false 0001996192 0001996192 2024-10-01 2024-10-01 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):

October 1, 2024

 

 

 

LAKESIDE HOLDING LIMITED

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Nevada   001-42140   82-1978491

(State or other jurisdiction

of incorporation)

 

(Commission
File Number)

 

(I.R.S. Employer
Identification No.)

 

1475 Thorndale Avenue, Suite A
Itasca
, Illinois 60143

(Address of Principal Executive Offices and Zip Code)

 

(224446-9048

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class  

Trading Symbol(s)

 

Name of each exchange on which registered

Common stock, par value US$0.0001 per share   LSH   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On October 1, 2024, Lakeside Holding Limited (the “Company”) announced its financial results for the fiscal year ended June 30, 2024. A copy of the press release is attached as Exhibit 99.1 to this Report.

 

The information under this Item 2.02, including Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended or the Exchange Act.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.   Description
     
99.1   Press Release - Lakeside Holding Reports Impressive 42% Revenue Growth for Fiscal Year 2024.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

1

 

 

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 hereunto duly authorized.

 

Date: October 1, 2024 Lakeside Holding Limited
     
  By:

/s/ Henry Liu

    Henry Liu
    Chairman and Chief Executive Officer

 

 

2

 

Exhibit 99.1

 

Lakeside Holding Reports Impressive 42% Revenue Growth for Fiscal Year 2024

 

Cross-Border Airfreight Solutions Surge by 117%, Driving Exceptional Financial Performance

 

Itasca, IL, October 1, 2024 -- Lakeside Holding Limited (“Lakeside” or the “Company”) (Nasdaq: LSH), a U.S.-based integrated cross-border supply chain solution provider with a strategic focus on the Asian market operating under the brand American Bear Logistics (“ABL”), today reported financial results for the fiscal year ended June 30, 2024.

 

Fiscal Year 2024 Highlights:

 

Total revenues increased by 42.3% to $18.3 million, driven by a 117.6% rise in airfreight revenues to $10.4 million, partially offset by a 2.5% decrease in ocean freight revenues to $7.9 million.

 

Cost of revenues increased by 41.6% to $14.6 million, primarily due to higher transportation costs, up 27.6% to $7.5 million; warehouse service charges, up 107.5% to $2.9 million; and custom declaration fees, up 50.2% to $2.4 million, as well as overhead costs also rose by 29.6%.

 

Gross profit increased by 44.9% to $3.7 million, with the profit margin rising slightly from 19.9% to 20.3%. This was driven by higher sales and offering a wider range of services, such as warehousing, distribution, and customs clearance, with higher mark-ups.

 

General and administrative expenses rose by 77.5% to $4.1 million, driven by increased staffing costs and higher professional fees for audit and legal services.

 

Net loss for the year ended June 30, 2024 was $0.2 million, compared with a net income of $1.0 million for the year ended June 30, 2023.

 

Operational Achievements:

 

In July, the Company successfully closed an upsized IPO, raising $6.75 million in gross proceeds, underscoring strong investor confidence in its growth potential.

 

The Company entered into a one-year renewable agreement in July with a leading Asia-based e-commerce platform to provide advanced cross-border fulfillment services, enhancing supply chain visibility for sellers through API integration.

 

In August, a strategic partnership was announced with a major social media and e-commerce platform to enhance customs brokerage services, offering real-time logistics data and streamlining customs clearance processes.

 

In September, a Pick & Pack Fulfillment service was launched for a major Chinese logistics company, optimizing inventory management and order processing across U.S. hubs to enhance fulfillment efficiency.

 

The Company expanded its Dallas-Fort Worth operations in September, more than doubling facility space to 46,657 sq. ft. and increasing staffing to support growing demand, while incorporating advanced logistics technology.

 

 

 

 

Management Commentary

 

Henry Liu, Chairman and Chief Executive Officer of Lakeside, commented, “We are pleased to report strong financial performance for fiscal year 2024, highlighted by a 42.3% increase in revenue to $18.3 million. This growth was driven primarily by the 117.6% surge in our cross-border airfreight solutions, as we capitalized on rising demand from the e-commerce sector. Expanding this segment has proven to be a key strategic move, with the volume of air freight processed doubling to over 26,000 tons this year, compared to fiscal year 2023.”

