Press Release: Reborn Coffee Provides Second Quarter 2024 Corporate Update and Financial Results

number of common 
shares 
outstanding: 
  Basic and diluted     2,200,037     1,652,034     2,746,605     1,654,698 
                       ----------    ----------    ----------    ---------- 
 
 
                Reborn Coffee, Inc. and Subsidiaries 
           Unaudited Consolidated Statements of Cash Flows 
 
                                        (unaudited)   (unaudited) 
For the Six Months Ended June 30,           2024          2023 
-------------------------------------   -----------   ----------- 
 
Cash flows from operating activities: 
   Net loss                             $(2,307,156)  $(2,257,806) 
   Adjustments to reconcile net loss 
   to net cash used in operating 
   activities: 
     Stock compensation                           -       250,000 
     Operating lease                         12,367        27,222 
     Depreciation                           172,710       135,398 
   Changes in operating assets and 
   liabilities: 
     Accounts receivable                    (10,287)       (1,505) 
     Inventories                            (82,873)        7,501 
     Prepaid expense and other current 
      assets                               (569,062)     (806,473) 
     Accounts payable                      (165,317)      206,102 
     Accrued expenses and current 
      liabilities                            53,907       156,460 
                                         ----------    ---------- 
      Net cash used in operating 
       activities                        (2,895,711)   (2,283,101) 
                                         ----------    ---------- 
 
  Cash flows from investing 
  activities: 
   Purchases of property and equipment     (641,060)   (4,417,782) 
                                         ----------    ---------- 
      Net cash used in investing 
       activities                          (641,060)   (4,417,782) 
                                         ----------    ---------- 
 
  Cash flows from financing 
  activities: 
   Proceeds from line of credit           4,000,000       974,027 
   Proceeds from loan payable to 
   shareholders                                   -             - 
   Proceeds from loan payable to 
    financial institutions                  183,748       218,864 
   Repayments of borrowings from 
    shareholder                            (100,000)            - 
   Proceeds from loan payable, 
    mortgage                                      -     2,850,000 
   Repayment of loan payable to 
    financial institutions                  (70,675)      (23,551) 
   Repayment of loan payable, PPP           (23,552)            - 
                                         ----------    ---------- 
      Net cash provided by financing 
       activities                         3,989,521     4,019,340 
                                         ----------    ---------- 
 
  Net (decrease) increase in cash           452,750    (2,681,543) 
 
  Cash at beginning of period               164,301     3,019,035 
                                         ----------    ---------- 
 
  Cash at end of period                 $   617,051   $   337,492 
                                         ==========    ========== 
 
  Supplemental disclosures of 
  non-cash financing activities: 
   Issuance of common shares for 
    compensation                        $         -   $   250,000 
                                         ==========    ========== 
 
  Supplemental disclosure of cash 
  flow information: 
   Cash paid during the years for: 
      Lease liabilities                 $   704,608   $   546,389 
                                         ==========    ========== 
      Interest                          $   142,312   $   106,435 
                                         ==========    ========== 
 

(END) Dow Jones Newswires

August 20, 2024 08:31 ET (12:31 GMT)