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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington
D.C. 20549
FORM
10-Q
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended June 30, 2024
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from ______, 20___, to _____, 20___.
Commission
File Number 001-41272
HeartCore
Enterprises, Inc.
(Exact
Name of Registrant as Specified in its Charter)
Delaware |
|
87-0913420 |
(State
or Other Jurisdiction of
Incorporation
or Organization) |
|
(I.R.S.
Employer
Identification
Number) |
1-2-33,
Higashigotanda, Shinagawa-ku
Tokyo,
Japan
(Address
of Principal Executive Offices) (Zip Code)
(206)
385-0488, ext. 100
(Registrant’s
Telephone Number, Including Area Code)
N/A
(Former
name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each Exchange on which Registered |
Common
Stock |
|
HTCR |
|
The
Nasdaq Capital Market |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
Emerging
growth company |
☒ |
|
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of August 14, 2024, there were 20,864,144 shares of outstanding common stock, par value $0.0001 per share, of the registrant.
HeartCore
Enterprises, Inc.
Contents
Item
1. Financial Statements.
HEARTCORE
ENTERPRISES, INC.
CONSOLIDATED
BALANCE SHEETS
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 3,806,349 | | |
$ | 1,012,479 | |
Accounts receivable | |
| 2,440,872 | | |
| 2,623,682 | |
Investments in marketable securities | |
| 435,498 | | |
| 642,348 | |
Investment in equity securities | |
| - | | |
| 300,000 | |
Prepaid expenses | |
| 3,877,454 | | |
| 536,865 | |
Current portion of long-term note receivable | |
| 100,000 | | |
| 100,000 | |
Due from related party | |
| 40,495 | | |
| 44,758 | |
Other current assets | |
| 199,221 | | |
| 234,761 | |
Total current assets | |
| 10,899,889 | | |
| 5,494,893 | |
| |
| | | |
| | |
Non-current assets: | |
| | | |
| | |
Accounts receivable, non-current | |
| 640,197 | | |
| - | |
Property and equipment, net | |
| 640,787 | | |
| 763,730 | |
Operating lease right-of-use assets | |
| 2,106,466 | | |
| 2,467,889 | |
Intangible asset, net | |
| 4,196,875 | | |
| 4,515,625 | |
Goodwill | |
| 3,276,441 | | |
| 3,276,441 | |
Long-term investment in SAFE | |
| 350,000 | | |
| - | |
Long-term investment in equity securities | |
| 300,000 | | |
| - | |
Long-term investment in warrants | |
| 543,120 | | |
| 2,004,308 | |
Long-term note receivable | |
| 200,000 | | |
| 200,000 | |
Deferred tax assets | |
| 395,743 | | |
| 369,436 | |
Security deposits | |
| 310,833 | | |
| 348,428 | |
Long-term loan receivable from related party | |
| 145,274 | | |
| 182,946 | |
Long-term loan receivable | |
| 145,274 | | |
| 182,946 | |
Other non-current assets | |
| 70,309 | | |
| 71 | |
Total non-current assets | |
| 13,176,045 | | |
| 14,128,874 | |
| |
| | | |
| | |
Total assets | |
$ | 24,075,934 | | |
$ | 19,623,767 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 1,757,545 | | |
$ | 1,757,038 | |
Accounts payable and accrued expenses –
related party | |
| 21,579 | | |
| - | |
Accrued payroll and other employee costs | |
| 628,136 | | |
| 723,305 | |
Due to related party | |
| 140 | | |
| 1,476 | |
Short-term debt | |
| - | | |
| 135,937 | |
Current portion of long-term debts | |
| 508,729 | | |
| 371,783 | |
Insurance premium financing | |
| 112,488 | | |
| - | |
Factoring liability | |
| 320,759 | | |
| 562,767 | |
Operating lease liabilities, current | |
| 358,377 | | |
| 396,535 | |
Finance lease liabilities, current | |
| 15,992 | | |
| 17,445 | |
Income tax payables | |
| 1,142 | | |
| 162,689 | |
Deferred revenue | |
| 2,207,420 | | |
| 2,166,175 | |
Other current liabilities | |
| 9,261,012 | | |
| 216,405 | |
Total current liabilities | |
| 15,193,319 | | |
| 6,511,555 | |
| |
| | | |
| | |
Non-current liabilities: | |
| | | |
| | |
Long-term debts | |
| 1,403,569 | | |
| 1,770,352 | |
Operating lease liabilities, non-current | |
| 1,804,967 | | |
| 2,135,160 | |
Finance lease liabilities, non-current | |
| 52,055 | | |
| 66,779 | |
Deferred tax liabilities | |
| 1,175,125 | | |
| 1,264,375 | |
Other non-current liabilities | |
| 685,364 | | |
| 208,732 | |
Total non-current liabilities | |
| 5,121,080 | | |
| 5,445,398 | |
| |
| | | |
| | |
Total liabilities | |
| 20,314,399 | | |
| 11,956,953 | |
| |
| | | |
| | |
Shareholders’ equity: | |
| | | |
| | |
Preferred shares ($0.0001 par value, 20,000,000 shares authorized, no shares issued and outstanding as of June 30, 2024 and December 31, 2023) | |
| - | | |
| - | |
Common shares ($0.0001 par value, 200,000,000 shares authorized; 20,864,144 and 20,842,690 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively) | |
| 2,085 | | |
| 2,083 | |
Additional paid-in capital | |
| 19,325,270 | | |
| 19,594,801 | |
Accumulated deficit | |
| (18,047,919 | ) | |
| (14,763,469 | ) |
Accumulated other comprehensive income | |
| 325,857 | | |
| 331,881 | |
Total HeartCore Enterprises, Inc. shareholders’ equity | |
| 1,605,293 | | |
| 5,165,296 | |
Non-controlling interests | |
| 2,156,242 | | |
| 2,501,518 | |
Total shareholders’ equity | |
| 3,761,535 | | |
| 7,666,814 | |
| |
| | | |
| | |
Total liabilities and shareholders’ equity | |
$ | 24,075,934 | | |
$ | 19,623,767 | |
The
accompanying notes are an integral part of these unaudited consolidated financial statements.
HEARTCORE
ENTERPRISES, INC.
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For
the Three Months
Ended June 30, | | |
For
the Six Months
Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenues | |
$ | 4,066,388 | | |
$ | 5,095,373 | | |
$ | 9,113,120 | | |
$ | 13,829,523 | |
Cost of revenues | |
| 3,260,507 | | |
| 3,586,938 | | |
| 6,275,050 | | |
| 6,688,004 | |
Gross profit | |
| 805,881 | | |
| 1,508,435 | | |
| 2,838,070 | | |
| 7,141,519 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Selling expenses | |
| 179,408 | | |
| 488,062 | | |
| 399,115 | | |
| 1,056,704 | |
General and administrative expenses | |
| 2,022,409 | | |
| 2,447,887 | | |
| 4,428,712 | | |
| 5,133,094 | |
Research and development expenses | |
| 111,268 | | |
| 39,608 | | |
| 200,402 | | |
| 119,232 | |
Total operating expenses | |
| 2,313,085 | | |
| 2,975,557 | | |
| 5,028,229 | | |
| 6,309,030 | |
| |
| | | |
| | | |
| | | |
| | |
Income (loss) from operations | |
| (1,507,204 | ) | |
| (1,467,122 | ) | |
| (2,190,159 | ) | |
| 832,489 | |
| |
| | | |
| | | |
| | | |
| | |
Other income (expenses): | |
| | | |
| | | |
| | | |
| | |
Changes in fair value of investments in marketable securities | |
| (196,249 | ) | |
| (229,022 | ) | |
| (430,331 | ) | |
| (229,022 | ) |
Changes in fair value of investment in warrants | |
| (558,820 | ) | |
| (27,258 | ) | |
| (1,237,707 | ) | |
| 166,107 | |
Interest income | |
| 2,030 | | |
| 18,665 | | |
| 4,624 | | |
| 50,270 | |
Interest expenses | |
| (37,040 | ) | |
| (42,614 | ) | |
| (73,701 | ) | |
| (82,454 | ) |
Other income | |
| 37,858 | | |
| 109,800 | | |
| 134,874 | | |
| 124,001 | |
Other expenses | |
| (23,856 | ) | |
| (7,297 | ) | |
| (49,050 | ) | |
| (36,754 | ) |
Total other expenses | |
| (776,077 | ) | |
| (177,726 | ) | |
| (1,651,291 | ) | |
| (7,852 | ) |
Income tax expense (benefit) | |
| (72,163 | ) | |
| (622,002 | ) | |
| (152,330 | ) | |
| 39,446 | |
Net income (loss) | |
| (2,211,118 | ) | |
| (1,022,846 | ) | |
| (3,689,120 | ) | |
| 785,191 | |
Less: net loss attributable to non-controlling interests | |
| (260,018 | ) | |
| (111,046 | ) | |
| (404,670 | ) | |
| (185,298 | ) |
Net income (loss) attributable to HeartCore Enterprises, Inc. | |
$ | (1,951,100 | ) | |
$ | (911,800 | ) | |
$ | (3,284,450 | ) | |
$ | 970,489 | |
| |
| | | |
| | | |
| | | |
| | |
Other comprehensive income (loss): | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation adjustment | |
| (24,120 | ) | |
| 30,533 | | |
| (13,825 | ) | |
| 5,499 | |
Total comprehensive income (loss) | |
| (2,235,238 | ) | |
| (992,313 | ) | |
| (3,702,945 | ) | |
| 790,690 | |
Less: comprehensive loss attributable to non-controlling interests | |
| (262,908 | ) | |
| (110,716 | ) | |
| (412,471 | ) | |
| (187,258 | ) |
Comprehensive income (loss) attributable to HeartCore Enterprises, Inc. | |
$ | (1,972,330 | ) | |
$ | (881,597 | ) | |
$ | (3,290,474 | ) | |
$ | 977,948 | |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) per common share attributable to HeartCore Enterprises, Inc. | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | (0.09 | ) | |
$ | (0.04 | ) | |
$ | (0.16 | ) | |
$ | 0.05 | |
Diluted | |
$ | (0.09 | ) | |
$ | (0.04 | ) | |
$ | (0.16 | ) | |
$ | 0.05 | |
Weighted average common shares outstanding | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 20,864,144 | | |
| 20,842,690 | | |
| 20,859,429 | | |
| 19,959,333 | |
Diluted | |
| 20,864,144 | | |
| 20,842,690 | | |
| 20,859,429 | | |
| 19,959,333 | |
The
accompanying notes are an integral part of these unaudited consolidated financial statements.
HEARTCORE
ENTERPRISES, INC.
