharge the entire loan amount and accrued unpaid interest, as of June 30, 2023,
the Company maintained a loan in the principal amount of $13.42 million with WK Venture which bears interest at 4% and is due on December
31, 2024. For the six months ended June 30, 2024 and 2023, interest expense recorded for this third-party borrowing was $nil and $411,270.
|
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v3.24.3
Convertible Note Payable
|
6 Months Ended |
Jun. 30, 2024 |
Convertible Note Payable [Abstract] |
|
CONVERTIBLE NOTE PAYABLE |
14. |
CONVERTIBLE NOTE PAYABLE |
On October 25, 2022, the Company issued Streeterville Capital, LLC
(“CVP”) an unsecured convertible promissory note in the principal amount of $1,707,500 (the “Note”). Prior to
the Company’s full settlement on the outstanding convertible note payable with CVP on October 25, 2023, on April 17, 2023, CVP delivered
to the Company a conversion notice informing the Company that CVP has elected to convert a portion of the balances $1,238,400 at the conversion
price pf $7.20. Upon this conversion, the Company issued 172,000 restricted ordinary shares to CVP on April 19, 2023. On October 25, 2023,
the Company paid $554,238 to CVP to fully settle the remaining Note balance.
For the six months ended June 30, 2024
and 2023, the interest expense recorded for the Note was $nil and $65,644.
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v3.24.3
Finance Lease Liabilities
|
6 Months Ended |
Jun. 30, 2024 |
Schedule of Operating Lease Liabilities [Abstract] |
|
FINANCE LEASE LIABILITIES |
15. |
FINANCE LEASE LIABILITIES |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Current portion | |
$ | 53,055 | | |
$ | 108,597 | |
Non-current portion | |
| 203,127 | | |
| 218,996 | |
Finance lease liabilities | |
$ | 256,182 | | |
$ | 327,593 | |
For the six months ended June 30, 2024
and 2023, interest expense was $8,954 and $15,987, respectively.
The minimum lease payments under finance
lease agreements are as follows:
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Within 1 year | |
$ | 60,407 | | |
$ | 126,042 | |
After 1 year but within 5 years | |
| 219,171 | | |
| 236,293 | |
Less: Finance charges | |
| (23,396 | ) | |
| (34,742 | ) |
Present value of finance lease liabilities, net | |
$ | 256,182 | | |
$ | 327,593 | |
Finance lease assets comprise primarily
vehicles and office equipment as follow:
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Cost | |
$ | 673,722 | | |
$ | 655,371 | |
Less: Accumulated depreciation | |
| (227,152 | ) | |
| (215,038 | ) |
Net book value | |
$ | 446,570 | | |
$ | 440,333 | |
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v3.24.3
Taxation
|
6 Months Ended |
Jun. 30, 2024 |
Taxation [Abstract] |
|
TAXATION |
Value added tax (“VAT”)
GF Cash (CIT) and AI R&I are subsidiaries
operating in Thailand, which are subject to a statutory VAT of 7% for services in Thailand. Shenzhen GFAI, Guangzhou GFAI, InnoAI and
Beijing Wanjia are the subsidiaries operating in the PRC, which are subject to a statutory VAT of 13% for goods delivered and rental provided,
6% for services provided and 9% for construction projects in the PRC. The output VAT is charged to customers who receive services from
the Company and the input VAT is paid when the Company purchases goods and services from its vendors. The input VAT can be offset against
the output VAT. The VAT payable is presented on the balance sheets when input VAT is less than the output VAT. A recoverable balance is
presented on the balance sheets when input VAT is larger than the output VAT.
Income tax
Current income tax is provided on the
basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for
income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income tax is accounted for using
an asset and liability method. Under this method, deferred income tax is recognized for the tax consequences of temporary differences
by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the
tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed to that asset or liability
for tax purposes. The effect on deferred tax of a change in tax rates is recognized in the consolidated statements of profit or loss in
the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than
not that some portion of, or all of the deferred tax assets will not be realized.
The Company offsets deferred tax assets
and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities
and the deferred tax assets and deferred tax liabilities relate to income tax levied by the same taxation authority on either the same
taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize
the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or
assets are expected to be settled or recovered. During the six months ended June 30, 2024 and 2023, the Company made a valuation allowance
of $22,949 and $874,431 on the portion of deferred tax assets not expected to be realized.
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v3.24.3
Provision for Employee Benefits
|
6 Months Ended |
Jun. 30, 2024 |
Provision for Employee Benefits [Abstract] |
|
PROVISION FOR EMPLOYEE BENEFITS |
17. |
PROVISION FOR EMPLOYEE BENEFITS |
The Company maintains two retired benefit
plans. Both plans are based on the requirements of the Thailand Labor Protection Act B.E.2541 (1988) to provide retirement benefits to
employees based on pensionable remuneration and length of service which are considered as unfunded. The plan asset is unfunded and the
Company will pay benefits when needed.
Movement for the defined benefit obligations for
the six months ended June 30, 2024 and 2023:
| |
Provision for employee benefits | |
| |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Defined benefit obligations at January 1, | |
$ | 4,935,982 | | |
$ | 4,849,614 | |
Estimate for the six months period* | |
| (344,427 | ) | |
| (74,552 | ) |
Defined benefit obligations at June 30, | |
$ | 4,591,555 | | |
$ | 4,775,062 | |
| * | The estimate represents the difference between the Company’s
estimated defined benefit obligations based on employees’ past service and expected future salary at the beginning of the fiscal
year and the end of the six-month period. |
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v3.24.3
Shareholders’ Equity
|
6 Months Ended |
Jun. 30, 2024 |
Shareholders’ Equity [Abstract] |
|
SHAREHOLDERS’ EQUITY |
Equity transactions during the six months
ended June 30, 2023:
On January 31, 2023, the Company completed
a 1 for 40 share consolidation of its authorized and issued ordinary shares whereby every forty shares were consolidated into one share.
In addition, the par value of each ordinary share increased from $0.003 to $0.12. Immediately following the completion of the share consolidation,
the Company increased its authorized ordinary shares from 7,500,000 ordinary shares to 300,000,000 ordinary shares. All shares disclosed
in these condensed consolidated financial statement represent post-consolidation number of shares.
On February 17, 2023, a total of 2,339
fractional shares were canceled as a result of the share consolidation.
In connection with the restricted ordinary
shares issued on June 16, 2022 as a deposit to acquire 100% of the equity interests in seven Kewei Group companies and such acquisition
was terminated on September 13, 2022 , on February 13, 2023, a total of 243,000 shares were returned and cancelled.
In connection with an asset purchase
agreement entered between the Company and Shenzhen Kewei Robot Technology Co., Limited (“Shenzhen Kewei”) on December
21, 2022 to purchase certain of Shenzhen Kewei’s robot-related business assets in China (Note 1), on March 1, 2023, a total of 262,500
restricted ordinary shares were issued to the shareholders of Shenzhen Kewei.
In connection with the conversion of
the convertible note with Streeterville Capital, LLC (“CVP”) (Note 14), the Company issued 172,000 restricted ordinary shares
to CVP on April 19, 2023.
A total of 128,901 warrants were exercised
during the six months ended June 30, 2023. As of June 30, 2023, we have an aggregate of 2,013,759 warrants issued and outstanding. On
March 8, 2023, the Company issued a Notice regarding Adjustment of Exercise Price (for Public Warrants) after share consolidation to the
Company’s public warrant holders. As a result of the share consolidation, the exercise price under the public warrant was proportionately
increased from $0.16 to $6.40, the exercise price under the private warrant was proportionately increased from $0.18 to $7.20. If any
holder exercises one warrant, one-40th (1/40) ordinary share will be received in cash (by Cash in Lieu), holders must exercise at
least 40 warrants to receive 1 ordinary share.
On May 5, 2023, the Company completed
an underwritten public offering (“CMPO 1”) to issue 1,720,430 ordinary shares and an additional 258,064 ordinary shares for
the exercise of an over-allotment option at the time of the closing at a public offering price of $4.65 per share for aggregate gross
proceeds of approximately $9.2 million. On May 12, 2023, the Company completed another underwritten public offering (“CMPO 2”)
to issue 2,580,600 ordinary shares and an additional 387,090 ordinary shares for the exercise of an over-allotment option at the time
of the closing at a public offering price of $4.65 per share for aggregate gross proceeds of approximately $13.8 million.
Equity transactions during the six months
ended June 30, 2024: The Company completed the separation
with Handshake that the returning 1,091 restricted ordinary shares which were canceled on March 4, 2024 (Note 23).
On March 6, 2024, the Company issued
an aggregate number of 120,000 restricted ordinary shares to three independent directors on the Board of Directors, representing 60,000
restricted ordinary shares for their service performed in 2023 and 60,000 restricted ordinary shares for their service to be performed
in 2024. The fair value for the 60,000 restricted ordinary shares for 2024 full-year service was $155,400. The Company recorded stock-based
compensation expense of $77,700 for the six months ended June 30, 2024 and a prepayments for independent directors’ fee of $77,700
as of June 30, 2024 (Note 12).
On May 7, 2024, the Company issued an
aggregate number of 288,000 restricted ordinary shares to officers and certain employees for their service performed in 2023. Fair value
for the 288,000 restricted ordinary shares for 2023 full-year service was $924,955. As of December 31, 2023, the Company made a provision
for the stock-based compensation of $830,000. For the six months ended June 30, 2024, the Company recorded the under-provided amount of
$94,955.
Equity transactions subsequent to June
30, 2024:
From July 1, 2024 through the date of
the release of these condensed consolidated financial statements, the Company issued a total of 1,628,368 ordinary shares to various investors
through an “At the Market Offering” (“the ATM Offering”) for aggregate gross proceeds of $2,593,842.
|
X |
- DefinitionThe entire disclosure for share capital, reserves and other equity interest.
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v3.24.3
Selling, Distribution and Administrative Expenses
|
6 Months Ended |
Jun. 30, 2024 |
Selling, Distribution and Administrative Expenses [Abstract] |
|
SELLING, DISTRIBUTION AND ADMINISTRATIVE EXPENSES |
19. |
SELLING, DISTRIBUTION AND ADMINISTRATIVE EXPENSES |
| |
For the six months ended June 30, | |
| |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Staff expense | |
$ | 3,141,756 | | |
$ | 3,602,127 | |
Rental expense | |
| 173,246 | | |
| 345,026 | |
Depreciation and amortization expense | |
| 452,299 | | |
| 1,251,359 | |
Utilities expense | |
| 34,783 | | |
| 53,015 | |
Travelling and entertainment expense | |
| 170,596 | | |
| 135,186 | |
Marketing expense | |
| 187,858 | | |
| 150,203 | |
Professional fees | |
| 582,489 | | |
| 774,553 | |
Repairs and maintenance | |
| 26,280 | | |
| 35,298 | |
Employee benefits | |
| 38,741 | | |
| 29,316 | |
Research and development expense | |
| 106,835 | | |
| 95,322 | |
Other expenses** | |
| 52,407 | | |
| 212,445 | |
| |
$ | 4,967,290 | | |
$ | 6,683,850 | |
| ** | Other
expenses mainly comprised of office expenses, stamp duties, training costs, transportation costs for robots, etc. |
|
X |
- DefinitionThe disclosure of general and administrative expenses. [Refer: Administrative expenses]
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2024-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard -URIDate 2024-03-27
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v3.24.3
Legal Reserve
|
6 Months Ended |
Jun. 30, 2024 |
Legal Reserve [Abstract] |
|
LEGAL RESERVE |
Thailand
Under the provisions of the Civil and
Commercial Code, GF Cash (CIT) is required to set aside as a legal reserve at least 5% of the profits arising from the business of the
Company at each dividend distribution until the reserve is at least 10% of the registered share capital. The legal reserve is non-distributable.
The Company’s reserve has met the legal reserve requirement of $223,500 as of June 30, 2024 and December 31, 2023.
The
PRC
Pursuant to
the laws applicable to the PRC’s Foreign Investment Enterprises, the Company must make appropriations from after-tax profit to non-distributable
reserve funds. Subject to certain cumulative limits, the general reserve requires annual appropriations of 10% of after-tax profits as
determined under the PRC laws and regulations at each year-end until the balance reaches 50% of the PRC entity registered capital; the
other reserve appropriations are at the Company’s discretion. These reserves can only be used for specific purposes of enterprise
expansion and are not distributable as cash dividends. For the six months ended June 30, 2024 and 2023, the Company did not accrue any
legal reserve.
|
X |
- DefinitionThe disclosure of reserves within equity. [Refer: Other reserves [member]]
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v3.24.3
Related Party Transactions
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
21. |
RELATED PARTY TRANSACTIONS |
The principal related party balances
as of June 30, 2024 and December 31, 2023 are as follows:
Amounts due from related parties:
| |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
| |
(Unaudited) | | |
| |
Guardforce TH Group Company Limited | |
(a) | |
$ | 2,506 | | |
$ | 1,804 | |
Shareholders’ of Shenzhen Kewei Robot Technology Co., Limited and its subsidiaries | |
(b) | |
| - | | |
| 2,160,000 | |
CSF Mingda Technology Co., Ltd. | |
(a) | |
| 10,580 | | |
| 10,834 | |
| |
| |
$ | 13,086 | | |
$ | 2,172,638 | |
(a) | Amounts due from these related parties represent business advances for operational purposes. |
(b) | Amount due from shareholders’ of Shenzhen Kewei Robot Technology Co., Limited and its subsidiaries was settled upon offsetting certain amounts due to related parties pursuant to a settlement plan with Tu Jingyi (“Mr. Tu”) dated March 22, 2024. |
Amounts due to related parties:
| |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
| |
(Unaudited) | | |
| |
Tu Jingyi | |
(a) | |
$ | - | | |
$ | 152,725 | |
Guardforce Holdings (HK) Limited | |
(a) | |
| - | | |
| 43,337 | |
Guardforce Security (Thailand) Company Limited | |
(b) | |
| 139,287 | | |
| 74,429 | |
Shenzhen Kewei Robot Technology Co., Limited and its subsidiaries | |
(c) | |
| - | | |
| 2,528,916 | |
Shenzhen Zhongzhi Yonghao Robot Co., Ltd. | |
(c) | |
| - | | |
| 63,718 | |
Guardforce Security Service (Shanghai) Co., Ltd. | |
(c) | |
| - | | |
| 35,225 | |
Guardforce Aviation Security Company Limited | |
(b) | |
| 270 | | |
| 156 | |
| |
| |
$ | 139,557 | | |
$ | 2,898,506 | |
(a) | Amounts due to Tu Jingyi and Guardforce Holdings (HK) Limited represents accrued interest on loans. Pursuant to a settlement plan with Tu Jingyi (“Mr. Tu”) dated March 22, 2024, the Company had fully paid off these balances in cash on May 3, 2024. |
(b) | Amounts due to related parties represent business advances for operational purposes. | | | (c) | Amounts due to these related parties were settled upon offsetting the amount due from shareholders’ of Shenzhen Kewei Robot Technology Co., Limited and its subsidiaries pursuant to a settlement plan with Tu Jingyi (“Mr. Tu”) dated March 22, 2024. | Short-term borrowings from related parties:
| |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
| |
(Unaudited) | | |
| |
Guardforce Holdings (HK) Limited | |
(a) | |
$ | - | | |
$ | 1,666,846 | |
Tu Jingyi | |
(b) | |
| - | | |
| 1,437,303 | |
| |
| |
$ | - | | |
$ | 3,104,149 | |
(a) | On
April 17, 2020, the Company borrowed $2,735,000 from Guardforce Holdings (HK) Limited. As of December 31, 2023, the outstanding principal
amount of this loan was $1,666,846. The loan is unsecured with an interest rate at 2%. Pursuant to a settlement plan with Tu Jingyi (“Mr.
Tu”) dated March 22, 2024, the Company had fully paid off this balance in cash on May 3, 2024. |
(b) |
On
September 1, 2018, the Company entered into an agreement with Tu Jingyi whereby Tu Jingyi loaned $1,437,303 (RMB10 million) to the Company.
