Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2024 | |
Document Information Line Items | |
Entity Registrant Name | TOP KINGWIN LTD |
Document Type | 6-K |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Entity Central Index Key | 0001938865 |
Document Period End Date | Jun. 30, 2024 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q2 |
Unaudited Interim Condensed Con
Unaudited Interim Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | |
CURRENT ASSETS | |||
Cash | $ 3,098,787 | $ 4,618,670 | |
Restricted cash | 30,310 | ||
Accounts receivable, net | 297,161 | 504,472 | |
Prepayments | 51,394 | 203,126 | |
Due from related parties | 472,180 | 1,119,099 | |
Other receivables | 234,559 | 137,691 | |
Total current assets | 4,154,081 | 6,613,368 | |
NON-CURRENT ASSETS | |||
Property and equipment, net | 170,972 | 213,891 | |
Intangible assets, net | 71,425 | 46,365 | |
Operating lease right-of-use assets | 246,923 | 353,471 | |
Other non-current assets | 28,541 | 36,164 | |
Goodwill | 2,973,850 | 2,973,850 | |
Total non-current assets | 3,491,711 | 3,623,741 | |
TOTAL ASSETS | 7,645,792 | 10,237,109 | |
CURRENT LIABILITIES | |||
Accounts payable | 334,718 | 497,484 | |
Accounts payable-related parties | 9,977 | 146,903 | |
Operating lease liabilities - current | 197,982 | 192,159 | |
Advance from clients | 479,327 | 626,851 | |
Due to related parties | 163,814 | 213,789 | |
Taxes payable | 10,776 | 64,120 | |
Accruals and other payables | 952,442 | 928,965 | |
Total current liabilities | 2,149,036 | 2,670,271 | |
Operating lease liabilities - non-current | 52,797 | 161,886 | |
Total non-current liabilities | 52,797 | 161,886 | |
TOTAL LIABILITIES | 2,201,833 | 2,832,157 | |
COMMITMENTS AND CONTINGENCIES | |||
SHAREHOLDERS’ EQUITY | |||
Class A ordinary shares, $0.0001 par value, 300,000,000 shares authorized, 10,963,040 and 13,963,040 shares issued and outstanding as of December 31, 2023 and June 30, 2024* | [1] | 1,396 | 1,096 |
Class B ordinary shares, $0.0001 par value, 200,000,000 shares authorized, 3,786,960 shares issued and outstanding as of December 31, 2023 and June 30, 2024 | 379 | 379 | |
Additional paid-in capital | 10,016,212 | 8,275,034 | |
Statutory reserve | 282,545 | 282,545 | |
(Accumulated deficits) Retained earnings | (4,589,136) | (928,311) | |
Accumulated other comprehensive loss | (267,437) | (225,791) | |
Total shareholders’ equity | 5,443,959 | 7,404,952 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 7,645,792 | $ 10,237,109 | |
[1] Giving retroactive effect to the nominal issuance of shares effected on January 10, 2023 |
Unaudited Interim Condensed C_2
Unaudited Interim Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 | |
Class A Ordinary Shares | |||
Ordinary shares, par value (in Dollars per share) | [1] | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | [1] | 300,000,000 | 300,000,000 |
Ordinary shares, shares issued | [1] | 10,963,040 | 13,963,040 |
Ordinary shares, shares outstanding | [1] | 10,963,040 | 13,963,040 |
Class B Ordinary Shares | |||
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |
Ordinary shares, shares authorized | 200,000,000 | 200,000,000 | |
Ordinary shares, shares issued | 3,786,960 | 3,786,960 | |
Ordinary shares, shares outstanding | 3,786,960 | 3,786,960 | |
[1] Giving retroactive effect to the nominal issuance of shares effected on January 10, 2023 |
Unaudited Interim Condensed C_3
Unaudited Interim Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income - USD ($) | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
Income Statement [Abstract] | |||
REVENUES | $ 1,351,121 | $ 2,814,664 | |
COST OF REVENUES | (981,389) | (746,661) | |
GROSS PROFIT | 369,732 | 2,068,003 | |
OPERATING EXPENSES | |||