UNAUDITED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR
THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023
| |
Number of Shares | | |
Amount | | |
Paid-in Capital | | |
Accumulated Deficit | | |
Comprehensive Income | | |
Shareholders’
Equity | | |
Non-controlling Interests | | |
Shareholders’
Equity | |
| |
Common Shares | | |
Additional | | |
| | |
Accumulated Other | | |
Total HeartCore Enterprises, Inc. | | |
| | |
Total | |
| |
Number of Shares | | |
Amount | | |
Paid-in Capital | | |
Accumulated Deficit | | |
Comprehensive Income | | |
Shareholders’
Equity | | |
Non-controlling Interests | | |
Shareholders’
Equity | |
Balance, December 31, 2023 | |
| 20,842,690 | | |
$ | 2,083 | | |
$ | 19,594,801 | | |
$ | (14,763,469 | ) | |
$ | 331,881 | | |
$ | 5,165,296 | | |
$ | 2,501,518 | | |
$ | 7,666,814 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (1,333,350 | ) | |
| - | | |
| (1,333,350 | ) | |
| (144,652 | ) | |
| (1,478,002 | ) |
Foreign currency translation adjustment | |
| - | | |
| - | | |
| - | | |
| - | | |
| 15,206 | | |
| 15,206 | | |
| (4,911 | ) | |
| 10,295 | |
Capital contribution from non-controlling shareholder | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 67,195 | | |
| 67,195 | |
Stock-based compensation | |
| 21,454 | | |
| 2 | | |
| 91,710 | | |
| - | | |
| - | | |
| 91,712 | | |
| - | | |
| 91,712 | |
Balance, March 31, 2024 | |
| 20,864,144 | | |
| 2,085 | | |
| 19,686,511 | | |
| (16,096,819 | ) | |
| 347,087 | | |
| 3,938,864 | | |
| 2,419,150 | | |
| 6,358,014 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (1,951,100 | ) | |
| - | | |
| (1,951,100 | ) | |
| (260,018 | ) | |
| (2,211,118 | ) |
Distribution of dividends | |
| - | | |
| - | | |
| (417,283 | ) | |
| - | | |
| - | | |
| (417,283 | ) | |
| - | | |
| (417,283 | ) |
Foreign currency translation adjustment | |
| - | | |
| - | | |
| - | | |
| - | | |
| (21,230 | ) | |
| (21,230 | ) | |
| (2,890 | ) | |
| (24,120 | ) |
Stock-based compensation | |
| - | | |
| - | | |
| 56,042 | | |
| - | | |
| - | | |
| 56,042 | | |
| - | | |
| 56,042 | |
Balance, June 30, 2024 | |
| 20,864,144 | | |
$ | 2,085 | | |
$ | 19,325,270 | | |
$ | (18,047,919 | ) | |
$ | 325,857 | | |
$ | 1,605,293 | | |
$ | 2,156,242 | | |
$ | 3,761,535 | |
| |
Common
Shares | | |
Additional | | |
| | |
Accumulated
Other | | |
Total
HeartCore Enterprises, Inc. | | |
| | |
Total | |
| |
Number
of Shares | | |
Amount | | |
Paid-in Capital | | |
Accumulated
Deficit | | |
Comprehensive
Income | | |
Shareholders’
Equity | | |
Non-controlling
Interest | | |
Shareholders’
Equity | |
Balance, December
31, 2022 | |
| 17,649,886 | | |
$ | 1,764 | | |
$ | 15,014,607 | | |
$ | (10,573,579 | ) | |
$ | 364,837 | | |
$ | 4,807,629 | | |
$ | - | | |
$ | 4,807,629 | |
Net income
(loss) | |
| - | | |
| - | | |
| - | | |
| 1,882,289 | | |
| - | | |
| 1,882,289 | | |
| (74,252 | ) | |
| 1,808,037 | |
Foreign currency
translation adjustment | |
| - | | |
| - | | |
| - | | |
| - | | |
| (22,744 | ) | |
| (22,744 | ) | |
| (2,290 | ) | |
| (25,034 | ) |
Issuance
of common shares for acquisition of subsidiary | |
| 2,500,000 | | |
| 250 | | |
| 3,149,750 | | |
| - | | |
| - | | |
| 3,150,000 | | |
| - | | |
| 3,150,000 | |
Non-controlling
interest arising from acquisition of subsidiary | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 3,190,000 | | |
| 3,190,000 | |
Stock-based
compensation | |
| 692,804 | | |
| 69 | | |
| 915,159 | | |
| - | | |
| - | | |
| 915,228 | | |
| - | | |
| 915,228 | |
Balance,
March 31, 2023 | |
| 20,842,690 | | |
| 2,083 | | |
| 19,079,516 | | |
| (8,691,290 | ) | |
| 342,093 | | |
| 10,732,402 | | |
| 3,113,458 | | |
| 13,845,860 | |
Balance | |
| 20,842,690 | | |
| 2,083 | | |
| 19,079,516 | | |
| (8,691,290 | ) | |
| 342,093 | | |
| 10,732,402 | | |
| 3,113,458 | | |
| 13,845,860 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (911,800 | ) | |
| - | | |
| (911,800 | ) | |
| (111,046 | ) | |
| (1,022,846 | ) |
Net
income (loss) | |
| - | | |
| - | | |
| - | | |
| (911,800 | ) | |
| - | | |
| (911,800 | ) | |
| (111,046 | ) | |
| (1,022,846 | ) |
Foreign currency
translation adjustment | |
| - | | |
| - | | |
| - | | |
| - | | |
| 30,203 | | |
| 30,203 | | |
| 330 | | |
| 30,533 | |
Stock-based
compensation | |
| - | | |
| - | | |
| 179,165 | | |
| - | | |
| - | | |
| 179,165 | | |
| - | | |
| 179,165 | |
Balance,
June 30, 2023 | |
| 20,842,690 | | |
$ | 2,083 | | |
$ | 19,258,681 | | |
$ | (9,603,090 | ) | |
$ | 372,296 | | |
$ | 10,029,970 | | |
$ | 3,002,742 | | |
$ | 13,032,712 | |
Balance | |
| 20,842,690 | | |
$ | 2,083 | | |
$ | 19,258,681 | | |
$ | (9,603,090 | ) | |
$ | 372,296 | | |
$ | 10,029,970 | | |
$ | 3,002,742 | | |
$ | 13,032,712 | |
The
accompanying notes are an integral part of these unaudited consolidated financial statements.
HEARTCORE
ENTERPRISES, INC.
UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
| |
2024 | | |
2023 | |
| |
For the Six Months
Ended June
30, | |
| |
2024 | | |
2023 | |
Cash flows from operating activities: | |
| | | |
| | |
Net income (loss) | |
$ | (3,689,120 | ) | |
$ | 785,191 | |
Adjustments to reconcile net income (loss) to net cash flows used in operating activities: | |
| | | |
| | |
Depreciation and amortization expenses | |
| 374,946 | | |
| 306,097 | |
Amortization of debt issuance costs | |
| 2,296 | | |
| 1,316 | |
Non-cash lease expense | |
| 182,546 | | |
| 155,301 | |
Gain on termination of lease | |
| (469 | ) | |
| - | |
Deferred income taxes | |
| (153,531 | ) | |
| (75,240 | ) |
Stock-based compensation | |
| 147,754 | | |
| 1,094,393 | |
Warrants received as noncash consideration | |
| - | | |
| (4,009,335 | ) |
Changes in fair value of investments in marketable securities | |
| 430,331 | | |
| 229,022 | |
Changes in fair value of investment in warrants | |
| 1,237,707 | | |
| (166,107 | ) |
Loss on disposal of property and equipment | |
| 1,894 | | |
| - | |
Changes in assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (548,402 | ) | |
| (596,312 | ) |
Prepaid expenses | |
| 158,110 | | |
| 1,245 | |
Other assets | |
| (7,526 | ) | |
| 23,277 | |
Accounts payable and accrued expenses | |
| 272,375 | | |
| (8,359 | ) |
Accounts payable and accrued expenses –
related party | |
| 21,956 | | |
| - | |
Accrued payroll and other employee costs | |
| (278,361 | ) | |
| 124 | |
Due to related party | |
| (1,246 | ) | |
| 4,214 | |
Operating lease liabilities | |
| (183,047 | ) | |
| (147,035 | ) |
Income tax payables | |
| (152,697 | ) | |
| 106,625 | |
Deferred revenue | |
| 165,073 | | |
| 810,639 | |
Other liabilities | |
| 558,667 | | |
| 116,382 | |
Net cash flows used in operating activities | |
| (1,460,744 | ) | |
| (1,368,562 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Purchases of property and equipment | |
| (4,134 | ) | |
| (180,451 | ) |
Prepayment for property and equipment | |
| (35,209 | ) | |
| - | |
Advance on note receivable | |
| - | | |
| (300,000 | ) |
Purchase of long-term investment in SAFE | |
| (350,000 | ) | |
| - | |
Net proceeds from sale of warrants | |
| 5,640,000 | | |
| - | |
Repayment of loan provided to related party | |
| 21,166 | | |
| 23,715 | |
Payment for acquisition of subsidiary, net of cash acquired | |
| - | | |
| (724,910 | ) |
Net cash flows provided by (used in) investing activities | |
| 5,271,823 | | |
| (1,181,646 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Payments for finance leases | |
| (8,526 | ) | |
| (11,243 | ) |
Proceeds from short-term debt | |
| 68,138 | | |
| - | |
Repayment of short-term and long-term debts | |
| (281,451 | ) | |
| (411,923 | ) |
Repayment of insurance premium financing | |
| (60,201 | ) | |
| (149,250 | ) |
Net proceeds from factoring arrangement | |
| - | | |
| 328,967 | |
Net repayment of factoring arrangement | |
| (242,008 | ) | |
| - | |
Payments for debt issuance costs | |
| - | | |
| (448 | ) |
Distribution of dividends | |
| (417,283 | ) | |
| - | |
Capital contribution from non-controlling shareholder | |
| 67,195 | | |
| - | |
Net cash flows used in financing activities | |
| (874,136 | ) | |
| (243,897 | ) |
| |
| | | |
| | |
Effect of exchange rate changes | |
| (143,073 | ) | |
| (144,480 | ) |
| |
| | | |
| | |
Net change in cash and cash equivalents | |
| 2,793,870 | | |
| (2,938,585 | ) |
Cash and cash equivalents - beginning of the period | |
| 1,012,479 | | |
| 7,177,326 | |
Cash and cash equivalents - end of the period | |
$ | 3,806,349 | | |
$ | 4,238,741 | |
| |
| | | |
| | |
Supplemental cash flow disclosures: | |
| | | |
| | |
Interest paid | |
$ | 74,063 | | |
$ | 40,083 | |
Income taxes paid | |
$ | 117,524 | | |
$ | - | |
| |
| | | |
| | |
Non-cash investing and financing transactions: | |
| | | |
| | |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | |
$ | 125,735 | | |
$ | - | |
Insurance premium financing | |
$ | 172,689 | | |
$ | 389,035 | |
Liabilities assumed in connection with purchase of property and equipment | |
$ | - | | |
$ | 2,199 | |
Common shares issued for acquisition of subsidiary | |
$ | - | | |
$ | 3,150,000 | |
Warrants converted to marketable securities | |
$ | 223,481 | | |
$ | 1,257,868 | |
The
accompanying notes are an integral part of these unaudited consolidated financial statements.
HEARTCORE
ENTERPRISES, INC.
NOTES
TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
HeartCore
Enterprises, Inc. (“HeartCore USA” or the “Company”), a holding company, was incorporated under the laws of the
State of Delaware on May 18, 2021.
On
July 16, 2021, the Company executed a Share Exchange Agreement with certain shareholders of HeartCore Co., Ltd. (“HeartCore Japan”),
a company that was incorporated in Japan on June 12, 2009. Pursuant to the terms of the Share Exchange Agreement, the Company issued
15,999,994 shares of its common shares to the shareholders of HeartCore Japan in exchange for 10,706 shares out of 10,984 shares of common
shares issued by HeartCore Japan, representing approximately 97.5% of HeartCore Japan’s outstanding common shares. On February
24, 2022, the Company purchased the remaining 278 shares of common shares of HeartCore Japan. As a result, HeartCore Japan became a wholly-owned operating subsidiary of the Company.
The
share exchange on July 16, 2021 has been accounted for as a recapitalization between entities under common control since the same controlling
shareholders controlled these two entities before and after the transaction. The consolidation of the Company and its subsidiary has
been accounted for at historical cost and prepared on the basis as if the transaction had become effective as of the beginning of the
earliest period presented in the accompanying unaudited consolidated financial statements.
The
Company, via its wholly-owned operating subsidiary, HeartCore Japan, is mainly engaged in the business of developing and sales of comprehensive
software. Beginning from early 2022, HeartCore USA is engaged in the business of providing consulting services to Japanese companies
with intention to go public in the United States capital market.
On
September 6, 2022, HeartCore USA entered into a share exchange and purchase agreement (“Sigmaways Agreement”) to acquire
51% of the outstanding shares of Sigmaways, Inc. (“Sigmaways”), a company incorporated under the laws of the State of California
in April 2006, and its wholly-owned subsidiaries, Sigmaways B.V. and Sigmaways Technologies Ltd. (“Sigmaways Technologies”).
Sigmaways B.V. was incorporated in Netherlands in November 2019. Sigmaways Technologies was incorporated in Canada in August 2020. Sigmaways
and its wholly-owned subsidiaries are primarily engaged in the business of developing and sales of software in the United States. The
acquisition was closed on February 1, 2023.
In
January 2023, HeartCore USA incorporated a wholly-owned subsidiary, HeartCore Financial, Inc. (“HeartCore Financial”), under
the laws of the State of Delaware. HeartCore Financial is engaged in the business of providing financial consulting services.
In
February 2023, HeartCore USA incorporated a wholly-owned subsidiary, HeartCore Capital Advisors, Inc. (“HeartCore Capital Advisors”),
in Japan. HeartCore Capital Advisors is engaged in the business of providing financial consulting services to Japanese companies.
In
November 2023, HeartCore Japan established a 51% owned subsidiary in Vietnam, HeartCore Luvina Vietnam Company Limited (“HeartCore
Luvina”), which is engaged in the business of providing software development and other services. HeartCore Luvina started its operations
from February 2024.
On
November 17, 2023, HeartCore Japan and HeartCore Capital Advisors entered into a merger agreement to merge the two entities into one
with HeartCore Japan being the surviving entity. On January 1, 2024, the merger was completed and HeartCore Capital Advisors transferred
all of its assets and liabilities to HeartCore Japan. The merger has been accounted for as a recapitalization between entities under
common control since the same controlling shareholders controlled the two entities before and after the transaction.
In April 2024, HeartCore Financial incorporated a branch office, HeartCore Financial, Inc. – Japan Branch Office
(“HeartCore Financial – Japan”), in Japan. HeartCore Financial – Japan is engaged in the business of providing
financial consulting services.
