ITASCA, Ill. ,
Feb. 14,
2025 /PRNewswire/ -- Lakeside Holding Limited
("Lakeside" or the "Company") (Nasdaq: LSH), a U.S.-based
cross-border supply chain solution provider with a unique focus on
the Asia-Pacific market operating
through two specialized subsidiaries—American Bear Logistics and
Hupan Pharmaceutical (Hubei) Co.,
Ltd., today announced financial results for its fiscal 2025 second
quarter and first half ended December 31,
2024.
Management Commentary
Henry Liu, Chairman and Chief
Executive Officer of Lakeside commented, "While we faced
industry-wide headwinds in the second quarter, we've made
tremendous strategic progress in positioning Lakeside for long-term
growth. Our expansion into pharmaceutical logistics through Hupan
Pharmaceutical, our new partnerships with major e-commerce
platforms, and our significantly-expanded Dallas-Fort Worth facilities demonstrate our
commitment to diversifying and strengthening our business. The
strong growth in our Asia-based
customer revenues, up 29.4% in the first half, validates our
strategic shift toward serving the rapidly expanding cross-border
e-commerce market. With these foundational pieces in place and our
continued investment in operational capabilities, we're excited
about the opportunities ahead as we build a more robust,
diversified logistics enterprise."
Operational Highlights
E-Commerce & Cross-Border Logistics:
- Entered one-year agreement with a major Asian e-commerce
platform
- Partnered with a leading global social media and e-commerce
platform for customs brokerage services
- Launched new Pick & Pack Fulfillment service for a major
Chinese logistics partner
U.S. Facilities Expansion:
- Expanded Dallas-Fort Worth
operations:
- More than doubled warehouse space from 20,000 to 46,657 square
feet
- Added staff to support expanded operations
- Part of multi-hub strategy including Chicago O'Hare (ORD),
Dallas-Fort Worth (DFW), and
Los Angeles (LAX)
Medical/Pharmaceutical Business Development:
- Acquired Hupan Pharmaceutical (Hubei) Co., Ltd:
- Purchase price: RMB 4.0M ($0.6M)
- Expected annual revenue contribution: $7M
- Gained licenses for drug wholesale, retail, and medical device
distribution
- Partnerships with 15 major Wuhan hospitals
- Established partnership with Sinopharm Group Hubei Co., Ltd.
for:
- Essential medicine storage
- Transportation services
- Logistics services
- Signed RMB 11.0M ($1.5M) sales agreement with Sinopharm Holding
Hubei New Special Medicine Co., Ltd:
- One-year contract effective January 1,
2025
- Covers critical medicines including Sodium Bicarbonate,
Glucose, and Glucose Sodium Chloride
Financial Results for the Three Months Ending December 31, 2024:
Total revenues decreased by $1.5
million, or 31.3% to $3.4
million for the three months ended December 31, 2024, compared with $4.9 million for the three months ended
December 31, 2023. The decrease was
primarily driven by a significant decline in volume we handled from
our cross-border airfreight solutions.
- Revenues from our cross-border airfreight solutions decreased
by $1.1 million or 35.5%, from
$3.1 million in the three months
ended December 31, 2023, to
$2.0 million in the three months
ended December 31, 2024. The decrease
was primarily due to a decrease in the volume of cross-border air
freight processed, from approximately 8,217 tons for the three
months ended December 31, 2023, to
approximately 4,459 tons for the three months ended December 31, 2024.
- Revenues from our cross-border ocean freight solutions
decreased by $0.4 million, or 24.2%,
from $1.8 million in the three months
ended December 31, 2023, to
$1.4 million in the three months
ended December 31, 2024. This
reduction was primarily due to a decrease in the volume of
cross-border ocean freights processed and forwarded, dropping from
1,330 TEU in the three months ended December
31, 2023, to 1,046 TEU in the three months ended
December 31, 2024.
