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
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For
the month of November 2023
Commission
File Number: 001-41444
Intelligent
Living Application Group Inc.
Unit
2, 5/F, Block A, Profit Industrial Building
1-15
Kwai Fung Crescent, Kwai Chung
New
Territories, Hong Kong
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
EXPLANATORY NOTE
Intelligent Living Application Group Inc (the
“Company”) is furnishing this Form 6-K to provide a copy of its press release announcing its First Half 2023 Unaudited
Financial Results. This Form 6-K is hereby incorporated by reference into the registration statements of the Company on Form
F-3 (Registration Number 333-274495) to the extent not superseded by documents or reports filed or furnished by the Company under
the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
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.
| |
Intelligent
Living Application Group Inc. |
| |
|
| Date:
November 30, 2023 |
By: |
/s/
Bong Lau |
| |
Name: |
Bong
Lau |
| |
Title: |
Chief
Executive Officer |
Exhibit
Index
Exhibit
99.1
Intelligent
Living Application Group Inc. Announces
First
Half 2023 Unaudited Financial Results
Hong
Kong, November 30, 2023 (PR Newswire) -- Intelligent Living Application Group Inc. (Nasdaq: ILAG) (the “Company” or “Intelligent
Living”), a premium lockset manufacturer and distributor headquartered in Hong Kong, today announced its unaudited financial results
for the six months ended June 30, 2023.
First
Half 2023 Financial Highlights
| |
● |
Revenues
were $1,935,641, a 73.6% decrease from $7,342,860 for the six months ended June 30, 2022. |
| |
|
|
| |
● |
Gross
profit was $186,746, an 82.3% decrease from $1,055,243 for the six months ended June 30, 2022. |
| |
|
|
| |
● |
Net
loss was $2,820,521, an increase of $2,586,790 from net loss of $233,731 for the six months ended June 30, 2022. |
| |
|
|
| |
● |
Loss
per basic and fully diluted share was $0.16 per share as compared to loss per basic and fully diluted share of $0.02 per
share for the six months ended June 30, 2022. |
Mr.
Bong Lau, Chairman and Chief Executive Officer of Intelligent Living, commented, “Facing increment cycle of high interest rate
and slowdown of real estate market, our operating and financial performance for the first half of 2023 as compared to the same
period last year decreased about 74%. The addition of electroplating production line along with continuous revamped production
procedures helped us to operate less relying on outsourced supplier during the first half of 2023. We are striving to optimize our product
mix and driving to release our smart locks to spur the sales to recover sales performance.”
“Our
mission is to make life safer and smarter by designing and producing affordable, high-quality locksets and smart security systems. With
our automated product lines and new craftsmanship in manufacturing locksets, we continue to provide our principal market of the US with
a large variety of products with different functions, designs and colors. Although our sector has experienced lower-cost entrants, we
believe that the high quality of our products and our exceptional brand recognition over our 40-year history well positions us
for future growth,” Mr. Lau concluded.