Selling expenses | (611,938) | (1,203,472) | |
General and administrative expenses | (3,444,910) | (1,877,461) | |
Total operating expenses | (4,056,848) | (3,080,933) | |
LOSS FROM OPERATIONS | (3,687,116) | (1,012,930) | |
OTHER INCOME (EXPENSE), NET | |||
Other income | 122,261 | 58,524 | |
Other expense | (35,129) | (6,638) | |
Total other income, net | 87,132 | 51,886 | |
NET LOSS BEFORE INCOME TAXES | (3,599,984) | (961,044) | |
Income tax expense | (60,841) | (117,629) | |
NET LOSS | (3,660,825) | (1,078,673) | |
Other comprehensive loss | |||
Foreign currency translation loss | (41,646) | (65,734) | |
TOTAL COMPREHENSIVE LOSS | $ (3,702,471) | $ (1,144,407) | |
Basic (loss) earnings per share (in Dollars per share) | [1] | $ (0.21) | $ (0.08) |
Weighted average number of common shares outstanding - basic (in Shares) | [1] | 17,750,000 | 13,115,278 |
[1] Giving retroactive effect to the nominal issuance of shares effected on January 10, 2023 |
Unaudited Interim Condensed C_4
Unaudited Interim Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income (Parentheticals) - $ / shares | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
Income Statement [Abstract] | |||
Diluted (loss) earnings per share | [1] | $ (0.21) | $ (0.08) |
Weighted average number of common shares outstanding - diluted | [1] | 17,750,000 | 13,115,278 |
[1] Giving retroactive effect to the nominal issuance of shares effected on January 10, 2023 |
Unaudited Interim Condensed Sta
Unaudited Interim Condensed Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities | ||
Net loss | $ (3,660,825) | $ (1,078,673) |
Adjustments to reconcile net income to cash (used in) provided by operating activities: | ||
Provision for doubtful accounts | (14,357) | 114,462 |
Depreciation and amortization | 48,661 | 144,947 |
Non-cash operating lease expenses | 106,548 | |
Share based compensation expenses | 1,773,600 | |
Foreign exchange gain | (42,850) | |
Deferred tax expenses | 118,159 | |
Changes in assets and liabilities | ||
Accounts receivable | 238,212 | (761,458) |
Other receivables | (96,868) | (68,925) |
Prepayments | 151,732 | (366,835) |
Accounts receivable - related party | (379,248) | |
Due from related parties | (234,387) | |
Other non-current assets | 7,623 | 1,971 |
Accounts payable | (162,766) | 257,028 |
Accruals and other payables | 23,477 | 1,026,012 |
Advance from clients | (147,524) | 423,795 |
Taxes payable | (53,344) | 43,880 |
Operating lease liabilities | (103,266) | (102,504) |
Net cash used in operating activities | (2,166,334) | (627,389) |
Cash flows from investing activities | ||
Purchase of property and equipment | (5,690) | 13,284 |
Purchase of intangible assets | (29,761) | (4,028,815) |
Net cash used in investing activities | (35,451) | (4,015,531) |
Cash flows from financing activities | ||
IPO proceeds net of deferred offering cost | 8,047,056 | |
Due from related parties | 881,306 | |
Due to related parties | (186,901) | (1,099,907) |
Net cash provided by financing activities | 694,405 | 6,947,149 |
Effect of exchange rates on cash | (42,813) | (65,734) |
Net increase (decrease) in cash and restricted cash | (1,550,193) | 2,238,495 |
Cash and restricted cash at beginning of period | 4,648,980 | 2,654,185 |
Cash and restricted cash at end of period | 3,098,787 | 4,892,680 |
Cash at end of period | 3,098,787 | 4,892,680 |
Restricted cash at end of period | ||
Cash and restricted cash at end of period | 3,098,787 | 4,892,680 |
Supplemental disclosure information | ||
Cash paid for interest expenses | ||
Cash paid for income tax | 420 | |
Supplemental disclosure of non-cash financing activities: | ||
Operating lease asset obtained in exchange for operating lease obligation | $ 103,499 |