- For the three months ended December 31,
2024, our total revenue from pharmaceutical product
distribution amounted to $0.2
million, compared to no revenue from this segment in the
same period of the prior year. Starting from December 2024, we established a new revenue
stream through the distribution of pharmaceutical products. We
procured pharmaceuticals—primarily pharmaceutical
solutions—directly from manufacturers and supplied them to
distributors, hospitals, and clinics.
Revenues by Customer Geographic
|
|
For the three months
ended December 31,
|
|
|
|
|
|
|
|
|
|
2024
|
|
|
2023
|
|
|
|
|
|
|
|
|
Revenues
|
|
Amount
|
|
|
% of
total
Revenues
|
|
|
Amount
|
|
|
% of
total
Revenues
|
|
|
Amount
Increase
(Decrease)
|
|
|
Percentage
Increase
(Decrease)
|
|
|
Revenue from
cross-border freight solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia-based
customers
|
|
$
|
2,750,202
|
|
|
|
76.5
|
%
|
|
$
|
2,602,745
|
|
|
|
52.9
|
%
|
|
$
|
147,457
|
|
|
|
5.7
|
%
|
|
U.S.-based customers
|
|
|
627,301
|
|
|
|
17.4
|
%
|
|
|
2,313,358
|
|
|
|
47.1
|
%
|
|
|
(1,686,057)
|
|
|
|
(72.9)
|
%
|
|
|
|
3,377,503
|
|
|
|
93.9
|
%
|
|
|
4,916,103
|
|
|
|
100.0
|
%
|
|
|
(1,538,600)
|
|
|
|
(31.3)
|
%
|
|
Revenue from
distribution of pharmaceuticals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia-based
customers
|
|
|
218,086
|
|
|
|
6.1
|
%
|
|
|
-
|
|
|
|
-
|
|
|
|
218,086
|
|
|
|
N/A
|
|
|
Total
revenues
|
|
$
|
3,595,587
|
|
|
|
100.0
|
%
|
|
$
|
4,916,103
|
|
|
|
100.0
|
%
|
|
$
|
(1,320,514)
|
|
|
|
(26.9)
|
%
|
- Revenues from Asia-based
customers increased by $0.1 million,
or 5.7%, from $2.6 million in the
three months ended December 31, 2023,
to $2.8 million in the three months
ended December 31, 2024. The increase
in revenues from Asia-based
customers was driven by a surge in volume from these customers,
particularly those serving large e-commerce platforms. This growth
reflects the rising demand for our services, a direct result of the
overall expansion of the U.S. e-commerce market.
- Revenues from U.S.-based customers decreased by $1.7 million, or 72.9%, from $2.3 million in the three months ended
December 31, 2023 to $0.6 million in the same period in 2024. The
decrease in revenue from the U.S.-based customers in the three
months ended December 31, 2024,
compared to the same period in 2023, was primarily due to our
strategic shift toward Asia-based
e-commerce customers.
Total cost of revenues decreased by $0.2
million, or 5.6%, from $3.9
million in the three months ended December 31, 2023, to $3.6
million in the three months ended December 31, 2024.
Our overall gross loss was $42,231
in the three months ended December 31,
2024, compared to gross profit of $1,064,509 in same period last year . Our gross
margin was mainly impacted by higher cost of revenue, particular in
fixed overhead costs, and an industry-wide decline in revenue.
Our gross margin of distribution of pharmaceuticals was 44.2%
for the three months ended December 31,
2024.
General and administrative expenses increased by $0.9 million, or 94.1%, from $1.0 million in the three months ended
December 31, 2023, to $1.9 million in the three months ended
December 31, 2024. These expenses
represented 53.2% and 20.0% of our total revenues for the three
months ended December 31, 2024 and
2023, respectively. The increase was primarily attributed to higher
salary and employee benefit expenses and professional fees
operating as a listed company.
Net loss was $1.9 million for the
three months ended December 31, 2024,
compared to a net income of $0.06
million for the three months ended December 31, 2023.
