Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2023 | |
Document Information Line Items | |
Entity Registrant Name | AGM GROUP HOLDINGS INC. |
Document Type | 6-K |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Entity Central Index Key | 0001705402 |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Entity File Number | 001-38309 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 3,743,271 | $ 4,073,440 |
Accounts receivable, net | 64,496,914 | 92,755,701 |
Inventories | 10,394,919 | 3,915,456 |
Advances to suppliers | 51,788,564 | 13,139,128 |
Prepayment and other current assets | 2,903,644 | 2,935,644 |
Total current assets | 133,327,312 | 116,819,369 |
NON - CURRENT ASSETS: | ||
Property and equipment, net | 558,291 | 689,361 |
Intangible assets, net | 49,746 | 55,486 |
Operating lease right-of-use assets | 285,030 | 492,984 |
Deferred tax assets | 1,848,404 | 7,172,814 |
Total non - current assets | 2,741,471 | 8,410,645 |
TOTAL ASSETS | 136,068,783 | 125,230,014 |
CURRENT LIABILITIES: | ||
Accounts payable | 48,112,338 | 64,500,197 |
Accrued expenses and other payables | 1,844,615 | 2,874,126 |
Advances from customers | 18,847,299 | 4,572,765 |
Deferred government grant - current | 36,028 | 36,529 |
Operating lease liabilities - current | 95,230 | 162,576 |
Income tax payable | 14,356,647 | 14,285,918 |
Total current liabilities | 92,787,481 | 94,520,092 |
NON - CURRENT LIABILITIES: | ||
Operating lease liabilities - non current | 57,360 | 167,428 |
Deferred government grant - non current | 77,219 | 98,784 |
Total non - current liabilities | 134,579 | 266,212 |
TOTAL LIABILITIES | 92,922,060 | 94,786,304 |
SHAREHOLDERS’ EQUITY: | ||
Class A Ordinary Shares (200,000,000 shares authorized with par value of $0.001, 24,254,842 and 24,254,842 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively) | 24,255 | 24,255 |
Class B Ordinary Shares (200,000,000 shares authorized with par value of $0.001, 2,100,000 and 2,100,000 shares issued and outstanding as of June 30, 2023 and December 31, 2023, respectively) | 2,100 | 2,100 |
Additional paid-in capital | 26,502,856 | 26,502,856 |
Statutory reserves | 335,696 | 335,696 |
Retained earnings | 25,857,578 | 9,743,823 |
Accumulated other comprehensive (loss) | (9,575,762) | (6,165,020) |
Total shareholders’ equity | 43,146,723 | 30,443,710 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 136,068,783 | 125,230,014 |
Related Party | ||
CURRENT LIABILITIES: | ||
Due to related parties | $ 9,495,324 | $ 8,087,981 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Class A Ordinary Shares | ||
Ordinary shares, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Ordinary shares, authorized | 200,000,000 | 200,000,000 |
Ordinary shares, issued | 24,254,842 | 24,254,842 |
Ordinary shares, outstanding | 24,254,842 | 24,254,842 |
Class B Ordinary Shares | ||
Ordinary shares, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Ordinary shares, authorized | 200,000,000 | 200,000,000 |
Ordinary shares, issued | 2,100,000 | 2,100,000 |
Ordinary shares, outstanding | 2,100,000 | 2,100,000 |
Consolidated Statements of Opea
Consolidated Statements of Opeations and Comprehensive Income (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues | ||
Revenues | $ 36,587,517 | $ 113,528,876 |
Total Revenues | 36,587,517 | 113,528,876 |
Cost of Revenues | ||
Cost of revenues | (35,298,941) | (91,924,102) |
Gross profit | 1,288,576 | 21,604,774 |
Operating expenses | ||
Selling, general & administrative expenses | (20,489,329) | 1,675,355 |
Total operating expenses | (20,489,329) | 1,675,355 |
Income from operations | 21,777,905 | 19,929,419 |
Other income/(expenses) | ||
Other income | 43,197 | 22,983 |
Other expenses | (147,313) | (252,974) |
Total other expenses | (104,116) | (229,991) |
Income before provision of income taxes | 21,673,789 | 19,699,428 |
Provision for income taxes expenses | (5,560,034) | (5,132,394) |
Net income | 16,113,755 | 14,567,034 |
Comprehensive income | ||
Net income | 16,113,755 | 14,567,034 |
Foreign currency translation adjustment | (3,410,742) | (4,235,969) |
Total comprehensive income | $ 12,703,013 | $ 10,331,065 |
Income earnings per common share | ||
Net income per common share - basic (in Dollars per share) | $ 0.66 | $ 0.68 |
Net income per common share - diluted (in Dollars per share) | $ 0.66 | $ 0.68 |
Weighted average Class A ordinary shares outstanding, basic (in Shares) | 24,254,842 | 21,491,291 |
Weighted average Class A ordinary shares outstanding, diluted (in Shares) | 24,254,842 | 21,491,291 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||
Net income | $ 16,113,755 | $ 14,567,034 |
Adjustment to reconcile net income to net cash used in operating activities | ||
Depreciation and amortization | 115,674 | 211,435 |
Amortization of operating lease right-of-use asset | 89,445 | 53,754 |
Allowance for doubtful accounts | (21,946,806) | |
Other income | (20,594) | (22,009) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 50,386,796 | (52,380,336) |
Advances to suppliers | (42,426,467) | (22,776,614) |
Prepayment and other current assets | (5,817) | (191,255) |
Loan receivable from third parties | (1,180,000) | |
Inventories | (6,904,508) | 18,867,723 |
Deferred tax assets | 5,305,969 | (92,161) |
Accounts payable | (16,217,544) | 28,053,220 |
Accrued expenses and other payables | (853,990) | 8,465,054 |
Advances from customers | 15,239,793 | (3,663,591) |
Deferred government grant | (4,941) | |
Operating lease liabilities | (63,741) | (26,584) |
Income tax payable | 94,561 | |
Net cash used in operating activities | (1,093,474) | (10,119,271) |
Cash flows from investing activities | ||
Purchase of property and equipment | (18,167) | (85,575) |
Purchase of construction in progress | (394,805) | |
Net cash used in investing activities | (18,167) | (480,380) |
Cash flows from financing activities | ||
Proceeds from related parties | 1,620,000 | 8,000,000 |
Repayment of short-term borrowings | (1,568,455) | |
Repayments to related parties | (220,000) | (2,086) |
Net cash (used in)/provided by financing activities | 1,400,000 | 6,429,459 |
Effect of exchange rate changes on cash and cash equivalents | (618,528) | (4,604,284) |
Net change in cash and cash equivalents | (330,169) | (8,774,476) |
Cash and cash equivalents, beginning of the year | 4,073,440 | 18,426,622 |
Cash and cash equivalents, end of the year | 3,743,271 | 9,652,146 |
Supplemental cash flow information | ||
Interest paid | 7,198 | |
Income taxes paid | 159,504 | 29,900 |
Non-cash investing and financing activities | ||
Disposals of ROU Assets | $ 108,830 |