Armlogi Holding Corp. common stock / "Customer" | Tables in SEC filings

BTOC Armlogi Holding Corp. common stock

11 Jun 24

Quarterly report

4:15pm

ARMLOGI HOLDING CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED MARCH 31, 2024 AND 2023 (UNAUDITED) (US$, except share data, or otherwise noted)

	For The Nine Months Ended March 31, 2024		For The Nine Months Ended March 31, 2023
	US$		US$
	Unaudited		Unaudited
Cash Flows from Operating Activities:
Net income		7,181,821		8,960,693
Adjustments for items not affecting cash:
Net loss from disposal of fixed assets		6,895		—
Depreciation of property and equipment and right-of-use financial assets		1,444,441		918,112
Amortization		26,488		22,088
Non-cash operating leases expense		3,450,304		266,280
Current estimated credit loss		(22,827)		—
Accretion of finance lease liabilities		37,779		45,885
Deferred income taxes		735,459		480,002
Interest income		(87,923)		(5,609)
Changes in operating assets and liabilities
Accounts receivable and other receivables		(7,685,423)		(2,553,582)
Other current assets		(376,820)		(1,092,348)
Prepaid expenses		(425,146)		(318,266)
Accounts payable & accrued liabilities		(2,212,137)		571,336
Customer deposits		(187,925)		—
Income tax payable		1,907,403		2,852,182
Accrued payroll liabilities		199,806		326,673
Net cash provided from operating activities		3,992,195		10,473,446

Cash Flows from Investing Activities:
Purchase of property and equipment		(3,080,643)		(1,789,248)
Purchase of intangible assets		—		(51,464)
Loan receivable		(1,600,000)		(2,425,000)
Net cash used in investing activities		(4,680,643)		(4,265,712)

Cash Flows from Financing Activities:
Net proceeds received from (repaid to) related parties		1,000		(2,503,233)
Proceeds (lend to) from related parties		511,353		(512,314)
Repayments of finance lease liabilities		(163,253)		(153,561)
Deferred issuance costs for initial public offering		(638,231)		(205,000)
Capital contributions from stockholders		466,156		350,000
Net cash provided by (used in) financing activities		177,025		(3,024,108)

Net increase in cash, cash equivalents and restricted cash		(511,423)		3,183,626
Cash and cash equivalents, beginning of year		6,558,099		2,248,760
Cash and restricted cash, end of nine months period		6,046,676		5,432,386

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Income taxes paid		(171,635)		(643,726)
NON-CASH TRANSACTIONS:
Right-of-use assets acquired in exchange for operating lease liabilities		81,927,507		6,900,346
IPO expenses paid by stockholders		300,000		350,000

	March 31, 2024		June 30, 2023
	US$		US$
	Unaudited		Audited
Assets
Current Assets
Cash		3,985,003		6,558,099
Restricted cash		2,061,673		—
Accounts receivable and other receivable, net		25,104,670		17,396,421
Other current assets		2,019,166		1,642,346
Deferred share issuance costs		1,942,943		1,304,712
Prepaid expenses		1,222,050		796,904
Loan receivable		4,135,179		2,449,956
Total current assets		40,470,684		30,148,438
Non-current assets
Due from related parties		—		511,353
Property and equipment, net		10,254,072		7,629,117
Intangible assets, net		101,538		128,027
Right-of-use assets – operating leases		119,515,548		49,659,047
Right-of-use assets – finance leases		348,229		478,984
Total assets		170,690,071		88,554,966

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Current liabilities
Accounts payable and accrued liabilities		6,822,919		8,470,166
Income taxes payable		4,562,098		2,654,695
Due to related parties		350,209		351,909
Accrued payroll liabilities		463,162		263,356
Operating lease liabilities – current		23,890,833		12,111,309
Finance lease liabilities – current		170,531		198,448
Customer deposits		236,257		424,182
Total current liabilities		36,496,009		24,474,065
Non-current liabilities
Operating lease liabilities – non-current		99,268,652		37,741,370
Finance lease liabilities – non-current		193,238		290,795
Deferred income tax liabilities		1,470,581		735,122
Total liabilities		137,428,480		63,241,352

Commitments and contingencies
Stockholders’ equity
Common stock, US$0.00001 par value, 100,000,000 shares authorized, 40,000,000 issued and outstanding as of March 31, 2024 and June 30, 2023, respectively		400		400
Additional paid-in capital		9,751,163		8,985,007
Retained earnings		23,510,028		16,328,207
Total stockholders’ equity		33,261,591		25,313,614
Total liabilities and stockholders’ equity		170,690,071		88,554,966

	For The Six Months Ended December 31, 2023	For The Six Months Ended December 31, 2022
	US$	US$
	Unaudited	Unaudited
Cash Flows from Operating Activities:
Net income	6,499,601	6,567,568
Adjustments for items not affecting cash:
Net loss from disposal of fixed assets	6,895	—
Depreciation of property and equipment and right-of-use financial assets	919,273	583,986
Amortization	17,659	13,859
Non-cash operating leases expense	3,155,637	225,476
Current estimated credit loss	(24,563)	192,866
Accretion of finance lease liabilities	26,738	30,235
Deferred income taxes	660,207	489,972
Interest income	(54,374)	—
Changes in operating assets and liabilities
Accounts receivable and other receivables	(7,651,253)	(1,521,125)
Other current assets	(358,368)	(913,062)
Prepaid expenses	652,335	(1,027,819)
Accounts payable & accrued liabilities	(2,022,280)	(1,989,172)
Customer deposits	(244,403)	—
Income tax payable	1,706,868	2,229,628
Accrued payroll liabilities	231,701	15,029
Net cash provided from operating activities	3,521,673	4,897,441