Six
Month Financial Results Ended June 30, 2023
| | |
For
the Six Months Ended
June 30, | | |
| | |
| |
| | |
2023 | | |
2022 | | |
Change | | |
Change | |
| | |
USD | | |
USD | | |
USD | | |
% | |
| | |
(Unaudited) | | |
(Unaudited) | | |
| | |
| |
| Selected Consolidated
Statements of Operations Data: | |
| | | |
| | | |
| | | |
| | |
| Revenues | |
$ | 1,935,641 | | |
$ | 7,342,860 | | |
$ | (5,407,219 | ) | |
| -73.6 | % |
| Cost of goods sold | |
| (1,748,895 | ) | |
| (6,287,617 | ) | |
| 4,538,722 | | |
| -72.2 | % |
| Gross profit | |
| 186,746 | | |
| 1,055,243 | | |
| (868,497 | ) | |
| -82.3 | % |
| Selling and marketing expenses | |
| (20,397 | ) | |
| (61,809 | ) | |
| 41,412 | | |
| -67.0 | % |
| General and administrative expenses | |
| (3,140,494 | ) | |
| (1,495,647 | ) | |
| (1,644,847 | ) | |
| 110.0 | % |
| Finance costs | |
| (14,123 | ) | |
| (117,816 | ) | |
| 103,693 | | |
| -88.0 | % |
| Loss from operations | |
| (2,988,268 | ) | |
| (620,029 | ) | |
| (2,368,239 | ) | |
| 382.0 | % |
| Total other income,
net | |
| 167,747 | | |
| 386,298 | | |
| (218,551 | ) | |
| -56.6 | % |
| Loss before provision for income taxes | |
| (2,820,521 | ) | |
| (233,731 | ) | |
| (2,586,790 | ) | |
| 1106.7 | % |
| Provision for income
taxes | |
| - | | |
| - | | |
| - | | |
| | |
| Net loss | |
$ | (2,820,521 | ) | |
$ | (233,731 | ) | |
$ | (2,586,790 | ) | |
| 1106.7 | % |
| | |
| | | |
| | | |
| | | |
| | |
| Loss per share –
basic and diluted | |
$ | (0.16 | ) | |
$ | (0.02 | ) | |
$ | (0.14 | ) | |
| -768.6 | % |
Revenues
Revenues
from the sales of door locksets was $1,935,641 for the six months ended June 30, 2023, a decrease of $5,407,219, or 73.6% from $7,342,860
for the same period last year. The decrease was mainly due to decrease in units sold for the six months ended June 30,
2023 as a result of facing the incremental cycle of higher interest rates and the slowdown of real estate market. Our total number
of products sold was approximately 0.4 million units (including approximately 0.1 million units of spare parts) for the six months ended
June 30, 2023 comparing to 1.5 million units (including approximately 0.1 million units of spare parts) for the six months ended June
30, 2022.
Cost
of Goods Sold
Cost
of goods sold was $1,748,895 for the six months ended June 30, 2023 as compared to $6,287,617 for the same period of 2022. Cost of goods
sold was 90.4% and 85.6% of revenues for the six months ended June 30, 2023 and 2022, respectively. The increase in cost of goods sold
as a percentage of revenue was mainly caused by the addition of new machinery along with revamped production procedures, increase
of labor and decrease of sales due to weak demand in our major market.
Cost
of goods sold includes the cost of raw materials (mainly copper, iron and zinc alloy), direct labor (including wages and social security
contributions), manufacturing overhead (such as packing materials, direct rental expense and utilities) and taxes. As a small business
with limited resources, we currently lack the ability to hedge our raw materials position and we monitor raw material price trends closely
to manage our production needs.
Gross
Profit
Gross
profit was $186,746 for the six months ended June 30, 2023, a decrease of $868,497, or 82.3% from $1,055,243 for the same period
of 2022. Gross margin was 9.6% for the six months ended June 30, 2023, decrease from 14.4% for the same period of 2022 as a result
of addition of new machinery, increase in direct labor cost and weak demand of our major market in the US,
during the six months ended June 30, 2023.
We
believe that we can enhance our gross margin as we are researching new processing procedures to use durable but lower cost
materials.
Selling
and Marketing Expenses
Selling
and marketing expenses were $20,397 for the six months ended June 30, 2023, a decrease of $41,412, or 67.0% as compared to $61,809 for
the same period of 2022. The decrease during the six months ended June 30, 2023 as compared to the same period of 2022 was due mainly
to a reduction in freight and transportation fees. The major components of selling and marketing expenses are transportation,
custom tariffs /declarations and sales commissions.
General
and Administrative Expenses
General
and administrative expenses were $3,140,494 for the six months ended June 30, 2023, an increase of $1,644,847 or 110.0% as compared to
$1,495,647 for the same period in 2022. This increase was due mainly to additional depreciation from new machinery and stock options
granted to officers and employees of the company under the Company’s 2022 Omnibus Equity Plan (the “Equity Plan”).