HeartCore
USA, HeartCore Japan, Sigmaways, Sigmaways B.V., Sigmaways Technologies, HeartCore Financial, HeartCore Capital Advisors, HeartCore Luvina and HeartCore
Financial – Japan are hereafter referred to as the Company.
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation and Principles of Consolidation
The
accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations
of the Securities and Exchange Commission (“SEC”). The unaudited consolidated financial statements include the accounts of
the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated.
These
unaudited interim consolidated financial statements do not include all of the information and disclosure required by the U.S. GAAP for
complete financial statements. Interim results are not necessarily indicative of results for a full year. In the opinion of management,
all adjustments consisting of normal recurring nature considered necessary for a fair presentation of the financial position and the
results of operations and cash flows for the interim periods have been included. The unaudited consolidated financial statements should
be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2023.
Correction of Error in Previously Issued Financial
Statements
During the review of the Company’s consolidated
financial statements for the six months ended June 30, 2024, the Company identified an error in the consolidated statement of cash flows
in the consolidated financial statements for the three months ended March 31, 2024 due to a misclassification between operating and investing
activities for the net proceeds received from sale of warrants, and corrected such error through a cumulative out-of-period adjustment
in the consolidated statement of cash flows for the six months ended June 30, 3024. The change in prepaid expenses and change in other
liabilities in the operating cash flows for the three months ended March 31, 2024 should have been $102,028 and $60,658, respectively,
but was stated as $(3,257,972) and $5,060,658, respectively, resulting in net cash flows provided by operating activities overstated by
$1,640,000. Concurrently, the Company failed to include net proceeds from sale of warrants included in the investing activities of $1,640,000,
resulting in net cash flows provided by investing activities understated by $1,640,000 in the consolidated statement of cash flows for
the three months ended March 31, 2024. The error had no impact on the consolidated balance sheet, statement of operations and comprehensive income (loss) and statement of changes
in shareholders’ equity.
In accordance with the SEC’s Staff Accounting Bulletin Nos. 99 and 108 (SAB 99 and SAB 108), the Company evaluated
this error and, based on analysis of quantitative and qualitative factors, determined that the error is not material to the previously
issued financial statements and the cumulative out-of-period adjustment for the correction of this error is not material to the financial
statements for the six months ended June 30, 2024. Therefore, as permitted by SAB108, the Company corrected such error in the current
filing through a cumulative out-of-period adjustment in the consolidated statement of cash flows for the six months ended June 30, 3024.
Use
of Estimates
In
preparing the unaudited consolidated financial statements in conformity U.S. GAAP, the management is required to make certain estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.
These estimates are based on information available as of the date of the unaudited consolidated financial statements. Significant estimates
required to be made by management include, but are not limited to, the allowance for credit losses, useful lives of property and equipment
and intangible asset, the impairment of long-lived assets and goodwill, valuation of stock-based compensation, valuation allowance of
deferred tax assets, implicit interest rate of operating and finance leases, valuation of asset retirement obligations, valuation of
investment in warrants, revenue recognition and purchase price allocation with respect to business combination. Actual results could
differ from those estimates.
Asset
Retirement Obligations
Pursuant
to the lease agreements for the office space, the Company is responsible to restore these spaces back to its original statute at the
time of leaving. The Company recognizes an obligation related to these restorations as asset retirement obligation included in other
non-current liabilities in the consolidated balance sheets, in accordance with the Financial Accounting Standards Board’s (the
“FASB”) Accounting Standards Codification (“ASC”) Topic 410, “Asset Retirement Obligation Accounting”.
The Company capitalizes the associated asset retirement cost by increasing the carrying amount of the related property and equipment.
The following table presents changes in asset retirement obligations:
SCHEDULE OF CHANGES IN ASSET RETIREMENT OBLIGATIONS
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Beginning balance | |
$ | 208,732 | | |
$ | 138,018 | |
Liabilities incurred | |
| - | | |
| 83,821 | |
Accretion expense | |
| 176 | | |
| 428 | |
Liabilities settled | |
| (3,779 | ) | |
| - | |
Foreign currency translation adjustment | |
| (19,765 | ) | |
| (13,535 | ) |
Ending balance | |
$ | 185,364 | | |
$ | 208,732 | |
Software
Development Costs
Software
development costs are expensed as incurred until the point the Company establishes technological feasibility. Technological feasibility
is established upon completion of a detailed program design or the completion of a working model. Costs incurred by the Company between
establishment of technological feasibility and the point at which the product is ready for general release are capitalized and amortized
over the economic life of the related products. The Company’s software development costs incurred subsequent to achieving technological
feasibility have not been significant and all software development costs have been expensed as incurred.
In
the six months ended June 30, 2024 and 2023, software development costs expensed as incurred amounted to $200,402 and $119,232, respectively.
These software development costs were included in the research and development expenses.
Investment
in Warrants
Investment
in warrants represents stock warrants of its consulting service customers. The warrants are measured at fair value and any changes in
fair value are recognized in other income (expenses). Investment in warrants is classified as long-term if the warrants are exercisable
over one year after the date of receipt.
Investments
in Marketable Securities
Investments
in marketable securities represent equity securities registered for public sale with readily determinable fair value. The marketable
securities were obtained through exercise of stock warrants of its consulting service customers and measured at fair value with changes
in fair value recognized in other income (expenses).
Investment
in Equity Securities
Investment
in equity securities represents investment in a privately held entity that does not have a readily determinable fair value or report
net asset value. Investment in equity securities is accounted for using a measurement alternative, under which this investment is
measured at cost, adjusted for observable price changes and impairments, with changes recognized in other income (expenses).
Investment in equity securities is classified as long-term if the Company anticipates to dispose of the investment over one year
after the date of receipt based on information available as of the date the unaudited consolidated financial statements are issued.
The Company did not recognize any impairment loss on investment in equity securities for the six months ended June 30,
2024.
Investment in SAFE
Investment in SAFE represents investment in a
privately held entity that does not have a readily determinable fair value or report net asset value through
a simple agreement for future equity (“SAFE”). Investment in SAFE is accounted for using a measurement alternative,
under which this investment is measured at cost, adjusted for observable price changes and impairments, with changes recognized in
other income (expenses). Investment in SAFE is classified as long-term if the Company anticipates the equity financing or
dissolution or liquidity event prescribed in the SAFE to take place over one year after the date of receipt based on information
available as of the date the unaudited consolidated financial statements are issued. The Company did not recognize any impairment
loss on investment in SAFE for the six months ended June 30, 2024.
Intangible
Asset, Net
Intangible
asset represents the customer relationship acquired from business acquisition of Sigmaways and its subsidiaries. The acquired intangible
asset is recognized and measured at fair value at the time of acquisition and is amortized on a straight-line basis over the estimated
economic useful life of the respective asset. The estimated useful life of the customer relationship is 8 years.
Impairment
of Long-Lived Assets Other Than Goodwill
Long-lived
assets with finite lives, primarily property and equipment, operating lease right-of-use assets and intangible asset, are reviewed for
impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated
cash flows from the use of the asset and its eventual disposition are below the asset’s carrying value, then the asset is deemed
to be impaired and written down to its fair value. There were no impairments of these assets during the six months ended June 30, 2024
and 2023.
Goodwill
Goodwill
represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. In
accordance with ASC Topic 350, “Intangibles – Goodwill and Others”, goodwill is subject to at least an annual assessment
for impairment or more frequently if events or changes in circumstances indicate that an impairment may exist, applying a fair-value
based test. Fair value is generally determined using a discounted cash flow analysis.
Foreign
Currency Translation
The
functional currency of HeartCore Japan, HeartCore Capital Advisors and HeartCore Financial – Japan is the Japanese Yen
(“JPY”). The functional currency of HeartCore USA, HeartCore Financial and Sigmaways is the United States Dollar
(“US$”). The functional currency of Sigmaways B.V. is the Euro (“EUR”). The functional currency of Sigmaways
Technologies is the Canada Dollar (“CAD”). The functional currency of HeartCore Luvina is the Vietnam Dong
(“VND”). Transactions denominated in currencies other than the functional currency are translated into the functional
currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies
other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance
sheet dates. The resulting exchange differences are recorded in the unaudited consolidated statements of operations and
comprehensive income (loss).
The
reporting currency of the Company is the US$, and the accompanying unaudited consolidated financial statements have been expressed
in US$. In accordance with ASC Topic 830-30, “Translation of Financial Statements”, assets and liabilities of the
Company whose functional currency is not US$ are translated into US$, using the exchange rate on the balance sheet
date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from the translation
of financial statements are recorded as a separate component of accumulated other comprehensive income within the unaudited consolidated
statements of changes in shareholders’ equity.
Revenue
Recognition
The
Company recognizes revenues under ASC Topic 606, “Revenue from Contracts with Customers”.
To
determine revenue recognition for contracts with customers, the Company performs the following five steps: (i) identify the contract(s)
with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable
consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price
to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance
obligation. Revenues amount represents the invoiced value, net of a value-added tax (“Consumption Tax”) and applicable local
government levies. The Consumption Tax on sales are calculated at 10% of gross sales in Japan and Vietnam, 5% of gross sales in Canada,
21% of gross sales in Netherlands and nil of gross sales in the United States.
The
Company currently generates its revenue from the following main sources:
Revenues
from On-Premise Software
Licenses
for on-premise software provide the customers with a right to use the software as it exists when made available to the customers. The
Company provides on-premise software in the form of both perpetual licenses and term-based licenses which grant the customers with the
right for a specified term. Revenues from on-premise licenses are recognized upfront at the point in time when the software is made available
to the customers. Licenses for on-premise software are typically sold to the customers with maintenance and support services in a bundle.
Revenues under the bundled arrangements are allocated based on the relative standalone selling prices (“SSP”) of on-premise
software and maintenance and support service. The SSP for maintenance and support services is estimated based upon observable transactions
when those services are sold on a standalone basis. The SSP of on-premise software is typically estimated using the residual approach
as the Company is unable to establish the SSP for on-premise licenses based on observable prices given the same products are sold for
a broad range of amounts (that is, the selling price is highly variable) and a representative SSP is not discernible from past transactions
or other observable evidence.
Revenues
from Maintenance and Support Services
Maintenance
and support services provided with software licenses consist of trouble shooting, technical support and the right to receive unspecified
software updates when and if available during the subscription. Revenues from maintenance and support services are recognized over time
as such services are performed. Revenues for consumption-based services are generally recognized as the services are performed and accepted
by the customers.
Revenues
from Software as a Service (“SaaS”)
The
Company’s software is available for use as hosted application arrangements under subscription fee agreements without licensing
the rights of the software to the customers. Subscription fees from these applications are recognized over time on a ratable basis over
the customer agreement term beginning on the date the Company’s solution is made available to the customers. The subscription contracts
are generally one year or less in length.
Revenues
from Software Development and Other Miscellaneous Services
The
Company provides customers with software development and support services pursuant to their specific requirements, which primarily compose
of consulting, integration, training, custom application, and workflow development. The Company also provides other miscellaneous services,
such as 3D Space photography. The Company generally recognizes revenues at a point in time when control is transferred to the customers
and the Company is entitled to the payment, which is when the promised services are delivered and accepted by the customers.
Revenues
from Customized Software Development and Services
The
Company’s customized software development and services revenues primarily include revenues from providing software development
solutions and other support services to its customers. The contract pricing is at stated billing rates per hour. These contracts are
generally short-term in nature and not longer than one year in duration. For services provided under the contracts that result in the
transfer of control over time, the underlying deliverable in the contracts is owned and controlled by the customers and does not create
an asset with an alternative use to the Company. The Company recognizes revenues on rate per hour contracts based on the amount billable
to the customers, as the Company has the right to invoice the customers in an amount that directly corresponds with the value to the
customers of the Company’s performance to date.
Revenues
from Consulting Services
The
Company provides public listing related consulting services to customers pursuant to the specific requirements prescribed in the contracts,
which primarily include communicating with intermediary parties, preparing required documents related to the initial public offering
and supporting the listing process. The consulting service contracts normally include both cash and noncash considerations. Cash consideration
is paid in installment payments and is recognized in revenues over the period of the contract by reference to progress toward complete
satisfaction of that performance obligation. Noncash consideration is in the form of warrants of the customers and is measured at fair
value at contract inception. Noncash consideration that is variable for reasons other than only the form of the consideration is included
in the transaction price, but is subject to the constraint on variable consideration. The Company assesses the estimated amount of the
variable noncash consideration at contract inception and subsequently, to determine when and to what extent it is probable that a significant
reversal in the amount of cumulative revenues recognized will not occur once the uncertainty associated with the variable consideration
is subsequently resolved. Only when the significant revenues reversal is concluded probable of not occurring can variable consideration
be included in revenues. Based on evaluation of likelihood and magnitude of a reversal in applying the constraint, the variable noncash
consideration is recognized in revenues until the underlying uncertainties have been resolved.