Financial Results for the Six Months Ending December 31, 2024:
Total revenues decreased by $1.6
million, or 17.7%, from $9.1
million for the six months ended December 31, 2023, to $7.5
million for the six months ended December 31, 2024. The decrease was primarily
driven by a significant decline in volume we handled from our
cross-border airfreight solutions.
- Revenues from our cross-border airfreight solutions decreased
by $1.3 million or 23.4%, from
$5.5 million in the six months ended
December 31, 2023, to $4.2 million in the six months ended December 31, 2024. The decrease was primarily due
to a decrease in the volume of cross-border air freight processed,
from approximately 16,034 tons for the six months ended
December 31, 2023, to approximately
11,732 tons for the six months ended December 31, 2024.
- Revenues from our cross-border ocean freight solutions
decreased by $0.3 million, or 8.7%,
from $3.5 million in the six months
ended December 31, 2023, to
$3.2 million in the six months ended
December 31, 2024. This growth was
primarily due to a decrease in the volume of cross-border ocean
freights processed and forwarded, dropping from 2,620 TEU in the
six months ended December 31, 2023,
to 2,476 TEU in the six months ended December 31, 2024.
Revenues by Customer Geographic
|
|
For the six months
ended December 31,
|
|
|
|
|
|
|
|
|
|
2024
|
|
|
2023
|
|
|
|
|
|
|
|
|
Revenues
|
|
Amount
|
|
|
% of
total
Revenues
|
|
|
Amount
|
|
|
% of
total
Revenues
|
|
|
Amount
Increase
(Decrease)
|
|
|
Percentage
Increase
(Decrease)
|
|
|
Revenue from
cross-border freight solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia-based
customers
|
|
$
|
5,559,837
|
|
|
|
72.4
|
%
|
|
$
|
4,296,968
|
|
|
|
47.4
|
%
|
|
$
|
1,262,869
|
|
|
|
29.4
|
%
|
|
U.S.-based customers
|
|
|
1,899,220
|
|
|
|
24.7
|
%
|
|
|
4,767,611
|
|
|
|
52.6
|
%
|
|
|
(2,868,391)
|
|
|
|
(60.2)
|
%
|
|
|
|
7,459,057
|
|
|
|
97.2
|
%
|
|
|
9,064,579
|
|
|
|
100.0
|
%
|
|
|
(1,605,522)
|
|
|
|
(17.7)
|
%
|
|
Revenue from
distribution of pharmaceuticals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia-based
customers
|
|
|
218,086
|
|
|
|
2.8
|
%
|
|
|
-
|
|
|
|
-
|
|
|
|
218,086
|
|
|
|
N/A
|
|
|
Total
revenues
|
|
$
|
7,677,143
|
|
|
|
100.0
|
%
|
|
$
|
9,064,579
|
|
|
|
100.0
|
%
|
|
$
|
(1,387,436)
|
|
|
|
(15.3)
|
%
|
- Revenues from Asia-based
customers increased by $1.3 million,
or 29.4%, from $4.3 million in the
six months ended December 31, 2023,
to $5.6 million in the six months
ended December 31, 2024. The increase
in revenues from Asia-based
customers was driven by an increase in volume from these customers,
particularly those serving large e-commerce platforms. This growth
reflects the rising demand for our services, a direct result of the
overall expansion of the U.S. e-commerce market.
- Revenues from cross-border freight solutions for the U.S.-based
customers decreased by $2.9 million,
or 60.2%, from $4.8 million in the
six months ended December 31, 2023 to
$1.9 million in the same period in
2024. The decrease in revenue from the U.S.-based customers in the
three months ended December 31, 2024,
compared to the same period in 2023, was primarily due to our
strategic shift toward Asia-based
e-commerce customers.
Cost of revenues decreased by $0.2
million, or 2.1%, from $7.4
million in the six months ended December 31, 2023, to $7.2
million in the six months ended December 31, 2024.
