provision                 4,664             -             - 
Loss from 
 termination of 
 right-of-use 
 assets                      183           369             - 
Changes in assets 
and liabilities 
Accounts 
 receivable               52,210        94,595      (16,181) 
Prepaid expenses 
 and other current 
 assets                   18,020        69,605      (87,583) 
Deferred contract 
 costs                         -        30,192       (7,184) 
Other non-current 
 assets                   16,950        28,368        24,131 
Accounts payable        (21,098)      (14,007)        27,495 
Operating lease 
 liabilities           (100,073)     (207,881)     (507,521) 
Payroll Payable          404,216       102,096     1,040,790 
Accrued expenses 
 and other current 
 liabilities              19,107      (18,026)       (4,532) 
Contract 
 liabilities              49,140     (268,907)       217,491 
                     -----------   -----------   ----------- 
Net cash used in 
 operating 
 activities            (728,066)   (2,310,183)   (5,273,756) 
                     -----------   -----------   ----------- 
 
Cash flows from 
investing 
activities 
Purchase of 
 property and 
 equipment                     -             -       (1,618) 
Proceeds from 
 dispose of 
 property and 
 equipment                   360           815             - 
Repayment from a 
 related party                 -             -       768,380 
                     -----------   -----------   ----------- 
Net cash provided 
 by investing 
 activities                  360           815       766,762 
                     -----------   -----------   ----------- 
 
Cash flows from 
financing 
activities 
Loan from related 
 parties                 792,283       284,292             - 
Proceeds from 
 short-term bank 
 loan                          -       321,834             - 
Payment of 
 deferred offering 
 cost                  (360,893)     (121,248)             - 
                     -----------   -----------   ----------- 
Net cash provided 
 by financing 
 activities              431,390       484,878             - 
                     -----------   -----------   ----------- 
 
Effect of exchange 
 rates on cash and 
 cash equivalents 
 and restricted 
 cash                   (59,713)         5,194     (312,986) 
                     -----------   -----------   ----------- 
 
Net decrease in 
 cash and cash 
 equivalents and 
 restricted cash       (356,029)   (1,819,296)   (4,819,980) 
 
Cash and cash 
 equivalents at 
 beginning of 
 year                    399,050     2,218,346     7,038,326 
                     -----------   -----------   ----------- 
 
Cash and cash 
 equivalents and 
 restricted cash 
 at end of year     $     43,021  $    399,050  $  2,218,346 
                     ===========   ===========   =========== 
 
Cash and cash 
 equivalents              18,372       399,050     1,802,236 
Restricted cash           24,649             -       416,110 
Cash and cash 
 equivalents and 
 restricted cash 
 at end of year           43,021       399,050  $  2,218,346 
 
Cash paid for 
 interest 
 expenses           $     10,237  $        257  $          - 
Cash paid for 
income tax          $          -  $          -  $          - 
                     ===========   ===========   =========== 
Supplemental 
disclosure of 
non-cash 
financing 
activities: 
Accretion to 
 redeemable 
 preferred equity   $          -  $    326,837  $    605,659 
                     ===========   ===========   =========== 
Exchange 
 redeemable 
 preferred equity 
 with Class A 
 ordinary shares    $          -  $ 12,154,929  $          - 
                     ===========   ===========   =========== 
Operating lease 
 right-of-use 
 assets obtained 
 in exchange for 
 operating lease 
 liabilities        $    140,844  $          -  $          - 
                     ===========   ===========   =========== 
 

View original content:https://www.prnewswire.com/news-releases/youxin-technology-ltd-reports-financial-results-for-fiscal-year-2024-302364912.html

SOURCE Youxin Technology Ltd

(END) Dow Jones Newswires

January 30, 2025 18:30 ET (23:30 GMT)