The
Company records reduction to revenues for estimated customer returns and allowances. The Company bases its estimates on historical rates
of customer returns and allowances as well as the specific identification of outstanding returns. The actual amount of customer returns
and allowances, which is inherently uncertain, may differ from the Company’s estimates. If the Company determines that actual or expected
returns or allowances are significantly higher or lower than the reserves it established, it would record a reduction or increase, as
appropriate, to revenues in the period in which it makes such a determination. Reserves for customer refunds are included within other
current liabilities or other non-current liabilities on the consolidated balance sheets. At a minimum, the Company reviews and refines
these estimates on a quarterly basis.
The
timing of revenue recognition may differ from the timing of invoicing to the customers. The Company has determined that its contracts
do not include a significant financing component. The Company records a contract asset, which is included in accounts receivable, current or non-current, in the
consolidated balance sheets, when revenues are recognized prior to invoicing. The Company factors certain accounts receivable upon or
after the performance obligation is being met. The Company records deferred revenue in the consolidated balance sheets when revenues
are recognized subsequent to cash collection for an invoice. Deferred revenue is reported net of related uncollected deferred revenue
in the consolidated balance sheets. The amount of revenues recognized during the six months ended June 30, 2024 and 2023 that were included
in the opening deferred revenue balance was approximately $1.5 million and $1.3 million, respectively.
Disaggregation
of Revenues
The
Company disaggregates its revenues from contracts by product/service types, as the Company believes it best depicts how the nature, amount,
timing and uncertainty of the revenues and cash flows are affected by economic factors. The Company’s disaggregation of revenues
by revenue stream for the three and six months ended June 30, 2024 and 2023 is as following:
SCHEDULE OF DISAGGREGATION OF REVENUES
| |
| | |
| | |
| | |
| |
| |
For
the Three Months
Ended June 30, | | |
For
the Six Months
Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenues from on-premise software | |
$ | 575,424 | | |
$ | 704,268 | | |
$ | 1,654,160 | | |
$ | 1,061,189 | |
Revenues from maintenance and support services | |
| 549,284 | | |
| 874,725 | | |
| 1,177,048 | | |
| 1,576,199 | |
Revenues from software as a service (“SaaS”) | |
| 152,248 | | |
| 177,529 | | |
| 291,948 | | |
| 348,573 | |
Revenues from software development and other miscellaneous services | |
| 516,561 | | |
| 406,455 | | |
| 964,019 | | |
| 1,086,796 | |
Revenues from customized software development and services | |
| 2,122,059 | | |
| 2,294,953 | | |
| 4,299,652 | | |
| 3,926,572 | |
Revenues from consulting services | |
| 150,812 | | |
| 637,443 | | |
| 726,293 | | |
| 5,830,194 | |
Total revenues | |
$ | 4,066,388 | | |
$ | 5,095,373 | | |
$ | 9,113,120 | | |
$ | 13,829,523 | |
The
Company’s disaggregation of revenues by product/service is as following:
| |
| | |
| | |
| | |
| |
| |
For
the Three Months
Ended June 30, | | |
For
the Six Months
Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenues from customer experience management platform | |
$ | 1,420,584 | | |
$ | 1,725,872 | | |
$ | 3,480,173 | | |
$ | 3,292,309 | |
Revenues from process mining | |
| 101,307 | | |
| 188,555 | | |
| 174,462 | | |
| 290,756 | |
Revenues from robotic process automation | |
| 102,373 | | |
| 127,283 | | |
| 158,564 | | |
| 213,469 | |
Revenues from task mining | |
| 107,362 | | |
| 95,679 | | |
| 153,220 | | |
| 202,767 | |
Revenues from customized software development and services | |
| 2,122,059 | | |
| 2,294,953 | | |
| 4,299,652 | | |
| 3,926,572 | |
Revenues from consulting services | |
| 150,812 | | |
| 637,443 | | |
| 726,293 | | |
| 5,830,194 | |
Revenues from others | |
| 61,891 | | |
| 25,588 | | |
| 120,756 | | |
| 73,456 | |
Total revenues | |
$ | 4,066,388 | | |
$ | 5,095,373 | | |
$ | 9,113,120 | | |
$ | 13,829,523 | |
As
of June 30, 2024 and 2023, and for the periods then ended, the majority of the long-lived assets (excluding intangible asset) and revenues generated were attributed to the Company’s operation in Japan.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to credit risk consist primarily of accounts receivable, note receivable and other receivable.
The Company usually does not require collateral or other security to support these receivables. The Company conducts periodic reviews
of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.
For the six months ended June 30, 2024, customer A represents 13.7% of
the Company’s total revenues. For the six months ended June 30, 2023, customer B, C and D represent 18.2%, 12.8% and 11.8%, respectively,
of the Company’s total revenues.
For the six months ended June 30, 2024, no vendor accounts for more than
10% of the Company’s total purchases. For the six months ended June 30, 2023, vendor A and B represent 60.9% and 22.7%, respectively,
of the Company’s total purchases.
Stock-based
Compensation
The
Company accounts for stock-based compensation awards in accordance with ASC Topic 718, “Compensation – Stock Compensation”.
The cost of services received from employees and non-employees in exchange for awards of equity instruments is recognized in the unaudited
consolidated statements of operations and comprehensive income (loss) based on the estimated fair value of those awards on the grant
date and amortized on a straight-line basis over the requisite service period or vesting period. The Company records forfeitures as they
occur.
Business
Combinations
The
Company accounts its business combinations using the acquisition method of accounting in accordance with ASC Topic 805. The purchase
price of the acquisition is allocated to the tangible assets, liabilities, identifiable intangible asset acquired and non-controlling
interests, if any, based on their estimated fair values as of the acquisition date. The excess of the purchase price over those fair
values is recorded as goodwill. Acquisition-related expenses are expensed as incurred.
Consideration
transferred in a business combination is measured at the fair value as of the date of acquisition. Where the consideration in an acquisition
includes contingent consideration, and the payment of which depends on the achievement of certain specified conditions post-acquisition,
the contingent consideration is recognized and measured at its fair value at the acquisition date and is recorded as a liability. It
is subsequently carried at fair value with changes in fair value reflected in earnings.
In
a business combination achieved in stages, the Company remeasures the previously held equity interest in the acquiree immediately
before obtaining control at its acquisition-date fair value and the remeasurement gain or loss, if any, is recognized in the
unaudited consolidated statements of operations and comprehensive income (loss).
Fair
value is determined based upon the guidance of ASC Topic 820, “Fair Value Measurements and Disclosures”, and generally are
determined using Level 2 inputs and Level 3 inputs. The determination of fair value involves the use of significant judgments and estimates.
The Company utilizes the assistance of a third-party valuation appraiser to determine the fair value as of the date of acquisition.
Fair
Value Measurements
The
Company performs fair value measurements in accordance with ASC Topic 820. Fair value is defined as the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic
820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable
inputs when measuring fair value. An asset’s or a liability’s categorization within the fair value hierarchy is based upon
the lowest level of input that is significant to the fair value measurement. ASC Topic 820 establishes three levels of inputs that may
be used to measure fair value:
|
● |
Level
1: quoted prices in active markets for identical assets or liabilities; |
|
● |
Level
2: inputs other than Level 1 that are observable, either directly or indirectly; or |
|
● |
Level
3: unobservable inputs that are supported by little or no market activity and that are significant to the fair values of the assets
or liabilities. |
As
of June 30, 2024 and December 31, 2023, the carrying values of current assets, except for investments in marketable securities, and current
liabilities approximated their fair values reported in the consolidated balance sheets due to the short-term maturities of these instruments.
Assets
measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 are summarized below (also see NOTE 6):
SCHEDULE
OF ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
Value Measurements as of June 30, 2024 |
|
|
Quoted
Prices in Active Markets for Identical
Assets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level
2) |
|
|
Unobservable
Inputs
(Level
3) |
|
|
Fair
Value at
June
30,
2024 |
|
Investments
in marketable securities |
|
|
435,498 |
|
|
|
- |
|
|
|
- |
|
|
|
435,498 |
|
Long-term
investment in warrants |
|
|
- |
|
|
|
- |
|
|
|
543,120 |
|
|
|
543,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
Value Measurements as of December 31, 2023 |
|
|
|
Quoted
Prices in Active Markets for Identical
Assets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level
2) |
|
|
Unobservable
Inputs
(Level
3) |
|
|
Fair
Value at
December
31,
2023 |
|
Investments
in marketable securities |
|
|
642,348 |
|
|
|
- |
|
|
|
- |
|
|
|
642,348 |
|
Long-term
investment in warrants |
|
|
- |
|
|
|
- |
|
|
|
2,004,308 |
|
|
|
2,004,308 |
|
Recent
Accounting Pronouncements
In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting
(Topic 280): Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments,
primarily through enhanced disclosures about significant segment expenses. ASU No. 2023-09 is effective for public companies for annual
reporting periods beginning after December 15, 2023, on a retrospective basis. Early adoption is permitted. The Company is currently evaluating
the impact of this ASU on its unaudited consolidated financial statements and related disclosures.
In
December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvement to
Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate
reconciliation and income taxes paid information. ASU No. 2023-09 is effective for public companies for annual reporting periods beginning
after December 15, 2024, on a prospective basis. For all other entities, it is effective for annual reporting periods beginning after
December 15, 2025, on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on
its unaudited consolidated financial statements and related disclosures.
NOTE
3 – ACCOUNTS RECEIVABLE
Accounts
receivable consist of the following:
SCHEDULE OF ACCOUNTS RECEIVABLE NET
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Accounts receivable – non-factored | |
$ | 2,760,310 | | |
$ | 2,060,915 | |
Accounts receivable – factored with recourse | |
| 320,759 | | |
| 562,767 | |
Total accounts receivable, gross | |
| 3,081,069 | | |
| 2,623,682 | |
Less: allowance for credit losses | |
| - | | |
| - | |
Total accounts receivable | |
| 3,081,069 | | |
| 2,623,682 | |
Less: current portion | |
| (2,440,872 | ) | |
| (2,623,682 | ) |
Accounts receivable, non-current | |
$ | 640,197 | | |
$ | - | |
NOTE
4 – PREPAID EXPENSES
Prepaid
expenses consist of the following:
SCHEDULE OF PREPAID EXPENSES
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Prepayments to software and consulting services vendors | |
$ | 189,168 | | |
$ | 199,376 | |
Prepaid marketing and consulting fees | |
| 34,269 | | |
| 92,546 | |
Prepaid subscription fees | |
| 49,080 | | |
| 95,971 | |
Prepaid insurance premium | |
| 152,678 | | |
| 72,668 | |
Referral fee paid in advance | |
| 3,360,000 | | |
| - | |
Others | |
| 92,259 | | |
| 76,304 | |
Total | |
$ | 3,877,454 | | |
$ | 536,865 | |
NOTE
5 – RELATED PARTY TRANSACTIONS
As
of June 30, 2024 and December 31, 2023, the Company has a due to related party balance of $140 and $1,476, respectively, from Sumitaka
Yamamoto, the Chief Executive Officer (“CEO”) and major shareholder of the Company. The balance is unsecured, non-interest
bearing and due on demand. During the six months ended June 30, 2024, the Company repaid to the related party for operating expenses
the related party paid on behalf of the Company in a net amount of $1,246. During the six months ended June 30, 2023, the related
party paid operating expenses on behalf of the Company and received the payments in a net amount of $4,214.
As
of June 30, 2024 and December 31, 2023, the Company has a loan receivable balance of $185,769 and $227,704, respectively, from Heartcore
Technology Inc., a company controlled by the CEO of the Company. The loan was made to the related party to support its operation. The
balance is unsecured, bears an annual interest of 1.475%, and requires repayments in installments starting from February 2022. During
the six months ended June 30, 2024 and 2023, the Company received repayments of $21,166 and $23,715, respectively, from this related
party.
During the six months ended June 30, 2024, the Company engaged Luvina Software Joint Stock Company, the non-controlling
interest shareholder of HeartCore Luvina, for software development and other support services in the amount of $31,590. As of June 30, 2024
and December 31, 2023, the Company has an accounts payable and accrued expenses balance of $21,579 and nil, respectively, to this
related party.
NOTE
6 – INVESTMENTS
Investment in SAFE
On April 17, 2024, the Company entered into a simple agreement for future equity (“SAFE”) for $350,000 with Heart-Tech Health, Inc. (“Heart-Tech”), a non-related company, in exchange for
the right to be issued certain shares of Heart-Tech’s preferred stock in connection with Heart-Tech’s future equity financing,
at a 15% discount to the price per share of the preferred stock sold in the equity financing, subject to a pre-determined valuation cap. Alternatively, upon a dissolution or liquidity
event such as a change in control or an initial public offering, the Company is entitled to receive a portion of $350,000. As of June
30, 2024, the Company recorded the investment of $350,000 as an investment in SAFE on the consolidated balance sheet.