 

“We remain committed to providing flexible and competitive services that address the evolving needs of our customers. Our continued investment in workforce expansion and service capacity has allowed us to manage growing demand while maintaining exceptional service levels. With a 44.9% increase in gross profit and improvements in our gross margin, we are excited about the growth opportunities ahead. Our recent service launches, operational expansions, and partnerships with leading e-commerce platforms solidify our position as a trusted provider of seamless, technology-driven logistics solutions, setting the stage for continued success in fiscal year 2025 and beyond,” concluded Mr. Liu.

 

Fiscal Year 2024 Conference Call Details

 

The Company has scheduled a conference call and live webcast to discuss its financial results at 8:00 A.M. Eastern Time (8:00 P.M. Beijing Time) on Friday, October 4, 2024. Management will deliver prepared remarks. 

 

The dial-in details for the conference call are as follows:

 

Toll-free dial-in number: +1-877-407-9716

 

International dial-in number: +1-201-493-6779

 

Webcast and replay: https://viavid.webcasts.com/starthere.jsp?ei=1691867&tp_key=a2ac91e949

 

The live audio webcast of the call can also be accessed by visiting Lakeside’s Investor Relations page on the Company's website at https://lakeside-holding.com. An archive of the webcast will be available on the Company's website following the live call.

 

About Lakeside Holding Limited

 

Lakeside Holding Limited, based in Itasca, IL, is a U.S.-based integrated cross-border supply chain solution provider with a strategic focus on the Asian market, including China and South Korea. Operating under the brand American Bear Logistics, we primarily provide customized cross-border ocean freight solutions and airfreight solutions in the U.S. that specifically cater to our customers’ requirements and needs in transporting goods into the U.S. We are an Asian American-owned business rooted in the U.S. with in-depth understanding of both the U.S. and Asian international trading and logistics service markets. Our customers are typically Asia- and U.S.-based logistics service companies serving large e-commerce platforms, social commerce platforms, and manufacturers to sell and transport consumer and industrial goods made in Asia into the U.S. For more information, please visit https://lakeside-holding.com.

 

Safe Harbor Statement

 

This press release contains forward-looking statements that reflect our current expectations and views of future events. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You can identify some of these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements involve various risks and uncertainties. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. We qualify all of our forward-looking statements by these cautionary statements.

 

Investor Relations Contact:

 

Matthew Abenante, IRC

President

Strategic Investor Relations, LLC

Tel: 347-947-2093

Email: matthew@strategic-ir.com

 

*** tables follow ***

 

2

 

 

LAKESIDE HOLDING LIMITED
CONSOLIDATED BALANCE SHEETS

 

   As of
June 30,
2024
   As of
June 30,
2023
 
ASSETS        
CURRENT ASSETS        
Cash  $123,550   $174,018 
Accounts receivable – third parties, net   2,082,152    1,373,676 
Accounts receivable – related party, net   763,285    44,627 
Prepayment and other receivable   -    52,623 
Contract assets   129,506    44,740 
Due from related parties   441,279    746,130 
Total current assets   3,539,772    2,435,814 
           
NON-CURRENT ASSETS          
Investment in other entity   15,741     
Property and equipment at cost, net of accumulated depreciation   344,883    489,520 
Right of use operating lease assets   3,471,172    2,271,070 
Right of use financing lease assets   37,476    48,206 
Deferred tax asset   89,581     
Deferred offering costs   1,492,798    90,000 
Prepayment, deposit and other receivable   202,336    137,336 
Total non-current assets   5,653,987    3,036,132 
TOTAL ASSETS  $9,193,759   $5,471,946 
           
LIABILITIES AND EQUITY          
CURRENT LIABILITIES          
Accounts payables – third parties  $1,161,858   $462,214 
Accounts payables – related parties   227,722    365,413 
Accrued liabilities and other payables   1,335,804    325,701 
Current portion of obligations under operating leases   1,186,809    769,782 
Current portion of obligations under financing leases   37,619    42,889 
Loans payable, current   746,962    586,688 
Dividend payable   98,850    98,850 
Tax payable   79,825    32,829 
Due to shareholders   1,018,281    90,000 
Total current liabilities   5,893,730    2,774,366 
           
