------------------ ---------------
Cash flows from operating
activities:
Net income $ 3,495,079 $ 6,579,836
Adjustments to reconcile net
income to net cash provided by
operating activities:
Depreciation 98,111 109,765
Non-cash operating lease
expense 1,342,402 793,577
Accretion of finance lease
liabilities 3,672 5,610
Amortization of finance lease
right-of-use assets 31,139 31,733
Written-off of account
receivables - 420,967
Provision of (Reversal of)
allowance for excepted credit
loss, net 223,051 (118,144)
Gain on disposal of fixed asset (36,001) -
Impairment loss of asset 772,780 -
Loss on litigation 3,573,651 -
RSU compensation 426,666 -
Share-based compensation for
services 131,699 -
Deferred tax assets (974,691) (65,158)
Changes in operating assets
and liabilities:
Accounts receivable (2,214,339) (1,631,919)
Inventories (5,002,834) (36,157)
Reversal of inventory
impairment (110,000) -
Advance to suppliers 493,280 (130,580)
Other current assets 20,524 (818,397)
Related party payable - 398,700
Accounts payables (2,913,793) (373,314)
Other payable, accrued expense
and other current liabilities 336,032 (154,530)
Tax payable (89,512) 1,237,709
Accrued warranty liabilities (10,469) 205,868
Accrued return liabilities (119,610) (341,317)
Contract liabilities (668,250) 457,936
Lease liabilities -- operating
lease (1,205,510) (793,577)
-------------- --------------
Net cash (used in) provided by
operating activities (2,396,923) 5,778,608
-------------- --------------
Cash flows from investing
activities:
Proceed from sales of property
and equipment 162,001 -
Acquisition of property and
equipment (424,164) (68,871)
-------------- --------------
Net cash used in investing
activities (262,163) (68,871)
-------------- --------------
Cash flows from financing
activities:
Repayment of other loans (303,583) (1,600,000)
Repayment of finance lease
liabilities (34,744) (35,469)
Proceed from common share
issuances 80,000 -
Deferred offering costs - (263,162)
Proceeds from initial public
offering, net of share
issuance costs 4,458,667 -
Repayment of loan from a
related party (1,503,616) (3,982,876)
Proceeds from subscription
deposits 920,331 381,841
-------------- --------------
Net cash provided by (used in)
financing activities 3,617,055 (5,499,666)
-------------- --------------
Net increase in cash and cash
equivalents 957,969 210,071
Cash and cash equivalents,
beginning of the period 765,814 947,971
-------------- --------------
Cash and cash equivalents, end
of the period $ 1,723,783 $ 1,158,042
============== ==============
SUPPLEMENTAL DISCLOSURES OF
CASH FLOW INFORMATION:
Cash paid for interest $ 244,173 $ 494,011
============== ==============
Cash paid for income taxes $ 2,156,731 $ 64,000
============== ==============
NON-CASH ACTIVITIES
Right of use assets obtained in
exchange for operating lease
obligations $ 9,758,345 $ 1,113,140
============== ==============
Right of use assets obtained in
exchange for finance lease $ - $ 60,805
============== ==============
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SOURCE Massimo Group
/CONTACT: Company, Dr. Yunhao Chen, Chief Financial Officer, Massimo Group, ir@massimomotor.com; Investor Relations, Chris Tyson, Executive Vice President, MZ North America, Direct: 949-491-8235, MAMO@mzgroup.us
(END) Dow Jones Newswires
November 15, 2024 08:31 ET (13:31 GMT)