Investment
in Equity Securities
On
May 2, 2023, the Company purchased a $300,000 promissory note from a non-related company. The note bears an interest rate of 8% per annum
and matures on the earlier of 1) the date of the closing of capital-raising transactions in the amount of $300,000 or more consummated
by the promissory note issuer, 2) the date on which the promissory note issuer completes its initial public offering on the Nasdaq Capital Market or New York Stock Exchange, or 3) 180 days following the note issuance. The interest rate would be 12%
per annum for any amount that is unpaid when due. On July 27, 2023, the Company entered into a note exchange agreement with the promissory
note issuer to convert all of the promissory note principal amount and accrued interest into 600,000 shares of common shares of the promissory
note issuer.
Investment
in Warrants
The
Company received warrants from its customers as noncash consideration from consulting services. The warrants are not registered for public
sale and are initially measured at fair value at contract inception. The Company’s investment in warrants is measured on a recurring
basis and carried on the balance sheets at an estimated fair value at the end of the period. The valuation of investment in warrants
is determined using the Black-Scholes model based on the stock price, exercise price, expected volatility, time to maturity, and a risk-free
interest rate for the term of the warrants exercise.
The
following table summarizes the Company’s investment in warrants activities for the six months ended June 30, 2024 and 2023:
SCHEDULE OF INVESTMENT IN WARRANTS ACTIVITY
| |
| | |
| |
| |
For the Six Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | |
Fair value of investment in warrants at beginning of the period | |
$ | 2,004,308 | | |
$ | - | |
Warrants received as noncash consideration | |
| - | | |
| 4,009,335 | |
Changes in fair value of investment in warrants | |
| (1,237,707 | ) | |
| 166,107 | |
Warrants converted to marketable securities | |
| (223,481 | ) | |
| (1,257,868 | ) |
Fair value of investment in warrants at end of the period | |
$ | 543,120 | | |
$ | 2,917,574 | |
Investments
in Marketable Securities
The
Company’s investments in marketable securities represent stocks received upon the exercise of warrants described above. They are
registered for public sale with readily determinable fair values, and are measured at quoted prices on a recurring basis at the end of
the period. The following table summarizes the Company’s investments in marketable securities activities for the six months ended
June 30, 2024 and 2023:
SCHEDULE OF INVESTMENTS IN MARKETABLE SECURITIES
| |
| | |
| |
| |
For the Six Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | |
Fair value of investments in marketable securities at beginning of the period | |
$ | 642,348 | | |
$ | - | |
Warrants converted to marketable securities | |
| 223,481 | | |
| 1,257,868 | |
Changes in fair value of investments in marketable securities | |
| (430,331 | ) | |
| (229,022 | ) |
Marketable securities sold | |
| - | | |
| - | |
Fair value of investments in marketable securities at end of the period | |
$ | 435,498 | | |
$ | 1,028,846 | |
NOTE
7 – LONG-TERM NOTE RECEIVABLE
On
September 1, 2023, the Company purchased a $300,000 promissory note from a non-related company. The note bears an interest rate of 4%
per annum and matures on September 2, 2026. On the first business day following each annual anniversary of September 1, 2023, the promissory
note issuer shall pay to the Company the sum of one-third of the total promissory note amount due and outstanding, including all accrued
and unpaid interest as of such time, unless such annual payment has been forgiven by the Company pursuant to certain conditions. The
interest rate would be 10% per annum for any amount that is unpaid when due.
NOTE
8 – PROPERTY AND EQUIPMENT, NET
Property
and equipment, net consist of the following:
SCHEDULE OF PROPERTY AND EQUIPMENT NET
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Leasehold improvements | |
$ | 444,237 | | |
$ | 496,810 | |
Machinery and equipment | |
| 648,113 | | |
| 706,145 | |
Vehicle | |
| 81,301 | | |
| 89,859 | |
Software | |
| 136,287 | | |
| 150,633 | |
Subtotal | |
| 1,309,938 | | |
| 1,443,447 | |
Less: accumulated depreciation | |
| (669,151 | ) | |
| (679,717 | ) |
Property and equipment, net | |
$ | 640,787 | | |
$ | 763,730 | |
Depreciation
expenses are $56,196 and $40,472 for the six months ended June 30, 2024 and 2023, respectively.
NOTE
9 – INTANGIBLE ASSET, NET
Intangible
asset, net is as follows:
SCHEDULE OF INTANGIBLE ASSETS
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Customer relationship | |
$ | 5,100,000 | | |
$ | 5,100,000 | |
Less: accumulated amortization | |
| (903,125 | ) | |
| (584,375 | ) |
Intangible asset, net | |
$ | 4,196,875 | | |
$ | 4,515,625 | |
Amortization
expenses are $318,750 and $265,625 for the six months ended June 30, 2024 and 2023, respectively.
As
of June 30, 2024, the future estimated amortization cost for intangible asset is as follows:
SCHEDULE OF AMORTIZATION INTANGIBLE ASSET
| |
Estimated | |
Year Ended December 31, | |
Amortization | |
Remaining of 2024 | |
$ | 318,750 | |
2025 | |
| 637,500 | |
2026 | |
| 637,500 | |
2027 | |
| 637,500 | |
2028 | |
| 637,500 | |
Thereafter | |
| 1,328,125 | |
Total | |
$ | 4,196,875 | |
NOTE
10 – LEASES
The
Company has entered into six leases for its office space, one of which was terminated in February 2024, and these leases were classified
as operating leases. It has also entered into a lease for office equipment, and two leases for vehicles, one of which was terminated
in September 2023, and these leases were classified as finance leases. Right-of-use assets of these finance leases in the amount of $69,106
and $85,613 are included in property and equipment, net as of June 30, 2024 and December 31, 2023, respectively.
Operating
lease expenses for lease payments are recognized on a straight-line basis over the lease term. Finance lease costs include amortization,
which are recognized on a straight-line basis over the expected life of the leased assets, and interest expenses, which are recognized
following an effective interest rate method. Leases with initial term of twelve months or less are not recorded in the consolidated
balance sheets.
The
components of lease costs are as follows:
SCHEDULE OF LEASE COSTS
| |
| | |
| |
| |
For the Six Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | |
Finance lease costs | |
| | | |
| | |
Amortization of right-of-use assets | |
$ | 8,733 | | |
$ | 10,902 | |
Interest on lease liabilities | |
| 499 | | |
| 86 | |
Total finance lease costs | |
| 9,232 | | |
| 10,988 | |
Operating lease costs | |
| 198,701 | | |
| 176,809 | |
Total lease costs | |
$ | 207,933 | | |
$ | 187,797 | |
The
following table presents supplemental information related to the Company’s leases:
SCHEDULE
OF SUPPLEMENTAL INFORMATION RELATED TO COMPANY’S LEASES
| |
| | |
| |
| |
For the Six Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | |
| |
Operating cash flows from finance leases | |
$ | 499 | | |
$ | 86 | |
Operating cash flows from operating leases | |
| 206,648 | | |
| 164,317 | |
Financing cash flows from finance leases | |
| 8,526 | | |
| 11,243 | |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | |
| 125,735 | | |
| - | |
| |
| | | |
| | |
Weighted average remaining lease term (years) | |
| | | |
| | |
Finance leases | |
| 4.3 | | |
| 0.3 | |
Operating leases | |
| 7.2 | | |
| 8.7 | |
| |
| | | |
| | |
Weighted average discount rate (per annum) | |
| | | |
| | |
Finance leases | |
| 1.32 | % | |
| 1.32 | % |
Operating leases | |
| 1.37 | % | |
| 1.32 | % |
As
of June 30, 2024, the future maturity of lease liabilities is as follows:
SCHEDULE OF FINANCE LEASE AND OPERATING LEASE FUTURE MATURITY OF LEASE LIABILITIES
Year Ended December 31, | |
Finance Lease | | |
Operating Lease | |
Remaining of 2024 | |
$ | 8,394 | | |
$ | 198,991 | |
2025 | |
| 16,787 | | |
| 373,470 | |
2026 | |
| 16,787 | | |
| 303,852 | |
2027 | |
| 16,787 | | |
| 261,809 | |
2028 | |
| 11,192 | | |
| 261,809 | |
Thereafter | |
| - | | |
| 870,248 | |
Total lease payments | |
| 69,947 | | |
| 2,270,179 | |
Less: imputed interest | |
| (1,900 | ) | |
| (106,835 | ) |
Total lease liabilities | |
| 68,047 | | |
| 2,163,344 | |
Less: current portion | |
| (15,992 | ) | |
| (358,377 | ) |
Non-current lease liabilities | |
$ | 52,055 | | |
$ | 1,804,967 | |
Pursuant
to the operating lease agreements, the Company made security deposits to the lessors. The security deposits amount to $310,833 and $348,428
as of June 30, 2024 and December 31, 2023, respectively.
NOTE
11 – OTHER LIABILITIES
Other
current liabilities consist of the following:
SCHEDULE
OF OTHER CURRENT LIABILITIES
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Accrued consumption taxes | |
$ | 203,070 | | |
$ | 143,702 | |
Advance received for warrants sale* | |
| 9,000,000 | | |
| - | |
Others | |
| 57,942 | | |
| 72,703 | |
Total other current liabilities | |
$ | 9,261,012 | | |
$ | 216,405 | |
Other non-current liabilities consist of the following:
SCHEDULE
OF OTHER NON-CURRENT LIABILITIES
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Asset retirement obligations | |
$ | 185,364 | | |
$ | 208,732 | |
Customer refund liability** | |
| 500,000 | | |
| - | |
Total other non-current liabilities | |
$ | 685,364 | | |
$ | 208,732 | |
NOTE
12 – FACTORING LIABILITY
Sigmaways,
the subsidiary acquired by the Company in February 2023, entered into a Factoring and Security Agreement (the “Factoring Agreement”)
with The Southern Bank Company, an unrelated factor (the “Factor”), in 2017, for the purpose of factoring certain accounts
receivable. Under the terms of the Factoring Agreement, the Company may offer for sale, and the Factor may purchase in its sole discretion,
certain accounts receivable of the Company (the “Purchased Receivable”). The Factoring Agreement provided for a maximum of
$850,000 in Purchased Receivable.
Selected
accounts receivable is submitted to the Factor, and the Company receives 90% of the face value of the accounts receivable by wire transfer.
Upon payment by the customers, the remainder of the amount due is received from the Factor after deducting certain fees.
The
Factoring Agreement specifies that eligible accounts receivable is factored with recourse. Under the terms of the recourse provision,
the Company is required to reimburse the Factor, upon demand, for Purchased Receivable that is not paid on time by the customers. The
performance of all obligations and payments to the Factor is personally guaranteed by Prakash Sadasivam, CEO of Sigmaways and Chief Strategy
Officer (“CSO”) of the Company, and secured by all Sigmaways’ now owned and hereafter assets and any sums maintained
by the Factor that are identified as payable to the Company.
The
Factoring Agreement has an initial term of twelve months and automatically renews for successive twelve-month renewal periods unless
terminated pursuant to the terms of the Factoring Agreement. The Company may terminate the Factoring Agreement with sixty days’ written
notice to the Factor and is subject to certain early termination fee.
The
Factoring Agreement contained covenants that are customary for accounts receivable-based factoring agreements and also contained provisions
relating to events of default that are customary for agreements of this type.
As
of June 30, 2024 and December 31, 2023, there was $320,759 and $562,767 borrowed and outstanding under the Factoring Agreement, respectively.
There are various fees charged by the Factor, including initial discount purchase fee, factoring fee and interest expense. During the six months ended June 30, 2024 and 2023, the Company recorded $30,786 and $41,611 in interest
expenses related to the Factoring Agreement, respectively.
NOTE
13 – INSURANCE PREMIUM FINANCING
In
January 2024, the Company entered into an insurance premium financing agreement with BankDirect Capital Finance for $172,689 at an annual
interest rate of 13.9% for eleven months from February 1, 2024, payable in eleven monthly installments of principal and interest.
In
January 2023, the Company entered into an insurance premium financing agreement with BankDirect Capital Finance for $389,035 at an annual
interest rate of 16.04% for ten months from February 1, 2023, payable in ten monthly installments of principal and interest.
As of June 30, 2024 and December 31, 2023, the balances of the insurance
premium financing were $112,488 and nil, respectively. During the six months ended June 30, 2024 and 2023, the Company recorded $7,044
and $18,033, respectively, in interest expenses related to the insurance premium financing.