The loan is unsecured with an interest rate at 1.5%. Pursuant to a settlement plan with Tu Jingyi (“Mr. Tu”) dated March
22, 2024, the Company had fully paid off this balance in cash on May 3, 2024. For the six months ended June 30, 2024 and 2023, interest expense recorded for borrowings from related parties was $4,575 and $39,949, respectively. |
The principal related party
transactions for the six months ended June 30, 2024 and 2023 are as follows:
Related party transactions:
| |
| |
For the six months ended June 30, | |
Nature | |
| |
2024 | | |
2023 | |
| |
| |
(Unaudited) | | |
(Unaudited) | |
Service/ Products received from related parties: | |
| |
| | |
| |
Guardforce Security (Thailand) Company Limited | |
(a) | |
$ | 431,193 | | |
$ | 68,897 | |
Guardforce Aviation Security Company Limited | |
(b) | |
| 925 | | |
| 600 | |
Shenzhen Kewei Robot Technology Co., Limited | |
(c) | |
| - | | |
| 141,569 | |
| |
| |
$ | 432,118 | | |
$ | 211,066 | |
| |
| |
| | | |
| | |
Service/ Products delivered to related parties: | |
| |
| | | |
| | |
Shenzhen Kewei Robot Technology Co., Limited | |
(d) | |
$ | 4,652 | | |
$ | - | |
Nature of transactions:
(a) | Guardforce
Security (Thailand) Company Limited provided security guard services to the Company; |
(b) | Guardforce
Aviation Security Company Limited provided escort services to the Company; |
(c) | During
the six months ended June 30, 2023, the Company purchased 207 robots amounting to $229,162 through an asset purchase agreement and $50,927
through placing standard purchase orders. 124 robots amounting to $138,520 were returned by the Company. During the six months ended
June 30, 2024, the Company did not make purchases from Shenzhen Kewei Robot Technology Co., Ltd. |
(d) | The
Company rented robots to Shenzhen Kewei Robot Technology Co., Limited. |
|
v3.24.3
Consolidated Segment Data
|
6 Months Ended |
Jun. 30, 2024 |
Consolidated Segment Data [Abstract] |
|
CONSOLIDATED SEGMENT DATA |
22. |
CONSOLIDATED SEGMENT DATA |
Selected information by segment is presented in the following
tables for the six months ended June 30, 2024 and 2023:
| |
For the six months ended June 30, | |
Revenues(1) | |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Secured logistics | |
$ | 15,761,944 | | |
$ | 15,943,156 | |
AI&Robotics solution | |
| 131,142 | | |
| 440,229 | |
General security solutions | |
| 1,673,758 | | |
| 1,622,218 | |
| |
$ | 17,566,844 | | |
$ | 18,005,603 | |
(1) | Revenue excludes intercompany sales. |
| |
For the six months ended June 30, | |
Operating loss | |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Secured logistics | |
$ | 770,737 | | |
$ | (1,101,369 | ) |
AI&Robotics solution | |
| (894,556 | ) | |
| (8,320,982 | ) |
General security solutions | |
| (109,979 | ) | |
| (542,569 | ) |
Corporate and others (1) | |
| (1,848,064 | ) | |
| (1,936,908 | ) |
Operating profit (loss) from continuing operations | |
| (2,081,862 | ) | |
| (11,901,828 | ) |
Total other income from four segments | |
| 312,342 | | |
| 77,665 | |
Foreign exchange losses (gain), net: | |
| | | |
| | |
- Secured logistics | |
| (1,544 | ) | |
| (598,053 | ) |
- AI&Robotics solution | |
| (30,030 | ) | |
| 13,150 | |
- Corporate and others | |
| (17,467 | ) | |
| 810 | |
Finance costs: | |
| | | |
| | |
- Secured logistics | |
| (56,727 | ) | |
| (423,440 | ) |
- AI&Robotics solution | |
| (17,427 | ) | |
| - | |
- General security solutions | |
| (2,430 | ) | |
| - | |
- Corporate and others | |
| (4,950 | ) | |
| (154,868 | ) |
Loss before income tax from continuing operations | |
| (1,900,095 | ) | |
| (12,986,564 | ) |
Provision for income tax benefit (expense) | |
| 22,949 | | |
| (874,431 | ) |
Net loss for the period from continuing operations | |
| (1,877,146 | ) | |
| (13,860,995 | ) |
Net loss for the period from discontinued operations – Information security segment | |
| 38,719 | | |
| 11,562 | |
Net loss for the period | |
| (1,838,427 | ) | |
| (13,849,433 | ) |
Less: net profit (loss) attributable to the non-controlling interest | |
| 9,167 | | |
| (30,214 | ) |
Net loss attributable to equity holders of the Company | |
$ | (1,847,594 | ) | |
$ | (13,819,219 | ) |
(1) | Includes impairment of goodwill on acquired subsidiaries, non-cash compensation, legal and professional fees and consultancy fees for the Company. | Depreciation and amortization by segment for six
months ended June 30, 2024 and 2023 are as follows:
| |
For the six months ended June 30, | |
Depreciation and amortization: | |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Secured logistics | |
$ | 1,258,825 | | |
$ | 1,570,069 | |
AI&Robotics solution | |
| 173,368 | | |
| 924,219 | |
General security solutions | |
| 124,729 | | |
| 124,713 | |
| |
$ | 1,556,922 | | |
$ | 2,619,001 | |
Total assets by segment as of June 30, 2024 and
December 31, 2023 are as follows:
Total assets | |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Secured logistics | |
$ | 20,897,829 | | |
$ | 21,613,383 | |
Information security | |
| - | | |
| 201,963 | * |
AI&Robotics solution | |
| 2,296,023 | | |
| 3,127,857 | |
General security solutions | |
| 3,697,691 | | |
| 2,836,403 | |
Corporate and others | |
| 9,292,435 | | |
| 18,035,342 | |
| |
$ | 36,183,978 | | |
$ | 45,814,948 | |
* | As of December 31, 2023, the total assets for information security segment were presented as assets held for sale on the consolidated balance sheets. |
Total non-current assets by geographical segment
as of June 30, 2024 and December 31, 2023 are as follows:
Total non-current assets | |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
The PRC (including Hong Kong and Macau) | |
$ | 3,471,387 | | |
$ | 3,289,170 | |
Thailand | |
| 9,979,287 | | |
| 10,472,012 | |
Other countries | |
| 15,861 | | |
| 933,174 | |
| |
$ | 13,466,535 | | |
$ | 14,694,356 | |
|
X |
- DefinitionThe entire disclosure for operating segments.
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v3.24.3
Disposal of a Subsidiary
|
6 Months Ended |
Jun. 30, 2024 |
Disposal of a Subsidiary [Abstract] |
|
DISPOSAL OF A SUBSIDIARY |
23. |
DISPOSAL OF A SUBSIDIARY |
On February 6, 2024, the Company completed
the disposal of its 51% equity interest in Handshake. The Company recorded a gain on disposal of $3,607 for the six months ended June
30, 2024. This disposal was classified as a discontinued operation. The business of Handshake represented the entirety of the Company’s
information security segment through the disposal date, which is excluded from the Company’s segment reporting.
|
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- DefinitionThe disclosure of subsidiaries. [Refer: Total for all subsidiaries [member]]
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v3.24.3
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
24. |
COMMITMENTS AND CONTINGENCIES |
Executives/directors agreements
The Company has several employment agreements
with executives and directors with the latest expiring in May 2027. All agreements provide for automatic renewal options with varying
terms of one year or three years unless terminated by either party. Future payments for employment agreements as of June 30, 2024, are
as follows:
| |
Amount | |
Twelve months ending June 30: | |
| |
2025 | |
$ | 1,135,957 | |
2026 | |
| 254,167 | |
2027 | |
| 183,333 | |
Total minimum payment required | |
$ | 1,573,457 | |
Contracted expenditure commitments
The Company’s contracted expenditures
commitments as of June 30, 2024 but not provided in the interim condensed consolidated financial statements are as follows:
| |
| |
Payments Due by Period | |
| |
| |
| | |
Less than | | |
1-3 | | |
4-5 | |
Contractual Obligations | |
Nature | |
Total | | |
1 year | | |
years | | |
years | |
Service fee commitments | |
(a) | |
$ | 250,946 | | |
$ | 215,716 | | |
$ | 35,230 | | |
$ | - | |
Operating lease commitments | |
(b) | |
| 2,690,062 | | |
| 1,671,619 | | |
| 946,402 | | |
| 72,041 | |
| |
| |
$ | 2,941,008 | | |
$ | 1,887,335 | | |
$ | 981,632 | | |
$ | 72,041 | |
(a) | The Company has engaged Stander Information Company Limited (“Stander”) to provide technical services relating to the cash management systems for the Company’s secure logistics business. The service agreement with Stander is comprised of a monthly fixed service fee and certain other fees as specified in the agreement, which will expire in August 2025. |
(b) | From time to time, the Company entered into various short-term lease agreements to rent warehouses and offices. In addition, the Company has various low value items with various lease terms that the Company is committed to pay in the future. |
Bank guarantees
As of June 30, 2024, the Company had
no commitments with banks for bank guarantees in favor of government agencies and others.
|
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v3.24.3
Subsequent Events
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
Numerous subsequent events disclosures
are being made elsewhere in these condensed consolidated financial statements. Subsequent events have been reviewed through the date of
filing and required no adjustments or disclosures.
|
X |
- DefinitionThe entire disclosure for events after the reporting period.
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v3.24.3
Accounting Policies, by Policy (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of presentation |
2.1 | Basis of presentation | The accompanying interim condensed consolidated
financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial
Reporting”. These statements should be read in conjunction with the audited consolidated financial statements for the years ended
December 31, 2023, 2022 and 2021, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”)
as issued by the International Accounting Standards Board (“IASB”). The interim condensed consolidated financial statements
have been prepared on a historical cost basis. In the opinion of management, all adjustments necessary for a fair presentation have
been included in the accompanying unaudited condensed consolidated financial statements. The results of operations for the six months
ended June 30, 2024 are not necessarily indicative of the results that may be expected for the full year ended December 31, 2024. All amounts are presented in United
States dollars (“USD”) and have been rounded to the nearest USD. In addition, the accompanying condensed
consolidated interim financial statements are presented on the basis that the Company is a going concern. The going concern assumption
contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
|
Basis of consolidation |
2.2 | Basis of consolidation | The consolidated statements of profit
or loss and other comprehensive loss, statements of changes in equity and statements of cash flows of the Company for the relevant periods
include the results and cash flows of all companies now comprising the Company from the earliest date presented or since the date when
the subsidiaries and/or businesses first came under the common control of the controlling shareholders, wherever the period is shorter. The interim condensed consolidated balance
sheet of the Company as of June 30, 2024 has been prepared to present the assets and liabilities of the subsidiaries under the historical
cost convention. Equity interests in subsidiaries held
by parties other than the controlling shareholders are presented as non-controlling interests in equity. All intra-group and inter-company transactions
and balances have been eliminated on consolidation.
|
Segment reporting |
IAS 14 Segment Reporting requires
reporting of financial information by business or geographical area. It requires disclosures for ‘primary’ and ‘secondary’
segment reporting formats, with the primary format based on whether the entity’s risks and returns are affected predominantly by
the products and services it produces or by the fact that it operates in different geographical areas. The entity’s reportable segments
are its business and geographical segments for which a majority of their revenue is earned from sales to external customers and for which:
|
● |
revenue from sales to external customers and from transactions with other segments is 10% or more of the total revenue, external and internal, of all segments; or |
|
● |
segment result, whether profit or loss, is 10% or more the combined result of all segments in profit or the combined result of all segments in loss, whichever is greater in absolute amount; or |
|
● |
assets are 10% or more of the total assets of all segments. |
Segments deemed too small for separate
reporting may be combined with each other, if related, but they may not be combined with other significant segments for which information
is reported internally. Alternatively, they may be separately reported. If neither combined nor separately reported, they must be included
as an unallocated reconciling item. Segment information is consistent with
how management reviews the businesses, makes investing and resource allocation decisions and assesses operating performance. Transfers
and sales between reportable segments, if any, are recorded at cost. The Company reports financial and operating
information in the following four segments and geographical segmental data as shown in Note 22:
|
(ii) |
AI&Robotics solution business; |
|
(iii) |
General security solutions; and |
|
(iv) |
Corporate and others |
The Corporate and others segment covers
the non-operating activities supporting the Company. It comprises the Company’s holdings and treasury organization, including its
headquarter and central functions. All listing related expenses are included in the Corporate and others segment. This segment is an administrative-operating
segment rather than a revenue-generating operating segment. The Company completed the divestiture
with Handshake on February 6, 2024. The business of Handshake represented the entirety of the Company’s information security operating
segment through February 6, 2024, which is excluded from the Company’s segment reporting.
|
Business combinations |
2.4 | Business combinations | The Company accounts for business combinations
using the acquisition method when control is transferred to the Company, other than those between and among entities under common control.
The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any
goodwill that arises is tested annually for impairment. Any gain on the bargain purchase is recognized in the statement of profit or loss
immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.
|
Critical accounting estimate and judgements |
2.5 | Critical accounting estimate and judgements | The preparation of the consolidated
financial statements.in conformity with IFRS requires management to make estimates and judgments that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting periods. Actual results could differ from these estimates. In preparing the interim condensed consolidated
financial statements, the significant judgments made by management in applying the Company’s accounting policies and the key sources
of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended December 31,
2023.
|
Foreign currency translation |
2.6 | Foreign currency translation | The presentational currency of the Company
is the USD. The functional currency of Guardforce, AI Holdings, AI Robots, Horizon Dragon, Southern Ambition, AI Robotics, AI US, AI Macau,
AI Singapore, AI Malaysia, AI Hong Kong, AI Thailand, GF Cash (CIT), AI R&I, InnoAI, AI Shenzhen, Shenzhen GFAI, Guangzhou GFAI and
Beijing Wanjia is the local currency where these companies operate. The functional currency of AI Korea, AI Australia, AI Canada, AI Vietnam,
AI Japan, and AI Dubai is USD. The currency exchange rates and the
entities that significantly impact our business are shown in the following table:
| |
Period End Rate | | |
Average Rate | |
| |
June 30, | | |
December 31, | | |
For the six months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Thai Baht (GF Cash (CIT), AI R&I) | |
| 0.0271 | | |
| 0.0292 | | |
| 0.0275 | | |
| 0.0293 | |
Hong Kong Dollar (AI Hong Kong) | |
| 0.1281 | | |
| 0.1282 | | |
| 0.1279 | | |
| 0.1282 | |
Chinese Renminbi (Beijing Wanjia) | |
| 0.1376 | | |
| 0.1409 | | |
| 0.1386 | | |
| 0.1444 | |
|
Financial risk management |
2.7 | Financial risk management |
2.7.1 |
Financial risk factors |
The Company’s activities expose
it to a variety of financial risks: foreign exchange risk, interest rate risk and liquidity risk. The Company’s overall risk management
program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company’s financial
performance. The interim condensed consolidated financial
statements do not include all financial risk management information and disclosures required in the audited financial statements and should
be read in conjunction with the Company’s audited consolidated financial statements as of December 31, 2023 and 2022. Prudent liquidity management implies
maintaining sufficient cash and cash equivalents and the availability of funding through an adequate amount of committed credit facilities. The Company’s primary cash requirements
are for operating expenses. The Company mainly finances its working capital requirements from cash generated from funds raised from the
public offerings, operations, proceeds from the exercise of warrants, bank borrowings and finance leases. The Company’s policy is to regularly
monitor current and expected liquidity requirements to ensure it maintains sufficient cash and cash equivalents and an adequate amount
of committed credit facilities to meet its liquidity requirements in the short and long term. At the reporting date, the contractual
undiscounted cash flows of the Company’s current financial liabilities approximate their respective carrying amounts due to their
short maturities.
