iPower Inc
For the period ended Dec 31, 2023. Filed Feb 14, 2024.
View on SEC.govAbout this filing
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.
Dec 31, 2023 · Filed Feb 14, 2024
IPW$1.43+3.6%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
PART I. Financial Information
ITEM 1. FINANCIAL STATEMENTS
Unaudited Condensed Consolidated Balance Sheets
As of December 31, 2023 and June 30, 2023
| December 31, | June 30, | |
|---|---|---|
| 2023 | 2023 | |
| (Unaudited) | ||
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $1,488,027 | $3,735,642 |
| Accounts receivable, net | 11,765,833 | 14,071,543 |
| Inventories, net | 15,782,322 | 20,593,889 |
| Prepayments and other current assets | 1,483,209 | 2,858,196 |
| Total current assets | 30,519,391 | 41,259,270 |
| Non-current assets | ||
| Right of use - non-current | 7,141,633 | 7,837,345 |
| Property and equipment, net | 456,006 | 536,418 |
| Deferred tax assets | 3,122,363 | 2,155,250 |
| Non-current prepayments | 390,612 | 531,456 |
| Goodwill | 3,034,110 | 3,034,110 |
| Investment in joint venture | 31,287 | 33,113 |
| Intangible assets, net | 3,955,385 | 4,280,071 |
| Other non-current assets | 419,289 | 427,254 |
| Total non-current assets | 18,550,685 | 18,835,017 |
| Total assets | $49,070,076 | $60,094,287 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities | ||
| Accounts payable | $13,931,800 | $13,244,957 |
| Credit cards payable | 340,912 | 366,781 |
| Customer deposit | 340,876 | 350,595 |
| Other payables and accrued liabilities | 3,715,996 | 4,831,067 |
| Advance from shareholders | 87,305 | 85,200 |
| Lease liability - current | 2,065,177 | 2,159,173 |
| Short-term loan payable - related party | 1,032,189 | – |
| Long-term promissory note payable - current portion | 1,150,508 | 2,017,852 |
| Revolving loan payable, net | 2,862,857 | – |
| Income taxes payable | 283,519 | 276,683 |
| Total current liabilities | 25,811,139 | 23,332,308 |
| Non-current liabilities | ||
| Long-term revolving loan payable, net | – | 9,791,191 |
| Lease liability - non-current | 5,503,365 | 6,106,047 |
| Total non-current liabilities | 5,503,365 | 15,897,238 |
| Total liabilities | 31,314,504 | 39,229,546 |
| Commitments and contingency | – | – |
| Stockholders' Equity | ||
| Preferred stock, $0.001 par value; 20,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2023 and June 30, 2023 | – | – |
| Common stock, $0.001 par value; 180,000,000 shares authorized; 29,710,939 and 29,710,939 shares issued and outstanding at December 31, 2023 and June 30, 2023 | 29,712 | 29,712 |
| Additional paid in capital | 29,883,647 | 29,624,520 |
| Accumulated deficits | (11,903,785) | (8,702,442) |
| Non-controlling interest | (30,906) | (24,915) |
| Accumulated other comprehensive loss | (223,096) | (62,134) |
| Total stockholders’ equity | 17,755,572 | 20,864,741 |
| Total liabilities and stockholders’ equity | $49,070,076 | $60,094,287 |
Unaudited Condensed Consolidated Statements of Operations
For the Three and Six Months Ended December 31, 2023 and 2022
| For the Three Months Ended December 31, | For the Six Months Ended December 31, | |||
|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
| REVENUES | $16,800,122 | $19,254,590 | $43,308,496 | $45,277,263 |
| TOTAL REVENUES | 16,800,122 | 19,254,590 | 43,308,496 | 45,277,263 |
| COST OF REVENUES | 9,481,882 | 11,285,064 | 24,231,411 | 27,322,021 |
| GROSS PROFIT | 7,318,240 | 7,969,526 | 19,077,085 | 17,955,242 |
| OPERATING EXPENSES: | ||||
| Selling and fulfillment | 6,936,980 | 9,338,737 | 17,000,451 | 17,757,549 |
