-----------  -------------  -----------  -----------  -------------  ------------- 
 
Balance, March 
 31,  2023       36,250,054  $  14,694,327  $ 9,078,915  $13,577,844  $ (8,069,343)  $  29,281,743 
 
Net income for 
 the  period              -              -            -    1,954,355              -      1,954,355 
Foreign 
 currency 
  translation 
 loss                     -              -            -            -    (3,269,650)    (3,269,650) 
                 ----------   ------------   ----------   ----------   ------------   ------------ 
 
Balance, 
 September 30, 
  2023           36,250,054  $  14,694,327  $ 9,078,915  $15,532,199  $(11,338,993)  $  27,966,448 
 
Balance, March 
 31,  2024       42,220,206  $  16,716,839  $10,262,191  $21,056,780  $(11,993,026)  $  36,042,784 
 
Transfer of 
 capital to 
  capital 
 reserve                  -   (15,870,723)   15,870,723            -              -              - 
Net income for 
 the  period              -              -                 1,336,229              -      1,336,229 
Foreign 
 currency 
  translation 
 gain                     -              -                         -      1,876,274      1,876,274 
                 ----------   ------------   ----------   ----------   ------------   ------------ 
 
Balance, 
 September 30, 
  2024           42,220,206  $     846,116  $26,132,914  $22,393,009  $(10,116,752)  $  39,255,287 
                 ==========   ============   ==========   ==========   ============   ============ 
 
 
                    TOKYO LIFESTYLE CO., LTD. 
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
 
                                            For the Six Months 
                                                   Ended 
                                               September 30, 
                                        -------------------------- 
                                            2024          2023 
                                        ------------  ------------ 
Cash flows from operating activities: 
Net Income                              $  1,336,229  $  1,954,355 
Adjustments to reconcile net income 
to net cash provided by (used in) 
operating activities: 
Depreciation and amortization                409,461       526,994 
Loss (gain) from disposal of property 
 and equipment                             (202,165)        13,704 
Loss (gain) from unrealized foreign 
 currency translation                      (358,309)       139,012 
Reversal of credit losses                   (26,932)     (148,556) 
Addition (reversal) of merchandise 
 inventories written down                     14,709      (10,713) 
Amortization of operating lease 
 right-of-use assets                         911,218       876,122 
Deferred tax benefit                       (905,570)   (1,460,623) 
Change in fair value of warrants 
 liabilities                               1,121,968       (1,833) 
Investment loss from equity method 
 investment                                        -        71,200 
Gain from disposal of equity method 
 investment                                        -     (195,391) 
Changes in operating assets and 
liabilities: 
Accounts receivable                        5,844,436     6,372,895 
Accounts receivable - related parties    (2,907,787)       309,809 
Merchandise inventories                  (2,768,207)   (8,645,561) 
Compensation receivable for 
 consumption tax                             695,565     6,116,206 
Prepaid expenses and other current 
 assets                                  (9,394,219)   (2,342,968) 
Long term prepaid expenses and other 
 non-current assets                          203,598     2,767,762 
Accounts payable                           3,416,712     2,128,474 
Accounts payable - related parties           (8,116)        67,840 
Deferred revenue                           6,937,534        68,324 
Taxes payable                            (4,611,614)   (4,136,000) 
Other payables and other current 
 liabilities                               (552,070)       103,774 
Operating lease liabilities                (944,078)     (838,782) 
Other non-current liabilities              (197,185)      (38,735) 
                                         -----------   ----------- 
Net cash (used in) provided by 
 operating activities                    (1,984,822)     3,697,309 
                                         -----------   ----------- 
 
Cash flows from investing activities: 
Purchase of property and equipment         (678,267)     (197,825) 
Proceeds from disposal of property and 
 equipment                                    28,868           710 
Proceeds from disposal of equity 
 method investment                                 -       283,800 
Proceeds from disposal of a subsidiary             -        35,475 
Disposal of a subsidiary, net of cash              -     (176,133) 
Collection of amount due from 
 (advances made to) related parties            9,256       410,181 
                                         -----------   ----------- 
Net cash (used in) provided by 
 investing activities                      (640,143)       356,208 
                                         -----------   ----------- 
 
Cash flows from financing activities: 
Proceeds from short-term borrowings        2,752,445             - 
Repayments of long-term borrowings         (129,984)     (608,947) 
Payments made to related parties            (26,132)     (166,252) 
Repayment of obligations under finance 
 leases                                    (110,734)     (297,843) 
                                         -----------   ----------- 
Net cash provided by (used in) 
 financing activities                      2,485,595   (1,073,042) 
                                         -----------   ----------- 
 
Effect of exchange rate fluctuation on 
 cash                                        740,954   (1,956,115) 
                                         -----------   ----------- 
 
Net increase in cash                         601,584     1,024,360 
Cash at beginning of period                2,475,538     1,766,441 
                                         -----------   ----------- 
Cash at end of period                   $  3,077,122  $  2,790,801 
                                         ===========   =========== 
 
Supplemental cash flow information 
Cash paid for income taxes              $  2,100,807  $    592,194 
                                         ===========   =========== 
Cash paid for interest                  $    494,581  $    341,583 
                                         ===========   =========== 
 
Supplemental non-cash operating 
activities 
Right of use assets obtained in 
 exchange for operating lease 
 liabilities                            $  1,561,296  $  1,512,843 
                                         ===========   =========== 
 

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SOURCE Tokyo Lifestyle Co., Ltd.

(END) Dow Jones Newswires

December 18, 2024 06:00 ET (11:00 GMT)