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Exhibit 99.1
MEIWU TECHNOLOGY COMPANY LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31, 2022 | June 30, 2023 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash | $ | 23,716,768 | $ | 15,783,731 | ||||
Accounts receivable | 4,043,473 | 5,008,411 | ||||||
Inventories, net | 344,823 | 259,269 | ||||||
Advances to suppliers, net | 1,382,172 | 1,275,527 | ||||||
Other current assets | 386,954 | 426,942 | ||||||
Total Current Assets | 29,874,190 | 22,753,880 | ||||||
Property and equipment, net | 183,386 | 121,453 | ||||||
Right of use lease assets, net | 227,603 | 166,530 | ||||||
Intangible Assets | - | 6,757,409 | ||||||
Deferred Offering Costs | 9,893 | - | ||||||
Goodwill | 7,700,569 | 7,700,569 | ||||||
Total Non-current Assets | 8,121,451 | 14,745,961 | ||||||
TOTAL ASSETS | $ | 37,995,641 | $ | 37,499,841 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 4,990,647 | $ | 4,587,561 | ||||
Short-term loan | 332,309 | 291,106 | ||||||
Contract liabilities | 747,093 | 1,038,871 | ||||||
Lease liabilities | 107,467 | 96,819 | ||||||
Tax Payable | 204,232 | 388,520 | ||||||
Accrued expenses and other current liabilities | 1,964,469 | 2,441,940 | ||||||
Total Current Liabilities | 8,346,217 | 8,844,817 | ||||||
Due to related parties | 3,679,717 | 3,619,505 | ||||||
Long-term loan | 218,722 | 156,031 | ||||||
Convertible notes | 5,550,607 | - | ||||||
Lease liabilities | 144,163 | 37,705 | ||||||
Total Non-current Liabilities | 9,593,209 | 3,813,241 | ||||||
TOTAL LIABILITIES | $ | 17,939,426 | $ | 12,658,058 | ||||
Commitment and Contingencies | - | |||||||
Stockholders’ Equity | ||||||||
Ordinary Shares, | par value, shares authorized; and shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively$ | - | $ | - | ||||
Additional paid-in capital | 38,571,534 | 44,515,801 | ||||||
Accumulated deficit | (17,081,329 | ) | (17,349,240 | ) | ||||
Accumulated other comprehensive loss | (1,281,864 | ) | (2,161,936 | ) | ||||
Equity attributable to owners of the Company | 20,208,341 | 25,004,624 | ||||||
Non-controlling interests | (152,126 | ) | (162,841 | ) | ||||
Total Stockholders’ Equity | 20,056,215 | 24,841,783 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 37,995,641 | $ | 37,499,841 |
1 |
MEIWU TECHNOLOGY COMPANY LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER
COMPREHENSIVE LOSS
(Unaudited)
2022 | 2023 | |||||||
For the Six Months Ended June 30, | ||||||||
2022 | 2023 | |||||||
NET REVENUE | $ | 1,166,425 | $ | 10,683,243 | ||||
COST OF REVENUE | (1,015,769 | ) | (8,228,377 | ) | ||||
GROSS PROFIT | 150,656 | 2,454,866 | ||||||
OPERATING EXPENSES | ||||||||
Sales and Marketing Expenses | (414,750 | ) | (801,374 | ) | ||||
General and Administrative Expenses | (5,122,188 | ) | (1,504,654 | ) | ||||
Research and Development Expenses | (172,437 | ) | (107,626 | ) | ||||
Total operating expenses | (5,709,375 | ) | (2,413,654 | ) | ||||
(LOSS) INCOME FROM OPERATIONS | (5,558,719 | ) | 41,212 | |||||
Gain on disposal of subsidiary | - | (29,279 | ) | |||||
Other Income, net | 28,647 | (79,191 | ) | |||||
LOSS BEFORE INCOME TAX | (5,530,072 | ) | (67,258 | ) | ||||
Provision for Income Taxes | - | 211,368 | ||||||
NET LOSS | (5,530,072 | ) | (278,626 | ) | ||||
Less: net loss attributable to non-controlling interest | (24,926 | ) | (10,715 | ) | ||||
OTHER COMPREHENSIVE LOSS | ||||||||
Foreign Currency Translation Adjustment | (991,133 | ) | (880,073 | ) | ||||
TOTAL COMPREHENSIVE LOSS | $ | (6,521,205 | ) | $ | (1,158,699 | ) | ||
LOSS PER SHARE – BASIC AND DILUTED | ) | ) | ||||||
WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC AND DILUTED |
2 |
MEIWU TECHNOLOGY COMPANY LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
2022 | 2023 | |||||||
For the Six Months Ended June 30, | ||||||||
2022 | 2023 | |||||||
Net cash used in operating activities | (10,073,063 | ) | (333,642 | ) | ||||
Net cash used in investing activities | (26,915 | ) | (6,762,905 | ) | ||||
Net cash provided by financing activities | 7,670,698 | 157,068 | ||||||
Effect of changes of foreign exchange rate on cash | 261,068 | (993,558 | ) | |||||
Net decrease in cash | (2,168,212 | ) | (7,933,037 | ) | ||||
Cash, beginning of the period | 26,634,332 | 23,716,768 | ||||||
Cash, end of the period | 24,466,120 | 15,783,731 |
3 |