Cenntro Inc
For the period ended Sep 30, 2024. Filed Nov 12, 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.
Sep 30, 2024 · Filed Nov 12, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Condensed Consolidated Financial Statements (Unaudited)
CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS (UNAUDITED)
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
| For the Three Months Ended September 30, · For the Nine Months Ended September 30, | ||||||
|---|---|---|---|---|---|---|
| Note · 2024 · 2023 · 2024 · 2023 | ||||||
| Net revenues | 2(d | ) | $16,731,340 | $5,762,831 | $28,443,831 | $13,470,895 |
| Cost of goods sold | (12,688,393) | (5,045,364) | (23,161,743) | (11,411,439) | ||
| Gross profit | 4,042,947 | 717,467 | 5,282,088 | 2,059,456 | ||
| OPERATING EXPENSES: | ||||||
| Selling and marketing expenses | (5,027,864) | (2,626,829) | (7,651,305) | (7,238,563) | ||
| General and administrative expenses | (7,934,755) | (9,071,910) | (21,945,891) | (25,715,387) | ||
| Research and development expenses | (1,476,684) | (1,634,796) | (4,292,153) | (5,347,785) | ||
| Total operating expenses | (14,439,303) | (13,333,535) | (33,889,349) | (38,301,735) | ||
| Loss from operations | (10,396,356) | (12,616,068) | (28,607,261) | (36,242,279) | ||
| OTHER EXPENSE: | ||||||
| Interest expense, net | (34,198) | (84,573) | (58,744) | (137,726) | ||
| Loss from long-term investment | (11,152) | (107,069) | (28,262) | (236,672) | ||
| Loss from acquisition of Antric Gmbh | - | (1,316,772) | - | (1,316,772) | ||
| Loss from acquisition of Hezhe | - | - | (149,872) | - | ||
| Impairment of long-term investment | - | (2,668) | - | (1,157,334) | ||
| Gain on redemption of convertible promissory notes | - | 966 | - | 865 | ||
| Gain/(Loss) on exercise of warrants | 910 | (1,134) | 910 | (228,749) | ||
| Change in fair value of convertible promissory notes and derivative liability | (6,724) | 15,143 | 1,807 | 88,568 | ||
| Change in fair value of equity securities | 8 | 262,417 | (1,879,593) | 756,868 | (1,166,125) | |
| Foreign currency exchange gain (loss), net | 1,838,505 | (311,204) | 1,108,826 | (1,667,475) | ||
| (Loss)/ Gain from cross-currency swaps | (705) | - | 882 | - | ||
| Other (expense) income, net | (646,718) | 199,389 | (477,908) | 794,441 | ||
| Loss before income taxes | (8,994,021) | (16,103,583) | (27,452,754) | (41,269,258) | ||
| Income tax benefit (expense) | 13 | 12,434 | 384 | 47,149 | (25,084) | |
| Net loss | (8,981,587) | (16,103,199) | (27,405,605) | (41,294,342) | ||
| Less: net loss attributable to non-controlling interests | (9,815) | (534) | (20,855) | (159,244) | ||
| Net loss attributable to the Company’s shareholders | $(8,971,772) | $(16,102,665) | (27,384,750) | (41,135,098) | ||
| OTHER COMPREHENSIVE LOSS | ||||||
| Foreign currency translation adjustment | 916,164 | (931,345) | (461,126) | (3,419,038) | ||
| Total comprehensive loss | (8,065,423) | (17,034,544) | (27,866,731) | (44,713,380) | ||
| Less: total comprehensive loss attributable to non-controlling interests | (5,226) | (534) | (13,070) | (183,812) | ||
| Total comprehensive loss to the Company’s shareholders | $(8,060,197) | $(17,034,010) | (27,853,661) | (44,529,568) | ||
| Weighted average number of shares outstanding, basic and diluted * | 30,841,106 | 30,444,909 | 30,832,928 | 30,400,293 | ||
| Loss per share, basic and diluted * | (0.29) | (0.53) | (0.89) | (1.35) | ||
*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 common stock 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.
Unless otherwise indicated, all references to common stock, warrants to purchase common stock, share data, per share data, and related information have been retroactively adjusted, where applicable, in this Report to reflect the reverse stock split of our common stock as if they had occurred at the beginning of the earlier period presented.
UNAUDITED CONDENSED CONSOLIDATED
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