Cash Flows from Investing Activities:
Purchase of property and equipment	(2,948,594)	(460,896)
Purchase of intangible assets	—	(41,483)
Loan receivable	(1,000,000)	—
Net cash used in investing activities	(3,948,594)	(502,379)

Cash Flows from Financing Activities:
Net proceeds received from (repaid to) related parties	1,012,353	(2,503,419)
Repayments of finance lease liabilities	(109,934)	(98,623)
Deferred issuance costs for initial public offering	(282,742)	(147,500)
Capital contributions from stockholders	265,000	350,000
Net cash provided by (used in) financing activities	884,677	(2,399,542)

Net increase in cash, cash equivalents and restricted cash	457,756	1,995,520
Cash and cash equivalents, beginning of year	6,558,099	2,248,760
Cash and restricted cash, end of six months period	7,015,855	4,244,280

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Income taxes paid	(171,559)	(642,154)
NON-CASH TRANSACTIONS:
Right-of-use assets acquired in exchange for operating lease liabilities	37,607,178	4,715,606
IPO expenses paid by stockholders	300,000	—

	December 31, 2023	June 30, 2023
	US$	US$
	Unaudited	Audited
Assets
Current Assets
Cash	4,954,182	6,558,099
Restricted cash	2,061,673	—
Accounts receivable and other receivables, net	25,072,238	17,396,421
Other current assets	2,000,714	1,642,346
Deferred issuance costs	1,587,454	1,304,712
Prepaid expenses	144,569	796,904
Loan receivable	3,504,329	2,449,956
Total current assets	39,325,159	30,148,438
Non-current assets
Due from related parties	—	511,353
Property and equipment, net	9,882,285	7,629,117
Intangible assets, net	110,368	128,027
Right-of-use assets – operating leases	80,028,151	49,659,047
Right-of-use assets – finance leases	391,227	478,984
Total assets	129,737,190	88,554,966

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Current liabilities
Accounts payable and accrued liabilities	6,290,871	8,470,166
Income taxes payable	4,361,563	2,654,695
Due to related parties	852,909	351,909
Accrued payroll liabilities	495,057	263,356
Operating lease liabilities – current	22,065,046	12,111,309
Finance lease liabilities – current	180,114	198,448
Customer deposits	179,779	424,182
Total current liabilities	34,425,339	24,474,065
Non-current liabilities
Operating lease liabilities – non-current	61,312,374	37,741,370
Finance lease liabilities – non-current	225,933	290,795
Deferred income tax liabilities	1,395,329	735,122
Total liabilities	97,358,975	63,241,352

Commitments and contingencies
Stockholders’ equity
Common stock, $0.00001 par value, 100,000,000 shares authorized, 40,000,000 issued and outstanding as of December 31, 2023 and June 30, 2023, respectively	400	400
Additional paid-in capital	9,550,007	8,985,007
Retained earnings	22,827,808	16,328,207
Total stockholders’ equity	32,378,215	25,313,614
Total liabilities and stockholders’ equity	129,737,190	88,554,966

	For The Six Months Ended December 31, 2023	For The Six Months Ended December 31, 2022
	US$	US$
	Unaudited	Unaudited
Cash Flows from Operating Activities:
Net income	6,499,601	6,567,568
Adjustments for items not affecting cash:
Net loss from disposal of fixed assets	6,895	—
Depreciation of property and equipment and right-of-use financial assets	919,273	583,986
Amortization	17,659	13,859
Non-cash operating leases expense	3,155,637	225,476
Current estimated credit loss	(24,563)	192,866
Accretion of finance lease liabilities	26,738	30,235
Deferred income taxes	660,207	489,972
Interest income	(54,374)	—
Changes in operating assets and liabilities
Accounts receivable and other receivables	(7,651,253)	(1,521,125)
Other current assets	(358,368)	(913,062)
Prepaid expenses	652,335	(1,027,819)
Accounts payable & accrued liabilities	(2,022,280)	(1,989,172)
Customer deposits	(244,403)	—
Income tax payable	1,706,868	2,229,628
Accrued payroll liabilities	231,701	15,029
Net cash provided from operating activities	3,521,673	4,897,441

Cash Flows from Investing Activities:
Purchase of property and equipment	(2,948,594)	(460,896)
Purchase of intangible assets	—	(41,483)
Loan receivable	(1,000,000)	—
Net cash used in investing activities	(3,948,594)	(502,379)

Cash Flows from Financing Activities:
Net proceeds received from (repaid to) related parties	1,012,353	(2,503,419)
Repayments of finance lease liabilities	(109,934)	(98,623)
Deferred issuance costs for initial public offering	(282,742)	(147,500)
Capital contributions from stockholders	265,000	350,000
Net cash provided by (used in) financing activities	884,677	(2,399,542)

Net increase in cash, cash equivalents and restricted cash	457,756	1,995,520
Cash and cash equivalents, beginning of year	6,558,099	2,248,760
Cash and restricted cash, end of six months period	7,015,855	4,244,280

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Income taxes paid	(171,559)	(642,154)
NON-CASH TRANSACTIONS:
Right-of-use assets acquired in exchange for operating lease liabilities	37,607,178	4,715,606
IPO expenses paid by stockholders	300,000	—

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