Depreciation and amortization               494,480       701,430 
 Loss on disposal of fixed assets              2,979         2,443 
 Operating lease expense                     167,969       620,696 
 Stock compensation expense                6,749,326     4,378,887 
 Investment loss                              56,081             - 
 Changes in assets and liabilities: 
   Accounts receivable                     (717,220)      (15,387) 
   Inventory                                  91,076      (46,919) 
   Value-added tax prepayment               (51,078)      (29,212) 
   Prepaid expenses and other current 
    assets                                 (810,421)     (141,545) 
   Accounts payable                          597,744       839,735 
   Unearned revenue                        (472,584)       353,849 
   Accrued expenses and other 
    payables                               (108,736)       523,534 
   Payment on operating lease 
    liabilities                            (177,194)     (575,156) 
                                        ------------   ----------- 
 
Net cash used in operating activities    (6,398,883)   (3,136,081) 
 
Cash flows from investing 
activities: 
   Acquisition of property and 
    equipment                                (6,868)       (3,881) 
   Acquisition of intangible assets        (161,054)      (80,438) 
   Cash disposed due to disposal of 
    subsidiary                                  (35)             - 
   Long-term investment                            -      (28,812) 
                                        ------------   ----------- 
 
Net cash used in investing activities      (167,957)     (113,131) 
 
Cash flows from financing 
activities: 
   Due to related parties                    360,804     1,110,238 
   Proceeds from loan payables                     -     2,197,400 
   Repayment of loan payables            (1,582,513)     (198,431) 
   Net proceeds from issuance of 
    common stock                           8,061,286             - 
                                        ------------   ----------- 
 
Net cash provided by financing 
 activities                                6,839,577     3,109,207 
 
Effect of exchange rate changes on 
 cash                                      (111,203)       (4,484) 
                                        ------------   ----------- 
 
Net increase (decrease) in cash              161,534     (144,489) 
 
Cash, beginning of period                     19,728       164,217 
                                        ------------   ----------- 
 
Cash, end of period                    $     181,262  $     19,728 
                                        ============   =========== 
 
Supplemental disclosures of cash 
flow information: 
Cash paid for interest                 $      20,516  $     25,501 
                                        ============   =========== 
Cash paid for income tax               $           -  $          - 
                                        ============   =========== 
 
Supplemental disclosures of non-cash 
financing activities: 
Right-of-use assets obtained in 
 exchange for operating lease 
 liabilities                           $     125,280  $    241,093 
                                        ============   =========== 
Transfer of debt owing to the 
 Company's' CEO to Mr. Wanli Kuai      $     730,163  $          - 
                                        ============   =========== 
The notes to the consolidated financial statements as filed with 
 the SEC on Form 10-K are an integral part of these consolidated 
 financial statements. 
 

View original content:https://www.prnewswire.com/news-releases/datasea-announces-fiscal-year-2024-financial-results-with-revenue-6-6x-that-of-2023-primarily-due-to-growth-of-its-5g-ai-business-302259820.html

SOURCE Datasea Inc.

(END) Dow Jones Newswires

September 26, 2024 09:45 ET (13:45 GMT)