2.7.3 |
Capital risk management |
The Company’s objectives on managing
capital are to safeguard the Company’s ability to continue as a going concern and support the sustainable growth of the Company
in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to enhance
shareholders’ value in the long term. In order to maintain or adjust the capital
structure, the Company may adjust the amount of dividends paid to shareholders, return of capital to shareholders, issue new shares or
sell assets to reduce debt. The COVID-19 pandemic has developed
since 2020, causing severe impact to the Company’s financial performance. Until the beginning of 2023, when governments of the countries
where the Company is operating lifted most of the social distancing measures and other restrictions, the Company’s business has
gradually recovered and the Company has resumed normal business operations in 2024.
|
Inventories |
Inventories solely consist of security
equipment and are stated at the lower of cost, determined on a weighted average basis, or net realizable value (Note 5). Net realizable
value is the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated costs
necessary to make the sale. When inventory is sold, their carrying amount is charged to expense in the period in which the revenue is
recognized. Write-downs for declines in net realizable value or for losses of inventories are recognized as an expense in the period the
impairment or loss occurs. The Company recorded an allowance for slow-moving or obsolete robots’ inventories of $nil and $3,090,283
for the six months ended June 30, 2024 and 2023, respectively. During the six months ended June 30,
2024, no inventories were purchased from related parties. And during the six months ended June 30, 2023, all inventories were purchased
from the related parties (Note 21).
|
Related parties |
Parties are considered to be related
if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party
in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant
influence, such as a family member or relative, shareholder, or a related corporation. The Company recognizes the contractual
right to receive money or products from related parties as amounts due from related parties. For those that the contractual maturity date
is less than one year, the Company records as current assets.
|
Assets under construction |
2.10 | Assets under construction | Assets under construction are stated
at cost less impairment losses, if any. Cost comprises direct costs of construction as well as interest expense and exchange differences
capitalized during the periods of construction and installation. Capitalization of these costs ceases and the construction in progress
is transferred to property, plant and equipment when substantially all the activities necessary to prepare the assets for their intended
use are completed. No depreciation is provided for assets under construction until they are completed and ready for intended use.
|
Goodwill |
Following initial recognition, goodwill
is stated at cost less any accumulated impairment losses. Goodwill is reviewed for impairment annually or more frequently if events or
changes in circumstances indicate that the carrying value may be impaired. At the acquisition date, any goodwill
acquired is allocated to the cash-generating units (CGU) which are expected to benefit from the combination’s synergies. Impairment
is determined by assessing the recoverable amount of the CGU to which the goodwill related. Where the recoverable amount of the CGU is
less than the carrying amount, an impairment loss is recognized. Where goodwill forms part of a CGU and part of the operation within that
unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining
the gain or loss on disposal of the operation. Goodwill disposed of In these circumstances is measured on the basis of the relative values
of the operation disposed of and the portion of the CGU retained. The Company recorded impairment loss
of $30,467 and $1,263,040 for the six months ended June 30, 2024 and 2023, respectively.
|
Impairment of long-lived assets |
2.12 | Impairment of long-lived assets | At the end of each reporting period,
the Company reviews the carrying amounts of its long-lived assets to determine whether there is any indication that those assets have
suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the
extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company
estimates the recoverable amount of the cash-generating unit to which the asset belongs. For the six months ended June 30, 2024 and 2023,
an impairment loss on the robots’ assets of $ nil and $1,591,766 was recognized, respectively when the carrying amount was greater
than the value in use. Management estimated the value in use by estimating the expected cash flows from the cash-generating unit as well
as a suitable discount rate in order to calculate the present value of those cash flows. The basis of impairment is determined based on
the result of assessment.
|
Offsetting Assets and Liabilities |
2.13 | Offsetting Assets and Liabilities | During the six months ended June 30,
2024, the Company engages in offsetting arrangements for certain financial assets and financial liabilities. These arrangements primarily
involve the offsetting of related party receivables and related party payables. The Company has established legally enforceable rights
to offset financial assets and financial liabilities subject to offsetting arrangements. These rights may arise from agreements, netting
arrangements, or a combination of legal and contractual rights.
|
Revenue from contracts with customers |
2.14Revenue from contracts with customersThe Company generates its revenue primarily
from four service lines: (1) Secured logistics; (2) AI&Robotics solution business; (3) Information security; and (4) General security
solutions.Each service line primarily renders
the following services:
(1)Secure
logistics
(i)Cash-In-Transit
– Non Dedicated Vehicle (CIT Non-DV); (ii) Cash-In-Transit – Dedicated Vehicle (CIT DV); (iii) ATM management; (iv) Cash
Processing (CPC); (v) Cash Center Operations (CCT); (vi) Consolidate Cash Center (CCC); (vii) Express Cash; (viii) Coin Processing Service;
and (ix) Cash Deposit Management Solutions
(2)
AI&Robotics solution business
(i)Sale of robots and (ii) Rental of robots
(3)Information security – the Company generates this revenue
from Handshake. After the completion of the decoupling with Handshake on February 6, 2024, the Company was no longer generating any revenues
from this service line. For the six months ended June 30, 2024 and 2023, revenue and results of operations derived from this service
line were presented as discontinued operations on the consolidated statements of profit or loss.
(i)Penetration test; (ii) PCI ASVScan and (iii) Rapid7 Sales
(4)
General security solutions
(i)Installation
of fire alarm security systems; (ii) Sale of security equipment
The Company recognizes revenue at a
point in time as products are delivered and services are performed. Consultancy fees typically covers a period of time, the revenue is
recognized on a ratable basis over the contract term. The Company applies the following five-step model in order to determine the amount:
●
To identify the contract or quotation with the agreed service price.
●
To evaluate the services engaged in the customer’s contract and identify the related performance obligations.
●
To consider the contract terms and commonly accepted practices in the business to determine the transaction price. The transaction price is the consideration that the Company expects to be entitled for delivering the services engaged with the customer. The consideration engaged in a customer’s contract is generally a fixed amount.
●
To allocate the transaction price, if necessary, to each performance obligation (to each good or service that is different) for an amount that represents the part of the benefit that the Company expects to receive in exchange for the right of delivering the services engaged with the customer.
●
To recognize revenue when the Company satisfies the performance obligation through the rendering of services engaged.
All of the conditions mentioned above
are accomplished normally when the services are rendered to the customer and this moment is considered a point in time. The reported revenue
reflects services delivered at the contract or agreed-upon price.Revenue is recognized when the related
performance obligation is satisfied.Disaggregation information of revenue
by service type which was recognized based on the nature of performance obligation disclosed above is as follows:
For the six months ended June 30,
2024
Percentage of Total
2023
Percentage of Total
Service Type
$
Revenue
$
Revenue
(Unaudited)
(Unaudited)
Cash-In-Transit – Non-Dedicated Vehicles (CIT Non-DV)
$6,016,286
34.2%
$5,988,087
33.3%
Cash-In-Transit – Dedicated Vehicle to Banks (CIT DV)
1,765,869
10.1%
1,961,464
10.9%
ATM Management
3,293,725
18.7%
3,895,708
21.6%
Cash Processing (CPC)
1,710,792
9.7%
1,613,933
9.0%
Cash Center Operations (CCT)
857,109
4.9%
958,760
5.3%
Consolidate Cash Center (CCC)
276,137
1.6%
395,105
2.2%
Others **
-
-%
4,332
0.0%
Cash Deposit Management Solutions (GDM)
1,842,026
10.5%
1,125,767
6.3%
AI&Robotics solution
131,142
0.8%
440,229
2.4%
General security solutions
1,673,758
9.5%
1,622,218
9.0%
Total
$17,566,844
100.0%
$18,005,603
100.0%
** Others include primarily revenue from express cash and coin processing services. During the six months ended June 30,
2023, all revenue were generated from third parties. During the six months ended June 30,
2024, revenue amounting to $17,562,192 were generated from third parties; and $4,652 were generated from a related party (Note 21).
|
Cost of sales |
Cost of sales consists primarily
of internal labor costs and related benefits, and other overhead costs that are directly attributable to services provided.
|
New and amended accounting standards |
2.16 | New and amended accounting standards | All new standards and amendments that
are effective for annual reporting period commencing January 1, 2024 have been applied by the Company for the six months ended June 30,
2024. The adoption of these new and amended standards did not have material impact on the interim condensed consolidated financial statements
of the Company. A number of new standards and amendments to standards have not come into effect for the year beginning January 1, 2024,
and they have not been early adopted by the Company in preparing these interim condensed consolidated financial statements. None of these
new standards and amendments to standards is expected to have a significant effect on the interim condensed consolidated financial statements
of the Company.
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v3.24.3
Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Significant Accounting Policies [Abstract] |
|
Schedule of currency exchange rates impact |
The currency exchange rates and the
entities that significantly impact our business are shown in the following table:
| |
Period End Rate | | |
Average Rate | |
| |
June 30, | | |
December 31, | | |
For the six months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Thai Baht (GF Cash (CIT), AI R&I) | |
| 0.0271 | | |
| 0.0292 | | |
| 0.0275 | | |
| 0.0293 | |
Hong Kong Dollar (AI Hong Kong) | |
| 0.1281 | | |
| 0.1282 | | |
| 0.1279 | | |
| 0.1282 | |
Chinese Renminbi (Beijing Wanjia) | |
| 0.1376 | | |
| 0.1409 | | |
| 0.1386 | | |
| 0.1444 | |
|
Schedule of Disaggregation Information of Revenue by Service Type |
Disaggregation information of revenue
by service type which was recognized based on the nature of performance obligation disclosed above is as follows:
| |
For the six months ended June 30, | |
| |
2024 | | |
Percentage of Total | | |
2023 | | |
Percentage of Total | |
Service Type | |
$ | | |
Revenue | | |
$ | | |
Revenue | |
| |
(Unaudited) | | |
| | |
(Unaudited) | | |
| |
Cash-In-Transit – Non-Dedicated Vehicles (CIT Non-DV) | |
$ | 6,016,286 | | |
| 34.2 | % | |
$ | 5,988,087 | | |
| 33.3 | % |
Cash-In-Transit – Dedicated Vehicle to Banks (CIT DV) | |
| 1,765,869 | | |
| 10.1 | % | |
| 1,961,464 | | |
| 10.9 | % |
ATM Management | |
| 3,293,725 | | |
| 18.7 | % | |
| 3,895,708 | | |
| 21.6 | % |
Cash Processing (CPC) | |
| 1,710,792 | | |
| 9.7 | % | |
| 1,613,933 | | |
| 9.0 | % |
Cash Center Operations (CCT) | |
| 857,109 | | |
| 4.9 | % | |
| 958,760 | | |
| 5.3 | % |
Consolidate Cash Center (CCC) | |
| 276,137 | | |
| 1.6 | % | |
| 395,105 | | |
| 2.2 | % |
Others ** | |
| - | | |
| - | % | |
| 4,332 | | |
| 0.0 | % |
Cash Deposit Management Solutions (GDM) | |
| 1,842,026 | | |
| 10.5 | % | |
| 1,125,767 | | |
| 6.3 | % |
AI&Robotics solution | |
| 131,142 | | |
| 0.8 | % | |
| 440,229 | | |
| 2.4 | % |
General security solutions | |
| 1,673,758 | | |
| 9.5 | % | |
| 1,622,218 | | |
| 9.0 | % |
Total | |
$ | 17,566,844 | | |
| 100.0 | % | |
$ | 18,005,603 | | |
| 100.0 | % |
** | Others include primarily revenue from express cash and coin processing services. |
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v3.24.3
Cash, Cash Equivalents and Restricted Cash (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Cash, Cash Equivalents and Restricted Cash [Abstract] |
|
Schedule of Cash, Cash Equivalents and Restricted Cash |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Cash on hand | |
$ | 514,080 | | |
$ | 472,641 | |
Cash in bank | |
| 13,465,137 | | |
| 19,762,586 | |
Subtotal | |
| 13,979,217 | | |
| 20,235,227 | |
Restricted cash – current (a) | |
| 26,319 | | |
| 100,764 | |
Restricted cash – non-current (b) | |
| 1,496,236 | | |
| 1,608,762 | |
Cash, cash equivalents, and restricted cash | |
| 15,501,772 | | |
| 21,944,753 | |
Cash at banks attributable to discontinued operations | |
| - | | |
| 28,642 | |
Cash, cash equivalents, and restricted cash | |
$ | 15,501,772 | | |
$ | 21,973,395 | |
(a) | During the six months ended June 30, 2024, with regards to various labor-related lawsuits in the PRC,
the PRC Court issued an order to freeze one of the Company’s bank accounts which restricted or prohibited the transfer and use of
deposited funds by the Company. The sum will be released upon the Company has paid to satisfy the claims. |
(b) | The non-current restricted cash represents cash pledged with a local bank in Thailand as collateral for
bank guarantees issued by those banks in respect of the Company’s Cash-In-Transit projects. |
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v3.24.3
Inventories (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Inventories [Abstract] |
|
Schedule of Inventories |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Robots in warehouse | |
$ | 4,584,078 | | |
$ | 4,743,645 | |
Security equipment* | |
| 381,155 | | |
| 506,403 | |
Impairment provision for inventories | |
| (4,584,078 | ) | |
| (4,743,645 | ) |
Inventories | |
$ | 381,155 | | |
$ | 506,403 | |
| * | As of December 31, 2023, and June 30, 2024, the Company only had Security equipment in inventory balance. |
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v3.24.3
Trade Receivables, Net (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Trade Receivables, Net [Abstract] |
|
Schedule of Trade Receivable |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Trade receivable | |
$ | 5,636,167 | | |
$ | 5,780,144 | |
Provision for doubtful accounts | |
| (319,184 | ) | |
| (149,339 | ) |
Trade receivable, net | |
$ | 5,316,983 | | |
$ | 5,630,805 | |
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v3.24.3
Withholding Tax Receivable (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Withholding Tax Receivable [Abstract] |
|
Schedule of Withholding Tax Receivable Movement |
Withholding tax receivable movement for the six months ended June 30,
2024 and 2023:
| |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Balance at January 1, | |
$ | 2,224,846 | | |
$ | 2,691,096 | |
Addition | |
| 376,265 | | |
| 401,941 | |
Collection | |
| (604,168 | ) | |
| - | |
Recovery of (Write off)/Allowance for uncollectible | |
| 32,980 | | |
| (561,277 | ) |
Exchange difference | |
| (158,496 | ) | |
| (73,713 | ) |
Balance at June 30, | |
$ | 1,871,427 | | |
$ | 2,458,047 | |
|
Schedule of Withholding Tax Receivable |
Withholding tax receivable balance as of June 30, 2024 and December
31, 2023:
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Current portion | |
$ | 366,884 | | |
$ | 607,221 | |
Non-current portion | |
| 1,504,543 | | |
| 1,617,625 | |
Withholding tax receivable | |
$ | 1,871,427 | | |
$ | 2,224,846 | |
|
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v3.24.3
Other Current and Other Non-Current Assets (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Other Current and Other Non-Current Assets [Abstract] |
|
Schedule of Other Current and Other Non-Current Assets |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Input VAT and other taxes receivable | |
$ | 244,025 | | |
$ | 219,232 | |
Prepayments – office and warehouse rental | |
| 1,284,395 | | |
| 818,997 | |
Prepayments - insurance | |
| 383,101 | | |
| 91,022 | |
Prepayments - others | |
| 393,910 | | |
| 187,759 | |
Uniforms | |
| 12,876 | | |
| 17,417 | |
Prepayments – independent directors’ fee | |
| 77,700 | | |
| - | |
Tools and supplies | |
| 120,355 | | |
| 143,760 | |
Cash advances to employees | |
| 48,386 | | |
| 79,169 | |
Interest receivable on bank deposits | |
| 69,051 | | |
| 108,215 | |
Other current assets | |
$ | 2,633,799 | | |
$ | 1,665,571 | |
| |
| | | |
| | |
Deposits | |
$ | 390,065 | | |
$ | 402,447 | |
Other non-current assets | |
$ | 390,065 | | |
$ | 402,447 | |
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v3.24.3
