non-controlling interest - (3,025)
------------- ----------
Net loss attributable to common
stockholders (1,335,407) (304,260)
------------- ----------
Other comprehensive loss
Foreign currency translation gain 12,993 3,122
------------- ----------
Comprehensive loss (1,322,414) (304,163)
Less: comprehensive loss
attributable to non-controlling
interest - (3,119)
------------- ----------
Comprehensive loss attributable to
the common shareholders $ (1,322,414) $ (301,044)
------------- ----------
Loss per share -- basic and diluted $ (0.18) $ (0.05)
------------- ----------
Weighted average shares
outstanding -- basic and diluted* 7,500,000 6,000,000
------------- ----------
LAKESIDE HOLDING LIMITED
CONDENSSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the Three Months Ended
September 30,
------------------------------
2024 2023
----------------- -----------
Cash flows from operating
activities:
Net loss $ (1,335,407) $ (307,285)
Adjustments to reconcile net loss
to net cash provided by operating
activities:
Depreciation -- G&A 17,995 17,995
Depreciation -- cost of revenue 18,164 18,165
Amortization of operating lease
assets 466,723 219,571
Depreciation of right-of-use
finance assets 7,595 7,332
Provision of allowance for expected
credit loss 12,837 52,122
Deferred tax expense (benefit) 89,581 (2,059)
Loss from derecognition of shares
in subsidiary - 73,151
Changes in operating assets and
liabilities:
Accounts receivable -- third
parties 282,864 (138,491)
Accounts receivable -- related
parties 257,924 (65,995)
Contract assets 88,205 26,213
Due from related parties (77,812) 49,182
Prepayment, other deposit (176,572) 2,623
Accounts payables -- third parties (402,895) 133,904
Accounts payables -- related
parties (156,850) 141,213
Accrued expense and other payables (24,876) 37,739
Operating lease liabilities (470,260) (225,023)
Net cash (used in) provided by
operating activities (1,402,784) 40,357
------------- ----------
Cash flows from investing
activities:
Payment made for investment in
other entity - (29,906)
Net cash outflow from
deconsolidation of a subsidiary
(Appendix A) - (48,893)
Prepayment for system installation (32,507) -
Acquisition of property and
equipment (5,772) -
------------- ----------
Net cash used in investing
activities (38,279) (78,799)
------------- ----------
Cash flows from financing
activities:
Proceeds from loans - 225,000
Repayment of loans (265,456) (122,137)
Repayment of equipment and vehicle
loans (27,990) (29,678)
Principal payment of finance lease
liabilities (7,632) (6,425)
Proceeds from initial public
offering, net of share issuance
costs 5,351,281 -
Advanced to related parties (126,227) -
Repayment to shareholders (879,574) -
------------- ----------
Net cash provided by financing
activities 4,044,402 66,760
------------- ----------
Effect of exchange rate changes on
cash and cash equivalents 12,386 3,216
------------- ----------
Net decrease in cash and cash
equivalent 2,615,725 31,534
Cash and cash equivalent, beginning
of the period 123,550 174,018
------------- ----------
Cash and cash equivalent, end of the
period $ 2,739,275 $ 205,552
============= ==========
SUPPLEMENTAL DISCLOSURES OF CASH
FLOW INFORMATION:
Cash paid for income tax $ -- $ --
============= ==========
Cash paid for interest $ 6,274 $ 6,462
============= ==========
SUPPLEMENTAL SCHEDULE OF NON-CASH
IN FINANCING ACTIVITIES
Deferred offering costs within due
to shareholders $ -- $ 230,000
============= ==========
NON-CASH ACTIVITIES
Right of use assets obtained in
exchange for operating lease
obligations $ 1,244,140 $ --
============= ==========
Right of use assets obtained in
exchange for finance lease
obligation $ -- $ --
============= ==========
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-holding-provides-first-quarter-of-fiscal-year-2025-results-302307095.html
SOURCE Lakeside Holding Limited
(END) Dow Jones Newswires
November 15, 2024 16:05 ET (21:05 GMT)
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