TDH Holdings, Inc. Reports Full Year 2024 Audited Financial Results
PR Newswire
BEIJING, April 28, 2025
BEIJING, April 28, 2025 /PRNewswire/ -- TDH Holdings, Inc. $(PETZ)$ ("TDH" or the "Company"), a PRC-based company that is an operator and manager of commercial real estate properties, announced today its financial results for the fiscal year ended December 31, 2024.
Full Year 2024 Financial Highlights:
For the Twelve Months Ended December 31,
--------------------------------------------------
($ millions,
except per share
data) 2024 2023 % Change
---------------- ---------------- --------------
Revenues from
continuing
operations $0.56 - 74,664.72 %
Gross profit
(loss) $0.24 - (107,497.30) %
Gross profit
(loss) margin 42.29 % -29.44 % 71.73 pp*
Loss from
operations ($1.83) ($6.19) (70.37) %
Operating loss
margin (325.10) % (820,361.14) % 820,036.04 pp*
Net income (loss)
attributable to
common
stockholders $2.68 $(23.63) (111.36 %)
Earnings (loss)
per share - basic
and diluted $0.26 $(2.29) (111.36 %)
---------------- ---------------- --------------
* pp: percentage
points
-- Revenues from continuing operations increased by approximately 74,665%
from $0 million in fiscal year 2023 to $0.56 million in fiscal year 2024.
We discontinued our restaurant business segment during the second quarter
of 2024 and started to focus on operating and managing commercial real
estate properties going forward. Since the commercial real estate
management business is a newly added business line, revenue from our
continuing business only amounted to $0.56 million for the year ended
December 31, 2024. We expect our revenue from the commercial real estate
management business will continue to grow in the near future.
-- Gross profit from continuing operations was $0.24 million in fiscal year
2024 as compared to gross loss from continuing operations of $0 million
in fiscal year 2023. The increase in gross margin from continuing
operations was mainly attributable to gross profit generated from our
commercial real estate property management services beginning in the
second quarter of 2024 when we began to focus on this business line when
we discontinued our restaurant business segment during the second quarter
of 2024.Operating loss from continuing operations was $1.83 million in
fiscal year 2024 as compared to an operating loss of $6.19 million in
fiscal year 2023. Our operating loss as a percentage of total revenues
was approximately negative 325% and approximately negative 820,361% for
the years ended December 31, 2024 and 2023, respectively. Although total
operating loss from continuing operations decreased in fiscal year 2024
as compared to fiscal year 2023, we still reported loss from continuing
operations in fiscal year 2024 mainly due to limited revenue generated
from commercial real estate property management business offset by higher
amount of operating expenses during fiscal year 2024.
-- Net income attributable to common stockholders was $2.68 million, or an
income per share of $0.26, for the fiscal year 2024 as compared to net
loss of $23.63 million, or a loss per share of $2.29, for fiscal year
2023. The increase in our net income was due to increased revenue from
our commercial real estate management business segment, increased
investment income and decreased operating expenses for the year ended
December 31, 2024.
Full Year 2024 Financial Results
Revenues
Due to the discontinuation of our restaurant business segment in the second quarter of 2024, the Company's revenue streams are now primarily from its commercial real estate property management business. Revenues from continuing operations increased by approximately 74,665% from $0 million in fiscal year 2023 to $0.56 million in fiscal year 2024.
For the Twelve Months Ended December 31,
--------------------------------------------------------------
2024 2023 Y/Y Change
------------------ ------------------ --------------------
Revenues % of Revenues % of Amount
($'000) Total ($'000) Total ($'000) %
-------- -------- -------- -------- ------- -----------
Pet food
domestic
sales $ - - $ 1 100.00 % $ (1) -100.00 %
Commercial
real estate
business
revenue 566 100.36 % - - 566 100.00 %
Less: sales
tax and
additional
surcharge (2) -0.36 % - - 2 -100.00 %
Total $ 564 100.00 % $ 1 100.00 % $ 563 74,664.72 %
-------- -------- -------- -------- ------- -----------
For the year ended December 31, 2024, revenue generated from continuing operations increased by $0.56 million or 100% from our commercial real estate property management business. We discontinued our pet food business in 2023 and also discontinued our restaurant business segment during the second quarter of 2024 and started to focus on operating and managing commercial real estate properties going forward. Since the commercial real estate management business is a newly added a business line, revenue from our continuing business only amounted to $0.56 million for the year ended December 31, 2024. We expect our revenue from the commercial real estate management business will continue to grow in the near future.