NOTE
14 – DEBTS
Short-term
Debt
The
Company’s short-term debt represents a loan borrowed from a financial institution as follows:
SCHEDULE OF SHORT-TERM DEBTS
Name of Financial Institution | |
Original Amount Borrowed | |
Loan Duration | |
Annual Interest Rate | | |
Balance as of June 30, 2024 | | |
Balance as of December 31, 2023 | |
Biz Forward Co., Ltd. | |
JPY19,280,001 | (a) |
12/26/2023 – 1/31/2024 | |
| 36.840 | % | |
$ | - | | |
$ | 135,937 | |
Long-term
Debts
The
Company’s long-term debts included bond payable and loans borrowed from banks and financial institutions, which consist of the
following:
SCHEDULE OF LONG-TERM DEBTS
Name of Banks/Financial Institutions | |
Original Amount Borrowed | | |
Loan Duration | |
Annual Interest Rate | | |
Balance as of June 30, 2024 | | |
Balance as of December 31, 2023 | |
Bond payable | |
| | | |
| |
| | | |
| | | |
| | |
Corporate bond issued through Resona Bank, Limited | |
| JPY100,000,000 | (b)(d) | |
1/10/2019 – 1/10/2024 | |
| 0.430 | % | |
$ | - | | |
$ | 70,507 | |
Loans with banks and financial institutions | |
| | | |
| |
| | | |
| | | |
| | |
Resona Bank, Limited | |
| JPY50,000,000 | (b)(c) | |
12/29/2017 – 12/29/2024 | |
| 0.675 | % | |
| 49,470 | | |
| 54,678 | |
Resona Bank, Limited | |
| JPY10,000,000 | (b)(c) | |
9/30/2020 – 9/30/2027 | |
| 1.000 | % | |
| 34,945 | | |
| 38,624 | |
Resona Bank, Limited | |
| JPY40,000,000 | (b)(c) | |
9/30/2020 – 9/30/2027 | |
| 1.000 | % | |
| 139,781 | | |
| 154,495 | |
Resona Bank, Limited | |
| JPY20,000,000 | (b)(c) | |
11/13/2020 – 10/31/2027 | |
| 1.600 | % | |
| 71,408 | | |
| 78,925 | |
Sumitomo Mitsui Banking Corporation | |
| JPY100,000,000 | (b) | |
12/28/2018 – 7/1/2024 | |
| 1.475 | % | |
| 10,507 | | |
| 11,612 | |
Sumitomo Mitsui Banking Corporation | |
| JPY10,000,000 | (b)(c) | |
12/30/2019 – 12/30/2026 | |
| 1.975 | % | |
| 28,113 | | |
| 31,072 | |
Sumitomo Mitsui Banking Corporation | |
| JPY10,000,000 | (b)(c) | |
10/4/2023 – 9/30/2028 | |
| 0.600 | % | |
| 61,661 | | |
| 68,152 | |
Sumitomo Mitsui Banking Corporation | |
| JPY10,000,000 | (b)(c) | |
10/4/2023 – 9/30/2028 | |
| 0.000 | % | |
| 61,661 | | |
| 68,152 | |
The Shoko Chukin Bank, Ltd. | |
| JPY50,000,000 | | |
7/27/2020 – 6/30/2027 | |
| 1.290 | % | |
| 165,859 | | |
| 183,319 | |
The Shoko Chukin Bank, Ltd. | |
| JPY30,000,000 | | |
7/25/2023 – 6/30/2028 | |
| Tokyo
Interbank Offered Rate + 1.950 | % | |
| 175,108 | | |
| 197,137 | |
Japan Finance Corporation | |
| JPY80,000,000 | | |
11/17/2020 – 11/30/2027 | |
| 0.210 | % | |
| 295,994 | | |
| 327,152 | |
Higashi-Nippon Bank | |
| JPY30,000,000 | (b) | |
3/31/2022 – 3/31/2025 | |
| 1.400 | % | |
| 84,205 | | |
| 93,070 | |
Higashi-Nippon Bank | |
| JPY30,000,000 | (b)(c) | |
10/11/2023 – 9/30/2028 | |
| 1.450 | % | |
| 184,996 | | |
| 204,471 | |
First Home Bank | |
$ | 350,000 | (e) | |
4/18/2019 – 4/18/2029 | |
| Wall Street Journal U.S. Prime Rate + 2.750 | % | |
| 212,893 | | |
| 229,007 | |
U.S. Small Business Administration | |
$ | 350,000 | (e) | |
5/30/2020 – 5/30/2050 | |
| 3.750 | % | |
| 350,000 | | |
| 350,000 | |
Aggregate outstanding principal balances | |
| | | |
| |
| | | |
| 1,926,601 | | |
| 2,160,373 | |
Less: unamortized debt issuance costs | |
| | | |
| |
| | | |
| (14,303 | ) | |
| (18,238 | ) |
Less: current portion | |
| | | |
| |
| | | |
| (508,729 | ) | |
| (371,783 | ) |
Non-current portion | |
| | | |
| |
| | | |
$ | 1,403,569 | | |
$ | 1,770,352 | |
Interest expense for short-term debt and long-term debts was $2,929 and
$32,942, respectively, for the six months ended June 30, 2024. Interest expense for short-term debt and long-term debts was nil and $22,810,
respectively, for the six months ended June 30, 2023.
As
of June 30, 2024, future minimum principal payments for long-term debts are as follows:
SCHEDULE OF FUTURE MINIMUM LOAN PAYMENTS
| |
Principal | |
Year Ended December 31, | |
Payment | |
Remaining of 2024 | |
$ | 260,702 | |
2025 | |
| 404,497 | |
2026 | |
| 360,339 | |
2027 | |
| 386,977 | |
2028 | |
| 177,502 | |
Thereafter | |
| 336,584 | |
Total | |
$ | 1,926,601 | |
NOTE
15 – INCOME TAXES
United
States
HeartCore
USA, Sigmaways and HeartCore Financial, incorporated in the United States, are subject to federal income tax at 21% statutory tax rate
with respect to the profit generated from the United States.
Netherlands
Sigmaways
B.V. is a company incorporated in Netherlands in November 2019. The first EUR200,000 of taxable income is subject to a statutory tax
rate of 19% and the remaining taxable income is subject to a statutory tax rate of 25.80%.
Canada
Sigmaways
Technologies is a company incorporated in British Columbia in Canada in August 2020. It is subject to income tax on income arising in,
or derived from, the tax jurisdiction in British Columbia it operates. The basic federal rate of Part I tax is 38% of taxable income,
28% after federal tax abatement. After the general tax reduction, the net federal tax rate is 15%. The provincial and territorial lower
and higher tax rates in British Columbia are 2% and 12%, respectively.
Vietnam
HeartCore
Luvina is a company incorporated in Vietnam in November 2023. It is subject to standard income tax rate at 20% with respect to the
taxable income.
Japan
The
Company conducts its major businesses in Japan and is subject to tax in this jurisdiction. As a result of its business activities, the
Company files tax returns that are subject to examination by the local tax authority. Income taxes in Japan applicable to the Company
are imposed by the national, prefectural and municipal governments, and in the aggregate result in an effective statutory tax rate of
approximately 34.59% for the six months ended June 30, 2024 and 2023.
For
the six months ended June 30, 2024 and 2023, the Company’s income tax expense (benefit) are as follows:
SCHEDULE OF INCOME TAX EXPENSES
| |
2024 | | |
2023 | |
| |
For the Six Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | |
Current | |
$ | 1,201 | | |
$ | 114,686 | |
Deferred | |
| (153,531 | ) | |
| (75,240 | ) |
Income tax expense (benefit) | |
$ | (152,330 | ) | |
$ | 39,446 | |
The effective tax rate was 3.97% and 4.78% for the six months ended June
30, 2024 and 2023, respectively.
NOTE
16 – STOCK-BASED COMPENSATION
Options
On
August 6, 2021, the Board of Directors and shareholders of the Company approved a 2021 Equity Incentive Plan (the “2021 Plan”),
under which 2,400,000
shares of common shares are authorized for issuance.
On
February 3, 2023, the Company awarded options to purchase 100,000 shares of common shares pursuant to the 2021 Plan at an exercise price
of $1.17 per share to an employee of the Company. The options vest 50% on the grant date and February 1, 2024, respectively, with the
expiration date on February 3, 2033.
On
August 1, 2023, the Board of Directors of the Company approved a 2023 Equity Incentive Plan (the “2023 Plan”), under which
2,000,000 shares of common shares are authorized for issuance. No shares were issued pursuant to the 2023 Plan as of June 30, 2024.
The
following table summarizes the stock options activity and related information for the six months ended June 30, 2024 and 2023:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Term (Years) | | |
Intrinsic Value | |
As of January 1, 2023 | |
| 1,466,500 | | |
$ | 2.50 | | |
| 8.94 | | |
$ | - | |
Granted | |
| 100,000 | | |
| 1.17 | | |
| 9.61 | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited | |
| (2,000 | ) | |
| 2.50 | | |
| - | | |
| - | |
As of June 30, 2023 | |
| 1,564,500 | | |
$ | 2.42 | | |
| 8.52 | | |
$ | 26,000 | |
| |
| | | |
| | | |
| | | |
| | |
As of January 1, 2024 | |
| 1,547,000 | | |
$ | 2.41 | | |
| 8.01 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited | |
| (35,000 | ) | |
| 2.42 | | |
| - | | |
| - | |
As of June 30, 2024 | |
| 1,512,000 | | |
$ | 2.41 | | |
| 7.51 | | |
$ | - | |
Vested and exercisable as of June 30, 2024 | |
| 813,250 | | |
$ | 2.34 | | |
| 7.53 | | |
$ | - | |
The
Company calculated the fair value of options granted in the six months ended June 30, 2023 using the Black-Scholes model. Significant
assumptions used in the valuation include expected volatility, risk-free interest rate, dividend yield and expected exercise term.
For
the three and six months ended June 30, 2024, the Company recognized stock-based compensation related to options of $40,597 and $111,044,
respectively. For the three and six months ended June 30, 2023, the Company recognized stock-based compensation related to options of
$150,481 and $334,816, respectively. The outstanding unamortized stock-based compensation related to options was $266,230 (which will
be recognized through December 2025) as of June 30, 2024.
Restricted
Stock Units (“RSUs”)
On
March 22, 2023, the Company entered into agreements with employees and service providers of Sigmaways and granted 671,350 RSUs pursuant
to the 2021 Plan. The RSUs were fully vested upon issuance. The fair value of the RSUs at grant date was $691,491.
The following table summarizes the RSUs activity for the six months ended June 30, 2024 and 2023:
SCHEDULE OF RESTRICTED STOCK UNITS
| |
Number of RSUs | | |
Weighted Average Grant Date
Fair Value Per Share | |
| |
| | | |
| | |
Unvested as of January 1, 2023 | |
| 85,820 | | |
$ | 4.95 | |
Granted | |
| 671,350 | | |
| 1.03 | |
Vested | |
| (692,804 | ) | |
| 1.15 | |
Forfeited | |
| - | | |
| - | |
Unvested as of June 30, 2023 | |
| 64,366 | | |
$ | 4.95 | |
| |
| | | |
| | |
Unvested as of January 1, 2024 | |
| 64,366 | | |
$ | 4.95 | |
Granted | |
| - | | |
| - | |
Vested | |
| (21,454 | ) | |
| 4.95 | |
Forfeited | |
| - | | |
| - | |
Unvested as of June 30, 2024 | |
| 42,912 | | |
$ | 4.95 | |
For
the three and six months ended June 30, 2024, the Company recognized stock-based compensation related to RSUs of $15,445 and $36,710,
respectively. For the three and six months ended June 30, 2023, the Company recognized stock-based compensation related to RSUs of $28,684
and $759,577, respectively. The outstanding unamortized stock-based compensation related to RSUs was $64,400 (which will be recognized
through February 2026) as of June 30, 2024.
NOTE
17 – SHAREHOLDERS’ EQUITY
On
February 1, 2023, 2,500,000 shares of common shares were issued for the acquisition of 51% of the outstanding shares of Sigmaways and
its subsidiaries with fair value of $3,150,000 (also see NOTE 19).
In
November 2023, the Company established a 51% owned subsidiary in Vietnam. On February 16, 2024, the Company received capital contribution
of VND1,646.4 million in cash, equivalent to $67,195, from the non-controlling shareholder of the subsidiary.
On March 29, 2024, the Board of Directors
approved a dividend declaration of $0.02
per share of common share for the shareholders of record
at the close of business on April 26, 2024. The dividends in the amount of $417,283 were paid on May 3, 2024.
As
of June 30, 2024 and December 31, 2023, there were 20,864,144 and 20,842,690 shares of common shares issued and outstanding, respectively.
No
preferred shares were issued and outstanding as of June 30, 2024 and December 31, 2023.