Property, Plant and Equipment (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property, Plant and Equipment |
| |
Leasehold improvements | | |
Machinery and equipment | | |
Office decoration and equipment | | |
Vehicles | | |
Assets under construction | | |
GDM machines | | |
Robots | | |
Total | |
Cost | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
At December 31, 2022 | |
$ | 3,146,864 | | |
$ | 4,868,015 | | |
$ | 5,354,351 | | |
$ | 15,518,987 | | |
$ | 33,222 | | |
$ | 1,948,698 | | |
$ | 7,194,815 | | |
$ | 38,064,952 | |
Additions | |
| - | | |
| 1,750 | | |
| 6,964 | | |
| - | | |
| - | | |
| 624,126 | | |
| 273,779 | | |
| 906,619 | |
Disposals | |
| (104,773 | ) | |
| (105,939 | ) | |
| (48,955 | ) | |
| (47,155 | ) | |
| - | | |
| - | | |
| (56,389 | ) | |
| (363,211 | ) |
Impairment of fixed assets | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,591,766 | ) | |
| (1,591,766 | ) |
Exchange differences | |
| (60,518 | ) | |
| (95,521 | ) | |
| (106,807 | ) | |
| (353,552 | ) | |
| (652 | ) | |
| (38,238 | ) | |
| (141,241 | ) | |
| (796,529 | ) |
At June 30, 2023 (Unaudited) | |
| 2,981,573 | | |
| 4,668,305 | | |
| 5,205,553 | | |
| 15,118,280 | | |
| 32,570 | | |
| 2,534,586 | | |
| 5,679,198 | | |
| 36,220,065 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At December 31, 2023 | |
$ | 3,073,809 | | |
$ | 4,829,343 | | |
$ | 5,335,825 | | |
$ | 15,505,385 | | |
$ | 108,909 | | |
$ | 3,133,883 | | |
$ | 3,954,153 | | |
$ | 35,941,307 | |
Additions | |
| - | | |
| 24,171 | | |
| 14,640 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 38,811 | |
Transfer in (out) | |
| - | | |
| - | | |
| - | | |
| 70,842 | | |
| (70,842 | ) | |
| - | | |
| - | | |
| - | |
Disposals | |
| (955,753 | ) | |
| - | | |
| (1,073,690 | ) | |
| (278,087 | ) | |
| - | | |
| - | | |
| (9,900 | ) | |
| (2,317,430 | ) |
Exchange differences | |
| (204,895 | ) | |
| (350,278 | ) | |
| (359,132 | ) | |
| (1,107,555 | ) | |
| (6,902 | ) | |
| (227,085 | ) | |
| (126,900 | ) | |
| (2,382,747 | ) |
At June 30, 2024 (Unaudited) | |
| 1,913,161 | | |
| 4,503,236 | | |
| 3,917,643 | | |
| 14,190,585 | | |
| 31,165 | | |
| 2,906,798 | | |
| 3,817,353 | | |
| 31,279,941 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Accumulated Depreciation | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At December 31, 2022 | |
$ | 2,577,341 | | |
$ | 4,748,031 | | |
$ | 4,889,742 | | |
$ | 13,493,656 | | |
$ | - | | |
$ | 1,230,247 | | |
$ | 3,059,174 | | |
$ | 29,998,191 | |
Depreciation charged for the period | |
| 48,922 | | |
| 34,180 | | |
| 87,164 | | |
| 263,962 | | |
| - | | |
| 202,983 | | |
| 516,626 | | |
| 1,153,837 | |
Disposals | |
| (108,213 | ) | |
| (109,514 | ) | |
| (44,542 | ) | |
| (48,748 | ) | |
| - | | |
| - | | |
| (14,847 | ) | |
| (325,864 | ) |
Exchange differences | |
| (48,443 | ) | |
| (90,705 | ) | |
| (101,287 | ) | |
| (275,519 | ) | |
| - | | |
| (30,774 | ) | |
| (77,779 | ) | |
| (624,507 | ) |
As June 30, 2023 (Unaudited) | |
| 2,469,607 | | |
| 4,581,992 | | |
| 4,831,077 | | |
| 13,433,351 | | |
| - | | |
| 1,402,456 | | |
| 3,483,174 | | |
| 30,201,657 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At December 31, 2023 | |
$ | 2,605,039 | | |
$ | 4,761,599 | | |
$ | 5,015,520 | | |
$ | 13,880,678 | | |
$ | - | | |
$ | 1,680,593 | | |
$ | 3,954,153 | | |
$ | 31,897,582 | |
Depreciation charged for the period | |
| 48,918 | | |
| 28,323 | | |
| 64,202 | | |
| 175,152 | | |
| - | | |
| 209,611 | | |
| - | | |
| 526,206 | |
Disposals | |
| (955,747 | ) | |
| - | | |
| (1,072,429 | ) | |
| (276,081 | ) | |
| - | | |
| - | | |
| (9,900 | ) | |
| (2,314,157 | ) |
Exchange differences | |
| (174,655 | ) | |
| (345,427 | ) | |
| (340,421 | ) | |
| (998,055 | ) | |
| - | | |
| (124,702 | ) | |
| (126,900 | ) | |
| (2,110,160 | ) |
As June 30, 2024 (Unaudited) | |
| 1,523,555 | | |
| 4,444,495 | | |
| 3,666,872 | | |
| 12,781,694 | | |
| - | | |
| 1,765,502 | | |
| 3,817,353 | | |
| 27,999,471 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net book value | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At June 30, 2023 (Unaudited) | |
$ | 511,966 | | |
$ | 86,313 | | |
$ | 374,476 | | |
$ | 1,684,929 | | |
$ | 32,570 | | |
$ | 1,132,130 | | |
$ | 2,196,024 | | |
$ | 6,018,408 | |
At June 30, 2024 (Unaudited) | |
$ | 389,606 | | |
$ | 58,741 | | |
$ | 250,771 | | |
$ | 1,408,891 | | |
$ | 31,165 | | |
$ | 1,141,296 | | |
$ | - | | |
$ | 3,280,470 | |
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v3.24.3
Right-of-Use Assets and Operating Lease Liabilities (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Right-Of-Use Assets And Operating Lease Liabilties [Abstract] |
|
Schedule of Carrying Amounts of Right-of-Use Assets |
The right-of-use assets movement for the six months
ended June 30, 2024 and 2023 and the carrying amounts are as below:
| |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Balance at January 1, | |
$ | 2,688,208 | | |
$ | 4,171,409 | |
New leases | |
| 1,003,988 | | |
| 271,004 | |
Termination of a lease | |
| (112,912 | ) | |
| - | |
Depreciation expense | |
| (816,084 | ) | |
| (1,042,981 | ) |
Exchange difference | |
| (174,660 | ) | |
| (75,562 | ) |
Net book amount | |
$ | 2,588,540 | | |
$ | 3,323,870 | |
|
Schedule of Operating Lease Liabilities |
The total operating lease liabilities are as below:
| |
As of
June 30,
2024 | | |
As of
December 31,
2023 | |
Current portion | |
$ | 1,457,783 | | |
$ | 1,239,066 | |
Non-current portion | |
| 1,124,195 | | |
| 1,455,857 | |
Operating lease liabilities | |
$ | 2,581,978 | | |
$ | 2,694,923 | |
|
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v3.24.3
Intangible Assets (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Intangible Assets [Abstract] |
|
Schedule of Intangible Assets |
| |
Computer software | | |
Right-of-use Platform | | |
Customer base | | |
Technical know-how | | |
Security Surveillance system | | |
Intelligent Cloud Platforms | | |
Assets under
construction -Cash Management Systems | | |
Total | |
Cost | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
At December 31, 2022 | |
$ | 887,745 | | |
$ | 673,029 | | |
$ | 1,042,110 | | |
$ | 499,344 | | |
$ | 1,360,898 | | |
$ | 3,000,000 | | |
$ | 194,495 | | |
$ | 7,657,621 | |
Additions | |
| - | | |
| - | | |
| - | | |
| - | | |
| 195,087 | | |
| 1,597,754 | | |
| - | | |
| 1,792,841 | |
Exchange differences | |
| (17,419 | ) | |
| (31,974 | ) | |
| (49,509 | ) | |
| (23,723 | ) | |
| (306,604 | ) | |
| - | | |
| (3,816 | ) | |
| (433,045 | ) |
At June 30, 2023 (Unaudited) | |
| 870,326 | | |
| 641,055 | | |
| 992,601 | | |
| 475,621 | | |
| 1,249,381 | | |
| 4,597,754 | | |
| 190,679 | | |
| 9,017,417 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At December 31, 2023 | |
$ | 919,222 | | |
$ | 114,659 | | |
$ | 829,560 | | |
$ | 486,112 | | |
$ | 1,524,224 | | |
$ | 1,604,580 | | |
$ | 194,082 | | |
$ | 5,672,439 | |
Additions | |
| 115,164 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 115,164 | |
Exchange differences | |
| (67,805 | ) | |
| (2,687 | ) | |
| (19,440 | ) | |
| (11,392 | ) | |
| (35,720 | ) | |
| (3,095 | ) | |
| (14,063 | ) | |
| (154,202 | ) |
At June 30, 2024 (Unaudited) | |
| 966,581 | | |
| 111,972 | | |
| 810,120 | | |
| 474,720 | | |
| 1,488,504 | | |
| 1,601,485 | | |
| 180,019 | | |
| 5,633,401 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Accumulated amortization | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At December 31, 2022 | |
$ | 767,168 | | |
$ | 50,477 | | |
$ | 405,868 | | |
$ | 28,405 | | |
$ | 612,560 | | |
$ | - | | |
$ | - | | |
$ | 1,864,478 | |
Amortization charged for the period | |
| 26,139 | | |
| 33,582 | | |
| 201,013 | | |
| 28,346 | | |
| 63,817 | | |
| 182,671 | | |
| - | | |
| 535,568 | |
Exchange differences | |
| (15,908 | ) | |
| (3,927 | ) | |
| (28,438 | ) | |
| (2,641 | ) | |
| (286,182 | ) | |
| - | | |
| - | | |
| (337,096 | ) |
As June 30, 2023 (Unaudited) | |
| 777,399 | | |
| 80,132 | | |
| 578,443 | | |
| 54,110 | | |
| 390,195 | | |
| 182,671 | | |
| - | | |
| 2,062,950 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At December 31, 2023 | |
$ | 830,600 | | |
$ | 114,659 | | |
$ | 706,271 | | |
$ | 82,956 | | |
$ | 699,123 | | |
$ | 402,580 | | |
$ | - | | |
$ | 2,836,189 | |
Amortization charged for the period | |
| 28,236 | | |
| - | | |
| 40,430 | | |
| 27,204 | | |
| 52,152 | | |
| 66,610 | | |
| - | | |
| 214,632 | |
Exchange differences | |
| (60,535 | ) | |
| (2,687 | ) | |
| (16,848 | ) | |
| (2,144 | ) | |
| (16,766 | ) | |
| (3,095 | ) | |
| - | | |
| (102,075 | ) |
As June 30, 2024 (Unaudited) | |
| 798,301 | | |
| 111,972 | | |
| 729,853 | | |
| 108,016 | | |
| 734,509 | | |
| 466,095 | | |
| - | | |
| 2,948,746 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net book value | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
At June 30, 2023 (Unaudited) | |
$ | 92,927 | | |
$ | 560,923 | | |
$ | 414,158 | | |
$ | 421,511 | | |
$ | 859,186 | | |
$ | 4,415,083 | | |
$ | 190,679 | | |
$ | 6,954,467 | |
At June 30, 2024 (Unaudited) | |
$ | 168,280 | | |
$ | - | | |
$ | 80,267 | | |
$ | 366,704 | | |
$ | 753,995 | | |
$ | 1,135,390 | | |
$ | 180,019 | | |
$ | 2,684,655 | |
|
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v3.24.3
Trade and Other Payables and Other Current Liabilities (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Trade and Other Payables and Other Current Liabilities [Abstract] |
|
Schedule of Trade and Other Payables and Other Current Liabilities |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Trade payables – third parties | |
$ | 2,553,826 | | |
$ | 2,113,401 | |
Accrued salaries and bonus | |
| 369,275 | | |
| 603,112 | |
Other payables, accrued customer claims, cash loss and shortage* | |
| 124,433 | | |
| 300,337 | |
Trade and other payables | |
$ | 3,047,534 | | |
$ | 3,016,850 | |
| |
| | | |
| | |
Output VAT and other taxes payable | |
$ | - | | |
$ | 100,166 | |
Accrued expenses | |
| 525,467 | | |
| 639,556 | |
Payroll payable | |
| 715,467 | | |
| 925,142 | |
Provision for stock-based compensation expense** | |
| - | | |
| 830,000 | |
Other payables | |
| 487,172 | | |
| 419,964 | |
Deferred revenue | |
| 36,530 | | |
| 256,815 | |
Other current liabilities | |
$ | 1,764,636 | | |
$ | 3,171,643 | |
* | Includes a provision for penalty for failure
to meet certain performance indicators as stipulated in certain customer contracts for approximately $5,462 and $7,108 as of June 30,
2024 and 2023, respectively. | | | ** | During the year ended December 31, 2023, provision was made upon the management decision to grant restricted shares to officers and certain employees based on their performance in 2023 under the Company’s 2022 Equity Incentive Plan. 288,000 shares were granted to officers and certain employees on May 7, 2024 to settle such provision balance (Note 18). |
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v3.24.3
Borrowings (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Borrowings [Abstract] |
|
Schedule of Borrowings |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Short-term bank borrowing | |
$ | 55,040 | | |
$ | 140,902 | |
Current portion of long-term bank borrowings | |
| 132,248 | | |
| 196,339 | |
Long-term bank borrowings | |
| - | | |
| 44,410 | |
Total borrowings | |
$ | 187,288 | | |
$ | 381,651 | |
|
v3.24.3
Finance Lease Liabilities (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Schedule of Operating Lease Liabilities [Abstract] |
|
Schedule of Finance Lease Liabilities |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Current portion | |
$ | 53,055 | | |
$ | 108,597 | |
Non-current portion | |
| 203,127 | | |
| 218,996 | |
Finance lease liabilities | |
$ | 256,182 | | |
$ | 327,593 | |
|
Schedule of Minimum Lease Payments Under Finance Lease Agreements |
The minimum lease payments under finance
lease agreements are as follows:
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Within 1 year | |
$ | 60,407 | | |
$ | 126,042 | |
After 1 year but within 5 years | |
| 219,171 | | |
| 236,293 | |
Less: Finance charges | |
| (23,396 | ) | |
| (34,742 | ) |
Present value of finance lease liabilities, net | |
$ | 256,182 | | |
$ | 327,593 | |
|
Schedule of Finance Lease Assets |
Finance lease assets comprise primarily
vehicles and office equipment as follow:
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Cost | |
$ | 673,722 | | |
$ | 655,371 | |
Less: Accumulated depreciation | |
| (227,152 | ) | |
| (215,038 | ) |
Net book value | |
$ | 446,570 | | |
$ | 440,333 | |
|
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v3.24.3
Provision for Employee Benefits (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Provision for Employee Benefits [Abstract] |
|
Schedule of Movement for the Defined Benefit Obligations |
Movement for the defined benefit obligations for
the six months ended June 30, 2024 and 2023:
| |
Provision for employee benefits | |
| |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Defined benefit obligations at January 1, | |
$ | 4,935,982 | | |
$ | 4,849,614 | |
Estimate for the six months period* | |
| (344,427 | ) | |
| (74,552 | ) |
Defined benefit obligations at June 30, | |
$ | 4,591,555 | | |
$ | 4,775,062 | |
| * | The estimate represents the difference between the Company’s
estimated defined benefit obligations based on employees’ past service and expected future salary at the beginning of the fiscal
year and the end of the six-month period. |
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v3.24.3
Selling, Distribution and Administrative Expenses (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Selling, Distribution and Administrative Expenses [Abstract] |
|
Schedule of Selling, Distribution and Administrative Expenses |
| |
For the six months ended June 30, | |
| |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Staff expense | |
$ | 3,141,756 | | |
$ | 3,602,127 | |
Rental expense | |
| 173,246 | | |
| 345,026 | |
Depreciation and amortization expense | |
| 452,299 | | |
| 1,251,359 | |
Utilities expense | |
| 34,783 | | |
| 53,015 | |
Travelling and entertainment expense | |
| 170,596 | | |
| 135,186 | |
Marketing expense | |
| 187,858 | | |
| 150,203 | |
Professional fees | |
| 582,489 | | |
| 774,553 | |
Repairs and maintenance | |
| 26,280 | | |
| 35,298 | |
Employee benefits | |
| 38,741 | | |
| 29,316 | |
Research and development expense | |
| 106,835 | | |
| 95,322 | |
Other expenses** | |
| 52,407 | | |
| 212,445 | |
| |
$ | 4,967,290 | | |
$ | 6,683,850 | |
| ** | Other
expenses mainly comprised of office expenses, stamp duties, training costs, transportation costs for robots, etc. |
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v3.24.3
Related Party Transactions (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
Schedule of Amounts Due from Related Parties |
The principal related party balances
as of June 30, 2024 and December 31, 2023 are as follows:
| |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
| |
(Unaudited) | | |
| |
Guardforce TH Group Company Limited | |
(a) | |
$ | 2,506 | | |
$ | 1,804 | |
Shareholders’ of Shenzhen Kewei Robot Technology Co., Limited and its subsidiaries | |
(b) | |
| - | | |
| 2,160,000 | |
CSF Mingda Technology Co., Ltd. | |
(a) | |
| 10,580 | | |
| 10,834 | |
| |
| |
$ | 13,086 | | |
$ | 2,172,638 | |
(a) | Amounts due from these related parties represent business advances for operational purposes. | (b) | Amount due from shareholders’ of Shenzhen Kewei Robot Technology Co., Limited and its subsidiaries was settled upon offsetting certain amounts due to related parties pursuant to a settlement plan with Tu Jingyi (“Mr. Tu”) dated March 22, 2024. |
|
Schedule of Amounts Due to Related Parties |
Amounts due to related parties:
| |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
| |
(Unaudited) | | |
| |
Tu Jingyi | |
(a) | |
$ | - | | |
$ | 152,725 | |
Guardforce Holdings (HK) Limited | |
(a) | |
| - | | |
| 43,337 | |
Guardforce Security (Thailand) Company Limited | |
(b) | |
| 139,287 | | |
| 74,429 | |
Shenzhen Kewei Robot Technology Co., Limited and its subsidiaries | |
(c) | |
| - | | |
| 2,528,916 | |
Shenzhen Zhongzhi Yonghao Robot Co., Ltd. | |
(c) | |
| - | | |
| 63,718 | |
Guardforce Security Service (Shanghai) Co., Ltd. | |
(c) | |
| - | | |
| 35,225 | |
Guardforce Aviation Security Company Limited | |
(b) | |
| 270 | | |
| 156 | |
| |
| |
$ | 139,557 | | |
$ | 2,898,506 | |
(a) | Amounts due to Tu Jingyi and Guardforce Holdings (HK) Limited represents accrued interest on loans. Pursuant to a settlement plan with Tu Jingyi (“Mr. Tu”) dated March 22, 2024, the Company had fully paid off these balances in cash on May 3, 2024. | (b) | Amounts due to related parties represent business advances for operational purposes. | | | (c) | Amounts due to these related parties were settled upon offsetting the amount due from shareholders’ of Shenzhen Kewei Robot Technology Co., Limited and its subsidiaries pursuant to a settlement plan with Tu Jingyi (“Mr. Tu”) dated March 22, 2024. |
|
Schedule of Short-Term Borrowing from Related Party |
Short-term borrowings from related parties:
| |
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
| |
(Unaudited) | | |
| |
Guardforce Holdings (HK) Limited | |
(a) | |
$ | - | | |
$ | 1,666,846 | |
Tu Jingyi | |
(b) | |
| - | | |
| 1,437,303 | |
| |
| |
$ | - | | |
$ | 3,104,149 | |
(a) | On
April 17, 2020, the Company borrowed $2,735,000 from Guardforce Holdings (HK) Limited. As of December 31, 2023, the outstanding principal
amount of this loan was $1,666,846. The loan is unsecured with an interest rate at 2%. Pursuant to a settlement plan with Tu Jingyi (“Mr.