General
and administrative expenses consist primarily of personnel costs for our accounting, administrative and other supporting personnel and
executives as well as legal and professional fees, depreciation and amortization of non-production property and equipment.
Finance
Costs
Finance
costs were $14,123 for the six months ended June 30, 2023, a decrease of $103,693 from $117,816 for the same period in 2022. The decrease
was mainly due to reduce in interest from short-term loan during the six months period ended June 30, 2023. During the six months ended
2023 and 2022, interest expense related to bank borrowings was $9,484 and $16,190, respectively. During the six months ended 2023 and
2022, interest expense related to the short-term loan was $nil and $95,975, respectively.
Loss
before Provision for Income Taxes and Loss per Share
Net
loss was $2,820,521 for the six months ended June 30, 2023, an increase of $2,586,790 from net loss of $233,731 for the
same period in 2022.
Liquidity
and Capital Resources
We
are a holding company incorporated in the Cayman Islands. We conduct our operations primarily through our subsidiaries in Hong Kong and
China. As a result, our ability to pay dividends depends upon dividends paid by our subsidiaries. If our subsidiaries incur debt on their
behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us. In addition, Xingfa
Hardware Products Co. Ltd. (“Xingfa”), an indirectly wholly owned subsidiary of the Company in China, is permitted to
pay dividends in accordance with PRC accounting standards and regulations. Under PRC law, Xingfa is required to set aside at least 10%
of its after-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered
capital. Additionally, Xingfa may allocate a portion of its after-tax profits based on PRC accounting standards to its enterprise expansion
fund and staff bonus and welfare funds, at its discretion. Xingfa may also allocate a portion of its after-tax profits based on PRC accounting
standards to a discretionary surplus fund at its discretion. The statutory reserve funds and the discretionary funds are not distributable
as cash dividends. Under existing PRC foreign exchange regulations, payments of current account items, including profit distributions,
interest payments and trade and service-related foreign exchange transactions, can be made in foreign currencies without prior State
Administration of Foreign Exchange of China (“SAFE”) approval as long as certain routine procedural requirements are
fulfilled. However, capital account transactions, which include foreign direct investment and loans, must be approved by and/or
registered with SAFE and its local branches.
Our
cost structure is relatively fixed and our working capital requirements are generally influenced by our order backlog. We need substantial
operating funds to pay for raw materials; maintain an appropriate level of work-in-process inventory; and keep the production facility
open. To support our working capital needs, we maintain a credit facility with the Bank of China (Hong Kong) Limited for approximately
$897,000 as of June 30, 2023 and December 31, 2022, which is guaranteed by our directors and their personal properties.
Our
working capital was $11,646,274 and $14,201,841 as of June 30, 2023 and December 31, 2022. Our cash and cash equivalents were $7,513,948
and $9,165,651 as of June 30, 2023 and December 31, 2022, respectively. While our business has been negatively impacted by the tariffs
and COVID-19 pandemic in all 2022, 2021 and 2020, we believe we are able to obtain sufficient operating funds from our existing shareholders,
potential investors or extend Hong Kong government guaranteed low interest bank borrowing to operate our business.
On
July 15, 2022, we closed our initial public offering and raised net proceeds from the offering of approximately $16.86
million after deducting underwriting commission and offering expenses. We believe that our current working capital is sufficient to support
our operations for the next twelve months. We may, however, need additional cash resources in the future if we experience changes
in business conditions or other developments, or if we find and wish to pursue opportunities for investment, acquisition, capital expenditure
or similar actions. If we determine that our cash requirements exceed the amount of cash, cash equivalents and restricted cash we have
on hand at the time, we may seek to issue equity or debt securities or obtain credit facilities. The issuance and sale of additional
equity would result in further dilution to our shareholders. The incurrence of indebtedness would result in increased fixed obligations
and could result in operating covenants that would restrict our operations. Our obligation to bear credit risk for certain financing
transactions we facilitate may also strain our operating cash flow. We cannot assure you that financing will be available in amounts
or on terms acceptable to us, if at all.
