Hanryu Holdings Inc
For the period ended Dec 31, 2023. Filed Jul 16, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Jul 16, 2024
GITS$1.53-1.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Statements of Cash Flows
For the Years December 31, 2023 and 2022
| December 31, 2023 | December 31, 2022 | |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net loss from continuing operations | $(8,191,983) | $(5,204,091) |
| Depreciation | 337,435 | 168,848 |
| Gain on disposal of subsidiary, net | (3,390,323) | — |
| Bad-debt expense of other assets | 1,189,511 | — |
| Gain on exemption of debts | — | (232,207) |
| Amortization of right-of-use asset | 287,487 | 255,357 |
| Loss on sale of investments | — | 6,794 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (193) | 79,742 |
| Non-trade receivable | 935,545 | 82,317 |
| Prepaid expenses and other current assets | (8,300,910) | (65,351) |
| Other assets | 77,968 | 41,642 |
| Non-trade payable | 2,318,394 | 1,329,085 |
| Accrued expenses and other current liabilities | 19,150 | 52,115 |
| Net cash used in operating activities of continuing operations | (14,717,919) | (3,485,749) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Receipt from collection of short-term loan receivable | 4,450,432 | 730,156 |
| Receipt from collection of long-term loan receivable to related parties | 1,241,725 | — |
| Receipt from collection of long-term loan receivable | — | 1,155,200 |
| Sales of investments | — | 697,395 |
| Payment for short-term loan receivable | (7,673,500) | (1,246,625) |
| Payment for short-term loan receivable to related parties | (1,279,518) | — |
| Purchase of property plant and equipment | (714,409) | (7,024) |
| Net cash (used in) provided by investing activities of continuing operations | (3,975,270) | 1,329,102 |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from short-term loan payable | 2,301,134 | 771,083 |
| Proceeds from short-term loan payable from related parties | 764,903 | 749,642 |
| Proceeds from exercising warrants | 5,717,827 | 2,004,368 |
| Proceeds from issuance of common stock | 10,000,000 | — |
| Net proceeds from IPO | 7,708,016 | — |
| Repayment of short-term loan payable | (750,663) | (77,558) |
| Repayment of short-term loan payable from related parties | (857,490) | (556,924) |
| Net cash provided by financing activities of continuing operations | 24,883,727 | 2,890,611 |
| Net change in cash – continued operations | 6,190,538 | 733,964 |
| Cash from discontinued operations: | ||
| Net cash used in operating activities of discontinued operations | (976,264) | (610,981) |
| Net cash used in investing activities of discontinued operations | (20,356) | (8,186) |
| Net cash used in financing activities of discontinued operations | (37,044) | (320,090) |
| Net change in cash – discontinued operations | (1,033,664) | (939,257) |
| Cash beginning of the year- continued operations | 118,262 | 152,755 |
| Cash beginning of the year - discontinued operations | 696 | 177,693 |
| Beginning cash | 118,958 | 330,448 |
| Cash end of the year – continued operations | 5,427,830 | 118,262 |
| Cash end of the year - discontinued operations | - | 696 |
| Ending cash | 5,427,830 | 118,958 |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 5,156,874 | (205,293) |
| EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 151,998 | (6,197) |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR | 118,958 | 330,448 |
| CASH AND CASH EQUIVALENTS AT END OF THE YEAR | $5,427,830 | $118,958 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
| Cash receipt (paid) for interest – all operations | 70,122 | (8,901) |
| Less Cash receipt for interest - discontinued operations | 4 | 31 |
| Cash receipt (paid) for interest – continued operations | $70,118 | $(8,932) |
| Cash receipt (paid) during the period for interest | $70,122 | $(8,901) |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Offsetting short-term loan payables by exercising warrants to purchase 309,430 common stock | (392,976) | — |
| Purchase of investment by exercising warrants to purchase 500,000 shares of common stock | - | (635,000) |
| Sale of investment by receiving a non-trade receivable due by February 28, 2023 | - | 710,171 |
| Sales of investment by receiving a non-trade receivable due by April 30, 2023 | - | 867,987 |
| Total | $(392,976) | $943,158 |
| 2023 | 2022 | |
|---|---|---|
| NET LOSS | $(9,407,635) | $(6,386,503) |
| Other comprehensive income (loss): | ||
| Change in foreign currency translation adjustment | (385,478) | 233,223 |
| Change in foreign currency translation adjustment to attributable to noncontrolling interest | 357,891 | 8,072 |
| COMPREHENSIVE LOSS | $(9,435,222) | $(6,145,208) |
| Less : Comprehensive Income/(Loss) attributable to noncontrolling interest | (236,166) | (138,184) |
| Comprehensive Income(Loss) attributable to the Company | (9,199,056) | (6,007,024) |
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