Gross profit decreased by $1.2
million, or 71.9%, from $1.7
million in the six months ended December 31, 2023, to $0.5
million in the six months ended December 31, 2024. Our gross margin of
cross-border freight solution was 5.1% for the six months ended
December 31, 2024, compared to 18.9%
for the six months ended December 31,
2023. The decline in gross margin was primarily attributable
to reduced revenue from cross-border airfreight solutions and an
increase in our cost of revenue in warehouse services, custom
declaration and terminal charges, freights arranged charges and
overhead costs allocated.
General and administrative expenses increased by $1.9 million, or 103.7%, from $1.8 million in the six months ended December 31, 2023, to $3.7
million in the six months ended December 31, 2024. These expenses represented
48.8% and 20.3% of our total revenues for the six months ended
December 31, 2024 and 2023,
respectively. The increase was primarily attributed to higher
salary and employee benefit expenses, professional fees, office
expenses and traveling, insurance expenses and entertainment
expenses, operating as a listed company.
Net loss was $3.3 million for the
six months ended December 31, 2024,
compared to a net loss of $0.2
million for the six months ended December 31, 2023.
Conference Call & Audio Webcast
Lakeside's management team will hold an earnings conference call
at 4:30 PM Eastern Time (3:30 PM Central Time) on Tuesday, February 17 to discuss the Company's
financial results and provide an overview of the Company's
operations. Management will lead the conference call and be
available to answer questions.
To access the call by phone, please dial 1- 877-407-9716
(international callers, please dial 1- 201-493-6779) approximately
10 minutes before the start of the call. Refer to conference ID:
LAKESIDE. **NOTE: THIS CONFERENCE ID WILL BE REQUIRED FOR
ENTRY
A live audio conference call webcast will be available online
at
https://viavid.webcasts.com/starthere.jsp?ei=1708554&tp_key=b4f1b10725
About Lakeside Holding Limited
Lakeside Holding Limited is a U.S.-based cross-border supply
chain solution provider with a unique focus on the Asia-Pacific market. Through two specialized
subsidiaries—American Bear Logistics and Hupan Pharmaceutical
(Hubei) Co., Ltd.—Lakeside
delivers tailored logistics solutions spanning general and
specialized sectors.
American Bear Logistics, with strategic hubs in Chicago, Dallas, Los
Angeles, and New York,
offers customized cross-border ocean and airfreight solutions,
connecting Asia-based logistics
service companies and e-commerce platforms with the U.S.
market.
Lakeside recently acquired Hupan Pharmaceutical (Hubei) Co., Ltd., expanding its service scope
and enhancing its pharmaceutical logistics and distribution
capabilities within China. This
strategic move underscores Lakeside's commitment to advancing
integrated cross-border logistics solutions.
For more information, please
visit https://lakeside-holding.com.
Safe Harbor Statement
This press release contains forward-looking statements that
reflect our current expectations and views of future events. Known
and unknown risks, uncertainties and other factors may cause our
actual results, performance or achievements to be materially
different from those expressed or implied by the forward-looking
statements. You can identify some of these forward-looking
statements by words or phrases such as "may," "will," "expect,"
"anticipate," "aim," "estimate," "intend," "plan," "believe,"
"is/are likely to," "potential," "continue" or other similar
expressions. We have based these forward-looking statements largely
on our current expectations and projections about future events
that we believe may affect our financial condition, results of
operations, business strategy and financial needs. These
forward-looking statements involve various risks and uncertainties.
Except as required by law, we undertake no obligation to update or
revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise, after the date on
which the statements are made or to reflect the occurrence of
unanticipated events. We qualify all of our forward-looking
statements by these cautionary statements.