For the year ended December 31, 2024, in terms of continuing operations, our revenue generated from the commercial real estate business increased by $0.56 million or 100% as compared to fiscal year 2023, and there was no sales of petfood products in fiscal year 2024 due to its discontinuation during the 2023 fiscal year, and we discontinued our restaurant business segment during the second quarter of 2024.
Cost of revenues
Our cost of revenues from our continuing operations is primarily comprised of the cost of our payroll and employee benefit costs, lease and occupancy costs, depreciation and amortization costs and agency service costs. Our cost of revenues from continuing operations increased by $0.32 million or approximately 33,230% for the year ended December 31, 2024 as compared to the fiscal year ended December 31, 2023, primarily due to our focus on the commercial real estate business beginning in the second quarter of 2024. Our cost of revenues as a percentage of revenue was 58% and 129% for the years ended December 31, 2024, and 2023, respectively.
Gross profit (loss) and gross profit (loss) margin
Gross profit from continuing operations was $0.24 million for fiscal year 2024, compared to gross loss of $0 million for fiscal year 2023. Our gross margin from continuing operations was 42.29% for the year ended December 31, 2024, compared with a negative gross margin of -29.44% for the year ended December 31, 2023. The negative gross margin in fiscal year 2023 was primarily associated with limited petfood sales. The increase in gross margin in 2024 was mainly due to our focus on the commercial real estate property management service business line in the second quarter of 2024. The commercial real estate property management business line has higher gross margins than the gross margins associated with petfood sales.
Operating expense
Operating expense consists of selling expenses and general and administrative expenses.
Operating expenses from our continuing operations were $2.07 million and $6.19 million for the years ended December 31, 2024 and 2023, respectively, a decrease of $4.11 million, or 66.52% in fiscal year 2024 as compared to fiscal year 2023. The ratio of operating expenses as a percentage of revenue decreased from approximately 820,332% for the year ended December 31, 2023 to approximately 367% for the year ended December 31, 2024.
Selling expense from our continuing operations was $0 million for both years ended December 31, 2024, and 2023.
General and administrative expenses from our continuing operations were $1.75 million and $3.15 million for the years ended December 31, 2024 and 2023 respectively, representing a decrease of $1.40 million, or $44.51% in fiscal year 2024 as compared to fiscal year 2023. The main reason for the decrease was mainly due to decreased payroll expenses as a result of the decrease in the number of employees and the company's cost control efforts.
Impairment of goodwill charge was $0.32 million in fiscal year 2024, as compared to $0 million in fiscal year 2023.
Operating loss and operating loss margin
Operating loss from our continuing operations was $1.83 million for fiscal year 2024, as compared to operating loss of $6.19 million for fiscal year 2023. Our operating loss as a percentage of total revenues was negative 325.10%, and 820,361.14% for the years ended December 31, 2024 and 2023, respectively. The decrease in loss from continuing operations was mainly due to decreased operating expenses in 2024.
Net income (loss) and earnings (loss) per share
-- Net income was $2.50 million for fiscal year 2024, compared to net loss
of $23.63 million for fiscal year 2023. Net income attributable to common
shareholders was $2.68 million, or earnings per share of $0.26, for the
fiscal year 2024. This is compared to net loss attributable to common
shareholders of $23.63 million, or loss per share of $2.29 for fiscal
year 2023. The increase in our net income was due to increased revenue
from our commercial real estate property business segment, decreased
operating expenses and increased investment income for the year ended
December 31, 2024.
Financial Conditions
As of December 31, 2024, the Company had cash and cash equivalents of $15.70 million, compared to $13.13 million as of December 31, 2023. Accounts receivable and inventories were $0.01 million and $0 million, respectively, as of December 31, 2024, compared to $0 million and $0 million, respectively, as of December 31, 2023. As of December 31, 2024, we had working capital of approximately $24.60 million, as compared to working capital of $23.83 million as of December 31, 2023.
Net cash used in operating activities was $0.23 million for the fiscal year 2024, compared to net cash used in operating activities of $2.49 million for fiscal year 2023. Net cash provided by investing activities was $2.78 million for fiscal year 2024, compared to net cash of $6.07 million used investing activities in fiscal 2023. Net cash provided by financing activities was $0 million for the fiscal year 2024, compared to $1.92 million net cash provided by financing activities in fiscal year 2023.