Cash
Flows
The
following summarized the key components of our cash flows for the six months ended June 30, 2023 and 2022:
Operating
Activities
Net
cash used in operating activities was $1,407,885 for the six months ended June 30, 2023 and was mainly attributable to (i) the net loss
of $2,820,521, (ii) non-cash item of depreciation of $296,810, (iii) non-cash item of stock options granted to officers and
employees under the Equity Plan for a fair value of $992,200, (iv) a decrease in accounts
receivable of $1,190,204 , (v) an increase in inventories of $741,396, (vi) an increase in prepayments and deposits of
$119,629, (vii) an increase in other receivables of $33,260, (viii) a decrease in accounts payable of $45,886, (ix)
a decrease in advance from customers of $6,364, (x) a decrease in other payables and accruals of $120,043.
Investing
Activities
Net
cash used by investing activities was $788,062 for the six months ended June 30, 2023 compared to $63,917 for the six months ended June
30, 2022. The change was primarily attributable to the purchase of property and equipment.
Financing
Activities
Net
cash provided by financing activities was $545,076 for the six months ended June 30, 2023 and was primarily attributable to proceeds
from bank borrowings.
Capital
Expenditures
We
had capital expenditures of $788,062 and $63,917 for the six months ended June 30, 2023 and 2022, respectively. Our capital expenditures
were mainly used for purchases of production equipment. We intend to fund our future capital expenditures with lease financing and other
alternative financings. We will continue to make capital expenditures as appropriate to support the growth of our business.
About
Intelligent Living Application Group Inc.
Intelligent
Living Application Group Inc. is a premium lockset manufacturer and distributor headquartered in Hong Kong. Intelligent Living manufactures
and sells high quality mechanical locksets to customers mainly in the United States and Canada and has continued to diversify and refine
its product offerings in the past 40 years to meet its customers’ needs. Intelligent Living has obtained the ISO9001 quality assurance
certificate and various accredited quality and safety certificates including American National Standards Institute (ANSI) Grade 2 and
Grade 3 standards that are developed by the Builders Hardware Manufacturing Association (BHMA) for ANSI. Intelligent Living keeps investing
in self-designed automated product lines, new craftsmanship and developing new products including smart locks. For more information,
visit the Company’s website at http://www.i-l-a-g.com.
Forward-Looking
Statements
This
press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s
beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a
number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases,
forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,”
“anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,”
“believe,” “potential,” “continue,” “is/are likely to” or other similar expressions.
The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities
and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements
made by its officers, directors or employees to third parties. These statements are subject to uncertainties and risks including, but
not limited to, the following: the Company’s goals and strategies; the Company’s future business development; financial condition
and results of operations; product and service demand and acceptance; reputation and brand; the impact of competition and pricing; changes
in technology; government regulations; fluctuations in general economic and business conditions in U.S., Hong Kong and China and assumptions
underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons,
among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional
factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes
no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For
more information, please contact:
Intelligent
Living Application Group Inc.