NOTE
18 – NET INCOME (LOSS) PER SHARE
Basic
net income (loss) per share is calculated on the basis of weighted average outstanding common shares. Diluted net income (loss) per share
is computed on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, RSUs
and other dilutive securities. Common shares equivalents are determined by applying the treasury stock method to the assumed conversion
of share repurchase liability to common shares related to the early exercised stock options and unvested RSUs, and are not included in
the calculation of diluted income (loss) per share if their effect would be anti-dilutive.
The
computation of basic and diluted net income (loss) per share for the three and six months ended June 30, 2024 and 2023 is as follows:
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED EARNINGS (LOSS) PER SHARE
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For
the Three Months
Ended June 30, | | |
For
the Six Months
Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Net income (loss) per share - basic and diluted | |
| | | |
| | | |
| | | |
| | |
Numerator | |
| | | |
| | | |
| | | |
| | |
Net income (loss) attributable to HeartCore Enterprises, Inc. common shareholders | |
$ | (1,951,100 | ) | |
$ | (911,800 | ) | |
$ | (3,284,450 | ) | |
$ | 970,489 | |
Denominator | |
| | | |
| | | |
| | | |
| | |
Weighted average number of common shares outstanding used in calculating net income (loss) per share | |
| 20,864,144 | | |
| 20,842,690 | | |
| 20,859,429 | | |
| 19,959,333 | |
Net income (loss) per share - basic and diluted | |
$ | (0.09 | ) | |
$ | (0.04 | ) | |
$ | (0.16 | ) | |
$ | 0.05 | |
For
the three and six months ended June 30, 2024 and 2023, the weighted average common shares outstanding are the same for basic and diluted
net income (loss) per share calculations, as the inclusion of common share equivalents would have an anti-dilutive effect.
NOTE
19 – BUSINESS COMBINATION
On
September 6, 2022, HeartCore USA entered into the Sigmaways Agreement to acquire 51% of the outstanding shares of Sigmaways, a company
incorporated under the laws of the State of California, and its subsidiaries. The Sigmaways Agreement was further amended on December
23, 2022 and February 1, 2023, respectively, and the transaction was closed on February 1, 2023. The purchase consideration is $4,150,000,
consisted of $1,000,000 in cash and 2,500,000 shares of common shares of the Company with fair value of $3,150,000 at the closing date.
The
total purchase price is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed and non-controlling
interest based on their estimated fair values as of the acquisition date. The excess of the purchase price over those fair values is
recorded as goodwill.
The
purchase price is allocated on the acquisition date as follows:
SCHEDULE OF BUSINESS PURCHASE PRICE ALLOCATION
| |
Amount | |
Current assets | |
$ | 2,066,683 | |
Acquired intangible asset | |
| 5,100,000 | |
Non-current assets | |
| 47,979 | |
Current liabilities | |
| (1,146,900 | ) |
Deferred tax liabilities | |
| (1,428,000 | ) |
Non-current liabilities | |
| (576,203 | ) |
Goodwill | |
| 3,276,441 | |
Non-controlling interest | |
| (3,190,000 | ) |
Total purchase consideration | |
$ | 4,150,000 | |
The
results of operations, financial position and cash flows of Sigmaways and its subsidiaries have been included in the Company’s
unaudited consolidated financial statements since the date of acquisition.
Pro
forma results of operations for the business combination have not been presented because they are not material to the unaudited consolidated
statements of operations and comprehensive income (loss).
The
Company’s policy is to perform its annual impairment testing on goodwill for its reporting unit on December 31 of each fiscal year
or more frequently if events or changes in circumstances indicate that an impairment may exist. The Company did not recognize any impairment
loss on goodwill for the six months ended June 30, 2024 and 2023.
NOTE 20 – SUBSEQUENT EVENT
On July 22, 2024, the Board of Directors
of the Company declared a cash dividend of $0.02 per share of the Company’s common shares to be paid on August 26, 2024 to
shareholders of record as of August 19, 2024.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The
Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act of 1933, as amended (the “Securities Act”),
and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), provide a safe harbor for forward-looking
statements made by us or on our behalf. We and our representatives may from time to time make written or oral statements that are “forward-looking,”
including statements contained in this report and other filings with the Securities and Exchange Commission (“SEC”) and in
our reports and presentations to stockholders or potential stockholders. In some cases, forward-looking statements can be identified
by words such as “believe,” “expect,” “anticipate,” “plan,” “potential,”
“continue” or similar expressions. Such forward-looking statements include risks and uncertainties and there are important
factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These
factors, risks and uncertainties can be found in Part I, Item 1A, “Risk Factors,” of our Annual Report on Form 10-K for the
fiscal year ended December 31, 2023, as the same may be updated from time to time, including in Part II, Item 1A, “Risk Factors,”
of this Quarterly Report on Form 10-Q.
Although
we believe the expectations reflected in our forward-looking statements are based upon reasonable assumptions, it is not possible to
foresee or identify all factors that could have a material effect on the future financial performance of the Company. The forward-looking
statements in this report are made on the basis of management’s assumptions and analyses, as of the time the statements are made,
in light of their experience and perception of historical conditions, expected future developments and other factors believed to be appropriate
under the circumstances.
Except
as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions
to any forward-looking statement contained in this Quarterly Report on Form 10-Q and the information incorporated by reference in this
Quarterly Report on Form 10-Q to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances
on which any statement is based.
Business
Overview
We
are a leading software development company based in Tokyo, Japan. We provide software through two business units. The first business
unit, our CX division, includes a customer experience management business (the “CXM Platform”) that has been in existence
for 14 years. Our CXM Platform includes marketing, sales, service and content management systems, as well as other tools and integrations,
that enable companies to attract and engage customers throughout the customer experience. We also provide education, services and support
to help customers be successful with our CXM Platform.
The
second business unit, our DX division, is a digital transformation business which provides customers with robotics process automation,
process mining and task mining to accelerate the digital transformation of enterprises. We also have an ongoing technology innovation
team to develop software that supports the narrow needs of large enterprise customers.
During
2022, we started the GO IPO business, which supports Japanese companies listing on Nasdaq and NYSE in the United States. As of August
14, 2024, we have entered into consulting agreements with 14 companies to assist them in their IPO process, pursuant to which we are
entitled to receive from each company a consulting fee that ranges from $380,000 to $900,000 and warrants or stock acquisition
rights to purchase 1% to 4% of the fully-diluted share capital of such companies that is exercisable on certain dates at an exercise
price of $0.01 or JPY1 per share .
On
February 29, 2024, the Company entered into a warrants transfer agreement with a non-related company to sell partial of the warrants
it received from a customer (“Consulting Customer”) as noncash consideration from consulting services for $9,000,000 in
cash. The Company received $9,000,000 during the six months ended June 30, 2024 and recorded it in other current
liabilities as the warrants to be transferred are exercisable upon its Consulting Customer’s consummation of the Merger with a
special purpose acquisition company or the occurrence of other fundamental events defined in the warrant agreement it had with the
Consulting Customer.
In
July 2024, BloomZ Inc. (“BloomZ”), one of our Go IPO clients, successfully began trading on The Nasdaq Capital Market. We hope that this marks the beginning of a second wave of initial
public offerings for our Go IPO clients, as we are optimistic regarding the backlog of Go IPO deals.
We
were incorporated in the State of Delaware on May 18, 2021. We conduct business activities principally through our wholly owned subsidiary,
HeartCore Co., Ltd. (“HeartCore Japan”), a Japanese corporation, which was established in Japan by Mr. Sumitaka Yamamoto,
our CEO, in 2009.
On
September 6, 2022, the Company entered into a share exchange and purchase agreement (“Sigmaways Agreement”) to acquire 51%
of the outstanding shares of Sigmaways, a company incorporated under the laws of the State of California, and its wholly owned subsidiaries.
Sigmaways and its wholly owned subsidiaries are engaged in the business of developing and sales of software in the United States. The
acquisition closed on February 1, 2023.
In
the first quarter of 2023, we formed HeartCore Financial, Inc. (“HeartCore Financial”) in the U.S. and HeartCore Capital
Advisors, Inc. (“HeartCore Capital Advisors”) in Japan, as a part of our Go IPO consulting business. In the fourth
quarter of 2023, we formed HeartCore Luvina Vietnam Company Limited in Vietnam (“HeartCore Luvina”), which is engaged in the business of software
development.
On
November 17, 2023, HeartCore Japan and HeartCore Capital Advisors entered into a merger agreement to merge the two entities into one
with HeartCore Japan being the surviving entity. On January 1, 2024, the merger was completed and HeartCore Capital Advisors transferred
all of its assets and liabilities to HeartCore Japan. The merger has been accounted for as a recapitalization between entities under
common control since the same controlling shareholders controlled the two entities before and after the transaction.
In April 2024, HeartCore Financial incorporated a
branch office, HeartCore Financial, Inc. – Japan Branch Office, in Japan.
Recent
Developments
Sale
of Warrants
On
February 29, 2024, the Company entered into a warrants transfer agreement with an unrelated third party to sell a warrant it
received from a Go IPO client as non-cash consideration from consulting services for $9,000,000 in cash. The Company received
$9,000,000 during the six months ended June 30, 2024 and recorded it in other current liabilities as the warrants were exercisable
upon the Go IPO’s client’s consummation of a merger with a special purpose acquisition company or the occurrence of
other fundamental events, as described in the warrant agreement between the Company and the Go IPO client.
Cash
Dividends
On
March 29, 2024, the Board of Directors of the Company declared a cash dividend of $0.02 per share of the Company’s common
shares. The dividend was paid on May 3, 2024 to shareholders of record as of April 26, 2024, resulting in an aggregate of $417,283
in total dividends paid by the Company.
On
July 22, 2024, the Board of Directors of the Company declared a cash dividend of $0.02 per share of the Company’s common
shares. The dividend will be paid on August 26, 2024 to shareholders of record as of August 19, 2024, resulting in an aggregate of
$417,283 in total dividends to be paid by the Company.
The
Company may continue to issue quarterly dividends going forward, contingent upon Board of Directors approval, following review of
the Company’s then-current financial results. Future dividends, if any, may be less than, equal to or greater than recent
dividends.
Noncompliance
with Nasdaq’s Minimum Bid Price Requirement
On
October 26, 2023, the Company received written notice (the “Bid Price Notice”) from the Nasdaq Listing Qualification Department
(the “Nasdaq Staff”) indicating that the Company was not in compliance with the $1.00 minimum bid price requirement set forth
in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”) for continued listing on the Nasdaq Capital Market.
The notification of noncompliance had no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq
Capital Market under the symbol “HTCR.”
The
Nasdaq Listing Rules require listed securities to maintain a minimum bid price of $1.00 per share and, based upon the closing bid price
for the then-last 30 consecutive business days, the Company did not meet this requirement. The Bid Price Notice indicated that the Company
would be provided 180 calendar days, or until April 23, 2024, in which to regain compliance. If at any time during this period the closing
bid price of the Company’s common stock was at least $1.00 per share for a minimum of 10 consecutive business days, the Nasdaq
Staff would provide the Company with written confirmation of compliance and the matter will be closed.
Alternatively,
if the Company failed to regain compliance with Rule 5550(a)(2) prior to the expiration of the 180 calendar day period, but met the continued
listing requirement for market value of publicly held shares and all of the other applicable standards for initial listing on the Nasdaq
Capital Market, with the exception of the Minimum Bid Price Requirement, and provided written notice of its intention to cure the deficiency
during the second compliance period by effecting a reverse stock split, if necessary, then the Company may be granted an additional 180
calendar days to regain compliance with Rule 5550(a)(2).
On
April 24, 2024, the Company received written notice from the Nasdaq Staff indicating that although the Company was not in compliance
with the Minimum Bid Price Requirement, the Nasdaq Staff determined that the Company is eligible for an additional 180 calendar day period,
or until October 21, 2024, to regain compliance. The Nasdaq Staff indicated that its determination was based on the Company meeting the
continued listing requirement for market value of publicly held shares and all of the other applicable requirements for initial listing
on the Nasdaq Capital Market, with the exception of the Minimum Bid Requirement, and the Company’s written notice of its intention
to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. Accordingly, there is no
immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Capital Market under the symbol “HTCR.”
If
at any time during this additional time period the closing bid price of the Company’s common stock is at least $1.00 per share
for a minimum of 10 consecutive business days, the Nasdaq Staff will provide the Company with written confirmation of compliance and
the matter will be closed.
There
can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Requirement, even if it maintains compliance
with the other listing requirements. The Company is currently monitoring the closing bid price of its common stock and evaluating its
alternatives, if appropriate, to resolve the deficiency and regain compliance with Minimum Bid Price Requirement.
Financial
Overview
For the three months ended June 30, 2024 and 2023, we generated revenues
of $4,066,388 and $5,095,373, respectively, reported a net loss of $2,211,118 and $1,022,846, respectively.