Tu”) dated March 22, 2024, the Company had fully paid off this balance in cash on May 3, 2024. |
(b) |
On
September 1, 2018, the Company entered into an agreement with Tu Jingyi whereby Tu Jingyi loaned $1,437,303 (RMB10 million) to the Company.
The loan is unsecured with an interest rate at 1.5%. Pursuant to a settlement plan with Tu Jingyi (“Mr. Tu”) dated March
22, 2024, the Company had fully paid off this balance in cash on May 3, 2024. For the six months ended June 30, 2024 and 2023, interest expense recorded for borrowings from related parties was $4,575 and $39,949, respectively. |
|
Schedule of Related Party Transactions |
The principal related party
transactions for the six months ended June 30, 2024 and 2023 are as follows:
| |
| |
For the six months ended June 30, | |
Nature | |
| |
2024 | | |
2023 | |
| |
| |
(Unaudited) | | |
(Unaudited) | |
Service/ Products received from related parties: | |
| |
| | |
| |
Guardforce Security (Thailand) Company Limited | |
(a) | |
$ | 431,193 | | |
$ | 68,897 | |
Guardforce Aviation Security Company Limited | |
(b) | |
| 925 | | |
| 600 | |
Shenzhen Kewei Robot Technology Co., Limited | |
(c) | |
| - | | |
| 141,569 | |
| |
| |
$ | 432,118 | | |
$ | 211,066 | |
| |
| |
| | | |
| | |
Service/ Products delivered to related parties: | |
| |
| | | |
| | |
Shenzhen Kewei Robot Technology Co., Limited | |
(d) | |
$ | 4,652 | | |
$ | - | |
(a) | Guardforce
Security (Thailand) Company Limited provided security guard services to the Company; |
(b) | Guardforce
Aviation Security Company Limited provided escort services to the Company; |
(c) | During
the six months ended June 30, 2023, the Company purchased 207 robots amounting to $229,162 through an asset purchase agreement and $50,927
through placing standard purchase orders. 124 robots amounting to $138,520 were returned by the Company. During the six months ended
June 30, 2024, the Company did not make purchases from Shenzhen Kewei Robot Technology Co., Ltd. |
(d) | The
Company rented robots to Shenzhen Kewei Robot Technology Co., Limited. |
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v3.24.3
Consolidated Segment Data (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Consolidated Segment Data [Abstract] |
|
Schedule of Revenue and Non-Cash Compensation |
Selected information by segment is presented in the following
tables for the six months ended June 30, 2024 and 2023:
| |
For the six months ended June 30, | |
Revenues(1) | |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Secured logistics | |
$ | 15,761,944 | | |
$ | 15,943,156 | |
AI&Robotics solution | |
| 131,142 | | |
| 440,229 | |
General security solutions | |
| 1,673,758 | | |
| 1,622,218 | |
| |
$ | 17,566,844 | | |
$ | 18,005,603 | |
(1) | Revenue excludes intercompany sales. |
| |
For the six months ended June 30, | |
Operating loss | |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Secured logistics | |
$ | 770,737 | | |
$ | (1,101,369 | ) |
AI&Robotics solution | |
| (894,556 | ) | |
| (8,320,982 | ) |
General security solutions | |
| (109,979 | ) | |
| (542,569 | ) |
Corporate and others (1) | |
| (1,848,064 | ) | |
| (1,936,908 | ) |
Operating profit (loss) from continuing operations | |
| (2,081,862 | ) | |
| (11,901,828 | ) |
Total other income from four segments | |
| 312,342 | | |
| 77,665 | |
Foreign exchange losses (gain), net: | |
| | | |
| | |
- Secured logistics | |
| (1,544 | ) | |
| (598,053 | ) |
- AI&Robotics solution | |
| (30,030 | ) | |
| 13,150 | |
- Corporate and others | |
| (17,467 | ) | |
| 810 | |
Finance costs: | |
| | | |
| | |
- Secured logistics | |
| (56,727 | ) | |
| (423,440 | ) |
- AI&Robotics solution | |
| (17,427 | ) | |
| - | |
- General security solutions | |
| (2,430 | ) | |
| - | |
- Corporate and others | |
| (4,950 | ) | |
| (154,868 | ) |
Loss before income tax from continuing operations | |
| (1,900,095 | ) | |
| (12,986,564 | ) |
Provision for income tax benefit (expense) | |
| 22,949 | | |
| (874,431 | ) |
Net loss for the period from continuing operations | |
| (1,877,146 | ) | |
| (13,860,995 | ) |
Net loss for the period from discontinued operations – Information security segment | |
| 38,719 | | |
| 11,562 | |
Net loss for the period | |
| (1,838,427 | ) | |
| (13,849,433 | ) |
Less: net profit (loss) attributable to the non-controlling interest | |
| 9,167 | | |
| (30,214 | ) |
Net loss attributable to equity holders of the Company | |
$ | (1,847,594 | ) | |
$ | (13,819,219 | ) |
(1) | Includes impairment of goodwill on acquired subsidiaries, non-cash compensation, legal and professional fees and consultancy fees for the Company. |
|
Schedule of Depreciation and Amortization by Segment |
Depreciation and amortization by segment for six
months ended June 30, 2024 and 2023 are as follows:
| |
For the six months ended June 30, | |
Depreciation and amortization: | |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Secured logistics | |
$ | 1,258,825 | | |
$ | 1,570,069 | |
AI&Robotics solution | |
| 173,368 | | |
| 924,219 | |
General security solutions | |
| 124,729 | | |
| 124,713 | |
| |
$ | 1,556,922 | | |
$ | 2,619,001 | |
|
Schedule of the Total Assets by Segment |
Total assets by segment as of June 30, 2024 and
December 31, 2023 are as follows:
Total assets | |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
Secured logistics | |
$ | 20,897,829 | | |
$ | 21,613,383 | |
Information security | |
| - | | |
| 201,963 | * |
AI&Robotics solution | |
| 2,296,023 | | |
| 3,127,857 | |
General security solutions | |
| 3,697,691 | | |
| 2,836,403 | |
Corporate and others | |
| 9,292,435 | | |
| 18,035,342 | |
| |
$ | 36,183,978 | | |
$ | 45,814,948 | |
* | As of December 31, 2023, the total assets for information security segment were presented as assets held for sale on the consolidated balance sheets. |
|
Schedule of Total Non-Current Assets by Geographical Segment |
Total non-current assets by geographical segment
as of June 30, 2024 and December 31, 2023 are as follows:
Total non-current assets | |
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
(Unaudited) | | |
| |
The PRC (including Hong Kong and Macau) | |
$ | 3,471,387 | | |
$ | 3,289,170 | |
Thailand | |
| 9,979,287 | | |
| 10,472,012 | |
Other countries | |
| 15,861 | | |
| 933,174 | |
| |
$ | 13,466,535 | | |
$ | 14,694,356 | |
|
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v3.24.3
Commitments and Contingencies (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies [Abstract] |
|
Schedule of Future Payments for Employment Agreements |
Future payments for employment agreements as of June 30, 2024, are
as follows:
| |
Amount | |
Twelve months ending June 30: | |
| |
2025 | |
$ | 1,135,957 | |
2026 | |
| 254,167 | |
2027 | |
| 183,333 | |
Total minimum payment required | |
$ | 1,573,457 | |
|
Schedule of Expenditure Commitments |
The Company’s contracted expenditures
commitments as of June 30, 2024 but not provided in the interim condensed consolidated financial statements are as follows:
| |
| |
Payments Due by Period | |
| |
| |
| | |
Less than | | |
1-3 | | |
4-5 | |
Contractual Obligations | |
Nature | |
Total | | |
1 year | | |
years | | |
years | |
Service fee commitments | |
(a) | |
$ | 250,946 | | |
$ | 215,716 | | |
$ | 35,230 | | |
$ | - | |
Operating lease commitments | |
(b) | |
| 2,690,062 | | |
| 1,671,619 | | |
| 946,402 | | |
| 72,041 | |
| |
| |
$ | 2,941,008 | | |
$ | 1,887,335 | | |
$ | 981,632 | | |
$ | 72,041 | |
(a) | The Company has engaged Stander Information Company Limited (“Stander”) to provide technical services relating to the cash management systems for the Company’s secure logistics business. The service agreement with Stander is comprised of a monthly fixed service fee and certain other fees as specified in the agreement, which will expire in August 2025. | (b) | From time to time, the Company entered into various short-term lease agreements to rent warehouses and offices. In addition, the Company has various low value items with various lease terms that the Company is committed to pay in the future. |
|
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v3.24.3
Nature of Operations (Details)
|
|
|
|
|
1 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar. 04, 2024
shares
|
Feb. 06, 2024
shares
|
Dec. 21, 2022
USD ($)
$ / shares
shares
|
Mar. 14, 2022
shares
|
Jun. 16, 2022
shares
|
Sep. 21, 2018
USD ($)
$ / shares
shares
|
Jun. 30, 2024
USD ($)
shares
|
Dec. 31, 2023
USD ($)
shares
|
Jul. 01, 2024
shares
|
Jun. 30, 2024
MOP (MOP$)
shares
|
May 13, 2024 |
Mar. 06, 2024
shares
|
Jun. 30, 2023
USD ($)
|
May 12, 2023
shares
|
May 05, 2023
shares
|
Apr. 19, 2023
shares
|
Mar. 01, 2023
shares
|
May 24, 2022 |
Mar. 11, 2022 |
Nov. 18, 2021
USD ($)
|
Nov. 18, 2021
MYR (RM)
|
Nov. 01, 2021 |
Mar. 25, 2021 |
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
100.00%
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary plus preferred shares outstanding (in Shares) |
|
|
|
|
|
100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares owned by southern ambition limited (in Shares) |
|
|
|
|
|
48,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate ordinary shares (in Shares) |
|
|
|
|
|
49,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate ordinary shares percentage |
|
|
|
|
|
49.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative preferred shares (in Shares) |
|
|
|
|
|
51,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Approximately ordinary shares amount (in Dollars) | $ |
|
|
|
|
|
$ 16,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per share (in Dollars per share) | $ / shares |
|
|
|
|
|
$ 0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Votes percentage |
|
|
|
|
|
|
|
99.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends (in Dollars) | $ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding (in Shares) |
|
|
|
|
|
|
10,237,282
|
9,830,373
|
|
10,237,282
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred shares outstanding shares (in Shares) |
|
|
|
|
|
|
21,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred shares outstanding shares percentage |
|
|
|
|
|
|
99.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred shares (in Shares) |
|
|
|
|
|
|
2,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred shares percentage |
|
|
|
|
|
|
0.933%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired majority percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51.00%
|
Restricted ordinary shares (in Shares) |
|
1,091
|
262,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Returned shares (in Shares) |
1,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consideration amount |
|
|
|
|
|
|
$ 3,205
|
|
|
MOP$ 25,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition purchase price paid amount (in Dollars) | $ |
|
|
|
|
|
|
$ 10,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mix of cash percentage |
|
|
|
|
|
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of restricted ordinary shares |
|
|
|
|
|
|
90.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price of assets (in Dollars) | $ |
|
|
$ 2,100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted ordinary shares per share (in Dollars per share) | $ / shares |
|
|
$ 8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued shares (in Shares) |
|
|
|
|
|
|
10,237,282
|
9,830,373
|
1,628,368
|
10,237,282
|
|
120,000
|
|
2,580,600
|
1,720,430
|
172,000
|
262,500
|
|
|
|
|
|
|
Guardforce AI Group Co., Limited [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative unpaid dividends of the preferred shares (in Dollars) | $ |
|
|
|
|
|
|
$ 1,700
|
$ 1,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guardforce Cash Solutions Security Thailand Co., Limited [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding (in Shares) |
|
|
|
|
|
|
3,857,144
|
|
|
3,857,144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Handshake [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transferred shares (in Shares) |
|
510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shenzhen Kewei [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted ordinary shares (in Shares) |
|
|
|
53,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beijing Wanjia [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted ordinary shares (in Shares) |
|
|
|
|
94,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition purchase price paid amount (in Dollars) | $ |
|
|
|
|
|
|
$ 8,400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mix of cash percentage |
|
|
|
|
|
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted ordinary shares percentage |
|
|
|
|
|
|
90.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AI Holding Limited [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
100.00%
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AI Robotics [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
100.00%
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AI Robotics [Member] | BVI Business Companies Act [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
100.00%
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AI Hong Kong Limited [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
100.00%
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Southern Ambition [Member] |
|
|
|
|
|
|
|
|
|
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|
Nature of Operations [Line Items] |
|
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|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
1.00%
|
|
|
1.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Votes percentage |
|
|
|
|
|
|
95.00%
|
|
|
95.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Southern Ambition [Member] | BVI Business Companies Act [Member] |
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
100.00%
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Horizon Dragon Limited [Member] |
|
|
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|
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|
Nature of Operations [Line Items] |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
1.00%
|
|
|
1.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate ordinary shares (in Shares) |
|
|
|
|
|
49,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Horizon Dragon Limited [Member] | BVI Business Companies Act [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