Phone:
+852 2481 7938
Email:
info@i-l-a-g.com
INTELLIGENT
LIVING APPLICATION GROUP INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
| | |
As
of | |
| | |
June
30, 2023 | | |
December
31, 2022 | |
| | |
USD | | |
USD | |
| | |
(Unaudited) | | |
| |
| ASSETS | |
| | | |
| | |
| CURRENT ASSETS | |
| | | |
| | |
| Cash and cash
equivalents | |
$ | 7,513,948 | | |
$ | 9,165,651 | |
| Accounts receivable | |
| 434,605 | | |
| 1,624,809 | |
| Inventories | |
| 5,056,320 | | |
| 4,472,487 | |
| Prepayments | |
| 510,926 | | |
| 487,703 | |
| Other
receivables | |
| 291,320 | | |
| 265,127 | |
| Total
current assets | |
| 1,3807,119 | | |
| 16,015,777 | |
| | |
| | | |
| | |
| NON-CURRENT ASSETS | |
| | | |
| | |
| Deposits | |
| 72,431 | | |
| 1,449 | |
| Property and equipment,
net | |
| 5,389,359 | | |
| 5,134,566 | |
| Right-of-use
assets, net | |
| 719,425 | | |
| 650,282 | |
| Total
non-current assets | |
| 6,181,215 | | |
| 5,786,297 | |
| | |
| | | |
| | |
| Total assets | |
$ | 19,988,334 | | |
$ | 21,802,074 | |
| | |
| | | |
| | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| CURRENT LIABILITIES | |
| | | |
| | |
| Bank borrowings - current | |
$ | 787,433 | | |
$ | 201,222 | |
| Accounts payable | |
| 333,782 | | |
| 396,628 | |
| Advance from customers | |
| — | | |
| 6,364 | |
| Other payables and accruals | |
| 522,209 | | |
| 677,972 | |
| Operating
lease liabilities - current | |
| 517,421 | | |
| 531,750 | |
| Total
current liabilities | |
| 2,160,845 | | |
| 1,813,936 | |
| | |
| | | |
| | |
| NON-CURRENT LIABILITIES | |
| | | |
| | |
| Bank borrowings | |
| 376,659 | | |
| 417,795 | |
| Operating
lease liabilities | |
| 202,003 | | |
| 118,532 | |
| Total
non-current liabilities | |
| 578,662 | | |
| 536,327 | |
| | |
| | | |
| | |
| Total liabilities | |
| 2,739,507 | | |
| 2,350,263 | |
| | |
| | | |
| | |
| COMMITMENTS AND CONTINGENCIES | |
| - | | |
| - | |
| | |
| | | |
| | |
| SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| Preferred shares, par value $0.0001 per share;
50,000,000 shares authorized; none issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | |
$ | - | | |
$ | - | |
| Ordinary shares, par value $0.0001 per share;
450,000,000 shares authorized; 18,060,000 shares issued and outstanding as of June 30, 2023 and December 31, 2022 | |
| 1,806 | | |
| 1,806 | |
| Additional paid-in capital | |
| 24,129,734 | | |
| 23,137,534 | |
| Deficit | |
| (6,462,412 | ) | |
| (3,641,891 | ) |
| Accumulated
other comprehensive gain | |
| (420,301 | ) | |
| (45,638 | ) |
| Total
shareholders’ equity | |
| 17,248,827 | | |
| 19,451,811 | |
| | |
| | | |
| | |
| Total liabilities and
shareholders’ equity | |
$ | 19,988,334 | | |
$ | 21,802,074 | |
INTELLIGENT
LIVING APPLICATION GROUP INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
| | |
For
the Six Months Ended June
30, | |
| | |
2023 | | |
2022 | |
| | |
USD | | |
USD | |
| | |
(Unaudited) | | |
(Unaudited) | |
| REVENUES | |
$ | 1,935,641 | | |
$ | 7,342,860 | |
| COST OF GOODS SOLD | |
| (1,748,895 | ) | |
| (6,287,617 | ) |
| GROSS PROFIT | |
| 186,746 | | |
| 1,055,243 | |