Investor Relations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com
(tables follow)
|
LAKESIDE HOLDING
LIMITED
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(UNAUDITED)
|
|
|
|
As of
December 31,
2024
(unaudited)
|
|
|
As of
June 30,
2024
(audited)
|
|
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
|
|
Cash
|
|
$
|
1,123,414
|
|
|
$
|
123,550
|
|
|
Accounts
receivable – third parties, net
|
|
|
1,645,774
|
|
|
|
2,082,152
|
|
|
Accounts
receivable – related party, net
|
|
|
207,293
|
|
|
|
763,285
|
|
|
Prepayment and other
receivable
|
|
|
49,476
|
|
|
|
—
|
|
|
Contract
assets
|
|
|
31,388
|
|
|
|
129,506
|
|
|
Inventory,
net
|
|
|
10,328
|
|
|
|
—
|
|
|
Due from related
parties
|
|
|
682,980
|
|
|
|
441,279
|
|
|
Loan to a third
party
|
|
|
686,697
|
|
|
|
—
|
|
|
Total current
assets
|
|
|
4,437,350
|
|
|
|
3,539,772
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
ASSETS
|
|
|
|
|
|
|
|
|
|
Investment in other
entity
|
|
|
15,741
|
|
|
|
15,741
|
|
|
Property and equipment
at cost, net of accumulated depreciation
|
|
|
514,073
|
|
|
|
344,883
|
|
|
Intangible asset,
net
|
|
|
418,867
|
|
|
|
—
|
|
|
Right of use operating
lease assets
|
|
|
4,074,617
|
|
|
|
3,471,172
|
|
|
Right of use financing
lease assets
|
|
|
110,998
|
|
|
|
37,476
|
|
|
Deferred tax
asset
|
|
|
—
|
|
|
|
89,581
|
|
|
Deferred offering
costs
|
|
|
—
|
|
|
|
1,492,798
|
|
|
Deposit and
prepayment
|
|
|
265,480
|
|
|
|
202,336
|
|
|
Total non-current
assets
|
|
|
5,399,776
|
|
|
|
5,653,987
|
|
|
TOTAL ASSETS
|
|
$
|
9,837,126
|
|
|
$
|
9,193,759
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Accounts
payables – third parties
|
|
$
|
1,233,142
|
|
|
$
|
1,161,858
|
|
|
Accounts
payables – related parties
|
|
|
71,557
|
|
|
|
227,722
|
|
|
Accrued liabilities and
other payables
|
|
|
1,244,501
|
|
|
|
1,335,804
|
|
|
Current portion of
obligations under operating leases
|
|
|
2,203,766
|
|
|
|
1,186,809
|
|
|
Current portion of
obligations under financing leases
|
|
|
48,865
|
|
|
|
37,619
|
|
|
Loans payable,
current
|
|
|
609,935
|
|
|
|
746,962
|
|
|
Dividend
payable
|
|
|
—
|
|
|
|
98,850
|
|
|
Tax payable
|
|
|
79,825
|
|
|
|
79,825
|
|
|
Due to
shareholders
|
|
|
—
|
|
|
|
1,018,281
|
|
|
Total current
liabilities
|
|
|
5,491,591
|
|
|
|
5,893,730
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Loans payable,
non-current
|
|
|
174,846
|
|
|
|
136,375
|
|
|
Deferred tax
liabilities
|
|
|
104,717
|
|
|
|
—
|
|
|
Obligations under
operating leases, non-current
|
|
|
2,339,439
|
|
|
|
2,506,402
|
|
|
Obligations under
financing leases, non-current
|
|
|
80,252
|
|
|
|
17,460
|
|
|
Total non-current
liabilities
|
|
|
2,699,254
|
|
|
|
2,660,237
|
|
|
TOTAL
LIABILITIES
|
|
$
|
8,190,845
|
|
|
$
|
8,553,967
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
|
Common stocks, $0.0001
par value, 200,000,000 shares authorized,
7,500,000 and 6,000,000 issued and outstanding as of December
31,
2024 and June 30, 2024, respectively
|
|
|
750
|
|
|
|
600
|
|
|
Subscription