NON-CURRENT LIABILITIES          
Loans payable, non-current   136,375    231,599 
Deferred tax liability   -    24,752 
Obligations under operating leases, non-current   2,506,402    1,564,633 
Obligations under financing leases, non-current   17,460    21,836 
Total non-current liabilities   2,660,237    1,842,820 
TOTAL LIABILITIES  $8,553,967   $4,617,186 
Commitments and Contingencies          
           
EQUITY          
Common stocks, $0.0001 par value, 200,000,000 shares authorized, 6,000,000 and 6,000,000 issued and outstanding as of June 30, 2024 and 2023, respectively*   600    600 
Subscription receivable   (600)   (600)
Additional paid-in capital   642,639    - 
Accumulated other comprehensive income (loss)   2,972    (244)
(Deficits) Retained earnings   (5,819)   862,072 
Total stockholders’ equity   639,792    861,828 
           
Non-controlling interests in subsidiary   -    (7,068)
Total equity   639,792    854,760 
TOTAL LIABILITIES AND EQUITY  $9,193,759   $5,471,946 

 

3

 

 

LAKESIDE HOLDING LIMITED
CONSOLIDATED STATEMENT OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

  

   For the Years Ended
June 30,
 
   2024   2023 
Revenue from third party  $16,450,908   $12,763,577 
Revenue from related parties   1,864,247    109,314 
Total revenue   18,315,155    12,872,891 
           
Cost of revenue from third party   12,316,374    8,385,222 
Cost of revenue from related parties   2,282,824    1,923,380 
Total cost of revenue   14,599,198    10,308,602 
Gross profit   3,715,957    2,564,289 
           
Operating expenses:          
Selling expense   2,500    79,822 
General and administrative expenses   4,138,190    2,331,312 
Loss from deconsolidation of a subsidiary   73,151    - 
Provision (reversal) of allowance for expected credit loss   28,157    (93,742)
Total operating expenses   4,241,998    2,317,392 
           
(Loss) Income from operations   (526,041)   246,897 
           
Other income (expense):          
Other income, net   338,435    885,501 
Interest expense   (108,008)   (123,600)
Total other income, net   230,427    761,901 
           
(Loss) Income before income taxes   (295,614)   1,008,798 
           
Credit (Provision) for income taxes   67,337    (65,068)
           
Net (loss) income and comprehensive (loss) income   (228,277)   943,730 
Net loss attributable to non-controlling interest   (3,025)   (39,872)
Net (loss) income attributable to common stockholders   (225,252)   983,602 
           
Other comprehensive (loss) income          
Foreign currency translation gain (loss)   3,122    (255)
Comprehensive (loss) income   (225,155)   943,475 
Less: comprehensive loss attributable to non-controlling interest   (3,119)   (39,883)
Comprehensive (loss) income attributable to the Company  $(222,036)  $983,358 
           
(Loss) earnings per share – basic and diluted  $(0.04)  $0.16 
Weighted average shares outstanding – basic and diluted*   6,000,000    6,000,000 

 

4

 

 

   For the Years Ended
June 30,
 
   2024   2023 
Pro Forma information Statement for Income Tax Provision as a C Corporation upon Reorganization        
(Loss) Income before income taxes  $(295,614)  $1,008,798 
Credit (Provision) for income taxes   239,466    (307,683)
           
Net (loss) income and comprehensive (loss) income  $(56,148)  $701,115 
Net loss attributable to non-controlling interests   (3,025)   (39,872)
Net (loss) income attributable to common stockholders   (53,123)   740,987 
           
Other Comprehensive income (loss)          
Foreign currency translation (loss) gain   3,122    (255)
Comprehensive (loss) income   (53,026)   700,860 
Less: net loss attributable to non-controlling interest   (3,119)   (39,883)
Comprehensive (loss) income attributable to the Company  $(49,907)  $740,743 
(Loss) Earnings per share – Basic and diluted*  $(0.01)  $0.12 
Weighted Average Shares Outstanding – Basic and diluted*   6,000,000    6,000,000 

 

5

 

 

LAKESIDE HOLDING LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS

 

   For the Years Ended
June 30,
 
   2024  

2023

(Revised)