| | |
| | | |
| | |
| SELLING AND MARKETING EXPENSES | |
| (20,397 | ) | |
| (61,809 | ) |
| GENERAL AND ADMINISTRATIVE EXPENSES | |
| (3,140,494 | ) | |
| (1,495,647 | ) |
| FINANCE COSTS | |
| (14,123 | ) | |
| (117,816 | ) |
| | |
| | | |
| | |
| LOSS FROM OPERATIONS | |
| (2,988,268 | ) | |
| (620,029 | ) |
| | |
| | | |
| | |
| OTHER INCOME (EXPENSES) | |
| | | |
| | |
| Interest income | |
| 122,154 | | |
| 89 | |
| Foreign exchange gain (loss) | |
| 42,721 | | |
| 111,640 | |
| Other
income | |
| 2,872 | | |
| 274,569 | |
| Total
other income, net | |
| 167,747 | | |
| 386,298 | |
| | |
| | | |
| | |
| LOSS BEFORE PROVISION FOR INCOME TAXES | |
| (2,820,521 | ) | |
| (233,731 | ) |
| | |
| | | |
| | |
| PROVISION FOR INCOME
TAXES | |
| - | | |
| - | |
| | |
| | | |
| | |
| NET LOSS | |
$ | (2,820,521 | ) | |
$ | (233,731 | ) |
| | |
| | | |
| | |
| COMPREHENSIVE LOSS | |
| | | |
| | |
| Net loss | |
$ | (2,820,521 | ) | |
$ | (233,731 | ) |
| Foreign
currency translation adjustments | |
| (374,663 | ) | |
| (348,516 | ) |
| | |
| | | |
| | |
| COMPREHENSIVE LOSS | |
$ | (3,195,184 | ) | |
$ | (582,247 | ) |
| | |
| | | |
| | |
| Weighted average number of ordinary shares outstanding | |
| | | |
| | |
| Basic
and diluted | |
| 18,060,000 | | |
| 13,000,000 | |
| | |
| | | |
| | |
| LOSS PER SHARE - BASIC
AND DILUTED | |
$ | (0.16 | ) | |
$ | (0.02 | ) |
INTELLIGENT
LIVING APPLICATION GROUP INC. AND SUBSIDIARIES
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
| |
|
Preferred
shares |
|
|
Common
Stock |
|
|
Additional |
|
|
Retained |
|
|
Accumulated Other |
|
|
|
|
| |
|
Number
of Shares |
|
|
Par
Value |
|
|
Number
of Shares* |
|
|
Par
Value |
|
|
Paid-in
Capital |
|
|
Earnings
(Deficit) |
|
|
Comprehensive
Gain (Loss) |
|
|
Total |
|
| |
|
|
|
|
USD |
|
|
|
|
|
USD |
|
|
USD |
|
|
USD |
|
|
USD |
|
|
USD |
|
| BALANCE,
December 31, 2022 |
|
|
- |
|
|
$ |
- |
|
|
|
1,8060,000 |
|
|
$ |
1,806 |
|
|
$ |
23,137,534 |
|
|
$ |
(3,641,891 |
) |
|
$ |
(45,638 |
) |
|
$ |
19,451,811 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,820,521 |
) |
|
|
- |
|
|
|
(2,820,521 |
) |
| Stock options
granted under Equity Plan |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
992,200 |
|
|
|
- |
|
|
|
- |
|
|
|
992,200 |
|
| Foreign
currency translation adjustment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(374,663 |
) |
|
|
(374,663 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BALANCE,
June 30, 2023 - unaudited |
|
|
- |
|
|
$ |
- |
|
|
|
18,060,000 |
|
|
$ |
1,806 |
|
|
$ |
24,129,734 |
|
|
$ |
(6,462,412 |
) |
|
$ |
(420,302 |
) |
|
$ |
17,248,827 |
|
| |
|
Preferred
shares |
|
|
Common
Stock |
|
|
Additional |
|
|
Retained |
|
|
Accumulated
Other |
|
|
|
|
| |
|
Number
of Shares |
|
|
Par
Value |
|
|
Number
of Shares* |
|
|
Par
Value |
|
|
Paid-in
Capital |
|
|
Earnings
(Deficit) |
|
|
Comprehensive
Gain (Loss) |
|
|
Total |
|
| |
|
|
|
|
USD |
|
|
|
|
|
USD |
|
|
USD |
|
|
USD |
|
|
USD |
|
|
USD |
|
| BALANCE,
December 31, 2021 | |
| - | | |
$ | - | | |
| 13,000,000 | | |
$ | 1,300 | | |
$ | 5,089,671 | | |
$ | (1,985,988 | ) | |
$ | 375,303 | | |
