NOCERA INC

Previous wording

The following table sets forth the consolidated statements of operations of the Company for the three and six months ended June 30, 2024 and 2023.

Current wording

The following table sets forth the consolidated statements of operations of the Company for the three and nine months ended September 30, 2024 and 2023.

Previous wording

For the six months ended June 30, 2024, our foreign currency translation gain was $187,634.

Current wording

For the nine months ended September 30, 2024, our foreign currency translation gain was $190,263.

Previous wording

General and administrative expenses were $308,795, for the three months ended June 30, 2024, compared to approximately $368,667 for the comparable period in 2023. This increase was primarily due to the increase of audit fees, consulting fees, and salary expenses for the three months ended June 30, 2024.

Current wording

General and administrative expenses were $335,202, for the three months ended September 30, 2024, compared to approximately $319,762 for the comparable period in 2023. This increase was primarily due to the increase of consulting fees and salary expenses for the three months ended September 30, 2024.

Previous wording

General and administrative expenses were $884,406, for the six months ended June 30, 2024, compared to approximately $1,428,004 for the comparable period in 2023. This decrease was primarily due to the decrease of consulting fees for the six months ended June 30, 2024.

Current wording

General and administrative expenses were $1,219,608, for the nine months ended September 30, 2024, compared to approximately $1,747,766 for the comparable period in 2023. This decrease was primarily due to the decrease of consulting fees, audit fees, and legal fees for the nine months ended September 30, 2024.

Previous wording

Other income was $16,136, for the three months ended June 30, 2024, compared to other expense of $880 for the comparable period in 2023. The other income was interest revenue of bank deposits. The other expense was interest expense for a bank loan. The increase was mainly the effect of interest expense recognized for the three months ended June 30, 2023.

Current wording

Other income was $2,180, for the three months ended September 30, 2024, compared to other expense of $4,385 for the comparable period in 2023. The other income was interest revenue of bank deposits. The other expense was interest expense for a bank loan. The increase was mainly the effect of interest expense recognized for the three months ended September 30, 2024.

Previous wording

Other income was $13,866, for the six months ended June 30, 2024, compared to other expense of $12,388 for the comparable period in 2023. The other income was interest revenue of bank deposits and gains from foreign currency translation. The other expense was interest expense for a bank loan.

Current wording

Other income was $16,046, for the nine months ended September 30, 2024, compared to other expense of $16,773 for the comparable period in 2023. The other income was interest revenue of bank deposits and gains from foreign currency translation. The other expense was interest expense for a bank loan.

Previous wording

During the six months ended June 30, 2024, we recorded an income tax expense of $122,380 compared to income tax expense of $ nil for the comparable period in 2023. The increase of income tax expense is because we evaluated the income tax impact for the period ended June 30, 2024.

Current wording

During the nine months ended September 30, 2024, we recorded an income tax expense of $121,871 compared to income tax expense of $ nil for the comparable period in 2023. The increase of income tax expense occurs by making profit of fish sales by Taiwan National Taxation Bureau for the period ended September 30, 2024.

Previous wording

Net loss attributable to us (excluding net loss attributable to non-controlling interest) for the three months ended June 30, 2024 was $354,278 compared to net loss attributable to us (excluding net loss attributable to non-controlling interest) of $311,374 for the comparable period in 2023. Margins remained similar profit margin for three months ended June 30, 2024.

Current wording

Net loss attributable to us (excluding net loss attributable to non-controlling interest) for the three months ended September 30, 2024 was $285,418 compared to net loss attributable to us (excluding net loss attributable to non-controlling interest) of $264,059 for the comparable period in 2023. Margins remained similar profit margin for three months ended September 30, 2024.

Previous wording

Net loss attributable to the Company (excluding net loss attributable to non-controlling interest) for the six months ended June 30, 2024 was $840,698, compared to a net loss attributable to the Company (excluding net loss attributable to non-controlling interest) of $1,299,022 for the comparable period in 2023. The decrease was primarily due to the decrease of General and administrative expenses for the six months ended June 30, 2024.

Current wording

Net loss attributable to the Company (excluding net loss attributable to non-controlling interest) for the nine months ended September 30, 2024 was $1,126,116, compared to a net loss attributable to the Company (excluding net loss attributable to non-controlling interest) of $1,563,081 for the comparable period in 2023. The decrease was primarily due to the decrease of General and administrative expenses for the nine months ended September 30, 2024.