| General and administrative | 2,933,607 | 2,713,355 | 5,897,658 | 5,813,531 |
| Impairment loss - goodwill | – | – | – | 3,060,034 |
| Total operating expenses | 9,870,587 | 12,052,092 | 22,898,109 | 26,631,114 |
| LOSS FROM OPERATIONS | (2,552,347) | (4,082,566) | (3,821,024) | (8,675,872) |
| OTHER INCOME (EXPENSE) | ||||
| Interest expenses | (182,612) | (314,119) | (410,977) | (562,160) |
| Loss on equity method investment | (801) | (3,938) | (1,826) | (7,328) |
| Other non-operating income | 128,838 | 59,600 | 61,672 | 271,360 |
| Total other expenses, net | (54,575) | (258,457) | (351,131) | (298,128) |
| LOSS BEFORE INCOME TAXES | (2,606,922) | (4,341,023) | (4,172,155) | (8,974,000) |
| PROVISION FOR INCOME TAX BENEFIT | (688,939) | (1,047,749) | (964,821) | (1,495,545) |
| NET LOSS | (1,917,983) | (3,293,274) | (3,207,334) | (7,478,455) |
| Non-controlling interest | (3,155) | (2,835) | (5,991) | (5,640) |
| NET LOSS ATTRIBUTABLE TO IPOWER INC. | $(1,914,828) | $(3,290,439) | $(3,201,343) | $(7,472,815) |
| OTHER COMPREHENSIVE LOSS | ||||
| Foreign currency translation adjustments | (160,255) | 47,149 | (160,962) | (64,326) |
| COMPREHENSIVE LOSS ATTRIBUTABLE TO IPOWER INC. | $(2,075,083) | $(3,243,290) | $(3,362,305) | $(7,537,141) |
| WEIGHTED AVERAGE NUMBER OF COMMON STOCK | ||||
| Basic | 29,790,242 | 29,742,620 | 29,777,378 | 29,687,878 |
| Diluted | 29,790,242 | 29,742,620 | 29,777,378 | 29,687,878 |
| LOSSES PER SHARE | ||||
| Basic | $(0.06) | $(0.11) | $(0.11) | $(0.25) |
| Diluted | $(0.06) | $(0.11) | $(0.11) | $(0.25) |
Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity
For the Three and Six Months Ended December 31, 2023 and 2022
| Common Stock · Additional · Retained Earnings (Accumulated · Non-controlling · Accumulated other Comprehensive | |||||||
|---|---|---|---|---|---|---|---|
| Shares | Amount | Paid in Capital | Deficit) | interest | income (loss) | Total | |
| Balance, June 30, 2023 | 29,710,939 | $29,712 | $29,624,520 | $(8,702,442) | $(24,915) | $(62,134) | $20,864,741 |
| Net loss | – | – | – | (1,286,515) | (2,836) | – | (1,289,351) |
| Stock-based compensation | – | – | 117,882 | – | – | – | 117,882 |
| Foreign currency translation adjustments | – | – | – | – | – | (707) | (707) |
| Balance, September 30, 2023, unaudited | 29,710,939 | $29,712 | $29,742,402 | $(9,988,957) | $(27,751) | $(62,841) | $19,692,565 |
| Net loss | – | – | – | (1,914,828) | (3,155) | – | (1,917,983) |
| Stock-based compensation | – | – | 141,245 | – | – | – | 141,245 |
| Foreign currency translation adjustments | – | – | – | – | – | (160,255) | (160,255) |
| Balance, December 31, 2023, unaudited | 29,710,939 | $29,712 | $29,883,647 | $(11,903,785) | $(30,906) | $(223,096) | $17,755,572 |
| Balance, June 30, 2022 | 29,572,382 | $29,573 | $29,111,863 | $3,262,948 | $(13,232) | $5,678 | $32,396,830 |
| Net loss | – | – | – | (4,182,376) | (2,805) | – | (4,185,181) |
| Stock-based compensation | – | – | 137,882 | – | – | – | 137,882 |
| Foreign currency translation adjustments | – | – | – | – | – | (111,475) | (111,475) |
| Balance, September 30, 2022, unaudited | 29,572,382 | $29,573 | $29,249,745 | $(919,428) | $(16,037) | $(105,797) | $28,238,056 |
| Net loss | – | – | – | (3,290,439) | (2,835) | – | (3,293,274) |
| Stock-based compensation | – | – | 132,266 | – | – | – | 132,266 |
| Foreign currency translation adjustments | – | – | – | – | – | 47,149 | 47,149 |
| Balance, December 31, 2022, unaudited | 29,572,382 | $29,573 | $29,382,011 | $(4,209,867) | $(18,872) | $(58,648) | $25,124,197 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.