Exhibit 99.1
ETAO INTERNATIONAL CO., LTD AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In U.S. dollars, except for share and per share data)
As of | ||||||||
6/30/2023 | 12/31/2022 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash | $ | 772,048 | $ | 693,781 | ||||
Restricted Cash | 1,327,463 | - | ||||||
Accounts Receivable | 1,211,866 | 1,425,824 | ||||||
Advances to Suppliers | 4,069 | 66,638 | ||||||
Other Receivables and prepayments | 55,526 | 59,682 | ||||||
Inventory | 115,512 | 301,810 | ||||||
Total current assets | 3,486,484 | 2,547,735 | ||||||
Property, plants and equipment, net | 185,979 | 173,342 | ||||||
Intangible assets, net | 22,780 | 24,005 | ||||||
Longterm prepaid expenses | (15,362 | ) | - | |||||
Right-of-use assets | 447,645 | 471,716 | ||||||
Related party receivable | 300,975 | 147,385 | ||||||
Total non-current assets | 942,017 | 816,448 | ||||||
TOTAL ASSETS | $ | 4,428,501 | $ | 3,364,183 | ||||
Liabilities | ||||||||
Current liabilities: | ||||||||
Bank Loans | $ | 137,574 | $ | 166,717 | ||||
Accounts Payable-Trade | 222,494 | 342,446 | ||||||
Customer Advances | 285,265 | 310,548 | ||||||
Accrued expenses and other Payables | 426,498 | 419,887 | ||||||
Operating lease payable, current | 116,747 | 123,025 | ||||||
Total current liabilities | 1,188,578 | 1,362,623 | ||||||
Note payable | 1,319,487 | - | ||||||
Related party payable | 84,513 | 597,387 | ||||||
Operating lease payable, non-current | 303,431 | 319,748 | ||||||
TOTAL LIABILITIES | 2,896,009 | 2,279,758 | ||||||
Commitments and contingencies | ||||||||
Equity | ||||||||
Class B ordinary shares | 330 | |||||||
Class A ordinary shares (US$0.0001 par value per share; 96,700,000 shares issued and outstanding as of December 31, 2022 | 9,670 | 9,670 | ||||||
Additional Paid in Capital | 877,742,498 | 877,742,498 | ||||||
Accumulated deficit | (876,019,100 | ) | (876,517,003 | ) | ||||
Accumulated other comprehensive loss | (176,551 | ) | (100,955 | ) | ||||
Etao’s shareholders’ equity | 1,556,517 | 1,134,540 | ||||||
Non-controlling Interest | (24,025 | ) | (50,115 | ) | ||||
TOTAL EQUITY | 1,532,492 | 1,084,425 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 4,428,501 | $ | 3,364,183 |
ETAO INTERNATIONAL CO., LTD AND SUBSIDIARIES,
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE LOSS
(In U.S. dollars, except for share and per share data)
For the six months ended June 30, | ||||||||
2023 | 2022 | |||||||
Net revenue | $ | 1,923,283 | $ | 1,093,836 | ||||
Cost of revenue | (1,209,423 | ) | (603,592 | ) | ||||
Gross profit | 713,860 | 490,244 | ||||||
Operating expenses: | ||||||||
Selling expense | (350,936 | ) | (76,055 | ) | ||||
General and administrative | (1,857,617 | ) | (133,875 | ) | ||||
Research and developing Expense | (22,055 | ) | - | |||||
Total operating expenses | (2,230,608 | ) | (209,930 | ) | ||||
Income (loss) from operations | (1,516,748 | ) | 280,314 | |||||
Other income (loss): | ||||||||
Other income | 38,053 | 2,371 | ||||||
Interest income | 2,918 | - | ||||||
Interest expense | (4,004 | ) | (3,694 | ) | ||||
Other expenses | (352 | ) | (2,322 | ) | ||||
Total other income/(loss) | 36,615 | (3,645 | ) | |||||
Profit (loss) before income tax expense | (1,480,133 | ) | 276,669 | |||||
Income tax expense | (7,146 | ) | (614 | ) | ||||
Net profit (loss) from continuing business | $ | (1,487,729 | ) | $ | 276,055 | |||
Non-controlling interest (income) loss | (24,700 | ) | (79,812 | ) | ||||
Net profit (loss) attributed to shareholders | (1,511,979 | ) | 196,243 | |||||
Other comprehensive income (loss): | ||||||||
Foreign currency translation loss, net of income taxes | (75,596 | ) | (16,716 | ) | ||||
Total comprehensive income (loss) | $ | (1,587,575 | ) | $ | 179,527 | |||
Loss per ordinary share, basic and diluted | (1.15 | ) | ||||||
Weighted average number of ordinary shares outstanding, basic and diluted | 102,445,851 |
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