Liquidity
Our consolidated financial statements have been prepared assuming we will continue as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business.
For the year ended December 31, 2024, in June 2024, we discontinued our restaurant business and started to focus on owing, operating and managing commercial real estate properties going forward. Because the commercial real estate property management business is a newly added business line, our revenue generated from it only slightly increased by approximately $0.56 million as compared to 2023. In addition, we reported continued negative cash flows from operating activities of approximately $0.23 million in fiscal year 2024. Currently our revenue is substantially generated from the commercial real estate property business. Our business turnaround depends, in part, on our ability to successfully obtain and lease new properties.
If we are not able to effectively manage, lease and acquire new properties that successfully generate revenue, we may not be able to grow and maintain our business as anticipated, and our revenue may decline and our future business, financial condition and results of operations may be materially adversely affected. There can be no assurances that future revenue or capital infusion will be sufficient to enable us to develop our business to a level where we will be profitable or continuously to generate positive cash flows.
In assessing our liquidity, management monitors and analyzes our cash and cash equivalents, our ability to generate sufficient revenue sources in the future, and our operating and capital expenditure commitments. As of December 31, 2024, we had cash and cash equivalents of approximately $15.70 million. We also had short-term investments of approximately $12.95 million, which are highly liquid and can be converted into cash and used in our operations if needed.
As of December 31, 2024 our major liabilities included accounts payable of $0.12 million, advance from customers of $0.18 million, short-term loans-related parties of $0.26 million, due to related parties of $0.20 million, and operating lease liabilities -current portion of $0.49 million and non-current portion of operating lease liabilities of $1.74 million. Our working capital amounted to approximately $24.6 million as of December 31, 2024. Based on the current operating plan, management believes that the above-mentioned measures collectively will provide sufficient liquidity for the Company to meet its future liquidity and capital requirement for at least 12 months from the date the audited financial statements were issued.
Recent Developments
Discontinued operations
We discontinued our restaurant business segment during the second quarter of 2024. The Company now focuses on the management of commercial real estate. We believe this pivot to the commercial real estate management business is in the best interests of our shareholders due to high costs we were experiencing in the restaurant segment business line, and the Company believes it can obtain stable revenue from rental income and property appreciation income from the increasing demand in the commercial real estate market from small and medium sized enterprises.
Notice
Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.
About TDH Holdings, Inc.
Founded in April 2002, TDH Holdings, Inc. (the "Company") (NASDAQ: PETZ), a PRC-based company that is an owner, operator and manager of commercial real estate properties. More information about the Company can be found at www.tiandihui.com.
Forward-Looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company's statements regarding, among others, its growth and business outlook, the excepted revenue growth from the Company's commercial real estate management business and the Company's ability to execute on its business plan, are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; general risks affecting the commercial real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, changes in client preferences and space utilization, dependence on clients' financial condition, and competition from other developers, owners and operators of real estate); changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the United States and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
Feng Zhang, CFO
Email: tdhpets@163.com
Phone: +86 183-1102-1983
TDH HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, December 31,
2024 2023
------------- -------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 15,699,562 $ 13,126,605
Short-term investments 12,952,597 13,317,882
Accounts receivable, net 5,748 -
Advances to suppliers, net 37,790 -
Prepayments and other current
assets, net 103,519 63,074
Current assets held for sale
associated with discontinued
operation of Farlings and Bolings - 713,715
------------ ------------
Total current assets 28,799,216 27,221,277
------------ ------------
NON-CURRENT ASSETS
Property, plant and equipment, net 2,363,989 657,124
Operating lease right-of-use assets 2,175,456 -
Non-current assets held for sale
associated with discontinued
operation of Farlings and Bolings - 1,022,996
------------ ------------
Total non-current assets 4,539,445 1,680,120
------------ ------------
Total assets $ 33,338,661 $ 28,901,397
============ ============
LIABILITIES AND SHAREHOLDERS'
EQUITY
CURRENT LIABILITIES:
Accounts payable $ 122,251 $ 65,982
Advances from customers 183,173 295
Bank overdrafts 73,105 77,486
Short-term loans - related parties 261,725 277,408
Taxes payable 14,681 9,290
Due to related parties 200,318 1,963,794
Operating lease liabilities, current 486,121 -
Other current liabilities 2,859,061 166,025
Current liabilities held for sale
associated with discontinued
operation of Farlings and Bolings - 828,764
------------ ------------
Total current liabilities 4,200,435 3,389,044
------------ ------------
NON-CURRENT LIABILITIES:
Operating lease liabilities,
non-current 1,738,371 -
Non-current liabilities held for
sale associated with discontinued
operation of Farlings and Bolings - 463,196
------------ ------------
Total liabilities 5,938,806 3,852,240
------------ ------------
SHAREHOLDERS' EQUITY:
Common shares ($0.02 par value;
50,000,000 shares authorized;
10,323,268 shares issued and
outstanding at December 31, 2024
and 2023) 206,465 206,465
Additional paid-in capital 51,129,439 51,129,439
Accumulated deficit (23,937,478) (26,622,000)
Accumulated other comprehensive loss (95,784) (95,066)
------------ ------------
Total TDH Holdings, Inc.