receivable
|
|
|
—
|
|
|
|
(600)
|
|
|
Additional paid-in
capital
|
|
|
4,942,791
|
|
|
|
642,639
|
|
|
Accumulated other
comprehensive income
|
|
|
(9,214)
|
|
|
|
2,972
|
|
|
Deficits
|
|
|
(3,288,046)
|
|
|
|
(5,819)
|
|
|
Total equity
|
|
|
1,646,281
|
|
|
|
639,792
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
EQUITY
|
|
$
|
9,837,126
|
|
|
$
|
9,193,759
|
|
|
LAKESIDE HOLDING
LIMITED
|
|
CONDENSED
CONSOLIDATED STATEMENT OF INCOME (LOSS) AND COMPREHENSIVE INCOME
(LOSS)
|
|
(UNAUDITED)
|
|
|
|
Six Months Ended
December 31,
|
|
|
Three Months
Ended
December 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
Revenue from
cross-border freight
solutions – third party
|
|
$
|
6,702,063
|
|
|
$
|
8,639,983
|
|
|
$
|
3,102,276
|
|
|
$
|
4,585,696
|
|
|
Revenue from
cross-border freight
solutions – related parties
|
|
|
756,994
|
|
|
|
424,596
|
|
|
|
275,227
|
|
|
|
330,407
|
|
|
Revenue from
distribution of pharmaceutical
products – third parties
|
|
|
218,086
|
|
|
|
—
|
|
|
|
218,086
|
|
|
|
—
|
|
|
Total
revenue
|
|
|
7,677,143
|
|
|
|
9,064,579
|
|
|
|
3,595,589
|
|
|
|
4,916,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue from
cross-border
freight solutions – third party
|
|
|
6,153,994
|
|
|
|
6,329,650
|
|
|
|
3,159,709
|
|
|
|
3,424,053
|
|
|
Cost of revenue from
cross-border
freight solutions – related party
|
|
|
921,050
|
|
|
|
1,022,877
|
|
|
|
356,320
|
|
|
|
427,541
|
|
|
Cost of revenue from
pharmaceutical
products – related parties
|
|
|
121,791
|
|
|
|
—
|
|
|
|
121,791
|
|
|
|
—
|
|
|
Total cost of
revenue
|
|
|
7,196,835
|
|
|
|
7,352,527
|
|
|
|
3,637,820
|
|
|
|
3,851,594
|
|
|
Gross profit
(loss)
|
|
|
480,308
|
|
|
|
1,712,052
|
|
|
|
(42,231)
|
|
|
|
1,064,509
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
54,488
|
|
|
|
—
|
|
|
|
54,488
|
|
|
|
—
|
|
|
General and
administrative expenses
|
|
|
3,749,059
|
|
|
|
1,840,831
|
|
|
|
1,911,853
|
|
|
|
985,053
|
|
|
Loss from
deconsolidation of a subsidiary
|
|
|
—
|
|
|
|
73,151
|
|
|
|
—
|
|
|
|
—
|
|
|
Provision (reversal) of
allowance for expected
credit loss
|
|
|
1,956
|
|
|
|
49,591
|
|
|
|
(10,881)
|
|
|
|
(2,531)
|
|
|
Total operating
expenses
|
|
|
3,805,503
|
|
|
|
1,963,573
|
|
|
|
1,955,460
|
|
|
|
982,522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
|
(3,325,195)
|
|
|
|
(251,521)
|
|
|
|
(1,997,691)
|
|
|
|
81,987
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income,
net
|
|
|
201,541
|
|
|
|
88,449
|
|
|
|
91,753
|
|
|
|
41,500
|
|
|
Interest
expense
|
|
|
(68,992)
|
|
|
|
(53,864)
|
|
|
|
(40,882)
|
|
|
|
(31,079)
|
|
|
Total other
income
|
|
|
132,549
|
|
|
|
34,585
|
|
|
|
50,871
|
|
|
|
10,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before
income taxes
|
|
|
(3,192,646)
|
|
|
|
(216,936)
|
|
|
|
(1,946,820)
|
|
|
|
92,408
|
|
|
Income tax expense
(credit)
|
|
|
89,581
|
|
|
|
26,125
|
|
|
|
—
|
|
|
|
28,184
|
|
|
Net (loss)
income
|
|
|
(3,282,227)
|
|
|
|
(243,061)
|
|
|
|
(1,946,820)
|
|
|
|
64,224
|
|
|
Less: net loss
