43 results
20-F
2023 FY
MTEN
Mingteng International Corporation Inc
14 May 24
Annual report (foreign)
7:53pm
Number | Supplier Name | % of total purchases for the year ended December 31, 2022 | |||||
1 | Wuxi Xuelang Automobile Diesel Engine Parts Factory | 8 | % | ||||
2 | Wuxi Changshang Metal Materials Co., LTD | 7 | % |
20-F
2023 FY
MTEN
Mingteng International Corporation Inc
14 May 24
Annual report (foreign)
7:53pm
Unless otherwise indicated in the footnotes, the address for each principal shareholder is Lvhua Village, Luoshe Town, Huishan District, Wuxi, Jiangsu Province People’s Republic of China.
Executive Officers and Directors | Amount of Beneficial Ownership of Ordinary Shares (1) | Percentage Ownership of Ordinary Shares (2)(3) | ||||||
Directors and Named Executive Officers: | ||||||||
Yingkai Xu (4) | 4,550,000 | 73.30 | % | |||||
Jingzhu Ding (5) | 4,550,000 | 73.30 | % | |||||
Fengting Yin | - | - | ||||||
Ronghua Xu | - | - | ||||||
Xiaoqiu Zhang | - | - | ||||||
Wenkai Fang | - | - | ||||||
All executive officers and directors as a group (6 persons) | 4,550,000 | 73.30 | % | |||||
5% or Greater Shareholders | ||||||||
YK Xu Holding Limited (6) | 2,091,000 | 33.69 | % | |||||
DJZ Holding Limited (7) | 2,459,000 | 39.61 | % | |||||
Hongze L.P. (8) | 450,000 | 7.25 | % |
20-F
2023 FY
MTEN
Mingteng International Corporation Inc
14 May 24
Annual report (foreign)
7:53pm
For the Years Ended December 31, | ||||||||
2023 | 2022 | |||||||
Cash flows from operating activities | ||||||||
Net income | $ | 1,506,702 | $ | 2,133,188 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 404,881 | 272,237 | ||||||
Amortization of right-of-use-assets | 97,095 | 158,180 | ||||||
(Recovery of) provision for doubtful accounts | (5,079) | 17,606 | ||||||
Deferred tax liability (benefits) | 254,224 | (4,304) | ||||||
Loss on disposal of property and equipment | 648 | - | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable, net | (1,129,372) | (489,078) | ||||||
Notes receivable | 302,846 | (294,440) | ||||||
Advance to suppliers | (151,983) | (223,562) | ||||||
Other receivables, net | (35,657) | 760,209 | ||||||
Inventories, net | (174,399) | 194,674 | ||||||
Accounts payable | 348,641 | 224,538 | ||||||
Advance from customers | 343,470 | (34,598) | ||||||
Other payables | - | 50,474 | ||||||
Payroll payable | (32,932) | 166,388 | ||||||
Taxes payable | (269,691) | 354,593 | ||||||
Amounts due to related parties | (70,819) | (348,333) | ||||||
Principal payments under operating lease obligations | (88,586) | (85,075) | ||||||
Net cash provided by operating activities | 1,299,989 | 2,852,697 | ||||||
Cash flows from investing activities | ||||||||
Purchase of property and equipment | (761,792) | (1,439,365) | ||||||
Proceeds on disposal of property and equipment | - | 6,558 | ||||||
Net cash (used in) investing activities | (761,792) | (1,432,807) | ||||||
Cash flows from financing activities | ||||||||
Net (repayment of) proceeds from short-term loans | (1,064,321) | 743,376 | ||||||
Shareholder contribution | - | 148,675 | ||||||
Dividends | - | (352,123) | ||||||
Payments of offering costs | (172,179) | (144,000) | ||||||
Principal payments under finance lease obligations | (12,488) | (230,372) | ||||||
Net cash (used in) provided by financing activities | (1,248,988) | 165,556 | ||||||
Effect of foreign exchange rate changes on cash and cash equivalents | (26,296) | (99,156) | ||||||
Net (decrease) increase in cash and cash equivalents | (737,087) | 1,486,290 | ||||||
Cash and cash equivalents at the beginning of the year | 1,793,323 | 307,033 | ||||||
Cash and cash equivalents at the end of the year | $ | 1,056,236 | $ | 1,793,323 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Interest paid | $ | 59,477 | $ | 53,991 | ||||
Income taxes paid | $ | 205,761 | $ | 101, 459 |
20-F
2023 FY
MTEN
Mingteng International Corporation Inc
14 May 24
Annual report (foreign)
7:53pm
The movement of deferred tax liabilities and assets is as follows:
As of December 31, | ||||||||
2023 | 2022 | |||||||
Balance at beginning of the year | $ | 6,143 | $ | 2,169 | ||||
Current year (reduction) addition | (254,224) | 4,304 | ||||||
Foreign exchange difference | 1,188 | (330) | ||||||
Balance at end of the year | $ | (246,893) | $ | 6,143 |
20-F
2023 FY
MTEN
Mingteng International Corporation Inc
14 May 24
Annual report (foreign)
7:53pm
PARENT COMPANY STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
For the year ended December 31, | For the year ended December 31, | |||||||
2023 | 2022 | |||||||
EQUITY IN EARNINGS OF SUBSIDIARIES | $ | 1,796,700 | $ | 2,360,929 | ||||
NET INCOME | 1,506,702 | 2,133,188 | ||||||
FOREIGN CURRENCY TRANSLATION ADJUSTMENT | (133,740) | (479,845) | ||||||
COMPREHENSIVE INCOME | $ | 1,372,960 | $ | 2,613,033 |
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