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|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
100.00%
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AI Thailand [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
98.00%
|
|
|
98.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding (in Shares) |
|
|
|
|
|
|
3,799,544
|
|
|
3,799,544
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Singapore Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquire equity interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.00%
|
|
Macau Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.00%
|
100.00%
|
|
|
Acquire equity interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.00%
|
100.00%
|
|
|
Malaysia Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquire equity interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.00%
|
100.00%
|
|
|
Consideration amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1
|
RM 1
|
|
|
AI Malaysia [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
100.00%
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AI Robot Service [Member] |
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
100.00%
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AI Robot Service [Member] | AI Jian [Member] |
|
|
|
|
|
|
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|
|
|
|
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|
|
|
|
|
|
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|
|
|
Nature of Operations [Line Items] |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
100.00%
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AI Robot Service [Member] | AI Australia [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
100.00%
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AI Robot Service [Member] | Dubai [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
100.00%
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AI Robot Service [Member] | United kingdom [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
100.00%
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AI Robot Service [Member] | Canada [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
100.00%
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AI Robot Service [Member] | JAPAN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
100.00%
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AI Robot Service [Member] | Korea (North), Won |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
100.00%
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AI Shenzhen [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
100.00%
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AI Robotics [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
100.00%
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kewei Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquire equity interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.00%
|
|
|
|
|
GFAI Technology [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
100.00%
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GFAI Technology [Member] | HONG KONG |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
100.00%
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
InnoAI Technology (Shenzhen) Co., Ltd. [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned subsidiary percentage |
|
|
|
|
|
|
|
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares [member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Votes percentage |
|
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding (in Shares) |
|
|
|
|
|
|
33,600
|
|
|
33,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted ordinary shares (in Shares) |
1,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forecast [Member] | Beijing Wanjia [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nature of Operations [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquire equity interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.00%
|
|
|
|
|
|
X |
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Data Type: |
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v3.24.3
Significant Accounting Policies (Details) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Significant Accounting Policies [Line Items] |
|
|
Allowance for slow moving or obsolete inventory |
|
$ 3,090,283
|
Impairment loss on goodwill |
30,467
|
1,263,040
|
Impairment loss on long-lived assets |
|
1,591,766
|
Revenue amounting |
17,566,844
|
18,005,603
|
Third Parties [Member] |
|
|
Significant Accounting Policies [Line Items] |
|
|
Revenue amounting |
$ 17,562,192
|
|
Related Party [Member] |
|
|
Significant Accounting Policies [Line Items] |
|
|
Revenue amounting |
|
$ 4,652
|
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v3.24.3
Significant Accounting Policies (Details) - Schedule of Disaggregation Information of Revenue by Service Type - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Schedule of Disaggregation Information of Revenue by Service Type [Line Items] |
|
|
|
Total |
|
$ 17,566,844
|
$ 18,005,603
|
Percentage of Total Revenue |
|
100.00%
|
100.00%
|
Cash-In-Transit – Non-Dedicated Vehicles (CIT Non-DV) [Member] |
|
|
|
Schedule of Disaggregation Information of Revenue by Service Type [Line Items] |
|
|
|
Total |
|
$ 6,016,286
|
$ 5,988,087
|
Percentage of Total Revenue |
|
34.20%
|
33.30%
|
Cash-In-Transit - Dedicated Vehicle to Banks (CIT DV) [Member] |
|
|
|
Schedule of Disaggregation Information of Revenue by Service Type [Line Items] |
|
|
|
Total |
|
$ 1,765,869
|
$ 1,961,464
|
Percentage of Total Revenue |
|
10.10%
|
10.90%
|
ATM Management [Member] |
|
|
|
Schedule of Disaggregation Information of Revenue by Service Type [Line Items] |
|
|
|
Total |
|
$ 3,293,725
|
$ 3,895,708
|
Percentage of Total Revenue |
|
18.70%
|
21.60%
|
Cash Processing (CPC) [Member] |
|
|
|
Schedule of Disaggregation Information of Revenue by Service Type [Line Items] |
|
|
|
Total |
|
$ 1,710,792
|
$ 1,613,933
|
Percentage of Total Revenue |
|
9.70%
|
9.00%
|
Cash Center Operations (CCT) [Member] |
|
|
|
Schedule of Disaggregation Information of Revenue by Service Type [Line Items] |
|
|
|
Total |
|
$ 857,109
|
$ 958,760
|
Percentage of Total Revenue |
|
4.90%
|
5.30%
|
Consolidate Cash Center (CCC) [Member] |
|
|
|
Schedule of Disaggregation Information of Revenue by Service Type [Line Items] |
|
|
|
Total |
|
$ 276,137
|
$ 395,105
|
Percentage of Total Revenue |
|
1.60%
|
2.20%
|
Others [Member] |
|
|
|
Schedule of Disaggregation Information of Revenue by Service Type [Line Items] |
|
|
|
Total |
[1] |
|
$ 4,332
|
Percentage of Total Revenue |
[1] |
|
0.00%
|
Cash Deposit Management Solutions (GDM) [Member] |
|
|
|
Schedule of Disaggregation Information of Revenue by Service Type [Line Items] |
|
|
|
Total |
|
$ 1,842,026
|
$ 1,125,767
|
Percentage of Total Revenue |
|
10.50%
|
6.30%
|
Robotic AI solutions [Member] |
|
|
|
Schedule of Disaggregation Information of Revenue by Service Type [Line Items] |
|
|
|
Total |
|
$ 131,142
|
$ 440,229
|
Percentage of Total Revenue |
|
0.80%
|
2.40%
|
General security solutions [Member] |
|
|
|
Schedule of Disaggregation Information of Revenue by Service Type [Line Items] |
|
|
|
Total |
|
$ 1,673,758
|
$ 1,622,218
|
Percentage of Total Revenue |
|
9.50%
|
9.00%
|
|
|
X |
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v3.24.3
Business Combination (Details)
|
6 Months Ended |
|
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
May 13, 2024
USD ($)
|
May 13, 2024
CNY (¥)
|
Dec. 31, 2023 |
Business Combination[Line Items] |
|
|
|
|
|
Consideration paid |
|
|
$ 0.1
|
¥ 1
|
|
Percentage of equity interest |
|
|
|
|
99.07%
|
Total assets |
$ 4,720
|
|
|
|
|
Total liabilities |
35,187
|
|
|
|
|
Goodwill |
30,467
|
|
|
|
|
Total revenue |
99
|
|
|
|
|
Total net loss |
95,290
|
|
|
|
|
Goodwill impairment loss |
30,467
|
$ 1,263,040
|
|
|
|
InnoAI [Member] |
|
|
|
|
|
Business Combination[Line Items] |
|
|
|
|
|
Percentage of equity interest |
|
|
100.00%
|
100.00%
|
|
Total revenue |
831
|
|
|
|
|
Total net loss |
$ 99,550
|
|
|
|
|
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v3.24.3
Cash, Cash Equivalents and Restricted Cash (Details) - Schedule of Cash, Cash Equivalents and Restricted Cash - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Schedule of Cash, Cash Equivalents and Restricted Cash [Abstract] |
|
|
|
|
|
Cash on hand |
|
$ 514,080
|
$ 472,641
|
|
|
Cash in bank |
|
13,465,137
|
19,762,586
|
|
|
Subtotal |
|
13,979,217
|
20,235,227
|
|
|
Restricted cash – current |
[1] |
26,319
|
100,764
|
|
|
Restricted cash – non-current |
[2] |
1,496,236
|
1,608,762
|
|
|
Cash, cash equivalents, and restricted cash |
|
15,501,772
|
21,944,753
|
|
|
Cash at banks attributable to discontinued operations |
|
|
28,642
|
|
|
Cash, cash equivalents, and restricted cash |
|
$ 15,501,772
|
$ 21,973,395
|
$ 26,030,392
|
$ 8,230,644
|
|
|
X |
- DefinitionThe amount of cash on hand and demand deposits.
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v3.24.3
Inventories (Details) - Schedule of Inventories - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Schedule of Inventories [Line Items] |
|
|
|
Inventories |
|
$ 381,155
|
$ 506,403
|
Impairment provision for inventories |
|
(4,584,078)
|
(4,743,645)
|
Robots in warehouse [Member] |
|
|
|
Schedule of Inventories [Line Items] |
|
|
|
Inventories |
|
4,584,078
|
4,743,645
|
Security equipment [Member] |
|
|
|
Schedule of Inventories [Line Items] |
|
|
|
Inventories |
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|
$ 506,403
|
|
|
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v3.24.3
Trade Receivables, Net (Details) - Schedule of Trade Receivable - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Trade Receivables, Net [Abstract] |
|
|
Trade receivable |
$ 5,636,167
|
$ 5,780,144
|
Provision for doubtful accounts |
(319,184)
|
(149,339)
|
Trade receivable, net |
$ 5,316,983
|
$ 5,630,805
|
X |
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v3.24.3
Withholding Tax Receivable (Details) - Schedule of Withholding Tax Receivable Movement - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Schedule of Withholding Tax Receivable Movement [Abstract] |
|
|
Balance at January 1 |
$ 2,224,846
|
$ 2,691,096
|
Addition |
376,265
|
401,941
|
Collection |
(604,168)
|
|
Recovery of (Write off)/Allowance for uncollectible |
32,980
|
(561,277)
|
Exchange difference |
(158,496)
|
(73,713)
|
Balance at June 30 |
$ 1,871,427
|
$ 2,458,047
|
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v3.24.3
Withholding Tax Receivable (Details) - Schedule of Withholding Tax Receivable - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Schedule of Withholding Tax Receivable [Abstract] |
|
|
|
|
Current portion |
$ 366,884
|
$ 607,221
|
|
|
Non-current portion |
1,504,543
|
1,617,625
|
|
|
Withholding tax receivable |
$ 1,871,427
|
$ 2,224,846
|
$ 2,458,047
|
$ 2,691,096
|
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v3.24.3
Other Current and Other Non-Current Assets (Details) - Schedule of Other Current and Other Non-Current Assets - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Schedule of Other Current and Other Non-Current Assets [Abstract] |
|
|
Input VAT and other taxes receivable |
$ 244,025
|
$ 219,232
|
Prepayments – office and warehouse rental |
1,284,395
|
818,997
|
Prepayments - insurance |
383,101
|
91,022
|
Prepayments - others |
393,910
|
187,759
|
Uniforms |
12,876
|
17,417
|
Prepayments – independent directors’ fee |
77,700
|
|
Tools and supplies |
120,355
|
143,760
|
Cash advances to employees |
48,386
|
79,169
|
Interest receivable on bank deposits |
69,051
|
108,215
|
Other current assets |
2,633,799
|
1,665,571
|
Deposits |
390,065
|
402,447
|
Other non-current assets |
$ 390,065
|
$ 402,447
|
X |
- DefinitionRepresent the amount of interest receivable on bank deposits.
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v3.24.3
Property, Plant and Equipment (Details) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
|
Depreciation expense |
$ 526,206
|
$ 1,057,117
|
Impairment loss |
|
1,591,766
|
Net book value of robot assets |
|
$ 695,000
|
X |
- DefinitionThe amount of depreciation expense. Depreciation is the systematic allocation of depreciable amounts of tangible assets over their useful lives.
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v3.24.3
Property, Plant and Equipment (Details) - Schedule of Property, Plant and Equipment - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cost |
|
|
Cost, Beginning balance |
$ 35,941,307
|
$ 38,064,952
|
Additions |
38,811
|
906,619
|
Disposals |
(2,317,430)
|
(363,211)
|
Impairment of fixed assets |
|
(1,591,766)
|
Exchange differences |
(2,382,747)
|
(796,529)
|
Cost, Ending balance |
31,279,941
|
36,220,065
|
Transfer in (out) |
|
|
Accumulated Depreciation |
|
|
Accumulated depreciation, beginning balance |
31,897,582
|
29,998,191
|
Depreciation charged for the period |
526,206
|
1,153,837
|
Disposals |
(2,314,157)
|
(325,864)
|
Exchange differences |
(2,110,160)
|
(624,507)
|
Accumulated depreciation, Ending balance |
27,999,471
|
30,201,657
|
Net book value |
|
|
Net book value, Balance |
3,280,470
|
6,018,408
|
Leasehold improvements [Member] |
|
|
Cost |
|
|
Cost, Beginning balance |
3,073,809
|
3,146,864
|
Additions |
|
|
Disposals |
(955,753)
|
(104,773)
|
Impairment of fixed assets |
|
|
Exchange differences |
(204,895)
|
(60,518)
|
Cost, Ending balance |
1,913,161
|
2,981,573
|
Transfer in (out) |
|
|
Accumulated Depreciation |
|
|
Accumulated depreciation, beginning balance |
2,605,039
|
2,577,341
|
Depreciation charged for the period |
48,918
|
48,922
|
Disposals |
(955,747)
|
(108,213)
|
Exchange differences |
(174,655)
|
(48,443)
|
Accumulated depreciation, Ending balance |
1,523,555
|
2,469,607
|
Net book value |
|
|
Net book value, Balance |
389,606
|
511,966
|
Machinery and equipment [Member] |
|
|
Cost |
|
|
Cost, Beginning balance |
4,829,343
|
4,868,015
|
Additions |
24,171
|
1,750
|
Disposals |
|
(105,939)
|
Impairment of fixed assets |
|
|
Exchange differences |
(350,278)
|
(95,521)
|
Cost, Ending balance |
4,503,236
|
4,668,305
|
Transfer in (out) |
|
|
Accumulated Depreciation |
|
|