attributable to non-controlling interest
|
|
|
—
|
|
|
|
(3,025)
|
|
|
|
—
|
|
|
|
—
|
|
|
Net (loss) income
attributable to the Company
|
|
|
(3,282,227)
|
|
|
|
(240,036)
|
|
|
|
(1,946,820)
|
|
|
|
64,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
(loss) income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation income
|
|
|
(12,186)
|
|
|
|
3,122
|
|
|
|
(25,179)
|
|
|
|
—
|
|
|
Comprehensive (loss)
income
|
|
|
(3,294,413)
|
|
|
|
(239,939)
|
|
|
|
(1,971,999)
|
|
|
|
64,224
|
|
|
Less: comprehensive
loss attributable to
non-controlling interest
|
|
|
—
|
|
|
|
(3,119)
|
|
|
|
—
|
|
|
|
—
|
|
|
Comprehensive (loss)
income attributable
to the Company
|
|
$
|
(3,294,413)
|
|
|
$
|
(236,820)
|
|
|
$
|
(1,971,999)
|
|
|
$
|
64,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per
share – basic and diluted
|
|
$
|
(0.44)
|
|
|
$
|
(0.04)
|
|
|
$
|
(0.26)
|
|
|
$
|
0.01
|
|
|
Weighted Average
Shares Outstanding –
basic and diluted
|
|
|
7,500,000
|
|
|
|
6,000,000
|
|
|
|
7,500,000
|
|
|
|
6,000,000
|
|
|
LAKESIDE HOLDING
LIMITED
|
|
CONDENSSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(UNAUDITED)
|
|
|
|
For the Six
Months Ended
December 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(3,282,227)
|
|
|
$
|
(243,061)
|
|
|
Adjustments to
reconcile net loss to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation –
G&A
|
|
|
50,804
|
|
|
|
35,991
|
|
|
Depreciation – cost of
revenue
|
|
|
36,328
|
|
|
|
36,328
|
|
|
Amortization and
interest expense of operating lease assets
|
|
|
989,003
|
|
|
|
439,142
|
|
|
Depreciation of
right-of-use finance assets
|
|
|
15,480
|
|
|
|
14,385
|
|
|
Provision of allowance
for expected credit loss
|
|
|
1,956
|
|
|
|
49,591
|
|
|
Deferred tax
expense
|
|
|
89,581
|
|
|
|
26,125
|
|
|
Loss from derecognition
of shares in subsidiary
|
|
|
—
|
|
|
|
73,151
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts receivable –
third parties
|
|
|
424,648
|
|
|
|
(479,056)
|
|
|
Accounts receivable –
related parties
|
|
|
565,766
|
|
|
|
(192,609)
|
|
|
Contract
assets
|
|
|
98,118
|
|
|
|
(27,169)
|
|
|
Inventories,
net
|
|
|
(10,328)
|
|
|
|
—
|
|
|
Due from related
parties
|
|
|
(241,702)
|
|
|
|
40,740
|
|
|
Prepayment, other
deposit
|
|
|
(112,620)
|
|
|
|
(23,269)
|
|
|
Accounts payables –
third parties
|
|
|
28,285
|
|
|
|
539,542
|
|
|
Accounts payables –
related parties
|
|
|
(156,165)
|
|
|
|
241,721
|
|
|
Accrued expense and
other payables
|
|
|
312,722
|
|
|
|
122,547
|
|
|
Operating lease
liabilities
|
|
|
(742,649)
|
|
|
|
(396,263)
|
|
|
Net cash (used in)
provided by operating activities
|
|
|
(1,933,000)
|
|
|
|
257,836
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
Purchase of furniture
and equipment
|
|
|
(36,072)
|
|
|
|
—
|
|
|
Payment for leasehold
improvement
|
|
|
(75,008)
|
|
|
|
—
|
|
|
Net cash payment for
asset acquisition
|
|
|
(552,721)
|
|
|
|
—
|
|
|
Loan to a third
party
|
|
|
(686,697)
|
|
|
|
—
|
|
|
Payment made for
investment in other entity
|
|
|
—
|
|
|
|
(29,906)
|
|
|
