inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by ZK International or any other person that their objectives or plans will be achieved. ZK International does not undertake any obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
ZK International Group Co., Ltd. and Subsidiaries
Consolidated Statements of Income and Comprehensive Income (Loss)
For the Six Months Ended March 31, 2024 and 2023 (Unaudited)
(IN U.S. DOLLARS, EXCEPT SHARE DATA)
For the Six Months Ended
March 31,
------------------------------------------
2024 2023
----------------------- -----------------
Revenues 52,887,156 $ 49,655,399
Cost of sales 49,537,146 46,486,756
---------------------- ---- -----------
Gross profit 3,350,010 3,168,642
---------------------- ---- -----------
Operating expenses:
Selling and marketing
expenses 880,824 963,655
General and
administrative expenses 2,010,566 1,443,743
Research and development
costs 622,805 619,511
---------------------- ---- -----------
Total operating expenses 3,514,195 3,026,909
---------------------- ---- -----------
Operating Income 164,185 141,734
---------------------- ---- -----------
Other income
(expenses):
Interest expenses (411,045) (386,527)
Interest income 7,868 25,123
Other income (expenses),
net 92,816 162,590
---------------------- ---- -----------
Total other income
(expenses), net (310,361) (198,814)
Income (Loss) before
income taxes (474,546) (57,080)
---------------------- ---- -----------
Income tax provision - -
---------------------- ---- -----------
Net income (loss) (481,753) $ (57,080)
Net income (loss)
attributable to
non-controlling
interests 1,663
Net income (loss)
attributable to ZK
International Group Co.,
Ltd. (481,753) $ (55,417)
Net income (loss) (481,753) $ (57,080)
Other comprehensive
income:
Foreign currency
translation adjustment (1,912,369)
Total comprehensive
income (loss) (481,753) (1,969,449)
====================== ==== ===========
Comprehensive income
(loss) attributable to
non-controlling
interests (9,284) (10,076)
Comprehensive income
attributable to ZK
International Group Co.,
Ltd. (472,468) (1,979,525)
Basic and diluted
earnings per share
Basic - -
Diluted - -
---------------------- ---- -----------
Weighted average number
of shares outstanding
Basic 31,445,962 30,392,940
Diluted 31,445,962 30,518,893
====================== ==== ===========
ZK International Group Co., Ltd. and Subsidiaries
Consolidated Balance Sheets
As of March 31, 2024 and September 30, 2023 (Unaudited)
(IN U.S. DOLLARS)
2024
(Unaudited) 2023
------------- -------------
Assets
Current assets
Cash and cash equivalents $ 4,945,913 $ 4,994,411
Restricted cash 65,379 50,995
Short-term Investment 48,650 48,145
Accounts receivable, net of allowance for doubtful accounts
of $6,686,864 and $6,617,485, respectively 20,556,288 14,967,186
Notes receivable 269,424 54,825
Other receivables 6,022,949 383,413
Due from related parties 1,532,776 -
Inventories 13,390,249 17,937,425
Advance to suppliers 15,216,014 4,810,044
------------ ------------
Total current assets 62,047,642 43,246,444
Property, plant and equipment, net 7,822,460 7,836,017
Right-of use asset 18,573 43,840
Intangible assets, net 1,446,461 1,437,384
Long-term accounts receivable 5,585,636 5,527,682
Long-term investment 302,760 285,540
------------ ------------
TOTAL ASSETS $ 77,223,532 $ 58,668,977
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,178,436 $ 2,611,220
Accrued expenses and other current liabilities 1,634,393 4,964,892
Lease liability - current portion 21,977 21,749
Accrued payroll and welfare 1,867,631 1,918,415
Advance from customers 16,847,355 821,694
Due to related parties 128,903 1,111,001
Convertible debentures 4,011,224 4,011,224
Short-term bank borrowings 13,336,426 9,388,706
Notes payables - 41,118
Income tax payable - 669
------------ ------------
Total current liabilities 40,026,345 24,890,689
Bank borrowings -- non-current 8,617,093 8,527,686
Lease liability - long term portion 11,935 11,811
TOTAL LIABILITIES $ 48,655,373 $ 33,430,186
------------ ------------
Equity
Common stock, no par value, 50,000,000 shares
authorized, 30,392,940 and 30,392,940 shares issued and ou
tstanding, respectively
Additional paid-in capital 76,386,898 72,886,898
Statutory surplus reserve 3,176,556 3,176,556
Subscription receivable (125,000) (125,000)
Retained earnings (48,140,252) (47,666,657)
Accumulated other comprehensive income (loss) (2,878,739) (3,190,985)
------------ ------------
Total equity attributable to ZK International Group
Co., Ltd. 28,419,463 25,080,812
Equity attributable to non-controlling interests 148,696 157,980
Total equity 28,568,159 25,238,792
------------ ------------
TOTAL LIABILITIES AND EQUITY $ 77,223,532 $ 58,668,977
============ ============
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SOURCE ZK International Group Co., Ltd.
/CONTACT: Di Chen, super.di@live.cn
(END) Dow Jones Newswires
September 30, 2024 16:10 ET (20:10 GMT)
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