shareholders' equity 27,302,642 24,618,838
------------ ------------
Non-controlling interest 97,213 430,319
Total shareholders' equity 27,399,855 25,049,157
------------ ------------
Total liabilities and shareholders'
equity $ 33,338,661 $ 28,901,397
============ ============
The accompanying notes are an integral part of these consolidated financial
statements.
F-3
TDH HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For The Years Ended December 31,
-----------------------------------------
2024 2023 2022
------------ ------------- ------------
Net revenue $ 563,726 $ 754 $ 24,726
----------- ------------ -----------
Total revenue 563,726 754 24,726
Cost of revenue 325,304 976 105,554
----------- ------------ -----------
Total cost of
revenue 325,304 976 105,554
----------- ------------ -----------
Gross profit 238,422 (222) (80,828)
----------- ------------ -----------
Operating
expenses:
Selling expense - 22 146
General and
administrative
expense 1,745,247 3,145,280 2,952,355
Stock-based
compensation
expense - 3,040,000
Impairment of
long-lived
assets other
than goodwill - - 6,833
Impairment of
goodwill 325,832 - -
----------- ------------ -----------
Total operating
expenses 2,071,079 6,185,302 2,959,334
----------- ------------ -----------
Loss from
operations (1,832,657) (6,185,523) (3,040,162)
Interest income
(expense) (68,858) (14,276) 43,081
Other income
(expense) 15,670 461,461 (21,375)
Investment income
(loss), net 3,811,339 (2,644,576) 4,161,093
----------- ------------ -----------
Total other
income
(expenses) 3,758,151 (2,197,391) 4,182,799
----------- ------------ -----------
Income (loss)
before income
tax provision 1,925,494 (8,382,915) 1,142,637
Income tax
provision (182) -
----------- ------------ -----------
Net income (loss)
from continuing
operations 1,925,312 (8,382,915) 1,142,637
----------- ------------ -----------
Net income (loss)
from
discontinued
operations of
Tiandihui - (15,095,547) (339,054)
----------- ------------ -----------
Net income (loss)
from
discontinued
operations of Bo
Lings and Far
Lings 575,249 (153,054) 51,430
----------- ------------ -----------
Net income (loss) 2,500,561 (23,631,516) 855,013
=========== ============ ===========
Less: Net income
(loss)
attributable to
non-controlling
interest (183,961) (5,344) 51,313
=========== ============ ===========
Net income (loss)
attributable to
TDH Holdings,
Inc. $ 2,684,522 $(23,626,172) $ 803,700
=========== ============ ===========
Comprehensive
income (loss)
Net (loss) income $ 2,500,561 $(23,631,516) $ 855,013
Other
comprehensive
income (loss)
Foreign currency
translation
adjustment (718) (523,315) 888,951
----------- ------------ -----------
Total
comprehensive
income (loss) 2,499,843 (24,154,831) 1,743,964
Less:
Comprehensive
income (loss)
attributable to
non-controlling
interest (333,106) (5,344) 51,313
=========== ============ ===========
Comprehensive
income (loss)
attributable to
TDH Holdings,
Inc. $ 2,832,949 $(24,149,487) $ 1,692,651
=========== ============ ===========
Earnings (loss)
per common share
attributable to
TDH Holdings,
Inc.
Basic $ 0.26 $ (2.29) $ 0.10
Diluted $ 0.26 $ (2.29) $ 0.10
Weighted average
common shares
outstanding
Basic 10,323,268 10,323,268 8,019,208
Diluted 10,323,268 10,323,268 8,019,208
The accompanying notes are an integral part of these consolidated financial
statements.