$ | 3,480,286 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (233,731 | ) | |
| - | | |
| (233,731 | ) |
| Foreign
currency translation adjustment | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (348,516 | ) | |
| (348,516 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| BALANCE,
June 30, 2022 - unaudited | |
| - | | |
$ | - | | |
| 13,000,000 | | |
$ | 1,300 | | |
$ | 5,089,671 | | |
$ | (2,219,719 | ) | |
$ | 26,787 | | |
$ | 2,898,039 | |
INTELLIGENT
LIVING APPLICATION GROUP INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
| | |
For
the Six Months Ended June
30, | |
| | |
2023 | | |
2022 | |
| | |
USD | | |
USD | |
| | |
(Unaudited) | | |
(Unaudited) | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
| Net loss | |
$ | (2,820,521 | ) | |
$ | (233,731 | ) |
| Adjustments to reconcile
net loss to net cash (used in) operating activities: | |
| | | |
| | |
| Depreciation and amortization | |
| 296,810 | | |
| 123,747 | |
| Stock options granted
under Equity Plan | |
| 992,200 | | |
| - | |
| Change in operating assets
and liabilities | |
| | | |
| | |
| Accounts receivable | |
| 1,190,204 | | |
| (1,340,127 | ) |
| Inventories | |
| (741,396 | ) | |
| 43,142 | |
| Prepayments | |
| (48,647 | ) | |
| (42,769 | ) |
| Deposits | |
| (70,982 | ) | |
| - | |
| Other receivables | |
| (33,260 | ) | |
| 13,396 | |
| Accounts payable | |
| (45,886 | ) | |
| (332,846 | ) |
| Advance from customers | |
| (6,364 | ) | |
| (199,991 | ) |
| Other payables and accruals | |
| (120,043 | ) | |
| 98,626 | |
| Operating
lease liabilities | |
| - | | |
| 1,090 | |
| Net
cash (used in) operating activities | |
| (1,407,885 | ) | |
| (1,869,463 | ) |
| | |
| | | |
| | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
| Purchase
of property and equipment | |
| (788,062 | ) | |
| (63,917 | ) |
| Net cash (used in) investing
activities | |
| (788,062 | ) | |
| (63,917 | ) |
| | |
| | | |
| | |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
| Payments of principal finance
lease | |
| - | | |
| (8,391 | ) |
| Proceeds from short-term
loan | |
| - | | |
| 1,964,072 | |
| Proceeds
(repayments of) proceeds from net bank borrowings | |
| 545,076 | | |
| (44,197 | ) |
| Net
cash provided by provided by financing activities | |
| 545,076 | | |
| 1,911,484 | |
| | |
| | | |
| | |
| EFFECT OF EXCHANGE RATE
ON CASH | |
| (832 | ) | |
| (844 | ) |
| | |
| | | |
| | |
| NET DECREASE IN CASH | |
| (1,651,703 | ) | |
| (22,740 | ) |
| | |
| | | |
| | |
| CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD | |
| 9,165,651 | | |
| 131,129 | |
| | |
| | | |
| | |
| CASH AND CASH EQUIVALENTS
AT END OF PERIOD | |
$ | 7,513,948 | | |
$ | 108,389 | |
| | |
| | | |
| | |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |
| | | |
| | |
| Cash
paid for interest | |
$ | 9,484 | | |
$ | 16,230 | |
| Cash
paid for income taxes | |
$ | - | | |
$ | - | |
Intelligent Living Appli... (NASDAQ:ILAG)
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부터 11월(11) 2024 으로 12월(12) 2024
Intelligent Living Appli... (NASDAQ:ILAG)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024