Accumulated depreciation, beginning balance |
4,761,599
|
4,748,031
|
Depreciation charged for the period |
28,323
|
34,180
|
Disposals |
|
(109,514)
|
Exchange differences |
(345,427)
|
(90,705)
|
Accumulated depreciation, Ending balance |
4,444,495
|
4,581,992
|
Net book value |
|
|
Net book value, Balance |
58,741
|
86,313
|
Office decoration and equipment [Member] |
|
|
Cost |
|
|
Cost, Beginning balance |
5,335,825
|
5,354,351
|
Additions |
14,640
|
6,964
|
Disposals |
(1,073,690)
|
(48,955)
|
Impairment of fixed assets |
|
|
Exchange differences |
(359,132)
|
(106,807)
|
Cost, Ending balance |
3,917,643
|
5,205,553
|
Transfer in (out) |
|
|
Accumulated Depreciation |
|
|
Accumulated depreciation, beginning balance |
5,015,520
|
4,889,742
|
Depreciation charged for the period |
64,202
|
87,164
|
Disposals |
(1,072,429)
|
(44,542)
|
Exchange differences |
(340,421)
|
(101,287)
|
Accumulated depreciation, Ending balance |
3,666,872
|
4,831,077
|
Net book value |
|
|
Net book value, Balance |
250,771
|
374,476
|
Vehicles [Member] |
|
|
Cost |
|
|
Cost, Beginning balance |
15,505,385
|
15,518,987
|
Additions |
|
|
Disposals |
(278,087)
|
(47,155)
|
Impairment of fixed assets |
|
|
Exchange differences |
(1,107,555)
|
(353,552)
|
Cost, Ending balance |
14,190,585
|
15,118,280
|
Transfer in (out) |
70,842
|
|
Accumulated Depreciation |
|
|
Accumulated depreciation, beginning balance |
13,880,678
|
13,493,656
|
Depreciation charged for the period |
175,152
|
263,962
|
Disposals |
(276,081)
|
(48,748)
|
Exchange differences |
(998,055)
|
(275,519)
|
Accumulated depreciation, Ending balance |
12,781,694
|
13,433,351
|
Net book value |
|
|
Net book value, Balance |
1,408,891
|
1,684,929
|
Assets under construction [Member] |
|
|
Cost |
|
|
Cost, Beginning balance |
108,909
|
33,222
|
Additions |
|
|
Disposals |
|
|
Impairment of fixed assets |
|
|
Exchange differences |
(6,902)
|
(652)
|
Cost, Ending balance |
31,165
|
32,570
|
Transfer in (out) |
(70,842)
|
|
Accumulated Depreciation |
|
|
Accumulated depreciation, beginning balance |
|
|
Depreciation charged for the period |
|
|
Disposals |
|
|
Exchange differences |
|
|
Accumulated depreciation, Ending balance |
|
|
Net book value |
|
|
Net book value, Balance |
31,165
|
32,570
|
GDM machines [Member] |
|
|
Cost |
|
|
Cost, Beginning balance |
3,133,883
|
1,948,698
|
Additions |
|
624,126
|
Disposals |
|
|
Impairment of fixed assets |
|
|
Exchange differences |
(227,085)
|
(38,238)
|
Cost, Ending balance |
2,906,798
|
2,534,586
|
Transfer in (out) |
|
|
Accumulated Depreciation |
|
|
Accumulated depreciation, beginning balance |
1,680,593
|
1,230,247
|
Depreciation charged for the period |
209,611
|
202,983
|
Disposals |
|
|
Exchange differences |
(124,702)
|
(30,774)
|
Accumulated depreciation, Ending balance |
1,765,502
|
1,402,456
|
Net book value |
|
|
Net book value, Balance |
1,141,296
|
1,132,130
|
Robots [Member] |
|
|
Cost |
|
|
Cost, Beginning balance |
3,954,153
|
7,194,815
|
Additions |
|
273,779
|
Disposals |
(9,900)
|
(56,389)
|
Impairment of fixed assets |
|
(1,591,766)
|
Exchange differences |
(126,900)
|
(141,241)
|
Cost, Ending balance |
3,817,353
|
5,679,198
|
Transfer in (out) |
|
|
Accumulated Depreciation |
|
|
Accumulated depreciation, beginning balance |
3,954,153
|
3,059,174
|
Depreciation charged for the period |
|
516,626
|
Disposals |
(9,900)
|
(14,847)
|
Exchange differences |
(126,900)
|
(77,779)
|
Accumulated depreciation, Ending balance |
3,817,353
|
3,483,174
|
Net book value |
|
|
Net book value, Balance |
|
$ 2,196,024
|
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v3.24.3
Right-of-Use Assets and Operating Lease Liabilities (Details) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Right-of-Use Assets and Operating Lease Liabilities [Line Items] |
|
|
Weighted average incremental borrowing rate |
5.37%
|
3.52%
|
Interest expense arising from lease liabilities |
$ 8,954
|
$ 15,987
|
Depreciation expense related to right-of-use assets |
816,084
|
1,042,981
|
Lease Liabilities [Member] |
|
|
Right-of-Use Assets and Operating Lease Liabilities [Line Items] |
|
|
Interest expense arising from lease liabilities |
58,248
|
58,602
|
Right-of-use assets [member] |
|
|
Right-of-Use Assets and Operating Lease Liabilities [Line Items] |
|
|
Depreciation expense related to right-of-use assets |
$ 816,084
|
$ 1,026,316
|
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- DefinitionThe amount of depreciation of right-of-use assets. [Refer: Depreciation and amortisation expense; Right-of-use assets]
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v3.24.3
Right-of-Use Assets and Operating Lease Liabilities (Details) - Schedule of Carrying Amounts of Right-of-Use Assets - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Schedule of Carrying Amounts of Right-of-Use Assets [Abstract] |
|
|
Balance at January 1, |
$ 2,688,208
|
$ 4,171,409
|
New leases |
1,003,988
|
271,004
|
Termination of a lease |
(112,912)
|
|
Depreciation expense |
(816,084)
|
(1,042,981)
|
Exchange difference |
(174,660)
|
(75,562)
|
Net book amount |
$ 2,588,540
|
$ 3,323,870
|
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v3.24.3
Right-of-Use Assets and Operating Lease Liabilities (Details) - Schedule of Operating Lease Liabilities - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Schedule of Operating Lease Liabilities [Abstract] |
|
|
Current portion |
$ 1,457,783
|
$ 1,239,066
|
Non-current portion |
1,124,195
|
1,455,857
|
Operating lease liabilities |
$ 2,581,978
|
$ 2,694,923
|
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- DefinitionThe amount of current lease liabilities. [Refer: Lease liabilities]
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v3.24.3
Intangible Assets (Details) - Schedule of Intangible Assets - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Schedule of Intangible Assets, Net [Line Items] |
|
|
Balance at beginning |
$ 2,836,250
|
|
Net book value |
2,684,655
|
$ 6,954,467
|
Balance at ending |
2,684,655
|
|
Amortization charged for the period |
214,632
|
535,568
|
Computer software [Member] |
|
|
Schedule of Intangible Assets, Net [Line Items] |
|
|
Net book value |
168,280
|
92,927
|
Right-of-use Platform [Member] |
|
|
Schedule of Intangible Assets, Net [Line Items] |
|
|
Net book value |
|
560,923
|
Customer base [Member] |
|
|
Schedule of Intangible Assets, Net [Line Items] |
|
|
Net book value |
80,267
|
414,158
|
Technical know-how [Member] |
|
|
Schedule of Intangible Assets, Net [Line Items] |
|
|
Net book value |
366,704
|
421,511
|
Security Surveillance system [Member] |
|
|
Schedule of Intangible Assets, Net [Line Items] |
|
|
Net book value |
753,995
|
859,186
|
Intelligent Cloud Platform [Member] |
|
|
Schedule of Intangible Assets, Net [Line Items] |
|
|
Net book value |
1,135,390
|
4,415,083
|
Assets under construction -Cash Management Systems [Member] |
|
|
Schedule of Intangible Assets, Net [Line Items] |
|
|
Net book value |
180,019
|
190,679
|
Cost [Member] |
|
|
Schedule of Intangible Assets, Net [Line Items] |
|
|
Balance at beginning |
5,672,439
|
7,657,621
|
Additions |
115,164
|
1,792,841
|
Exchange differences |
(154,202)
|
(433,045)
|
Balance at ending |
5,633,401
|
9,017,417
|
Cost [Member] | Computer software [Member] |
|
|
Schedule of Intangible Assets, Net [Line Items] |
|
|
Balance at beginning |
919,222
|
887,745
|
Additions |
115,164
|
|
Exchange differences |
(67,805)
|
(17,419)
|
Balance at ending |
966,581
|
870,326
|
Cost [Member] | Right-of-use Platform [Member] |
|
|
Schedule of Intangible Assets, Net [Line Items] |
|
|
Balance at beginning |
114,659
|
673,029
|
Additions |
|
|
Exchange differences |
(2,687)
|
(31,974)
|
Balance at ending |
111,972
|
641,055
|
Cost [Member] | Customer base [Member] |
|
|
Schedule of Intangible Assets, Net [Line Items] |
|
|
Balance at beginning |
829,560
|
1,042,110
|
Additions |
|
|
Exchange differences |
(19,440)
|
(49,509)
|
Balance at ending |
810,120
|
992,601
|
Cost [Member] | Technical know-how [Member] |
|
|
Schedule of Intangible Assets, Net [Line Items] |
|
|
Balance at beginning |
486,112
|
499,344
|
Additions |
|
|
Exchange differences |
(11,392)
|
(23,723)
|
Balance at ending |
474,720
|
475,621
|
Cost [Member] | Security Surveillance system [Member] |
|
|
Schedule of Intangible Assets, Net [Line Items] |
|
|
Balance at beginning |
1,524,224
|
1,360,898
|
Additions |
|
195,087
|
Exchange differences |
(35,720)
|
(306,604)
|
Balance at ending |
1,488,504
|
1,249,381
|
Cost [Member] | Intelligent Cloud Platform [Member] |
|
|
Schedule of Intangible Assets, Net [Line Items] |
|
|
Balance at beginning |
1,604,580
|
3,000,000
|
Additions |
|
1,597,754
|
Exchange differences |
(3,095)
|
|
Balance at ending |
1,601,485
|
4,597,754
|
Cost [Member] | Assets under construction -Cash Management Systems [Member] |
|
|
Schedule of Intangible Assets, Net [Line Items] |
|
|
Balance at beginning |
194,082
|
194,495
|
Additions |
|
|
Exchange differences |
(14,063)
|
(3,816)
|
Balance at ending |
180,019
|
190,679
|
Accumulated amortization [Member] |
|
|
Schedule of Intangible Assets, Net [Line Items] |
|
|
Balance at beginning |
2,836,189
|
1,864,478
|
Amortization charged for the period |
214,632
|
535,568
|
Exchange differences |
(102,075)
|
(337,096)
|
Balance at ending |
2,948,746
|
2,062,950
|
Accumulated amortization [Member] | Computer software [Member] |
|
|
Schedule of Intangible Assets, Net [Line Items] |
|
|
Balance at beginning |
830,600
|
767,168
|
Amortization charged for the period |
28,236
|
26,139
|
Exchange differences |
(60,535)
|
(15,908)
|
Balance at ending |
798,301
|
777,399
|
Accumulated amortization [Member] | Right-of-use Platform [Member] |
|
|
Schedule of Intangible Assets, Net [Line Items] |
|
|
Balance at beginning |
114,659
|
50,477
|
Amortization charged for the period |
|
33,582
|
Exchange differences |
(2,687)
|
(3,927)
|
Balance at ending |
111,972
|
80,132
|
Accumulated amortization [Member] | Customer base [Member] |
|
|
Schedule of Intangible Assets, Net [Line Items] |
|
|
Balance at beginning |
706,271
|
405,868
|
Amortization charged for the period |
40,430
|
201,013
|
Exchange differences |
(16,848)
|
(28,438)
|
Balance at ending |
729,853
|
578,443
|
Accumulated amortization [Member] | Technical know-how [Member] |
|
|
Schedule of Intangible Assets, Net [Line Items] |
|
|
Balance at beginning |
82,956
|
28,405
|
Amortization charged for the period |
27,204
|
28,346
|
Exchange differences |
(2,144)
|
(2,641)
|
Balance at ending |
108,016
|
54,110
|
Accumulated amortization [Member] | Security Surveillance system [Member] |
|
|
Schedule of Intangible Assets, Net [Line Items] |
|
|
Balance at beginning |
699,123
|
612,560
|
Amortization charged for the period |
52,152
|
63,817
|
Exchange differences |
(16,766)
|
(286,182)
|
Balance at ending |
734,509
|
390,195
|
Accumulated amortization [Member] | Intelligent Cloud Platform [Member] |
|
|
Schedule of Intangible Assets, Net [Line Items] |
|
|
Balance at beginning |
402,580
|
|
Amortization charged for the period |
66,610
|
182,671
|
Exchange differences |
(3,095)
|
|
Balance at ending |
466,095
|
182,671
|
Accumulated amortization [Member] | Assets under construction -Cash Management Systems [Member] |
|
|
Schedule of Intangible Assets, Net [Line Items] |
|
|
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|
|
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|
|
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|
|
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|
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v3.24.3
Trade and Other Payables and Other Current Liabilities (Details) - Schedule of Trade and Other Payables and Other Current Liabilities - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Schedule of Trade and Other Payables and Other Current Liabilities [Abstract] |
|
|
|
Trade payables – third parties |
|
$ 2,553,826
|
$ 2,113,401
|
Accrued salaries and bonus |
|
369,275
|
603,112
|
Other payables, accrued customer claims, cash loss and shortage |
[1] |
124,433
|
300,337
|
Trade and other payables |
|
3,047,534
|
3,016,850
|
Output VAT and other taxes payable |
|
|
100,166
|
Accrued expenses |
|
525,467
|
639,556
|
Payroll payable |
|
715,467
|
925,142
|
Provision for stock-based compensation expense |
[2] |
|
830,000
|
Other payables |
|
487,172
|
419,964
|
Deferred revenue |
|
36,530
|
256,815
|
Other current liabilities |
|
$ 1,764,636
|
$ 3,171,643
|
|
|
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- DefinitionAccrued customer claims, cash loss and shortage.
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v3.24.3
Borrowings (Details) - USD ($)
|
|
|
6 Months Ended |
Dec. 31, 2024 |
Sep. 28, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Borrowings [Line Items] |
|
|
|
|
Loan principal amount |
|
$ 13,420,000
|
|
|
Bears interest rate |
4.00%
|
|
|
|
Interest expense |
|
|
|
$ 411,270
|
Bank Borrowings One [Member] |
|
|
|
|
Borrowings [Line Items] |
|
|
|
|
Borrowings interest rate |
|
|
4.69%
|
|
Maturity date |
|
|
April 7, 2025
|
|
Interest expense |
|
|
$ 10,002
|
|
Bank Borrowings Two [Member] |
|
|
|
|
Borrowings [Line Items] |
|
|
|
|
Borrowings interest rate |
|
|
3.77%
|
|
Maturity date |
|
|
September
25, 2024
|
|
Interest expense |
|
|
|
$ 33,394
|
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v3.24.3
Convertible Note Payable (Details) - USD ($)
|
|
|
|
|
6 Months Ended |
12 Months Ended |
May 07, 2024 |
Oct. 25, 2023 |
Apr. 19, 2023 |
Oct. 25, 2022 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Convertible Note Payable [Abstract] |
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
$ 1,707,500
|
|
|
|
|
Convert amount |
|
|
|
$ 1,238,400
|
|
|
|
|
Conversion price (in Dollars per share) |
|
|
|
$ 7.2
|
|
|
|
|
Restricted ordinary shares issued (in Shares) |
288,000
|
|
172,000
|
|
|
|
60,000
|
288,000
|
Remaining note balance |
|
$ 554,238
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
$ 65,644
|
|
|
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- DefinitionRestricted shares are unregistered, non-transferable shares issued to a company's employees. They give employees incentive to help companies attain success. They are most common in established companies that want to motivate people with an equity stake.