F-4
TDH HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Accumulated Total
Other Stockholders'
Additional Stock Comprehensive Equity Non- Total
Number of Common Paid-in Subscription Statutory Accumulated Income Attributable controlling Stockholders'
Shares* Shares Capital Receivable Reserves Deficit (Loss) to TDH Interest Equity
----------- -------- ----------- -------------- ---------- ------------- ------------- ------------- ----------- -------------
Balance, December
31, 2021 5,218,681 $104,374 $42,151,658 $ $ 160,014 $(28,969,627) $ (460,702) $ 12,985,717 $ 384,350 $ 13,370,067
Net income - - - - - 803,700 - 803,700 51,313 855,013
Issuance of common
stock and
warrants in
private
placements 4,000,000 80,000 5,937,781 - - - - 6,017,781 - 6,017,781
Warrants exercised
for cashless 1,104,587 22,091 - - - - - 22,091 - 22,091
Foreign currency
translation
adjustment - - - - - - 888,951 888,951 - 888,951
---------- ------- ---------- --- --------- --------- ------------ ------------ ------------ ---------- ------------
Balance, December
31, 2022 10,323,268 $206,465 $48,089,439 $ - $ 160,014 $(28,165,927) $ 428,249 $ 20,718,240 $ 435,663 $ 21,153,903
Net loss - - - - (23,626,172) - (23,626,172) (5,344) (23,631,516)
Stock-based
compensation
expense 3,040,000 3,040,000 3,040,000
Adjustment to
reflect the
effect of
disposal of
Tiandihui and
Chongaijiujiu - - - - (160,014) 25,170,099 - 25,010,085 - 25,010,085
Foreign currency
translation
adjustment - - - - - - (523,315) (523,315) - (523,315)
---------- ------- ---------- --- --------- --------- ------------ ------------ ------------ ---------- ------------
Balance, December
31, 2023 10,323,268 $206,465 $51,129,439 $ - $ - $(26,622,000) $ (95,066) $ 24,618,838 $ 430,319 $ 25,049,157
Net income - - - - 2,684,522 - 2,684,522 (183,961) 2,500,561
Foreign currency
translation
adjustment - - - - - - (718) (718) (149,145) (149,863)
---------- ------- ---------- --- --------- --------- ------------ ------------ ------------ ---------- ------------
Balance, December
31, 2024 10,323,268 $206,465 $51,129,439 $ - $ - $(23,937,478) $ (95,784) $ 27,302,642 $ 97,213 $ 27,399,855
========== ======= ========== === ========= ========= ============ ============ ============ ========== ============
The accompanying notes are an integral part of these consolidated financial
statements.
F-5
TDH HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For The Years Ended December 31,
-------------------------------------------
2024 2023 2022
------------- ------------- -------------
Cash flows from
operating
activities
Net income
(loss) $ 2,684,522 $(23,626,172) $ 803,700
Less: net income
(loss) from
discontinued
operations 575,249 (15,248,601) (287,624)
Net income
(loss) from
continuing
operations 2,109,273 (8,377,571) 1,091,324
Adjustments to
reconcile net
income (loss)
to net cash
provided by
(used in)
operating
activities:
Depreciation and
amortization
expense 111,642 22,649 17,114
Fair value
change of
short-term
investments (3,811,339) 2,644,576 (4,161,093)
Impairment of
goodwill 325,832 - -
Impairment of
long-lived
assets other
than goodwill - 1,964 6,833
Inventory
write-down - 69,677 11,532
Allowance for
doubtful
accounts - 22,674 7,210
Loss (gain) on
disposal of
property, plant
and equipment 59,009 37,766 153,983
Gain from
operating lease
contract
modification - - (408,198)
Amortization of
operating lease
right-of-use
assets (676,397) 2,623,288 -
Stock-based
compensation 3,040,000 -
Changes in
operating
assets and
liabilities:
Accounts
receivable,
net 114,462 40,894 93,952
Inventories, net 8,370 44,240 41,252
Operating lease
liabilities 2,315,206 691,854 4,023,944
Advances to
suppliers, net (38,144) (32,465) 8,197
Prepayments and
other current
assets, net (1,660,998) (3,210,336) (2,714,557)
Accounts payable 66,823 (369,142) (266,778)
Accounts payable
- related
parties - 502,635 (132,081)
Interest payable 30,662 3,573 (411,112)
Taxes payable 6,982 (2,445) (17,103)
Advances from
customers 185,145 (6,974) -
Advances from
customer -