 
Cash flows from operating activities:        
Net (loss) income  $(228,277)  $943,730 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:          
Depreciation – G&A   71,980    130,755 
Depreciation – overhead cost   72,657    - 
Non-cash operating lease expense   1,005,686    826,284 
Depreciation of right-of-use finance assets   30,712    31,780 
Provision (Reversal) of allowance for expected credit loss   28,157    (93,742)
Deferred tax (benefit) expense   (114,333)   32,239 
Loss from derecognition of shares in subsidiary   73,151     
Changes in operating assets and liabilities:          
Accounts receivable – third parties   (722,522)   (506,152)
Accounts receivable – related parties   (732,769)   (28,887)
Contract assets   (84,766)   54,441 
Due from related party   328,820    (579,496)
Prepayment, other deposit   (12,377)   18,672 
Accounts payables – third parties   699,644    54,410 
Accounts payables – related parties   (137,691)   (101,896)
Accrued expense and other payables   468,284    57,701 
Tax payable   46,996    32,829 
Lease liabilities – Operating lease   (846,992)   (833,365)
Net cash (used in) provided by operating activities   (53,640)   39,303 
           
Cash flows from investing activities:          
Payment made for investment in other entity   (29,906)    
Net cash outflow from deconsolidation of a subsidiary (Appendix A)   (48,893)    
Acquisition of property and equipment       (18,288)
Net cash used in investing activities   (78,799)   (18,288)
           
Cash flows from financing activities:          
Proceeds from loans   400,000     
Repayment of loans   (214,986)   (100,864)
Repayment of equipment and vehicle loans   (119,964)   (104,598)
Principal payment of finance lease liabilities   (29,628)   (20,640)
Payment for deferred offering cost   (170,000)   (90,000)
Advance to related parties   (23,969)    
Proceeds from shareholders   237,302    110,550 
Repayment to shareholders       (47,536)
Net cash provided by (used in) financing activities   78,755    (253,088)
           
Effect of exchange rate changes on cash and cash equivalents   3,216    32,560 
Net decrease in cash   (50,468)   (199,513)
Cash, beginning of the year   174,018    373,531 
Cash, end of the year  $123,550   $174,018 
           
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:          
Cash paid for income tax  $

   $

 
Cash paid for interest  $31,161   $26,474 
           
SUPPLEMENTAL SCHEDULE OF NON-CASH IN FINANCING ACTIVITIES          
Deferred offering costs within due to shareholders  $860,979   $90,000 
Deferred offering costs within accrued expense and other payables  $541,819   $ 
           
NON-CASH ACTIVITIES          
Dividends declared  $   $200,000 
Dividends declared and offset against due from shareholders  $   $101,150 
Property and equipment additions included in loan payable  $   $98,245 
Right of use assets obtained in exchange for operating lease obligations  $2,094,498   $124,600 
Right of use assets obtained in exchange for finance lease obligation  $19,982   $32,107 
           
APPENDIX A – Net cash outflow from deconsolidation of a subsidiary          
Working capital, net  $29,812   $ 
Investment in other entity recognized   (15,741)    
Elimination of NCl at deconsolidation of a subsidiary   10,187     
Loss from deconsolidation of a subsidiary   (73,151)    
Cash  $(48,893)  $ 

 

 

6

 

v3.24.3
Cover
Oct. 01, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 01, 2024
Entity File Number 001-42140
Entity Registrant Name LAKESIDE HOLDING LIMITED
Entity Central Index Key 0001996192
Entity Tax Identification Number 82-1978491
Entity Incorporation, State or Country Code NV
Entity Address, Address Line One 1475 Thorndale Avenue
Entity Address, Address Line Two Suite A
Entity Address, City or Town Itasca
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60143
City Area Code 224
Local Phone Number 446-9048
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, par value US$0.0001 per share
Trading Symbol LSH
Security Exchange Name NASDAQ
Entity Emerging Growth Company true
Elected Not To Use the Extended Transition Period false

Lakeside (NASDAQ:LSH)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024 Lakeside 차트를 더 보려면 여기를 클릭.
Lakeside (NASDAQ:LSH)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024 Lakeside 차트를 더 보려면 여기를 클릭.