Previous wording

The Company had net cash used by operating activities for the period ended June 30, 2023 and the cash balance was $586,424 as of June 30, 2024 and stockholders’ equity of $803,618. The Company believes its current cash balances coupled with anticipated cash flow from operating activities will be sufficient to meet its working capital requirements for at least one year from the date of issuance of the accompanying consolidated financial statements. The Company continues to control its cash expenses as a percentage of expected revenue on an annual basis and thus may use its cash balances in the short-term to invest in revenue growth. Based on current internal projections, the Company believes it has and/or will generate sufficient cash for its operational needs, for at least one year from the date of issuance of the accompanying consolidated financial statements. Management is also focused on growing the Company’s existing product offering, as well as its customer base, to increase its revenues. The Company cannot give assurance that it can increase its cash balances or limit its cash consumption and thus maintain sufficient cash balances for its planned operations or future acquisitions. Future business demands may lead to cash utilization at levels greater than recently experienced. The Company may need to raise additional capital in the future. However, the Company cannot assure that it will be able to raise additional capital on acceptable terms, or at all. Subject to the foregoing, management believes that the Company has sufficient capital and liquidity to fund its operations for at least one year from the date of issuance of the accompanying consolidated financial statements.

Current wording

The Company had net cash used by operating activities for the period ended September 30, 2024 and the cash balance was $372,270 as of September 30, 2024 with net current liabilities of $1,176,035 and stockholders’ equity of $4,636,456. The Company believes its current cash balances coupled with anticipated cash flow from operating activities will be sufficient to meet its working capital requirements for at least one year from the date of issuance of the accompanying consolidated financial statements. The Company continues to control its cash expenses as a percentage of expected revenue on an annual basis and thus may use its cash balances in the short-term to invest in revenue growth. Based on current internal projections, the Company believes it has and/or will generate sufficient cash for its operational needs, for at least one year from the date of issuance of the accompanying consolidated financial statements. Management is also focused on growing the Company’s existing product offering, as well as its customer base, to increase its revenues. The Company cannot give assurance that it can increase its cash balances or limit its cash consumption and thus maintain sufficient cash balances for its planned operations or future acquisitions. Future business demands may lead to cash utilization at levels greater than recently experienced. The Company may need to raise additional capital in the future. However, the Company cannot assure that it will be able to raise additional capital on acceptable terms, or at all. Subject to the foregoing, management believes that the Company has sufficient capital and liquidity to fund its operations for at least one year from the date of issuance of the accompanying consolidated financial statements.

Previous wording

Since the net asset balance as of June 30, 2024 was $803,618, there is no substantial doubt as to our ability to continue as a going concern.

Current wording

Since the net asset balance as of September 30, 2024 was $1,213,638, there is no substantial doubt as to our ability to continue as a going concern.

Previous wording

Net cash used in operating activities amounted to $658,042 for the six months ended June 30, 2024. This reflected a net loss of $863,172, depreciation of $54,529 and share-based compensation of $30,165.

Current wording

Net cash used in operating activities amounted to $909,563 for the nine months ended September 30, 2024. This reflected a net loss of $1,161,554, depreciation of $112,096 and share-based compensation of $45,498.

Previous wording

Net cash used in operating activities amounted to $649,888 for the six months ended June 30, 2023. This reflected a net loss of $1,334,501, consultancy services settled by equities of $521,100, depreciation of $ 81,608 and share-based compensation of $132,955.

Current wording

Net cash used in operating activities amounted to $1,052,084 for the nine months ended September 30, 2023. This reflected a net loss of $1,607,279, consultancy services settled by equities of $521,100, depreciation of $ 109,953 and share-based compensation of $148,288.

Previous wording

Net cash provided by investing activities was $212,007 for the year ended June 30, 2024, which were primarily attributable to the proceeds from disposal of financial assets at fair value through profit and loss.

Current wording

Net cash provided by investing activities was $211,801 for the year ended September 30, 2024, which were primarily attributable to the proceeds from disposal of financial assets at fair value through profit and loss.

Previous wording

Net cash used by financing activities amounted to $44,683 for the six months ended June 30, 2024, which was repayment of bank loans and acquisition of subsidiaries.

Current wording

Net cash used in financing activities amounted to $22,358 for the nine months ended September 30, 2024, which was repayment of bank loans and acquisition of subsidiaries.

Previous wording

Net cash used by financing activities amounted to $81,034 for the six months ended June 30, 2023, which was repayment of bank loans.

Current wording

Net cash provided by financing activities amounted to $504,480 for the nine months ended September 30, 2023, which was provided by the issuance of our common stock.