related party - - (13,799)
Other current
liabilities 2,615,861 (1,239,570) 811,658
------------ ------------ ------------
Net cash
provided by
(used in)
operating
activities from
continuing
operations 1,762,390 (3,492,712) (1,857,721)
------------ ------------ ------------
Net cash
provided by
(used in)
operating
activities from
discontinued
operations (1,996,377) 999,987 (214,994)
------------ ------------ ------------
Net cash used in
operating
activities $ (233,987) $ (2,492,725) $ (2,072,715)
------------ ------------ ------------
Cash flows from
investing
activities
Payments to
acquire
property and
equipment (1,881,370) (7,655) -
Disposal of
subsidiaries 578,400 - -
Cash obtained
from business
acquisition 16,047 - -
Purchase of
short-term
investments (46,777,749) (37,066,925) (42,483,794)
Proceeds from
sale of
short-term
investments 50,944,982 31,024,365 41,150,967
Investment in
equity (99,280) - -
Leasehold
improvement - (16,836) -
------------ ------------ ------------
Net cash
provided by
(used in)
investing
activities from
continuing
operations 2,781,030 (6,067,051) (1,332,827)
------------ ------------ ------------
Net cash
provided by
investing
activities from
discontinued
operations - - -
------------ ------------ ------------
Net cash
provided by
(used in)
investing
activities 2,781,030 (6,067,051) (1,332,827)
Cash flows from
financing
activities
Collection of
stock
subscription
receivable - - 6,017,781
Proceeds from
related
parties - - 22,410
Repayments to
related
parties - (6,774) -
Payment to
related party - 1,928,329 15,289
------------ ------------ ------------
Net cash
provided by
financing
activities from
continuing
operations - 1,921,554 6,055,480
------------ ------------ ------------
Net cash
provided by
financing
activities from
discontinued
operations - - -
------------ ------------ ------------
Net cash
provided by
financing
activities $ - $ 1,921,554 $ 6,055,480
Effect of
exchange rate
changes on
cash, cash
equivalents and
restricted
cash (508,863) (1,557,522) (303,788)
------------ ------------ ------------
Net change in
cash, cash
equivalents and
restricted
cash 2,038,180 (8,195,743) 2,346,150
Cash, cash
equivalents and
restricted
cash, beginning
of the year 13,661,382 21,857,125 19,510,975
------------ ------------ ------------
Cash, cash
equivalents and
restricted
cash, end of
the year $ 15,699,562 $ 13,661,382 $ 21,857,125
============ ============ ============
Less: cash and
restricted cash
of discontinued
operations at
the end of the
period - 534,777 1,856,529
============ ============ ============
Cash and
restricted cash
of continued
operations at
the end of the
period $ 15,699,562 $ 13,126,605 $ 20,000,596
============ ============ ============
Supplemental
cash flow
information
Interest paid $ - $ - $ -
============ ============ ============
Income taxes
paid $ - $ - $ -
============ ============ ============
Non-cash
investing and
financing
activities
Liabilities
assumed in
connection with
purchase of
property, plant
and equipment $ - $ - $ -
Notes payable
reclassified to
short-term
loans $ $ $
Short-term
loans settled
by transferring
an equity
investment to
the creditor $ - $ - $ -
Cashless
exercise of
warrants $ $ $
Right of use
assets obtained
in exchange for
operating lease
obligations $ - $ - $
Reconciliation
of cash, cash
equivalents,
and restricted
cash to the
consolidated
balance sheets
Cash and cash
equivalents $ 15,699,562 $ 13,126,605 $ 20,000,596
Restricted cash $ - $ 534,777 $ 1,856,529
------------ ------------ ------------
Total cash, cash
equivalents,
and restricted
cash $ 15,699,562 $ 13,661,382 $ 21,857,125
============ ============ ============
The accompanying footnotes are an integral part of these financial statements.
F-6
View original content:https://www.prnewswire.com/news-releases/tdh-holdings-inc-reports-full-year-2024-audited-financial-results-302439473.html
SOURCE TDH Holdings, Inc.
(END) Dow Jones Newswires
April 28, 2025 08:00 ET (12:00 GMT)
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