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v3.24.3
Finance Lease Liabilities (Details) - Schedule of Minimum Lease Payments Under Finance Lease Agreements - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Schedule of Minimum Lease Payments Under Finance Lease Agreements [Line Items] |
|
|
Less: Finance charges |
$ (23,396)
|
$ (34,742)
|
Present value of finance lease liabilities, net |
256,182
|
327,593
|
Within 1 year [Member] |
|
|
Schedule of Minimum Lease Payments Under Finance Lease Agreements [Line Items] |
|
|
Finance lease payments |
60,407
|
126,042
|
After 1 year but within 5 years [Member] |
|
|
Schedule of Minimum Lease Payments Under Finance Lease Agreements [Line Items] |
|
|
Finance lease payments |
$ 219,171
|
$ 236,293
|
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v3.24.3
Provision for Employee Benefits (Details) - Schedule of Movement for the Defined Benefit Obligations - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Schedule of Movement for the Defined Benefit Obligations [Abstract] |
|
|
|
Defined benefit obligations at January 1, |
|
$ 4,935,982
|
$ 4,849,614
|
Estimate for the six months period |
[1] |
(344,427)
|
(74,552)
|
Defined benefit obligations at June 30, |
|
$ 4,591,555
|
$ 4,775,062
|
|
|
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v3.24.3
Shareholders’ Equity (Details) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
6 Months Ended |
12 Months Ended |
|
|
|
|
Jul. 01, 2024 |
May 07, 2024 |
Mar. 04, 2024 |
Feb. 06, 2024 |
May 12, 2023 |
May 05, 2023 |
Apr. 19, 2023 |
Feb. 17, 2023 |
Dec. 21, 2022 |
Feb. 13, 2022 |
Jun. 30, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Mar. 06, 2024 |
Mar. 01, 2023 |
Jan. 31, 2023 |
Jun. 16, 2022 |
Ordinary share increased (in Dollars per share) |
|
|
|
|
|
|
|
|
|
|
$ 0.12
|
|
$ 0.12
|
|
|
|
|
Fractional shares canceled |
|
|
|
|
|
|
|
2,339
|
|
|
|
|
|
|
|
|
|
Deposit equity interests rate |
|
|
|
|
|
|
|
|
|
|
|
|
99.07%
|
|
|
|
|
Cancelled shares |
|
|
|
|
|
|
|
|
|
243,000
|
|
|
|
|
|
|
|
Ordinary shares |
1,628,368
|
|
|
|
2,580,600
|
1,720,430
|
172,000
|
|
|
|
10,237,282
|
|
9,830,373
|
120,000
|
262,500
|
|
|
Warrants shares |
|
|
|
|
|
|
|
|
|
|
128,901
|
|
|
|
|
|
|
Warrants issued |
|
|
|
|
|
|
|
|
|
|
2,013,759
|
|
|
|
|
|
|
Warrants outstanding |
|
|
|
|
|
|
|
|
|
|
2,013,759
|
|
|
|
|
|
|
Exercises warrant |
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
Additional ordinary shares |
|
|
|
|
387,090
|
258,064
|
|
|
|
|
|
|
|
|
|
|
|
Public offering price (in Dollars per share) |
|
|
|
|
$ 4.65
|
$ 4.65
|
|
|
|
|
|
|
|
|
|
|
|
Gross proceeds (in Dollars) |
$ 2,593,842
|
|
|
|
$ 13,800,000
|
$ 9,200,000
|
|
|
|
|
|
|
|
|
|
|
|
Restricted ordinary share |
|
|
|
1,091
|
|
|
|
|
262,500
|
|
|
|
|
|
|
|
|
Issued restricted ordinary shares |
|
288,000
|
|
|
|
|
172,000
|
|
|
|
|
60,000
|
288,000
|
|
|
|
|
Fair value for the restricted ordinary shares (in Dollars) |
|
|
|
|
|
|
|
|
|
|
|
$ 155,400
|
$ 924,955
|
|
|
|
|
Stock-based compensation expense (in Dollars) |
|
|
|
|
|
|
|
|
|
|
$ 77,700
|
|
$ 830,000
|
|
|
|
|
Directors’ fee (in Dollars) |
|
|
|
|
|
|
|
|
|
|
77,700
|
|
|
|
|
|
|
Under-provided amount (in Dollars) |
|
|
|
|
|
|
|
|
|
|
$ 94,955
|
|
|
|
|
|
|
Minimum [Member] | Public Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public warrant (in Dollars per share) |
|
|
|
|
|
|
|
|
|
|
$ 0.16
|
|
|
|
|
|
|
Minimum [Member] | Private Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private warrant (in Dollars per share) |
|
|
|
|
|
|
|
|
|
|
0.18
|
|
|
|
|
|
|
Top of range [member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public warrant (in Dollars per share) |
|
|
|
|
|
|
|
|
|
|
6.4
|
|
|
|
|
|
|
Private warrant (in Dollars per share) |
|
|
|
|
|
|
|
|
|
|
$ 7.2
|
|
|
|
|
|
|
Cayman Islands [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary share increased (in Dollars per share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.003
|
|
Cayman Islands [Member] | Top of range [member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary share increased (in Dollars per share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.12
|
|
Shareholders [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued restricted ordinary shares |
|
|
|
|
|
|
|
|
|
|
|
60,000
|
|
|
|
|
|
Board of Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued restricted ordinary shares |
|
|
|
|
|
|
|
|
|
|
|
|
60,000
|
|
|
|
|
Ordinary shares [member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit equity interests rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.00%
|
Restricted ordinary share |
|
|
1,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued Capital [Member] | Cayman Islands [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares authorized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
300,000,000
|
|
Issued Capital [Member] | Cayman Islands [Member] | Top of range [member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares authorized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,500,000
|
|
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v3.24.3
Selling, Distribution and Administrative Expenses (Details) - Schedule of Selling, Distribution and Administrative Expenses - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Schedule of Selling, Distribution and Administrative Expenses [Abstract] |
|
|
|
Staff expense |
|
$ 3,141,756
|
$ 3,602,127
|
Rental expense |
|
173,246
|
345,026
|
Depreciation and amortization expense |
|
452,299
|
1,251,359
|
Utilities expense |
|
34,783
|
53,015
|
Travelling and entertainment expense |
|
170,596
|
135,186
|
Marketing expense |
|
187,858
|
150,203
|
Professional fees |
|
582,489
|
774,553
|
Repairs and maintenance |
|
26,280
|
35,298
|
Employee benefits |
|
38,741
|
29,316
|
Research and development expense |
|
106,835
|
95,322
|
Other expenses |
[1] |
52,407
|
212,445
|
Selling ,distribution and administrative expenses |
|
$ 4,967,290
|
$ 6,683,850
|
|
|
X |
- DefinitionThe amount of depreciation and amortisation expense. Depreciation and amortisation are the systematic allocations of depreciable amounts of assets over their useful lives.
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v3.24.3
Related Party Transactions (Details) ¥ in Millions |
6 Months Ended |
|
|
|
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Mar. 22, 2024 |
Dec. 31, 2023
USD ($)
|
Apr. 17, 2020
USD ($)
|
Sep. 01, 2018
USD ($)
|
Sep. 01, 2018
CNY (¥)
|
Disclosure of transactions between related parties [line items] |
|
|
|
|
|
|
|
Borrowed amount |
$ 187,288
|
|
|
$ 381,651
|
|
|
|
Loan interest rate |
2.00%
|
|
|
|
|
|
|
Purchase of asset |
$ 138,520
|
$ 229,162
|
|
|
|
|
|
Standard purchase orders |
|
50,927
|
|
|
|
|
|
Tu Jingyi [Member] |
|
|
|
|
|
|
|
Disclosure of transactions between related parties [line items] |
|
|
|
|
|
|
|
Loan |
|
|
|
|
|
$ 1,437,303
|
¥ 10
|
Guardforce Holdings HK Limited Member |
|
|
|
|
|
|
|
Disclosure of transactions between related parties [line items] |
|
|
|
|
|
|
|
Borrowed amount |
|
|
|
|
$ 2,735,000
|
|
|
Outstanding loan |
1,666,846
|
|
|
|
|
|
|
Tu Jingyi [Member] |
|
|
|
|
|
|
|
Disclosure of transactions between related parties [line items] |
|
|
|
|
|
|
|
Loan interest rate |
|
|
1.50%
|
|
|
|
|
Interest expense |
$ 4,575
|
$ 39,949
|
|
|
|
|
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v3.24.3
Related Party Transactions (Details) - Schedule of Amounts Due from Related Parties - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Disclosure of transactions between related parties [line items] |
|
|
|
Due from related parties |
|
$ 13,086
|
$ 2,172,638
|
Guardforce TH Group Company Limited [Member] |
|
|
|
Disclosure of transactions between related parties [line items] |
|
|
|
Due from related parties |
[1] |
2,506
|
1,804
|
Shareholders’ of Shenzhen Kewei Robot Technology Co., Limited and its subsidiaries [Member] |
|
|
|
Disclosure of transactions between related parties [line items] |
|
|
|
Due from related parties |
[2] |
|
2,160,000
|
CSF Mingda Technology Co., Ltd. [Member] |
|
|
|
Disclosure of transactions between related parties [line items] |
|
|
|
Due from related parties |
[1] |
$ 10,580
|
$ 10,834
|
|
|
v3.24.3
Related Party Transactions (Details) - Schedule of Amounts Due to Related Parties - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Schedule of Amounts Due to Related Parties [Line Items] |
|
|
|
Due from related parties |
|
$ 139,557
|
$ 2,898,506
|
Tu Jingyi [Member] |
|
|
|
Schedule of Amounts Due to Related Parties [Line Items] |
|
|
|
Due from related parties |
[1] |
|
152,725
|
Guardforce Holdings (HK) Limited [Member] |
|
|
|
Schedule of Amounts Due to Related Parties [Line Items] |
|
|
|
Due from related parties |
[1] |
|
43,337
|
Guardforce Security (Thailand) Company Limited [Member] |
|
|
|
Schedule of Amounts Due to Related Parties [Line Items] |
|
|
|
Due from related parties |
[2] |
139,287
|
74,429
|
Shenzhen Kewei Robot Technology Co., Limited and its subsidiaries [Member] |
|
|
|
Schedule of Amounts Due to Related Parties [Line Items] |
|
|
|
Due from related parties |
[3] |
|
2,528,916
|
Shenzhen Zhongzhi Yonghao Robot Co., Ltd. [Member] |
|
|
|
Schedule of Amounts Due to Related Parties [Line Items] |
|
|
|
Due from related parties |
[3] |
|
63,718
|
Guardforce Security Service (Shanghai) Co., Ltd. [Member] |
|
|
|
Schedule of Amounts Due to Related Parties [Line Items] |
|
|
|
Due from related parties |
[3] |
|
35,225
|
Guardforce Aviation Security Company Limited [Member] |
|
|
|
Schedule of Amounts Due to Related Parties [Line Items] |
|
|
|
Due from related parties |
[2] |
$ 270
|
$ 156
|
|
|
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v3.24.3
v3.24.3
Consolidated Segment Data (Details) - Schedule of Revenue and Non-Cash Compensation - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Schedule of Revenue and Non-Cash Compensation [Line Items] |
|
|
|
Revenues |
|
$ 17,566,844
|
$ 18,005,603
|
Operating loss |
|
(2,081,862)
|
(11,901,828)
|
Total other income from four segments |
|
312,342
|
77,665
|
Foreign exchange losses (gain), net: |
|
|
|
Foreign exchange losses, net |
|
(775,698)
|
169,410
|
Finance costs: |
|
|
|
Finance costs |
|
(81,534)
|
(578,308)
|
Loss before income tax from continuing operations |
|
(1,900,095)
|
(12,986,564)
|
Provision for income tax benefit (expense) |
|
22,949
|
(874,431)
|
Net loss for the period from continuing operations |
|
(1,877,146)
|
(13,860,995)
|
Net loss for the period from discontinued operations – Information security segment |
|
38,719
|
11,562
|
Net loss for the period |
|
(1,838,427)
|
(13,849,433)
|
Less: net profit (loss) attributable to the non-controlling interest |
|
9,167
|
(30,214)
|
Net loss attributable to equity holders of the Company |
|
(1,847,594)
|
(13,819,219)
|
Revenue [Member] |
|
|
|
Schedule of Revenue and Non-Cash Compensation [Line Items] |
|
|
|
Revenues |
[1] |
17,566,844
|
18,005,603
|
Secured logistics [Member] | Revenue [Member] |
|
|
|
Schedule of Revenue and Non-Cash Compensation [Line Items] |
|
|
|
Revenues |
[1] |
15,761,944
|
15,943,156
|
Secured logistics [Member] | Foreign exchange losses, net [Member] |
|
|
|
Foreign exchange losses (gain), net: |
|
|
|
Foreign exchange losses, net |
|
(1,544)
|
(598,053)
|
Secured logistics [Member] | Finance costs [Member] |
|
|
|
Finance costs: |
|
|
|
Finance costs |
|
(56,727)
|
(423,440)
|
AI&Robotics solution [Member] | Revenue [Member] |
|
|
|
Schedule of Revenue and Non-Cash Compensation [Line Items] |
|
|
|
Revenues |
[1] |
131,142
|
440,229
|
AI&Robotics solution [Member] | Foreign exchange losses, net [Member] |
|
|
|
Foreign exchange losses (gain), net: |
|
|
|
Foreign exchange losses, net |
|
(30,030)
|
13,150
|
AI&Robotics solution [Member] | Finance costs [Member] |
|
|
|
Finance costs: |
|
|
|
Finance costs |
|
(17,427)
|
|
General security solutions [Member] | Revenue [Member] |
|
|
|
Schedule of Revenue and Non-Cash Compensation [Line Items] |
|
|
|
Revenues |
[1] |
1,673,758
|
1,622,218
|
General security solutions [Member] | Finance costs [Member] |
|
|
|
Finance costs: |
|
|
|
Finance costs |
|
(2,430)
|
|
Corporate and others [Member] | Foreign exchange losses, net [Member] |
|
|
|
Foreign exchange losses (gain), net: |
|
|
|
Foreign exchange losses, net |
|
(17,467)
|
810
|
Corporate and others [Member] | Finance costs [Member] |
|
|
|
Finance costs: |
|
|
|
Finance costs |
|
(4,950)
|
(154,868)
|
Operating loss [Member] | Secured logistics [Member] |
|
|
|
Schedule of Revenue and Non-Cash Compensation [Line Items] |
|
|
|
Operating loss |
|
770,737
|
(1,101,369)
|
Operating loss [Member] | AI&Robotics solution [Member] |
|
|
|
Schedule of Revenue and Non-Cash Compensation [Line Items] |
|
|
|
Operating loss |
|
(894,556)
|
(8,320,982)
|
Operating loss [Member] | General security solutions [Member] |
|
|
|
Schedule of Revenue and Non-Cash Compensation [Line Items] |
|
|
|
Operating loss |
|
(109,979)
|
(542,569)
|
Operating loss [Member] | Corporate and others [Member] |
|
|
|
Schedule of Revenue and Non-Cash Compensation [Line Items] |
|
|
|
Operating loss |
[2] |
$ (1,848,064)
|
$ (1,936,908)
|
|
|
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v3.24.3
Consolidated Segment Data (Details) - Schedule of Depreciation and Amortization by Segment - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Schedule of Depreciation and Amortization by Segment [Line Items] |
|
|
Total depreciation and amortization |
$ 1,556,922
|
$ 2,619,001
|
Secured logistics [Member] |
|
|
Schedule of Depreciation and Amortization by Segment [Line Items] |
|
|
Total depreciation and amortization |
1,258,825
|
1,570,069
|
AI&Robotics solution [Member] |
|
|
Schedule of Depreciation and Amortization by Segment [Line Items] |
|
|
Total depreciation and amortization |
173,368
|
924,219
|
General security solutions [Member] |
|
|
Schedule of Depreciation and Amortization by Segment [Line Items] |
|
|
Total depreciation and amortization |
$ 124,729
|
$ 124,713
|
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v3.24.3
Consolidated Segment Data (Details) - Schedule of the Total Assets by Segment - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Schedule of the Total Assets by Segment [Line Items] |
|
|
|
Total assets |
$ 36,183,978
|
$ 45,814,948
|
|
Secured logistics [Member] |
|
|
|
Schedule of the Total Assets by Segment [Line Items] |
|
|
|
Total assets |
20,897,829
|
21,613,383
|
|
Assets held for sale - Information security [Member] |
|
|
|
Schedule of the Total Assets by Segment [Line Items] |
|
|
|
Total assets |
|
201,963
|
[1] |
AI&Robotics solution [Member] |
|
|
|
Schedule of the Total Assets by Segment [Line Items] |
|
|
|
Total assets |
2,296,023
|
3,127,857
|
|
General security solutions [Member] |
|
|
|
Schedule of the Total Assets by Segment [Line Items] |
|
|
|
Total assets |
3,697,691
|
2,836,403
|
|
Corporate and others [Member] |
|
|
|
Schedule of the Total Assets by Segment [Line Items] |
|
|
|
Total assets |
$ 9,292,435
|
$ 18,035,342
|
|
|
|
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v3.24.3
Consolidated Segment Data (Details) - Schedule of Total Non-Current Assets by Geographical Segment - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Schedule of Total Non-Current Assets by Geographical Segment [Line Items] |
|
|
Total non-current assets |
$ 13,466,535
|
$ 14,694,356
|
Hong Kong and Macau [Member] |
|
|
Schedule of Total Non-Current Assets by Geographical Segment [Line Items] |
|
|
Total non-current assets |
3,471,387
|
3,289,170
|
Thailand [Member] |
|
|
Schedule of Total Non-Current Assets by Geographical Segment [Line Items] |
|
|
Total non-current assets |
9,979,287
|
10,472,012
|
Other countries [Member] |
|
|
Schedule of Total Non-Current Assets by Geographical Segment [Line Items] |
|
|
Total non-current assets |
$ 15,861
|
$ 933,174
|
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v3.24.3
Commitments and Contingencies (Details) - Schedule of Expenditure Commitments
|
Jun. 30, 2024
USD ($)
|
Schedule of Expenditure Commitments [Line Items] |
|
|
Service fee commitments |
$ 250,946
|
[1] |
Operating lease commitments |
2,690,062
|
[2] |
Total |
2,941,008
|
|
Less than 1 year [Member] |
|
|
Schedule of Expenditure Commitments [Line Items] |
|
|
Service fee commitments |
215,716
|
[1] |
Operating lease commitments |
1,671,619
|
[2] |
Total |
1,887,335
|
|
1-3 years [Member] |
|
|
Schedule of Expenditure Commitments [Line Items] |
|
|
Service fee commitments |
35,230
|
[1] |
Operating lease commitments |
946,402
|
[2] |
Total |
981,632
|
|
4-5 years [Member] |
|
|
Schedule of Expenditure Commitments [Line Items] |
|
|
Service fee commitments |
|
[1] |
Operating lease commitments |
72,041
|
[2] |
Total |
$ 72,041
|
|
|
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Guardforce AI (NASDAQ:GFAIW)
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