Net cash outflow from
deconsolidation of a subsidiary
(Appendix A)
|
|
|
—
|
|
|
|
(48,893)
|
|
|
Net cash used in
investing activities
|
|
|
(1,350,498)
|
|
|
|
(78,799)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from
loans
|
|
|
195,000
|
|
|
|
225,000
|
|
|
Repayment of
loans
|
|
|
(339,914)
|
|
|
|
(185,856)
|
|
|
Repayment of equipment
and vehicle loans
|
|
|
(55,877)
|
|
|
|
(59,708)
|
|
|
Principal payment of
finance lease liabilities
|
|
|
(14,964)
|
|
|
|
(13,429)
|
|
|
Payment for deferring
offering cost
|
|
|
—
|
|
|
|
(140,000)
|
|
|
Advances from Hupan
Pharmaceutical prior to acquisition
|
|
|
276,365
|
|
|
|
—
|
|
|
Proceeds from initial
public offering, net of share issuance
costs
|
|
|
5,351,281
|
|
|
|
—
|
|
|
Advanced to related
parties
|
|
|
(311,185)
|
|
|
|
—
|
|
|
Proceeds from
shareholders
|
|
|
—
|
|
|
|
158,455
|
|
|
Repayment to
shareholders
|
|
|
(805,345)
|
|
|
|
—
|
|
|
Net cash provided by
(used in) financing activities
|
|
|
4,295,361
|
|
|
|
(15,538)
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash
|
|
|
(11,999)
|
|
|
|
3,216
|
|
|
Net increase in
cash
|
|
|
999,864
|
|
|
|
166,715
|
|
|
Cash, beginning of the
period
|
|
|
123,550
|
|
|
|
174,018
|
|
|
Cash, end of the
period
|
|
$
|
1,123,414
|
|
|
$
|
340,733
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW
INFORMATION:
|
|
|
|
|
|
|
|
|
|
Cash paid for income
tax
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Cash paid for
interest
|
|
$
|
45,953
|
|
|
$
|
15,503
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
SCHEDULE OF NON-CASH IN
INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
Deferred offering costs
within due to shareholders
|
|
$
|
—
|
|
|
$
|
500,826
|
|
|
Deferred offering costs
within accrued expense and other
payables
|
|
$
|
—
|
|
|
$
|
241,176
|
|
|
Additions to property
and equipment included in loan
payable
|
|
$
|
102,235
|
|
|
|
—
|
|
|
Additions to leasehold
improvement and furniture and
fixture through account payable
|
|
$
|
42,803
|
|
|
$
|
—
|
|
|
Settlement of due to
shareholder and advance to related
party
|
|
$
|
311,815
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
NON-CASH
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
Right of use assets
obtained in exchange for operating lease
obligations
|
|
$
|
1,445,498
|
|
|
$
|
—
|
|
|
Right of use assets
obtained in exchange for finance lease
obligation
|
|
$
|
89,003
|
|
|
$
|
19,982
|
|
|
|
|
|
|
|
|
|
|
|
APPENDIX A – Net
cash outflow from deconsolidation of
a subsidiary
|
|
|
|
|
|
|
|
|
|
Working capital,
net
|
|
|
|
|
|
$
|
29,812
|
|
|
Investment in other
entity recognized
|
|
|
|
|
|
|
(15,741)
|
|
|
Elimination of NCl at
deconsolidation of a subsidiary
|
|
|
|
|
|
|
10,187
|
|
|
Loss from
deconsolidation of a subsidiary
|
|
|
|
|
|
|
(73,151)
|
|
|
Cash
|
|
|
|
|
|
$
|
(48,893)
|
|
View original
content:https://www.prnewswire.com/news-releases/lakeside-announces-fiscal-2025-second-quarter-and-six-month-results-302377335.html
SOURCE Lakeside Holding Limited
