Cenntro Inc
For the period ended Jun 30, 2024. Filed Aug 13, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 13, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Condensed Consolidated Financial Statements (Unaudited)
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Expressed in U.S. dollars, except for the number of shares)
| For the Three Months Ended June 30, · For the Six Months Ended June 30, | ||||||
|---|---|---|---|---|---|---|
| Note · 2024 · 2023 · 2024 · 2023 | ||||||
| Net revenues | 2(d | ) | $8,320,492 | $4,237,520 | $11,712,491 | $7,708,064 |
| Cost of goods sold | (7,095,622) | (3,090,275) | (10,473,350) | (6,366,075) | ||
| Gross profit | 1,224,870 | 1,147,245 | 1,239,141 | 1,341,989 | ||
| OPERATING EXPENSES: | ||||||
| Selling and marketing expenses | (1,306,678) | (2,742,749) | (2,623,441) | (4,611,734) | ||
| General and administrative expenses | (7,649,940) | (9,285,213) | (14,011,136) | (16,643,477) | ||
| Research and development expenses | (1,087,639) | (2,143,070) | (2,815,469) | (3,712,989) | ||
| Total operating expenses | (10,044,257) | (14,171,032) | (19,450,046) | (24,968,200) | ||
| Loss from operations | (8,819,387) | (13,023,787) | (18,210,905) | (23,626,211) | ||
| OTHER (EXPENSE) INCOME: | ||||||
| Interest (expense) income, net | (97,788) | 1,262 | (24,546) | (53,153) | ||
| Loss from long-term investment | (3,590) | (148,645) | (17,110) | (129,603) | ||
| Impairment of long-term investment | - | (8,538) | - | (1,154,666) | ||
| Gain (loss) on redemption of convertible promissory notes | - | 1,900 | - | (101) | ||
| Loss on exercise of warrants | - | (14,745) | - | (227,615) | ||
| Loss from acquisition of Hezhe | (149,872) | - | (149,872) | - | ||
| Change in fair value of convertible promissory notes and derivative liability | 9,237 | 199,698 | 8,532 | 73,425 | ||
| Change in fair value of equity securities | 259,564 | 60,452 | 494,451 | 713,468 | ||
| Foreign currency exchange loss, net | (370,462) | (1,389,294) | (729,679) | (1,356,271) | ||
| Loss (gain) from cross-currency swaps | (4,346) | - | 1,587 | - | ||
| Other (expense) income, net | (21,834) | 269,999 | 168,809 | 595,052 | ||
| Loss before income taxes | (9,198,478) | (14,051,698) | (18,458,733) | (25,165,675) | ||
| Income tax benefit (expense) | 12 | 4,683 | (25,468) | 34,715 | (25,468) | |
| Net loss | (9,193,795) | (14,077,166) | (18,424,018) | (25,191,143) | ||
| Less: net loss attributable to non-controlling interests | (10,968) | (2,682) | (11,040) | (158,710) | ||
| Net loss attributable to the Company’s shareholders | $(9,182,827) | $(14,074,484) | $(18,412,978) | $(25,032,433) | ||
| OTHER COMPREHENSIVE LOSS | ||||||
| Foreign currency translation adjustment | (376,045) | (2,824,971) | (1,377,290) | (2,487,693) | ||
| Total comprehensive loss | (9,569,840) | (16,902,137) | (19,801,308) | (27,678,836) | ||
| Less: total comprehensive loss attributable to non-controlling interests | (7,700) | (2,683) | (7,844) | (183,278) | ||
| Total comprehensive loss to the Company’s shareholders | $(9,562,140) | $(16,899,454) | $(19,793,464) | $(27,495,558) | ||
| Weighted average number of shares outstanding, basic and diluted * | 30,828,795 | 30,444,909 | 30,828,795 | 30,377,615 | ||
| Loss per share, basic and diluted | (0.30) | (0.46) | (0.60) | (0.82) | ||
*On September 1, 2023 the Company held its annual general meeting of shareholders where among other proposals, the shareholders of the Company did approve the consolidation of the ordinary shares of the Company on aone-for-ten (1:10) basis with effect from December 8, 2023. Theone-for-ten reverse stock split decreased the number of outstanding shares and increased net loss per common share. All per share and share amounts presented have been retroactively adjusted for the effect of this share consolidation for all periods presented.
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