------------- ------------
Loss from operations (4,474,157) (13,894,139)
------------- ------------
Other income (expense):
Interest income, net 195,209 350,022
Exchange loss, net (324,225) (70,293)
Other (expense) income, net (155,150) 128,634
------------- ------------
Total other (expense) income, net (284,166) 408,363
------------- ------------
Loss before income taxes (4,758,323) (13,485,776)
Income taxes -- current (1,245,303) (1,282,046)
------------- ------------
Net loss $ (6,003,626) $(14,767,822)
============= ============
Other comprehensive loss
Foreign currency translation
adjustments 20,896 222,111
------------- ------------
Comprehensive loss (5,982,730) (14,545,711)
============= ============
Net loss per share
Basic and diluted $ (0.12) $ (0.27)
============= ============
Weighted average shares
outstanding:
Basic and diluted 50,725,814 54,812,900
------------- ------------
ISPIRE TECHNOLOGY INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In $USD, except share and per share data)
Years ended June 30,
--------------------------------
2023 2024
----------------- -------------
(to be restated
on Form 10-K
for fiscal
year 2024)
Net loss $ (6,003,626) $(14,767,822)
Adjustments to reconcile net loss
to net cash provided by (used
in) operating activities:
Depreciation and amortization 46,662 505,653
Credit loss expenses 3,332,825 6,015,752
Right-of-use assets amortization 1,030,104 1,211,899
Stock-based compensation expenses -- 6,380,282
Inventory impairment -- 205,594
Loss from equity method investment -- 117,905
Changes in operating assets and
liabilities:
Accounts receivable (19,579,339) (41,299,642)
Inventories 7,108,449 901,120
Prepaid expenses and other current
assets (2,598,746) 1,937,029
Accounts payable and accounts
payable -- related party 10,574,989 17,891,667
Contract liabilities (690,637) 1,248,687
Accrued liabilities and other
payables 168,179 2,456,979
Operating lease liabilities (1,427,398) (1,043,556)
Income tax payable (417,260) (63,853)
------------- ------------
Net cash used in operating
activities (8,455,798) (18,302,306)
------------- ------------
Cash flows from investing
activities:
Purchase of property, plant and
equipment (1,020,768) (1,969,961)
Acquisition of intangible assets -- (1,173,302)
Purchase of short term investment (9,133,707) --
Maturity of short term investment -- 9,133,707
Acquisition of other investment (2,000,000)
Acquisition of equity method
investment -- (1,000,000)
------------- ------------
Net cash (used in) provided by
investing activities (10,154,475) 2,990,444
------------- ------------
Cash flows from financing
activities:
Net proceeds from initial public
offering 21,735,000 --
Payment of initial public
offering costs (3,475,172) --
Proceeds from equity offerings 7,969,221 12,300,000
Issuance costs of equity offerings (543,153) (1,514,094)
Payment made for dividends (3,362,639) --
Repayments of advances from a
related party (37,893,062) (703,323)
------------- ------------
Net cash (used in) provided by
financing activities (15,569,805) 10,082,583
------------- ------------
Net decrease in cash (34,180,078) (5,229,279)
Cash -- beginning of period 74,480,651 40,300,573
------------- ------------
Cash -- end of period $ 40,300,573 $ 35,071,294
============= ============
Supplemental non-cash investing
and financing activities
Leased assets obtained in exchange
for operating lease liabilities $ 4,988,032 $ 537,307
Unpaid equity method investment in
accrued liabilities and other
payables $ -- $ 9,000,000
Warrants issued in connection with
equity method investment $ -- $ 365,954
Unpaid intangible assets in
accrued liabilities and other
payables $ -- $ 232,382
Supplemental disclosures
Cash paid for income taxes $ 1,663,240 $ 1,355,110
Cash paid for interest $ 587 $ 15,229
For more information, kindly contact:
IR Contacts:
Investor Relations
Sherry Zheng
718-213-7386
ir@ispiretechnology.com
KCSA Strategic Communications
Phil Carlson
212-896-1233
ispire@kcsa.com
PR Contact:
Ellen Mellody
570-209-2947
EMellody@kcsa.com
View original content:https://www.prnewswire.com/news-releases/ispire-technology-inc-reports-financial-results-for-the-fiscal-year-2024-302259490.html
SOURCE Ispire Technology Inc.
(END) Dow Jones Newswires
September 26, 2024 06:30 ET (10:30 GMT)