For
the six months ended June 30, 2024 and 2023, we generated revenues of $9,113,120 and $13,829,523, respectively, reported a net loss
of $3,689,120 and net income of $785,191, respectively, and had cash flows used in operating activities of $1,460,744 and 1,368,562, respectively. As noted in our unaudited consolidated financial statements, as of
June 30, 2024, we had an accumulated deficit of $18,047,919.
Results
of Operations
Comparison
of Results of Operations for the Three Months Ended June 30, 2024 and 2023
The
following table summarizes our operating results as reflected in our unaudited statements of operations during the three months ended
June 30, 2024 and 2023, respectively, and provides information regarding the dollar and percentage increase (or decrease) during such
periods.
| |
For the Three Months Ended June 30, | |
| |
2024 | | |
2023 | | |
Variance | |
| |
| | |
% of | | |
| | |
% of | | |
| | |
| |
| |
Amount | | |
Revenues | | |
Amount | | |
Revenues | | |
Amount | | |
% | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Revenues | |
$ | 4,066,388 | | |
| 100.0 | % | |
$ | 5,095,373 | | |
| 100.0 | % | |
$ | (1,028,985 | ) | |
| -20.2 | % |
Cost of revenues | |
| 3,260,507 | | |
| 80.2 | % | |
| 3,586,938 | | |
| 70.4 | % | |
| (326,431 | ) | |
| -9.1 | % |
Gross profit | |
| 805,881 | | |
| 19.8 | % | |
| 1,508,435 | | |
| 29.6 | % | |
| (702,554 | ) | |
| -46.6 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Selling expenses | |
| 179,408 | | |
| 4.4 | % | |
| 488,062 | | |
| 9.6 | % | |
| (308,654 | ) | |
| -63.2 | % |
General and administrative expenses | |
| 2,022,409 | | |
| 49.7 | % | |
| 2,447,887 | | |
| 48.0 | % | |
| (425,478 | ) | |
| -17.4 | % |
Research and development expenses | |
| 111,268 | | |
| 2.7 | % | |
| 39,608 | | |
| 0.8 | % | |
| 71,660 | | |
| 180.9 | % |
Total operating expenses | |
| 2,313,085 | | |
| 56.8 | % | |
| 2,975,557 | | |
| 58.4 | % | |
| (662,472 | ) | |
| -22.3 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (1,507,204 | ) | |
| -37.0 | % | |
| (1,467,122 | ) | |
| -28.8 | % | |
| (40,082 | ) | |
| 2.7 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other expenses | |
| (776,077 | ) | |
| -19.1 | % | |
| (177,726 | ) | |
| -3.5 | % | |
| (598,351 | ) | |
| 336.7 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Loss before income tax provision | |
| (2,283,281 | ) | |
| -56.1 | % | |
| (1,644,848 | ) | |
| -32.3 | % | |
| (638,433 | ) | |
| 38.8 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income tax benefit | |
| (72,163 | ) | |
| -1.8 | % | |
| (622,002 | ) | |
| -12.2 | % | |
| 549,839 | | |
| -88.4 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| (2,211,118 | ) | |
| -54.3 | % | |
| (1,022,846 | ) | |
| -20.1 | % | |
| (1,188,272 | ) | |
| 116.2 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Less: net loss attributable to non-controlling interests | |
| (260,018 | ) | |
| -6.4 | % | |
| (111,046 | ) | |
| -2.2 | % | |
| (148,972 | ) | |
| 134.2 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss attributable to HeartCore Enterprises, Inc. | |
$ | (1,951,100 | ) | |
| -47.9 | % | |
$ | (911,800 | ) | |
| -17.9 | % | |
$ | (1,039,300 | ) | |
| 114.0 | % |
Revenues
Our
total revenues decreased by $1,028,985, or 20.2%, to $4,066,388 for the three months ended June 30, 2024 from $5,095,373 for the
three months ended June 30, 2023, mainly attributable to (i) the decreased revenues of $486,631 from GO IPO consulting services as
in the three months ended June 30, 2024, the
Company entered into a settlement agreement with a customer, pursuant to which the consulting service agreement with the customer
was terminated and the Company will refund $500,000 to the customer; (ii) the decreased revenues of $325,441 in maintenance and
supporting services, as we entered into a significant maintenance service contract with a customer in the three months ended June
30, 2023 while there was no such contract in the
current period ; and (iii) the decreased revenues of $172,894 in customized software development and services due to intense competition
in software industry.
Cost
of Revenues
Our
total costs of revenues decreased by $326,431, or 9.1%, to $3,260,507 for the three months ended June 30, 2024 from $3,586,938 for
the three months ended June 30, 2023, in light of the decrease in sales in GO IPO consulting services and on-premise software, offset by the increase in the costs related to customized software
development and services and software as a service.
Gross
Profit
Our
total gross profit decreased by $702,554, or 46.6%, to $805,881 for the three months ended June 30, 2024 from $1,508,435 for the
three months ended June 30, 2023, mainly attributable to (i) a decrease in gross profit of $118,376 from GO IPO consulting services
due to the consulting service agreement termination with a customer that resulted in reduction of consulting service revenues in the
three months ended June 30, 2024; (ii) a decrease in gross profit of $346,136 in maintenance and support services in light of the
decrease in sales; and (iii) a decrease in gross profit of $289,934 in customized software development and services in light of the
increase in costs due to intense market competition.
For the reasons discussed above, our overall gross profit margin decreased
by 9.8% to 19.8% for the three months ended June 30, 2024 from 29.6% in the three months ended June 30, 2023.
Selling
Expenses
Our
selling expenses decreased by $308,654, or 63.2%, to $179,408 for the three months ended June 30, 2024 from $488,062 in the three
months ended June 30, 2023, primarily attributable to (i) a decrease of $222,924 in advertising expenses due to less advertising
activities in the current period; and (ii) a decrease of $77,580 in sales commission in light of the decrease in revenues.
As
a percentage of revenues, our selling expenses accounted for 4.4% and 9.6% of our total revenues for the three months ended
June 30, 2024 and 2023, respectively.
General
and Administrative Expenses
Our
general and administrative expenses decreased by $425,478, or 17.4%, to $2,022,409 for the three months ended June 30, 2024 from
$2,447,887 in the three months ended June 30, 2023, primarily attributable to (i) a decrease of $230,118 in salaries and welfare due
to the retirement of certain senior employees; and (ii) a decrease of $243,627 in office, utility, and other expenses due to our
effort to reduce operating costs.
As
a percentage of revenues, our general and administrative expenses were 49.7% and 48.0% of our total revenues for the three months
ended June 30, 2024 and 2023, respectively.
Research
and Development Expenses
Our research and development expenses slightly increased by $71,660, or
180.9%, to $111,268 in the three months ended June 30, 2024 from $39,608 in the three months ended June 30, 2023, primarily attributable
to an increase of $72,559 in outsourcing expenses relating to the development of new CMS management screen features in the current period.
As
a percentage of revenues, our research and development expenses were 2.7% and 0.8% of our total revenues for the three months ended
June 30, 2024 and 2023, respectively.
Other
Income (Expenses), Net
Our other income (expenses) primarily includes changes in fair value of
investments in marketable securities, changes in fair value of investment in warrants, interest income generated from bank deposits, interest
expense for bank loans and bond, other income, and other expenses. Other expenses, net, of $177,726 for the three months ended June
30, 2023 increased by $598,351, or 336.7%, to other expenses, net, of $776,077 for the three months ended June 30, 2024, primarily attributable
to an increase of $531,562 in loss on fair value changes in investment in warrants.
Income
Tax Benefit
Income tax
benefit was $72,163 in the three months ended June 30, 2024, a decrease of $549,839, or 88.4%, from income tax benefit of $622,002
in the three months ended June 30, 2023, primarily due to a net loss before income tax provision in the current period, while we
recorded a net income before income tax provision in the three months ended March 31, 2023 and the Company started to consider net operating losses carried forward from previous years in income tax calculation
and recognized an income tax benefit in the three months ended June 30, 2023 to offset the income tax expense recognized in the prior
quarter.
Net Loss
As a result of the foregoing, we reported a net loss of $2,211,118 for
the three months ended June 30, 2024, representing a $1,188,272, or 116.2%, increase from a net loss of $1,022,846 for the three months
ended June 30, 2023.
Net
Loss Attributable to Non-controlling Interests
We owned 51% equity interest in Sigmaways
and its subsidiaries and 51% equity interest in HeartCore Luvina. Accordingly, we recorded net loss attributable to non-controlling
interests of $260,018 and $111,046 for the three months ended June 30, 2024 and 2023, respectively.
Net
Loss Attributable to HeartCore Enterprises, Inc.
As a result of the foregoing, we reported a net loss attributable to HeartCore
Enterprises, Inc. of $1,951,100 for the three months ended June 30, 2024, representing a $1,039,300, or 114.0%, increase from a net loss
attributable to HeartCore Enterprises, Inc. of $911,800 for the three months ended June 30, 2023.
Comparison
of Results of Operations for the Six Months Ended June 30, 2024 and 2023
The
following table summarizes our operating results as reflected in our unaudited statements of operations during the six months ended June
30, 2024 and 2023, respectively, and provides information regarding the dollar and percentage increase (or decrease) during such periods.
| |
For the Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
Variance | |
| |
| | |
% of | | |
| | |
% of | | |
| | |
| |
| |
Amount | | |
Revenues | | |
Amount | | |
Revenues | | |
Amount | | |
% | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Revenues | |
$ | 9,113,120 | | |
| 100.0 | % | |
$ | 13,829,523 | | |
| 100.0 | % | |
$ | (4,716,403 | ) | |
| -34.1 | % |
Cost of revenues | |
| 6,275,050 | | |
| 68.9 | % | |
| 6,688,004 | | |
| 48.4 | % | |
| (412,954 | ) | |
| -6.2 | % |
Gross profit | |
| 2,838,070 | | |
| 31.1 | % | |
| 7,141,519 | | |
| 51.6 | % | |
| (4,303,449 | ) | |
| -60.3 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Selling expenses | |
| 399,115 | | |
| 4.4 | % | |
| 1,056,704 | | |
| 7.6 | % | |
| (657,589 | ) | |
| -62.2 | % |
General and administrative expenses | |
| 4,428,712 | | |
| 48.6 | % | |
| 5,133,094 | | |
| 37.1 | % | |
| (704,382 | ) | |
| -13.7 | % |
Research and development expenses | |
| 200,402 | | |
| 2.2 | % | |
| 119,232 | | |
| 0.9 | % | |
| 81,170 | | |
| 68.1 | % |
Total operating expenses | |
| 5,028,229 | | |
| 55.2 | % | |
| 6,309,030 | | |
| 45.6 | % | |
| (1,280,801 | ) | |
| -20.3 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income (loss) from operations | |
| (2,190,159 | ) | |
| -24.1 | % | |
| 832,489 | | |
| 6.0 | % | |
| (3,022,648 | ) | |
| -363.1 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other expenses | |
| (1,651,291 | ) | |
| -18.1 | % | |
| (7,852 | ) | |
| -0.1 | % | |
| (1,643,439 | ) | |
| 20,930.2 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income (loss) before income tax provision | |
| (3,841,450 | ) | |
| -42.2 | % | |
| 824,637 | | |
| 5.9 | % | |
| (4,666,087 | ) | |
| -565.8 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income tax expense (benefit) | |
| (152,330 | ) | |
| -1.7 | % | |
| 39,446 | | |
| 0.3 | % | |
| (191,776 | ) | |
| -486.2 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
| (3,689,120 | ) | |
| -40.5 | % | |
| 785,191 | | |
| 5.6 | % | |
| (4,474,311 | ) | |
| -569.8 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Less: net loss attributable to non-controlling interests | |
| (404,670 | ) | |
| -4.4 | % | |
| (185,298 | ) | |
| -1.4 | % | |
| (219,372 | ) | |
| 118.4 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income (loss) attributable to HeartCore Enterprises, Inc. | |
$ | (3,284,450 | ) | |
| -36.1 | % | |
$ | 970,489 | | |
| 7.0 | % | |
$ | (4,254,939 | ) | |
| -438.4 | % |
Revenues
Our
total revenues decreased by $4,716,403, or 34.1%, to $9,113,120 for the six months ended June 30, 2024 from $13,829,523 for the six
months ended June 30, 2023, mainly attributable to (i) the decreased revenues of $5,103,901 from GO IPO consulting services as the
Company’s two IPO consulting customers successfully listed on the Nasdaq in the six months ended June 30, 2023 and the Company
received warrants from its customers as non-cash consideration from consulting services, while there was no such activity in the six
months ended June 30, 2024; (ii) the decreased revenues of $399,151 from maintenance and support services, as we entered into
a significant maintenance service contract with a customer in the six months ended June 30, 2023 while
there was no such contract in the current period; offset by (iii) an increase of $592,971 in revenues
from sale of on-premise software, primarily due to the Company newly obtained two large orders from two customers during the six
months ended June 30, 2024.
Cost
of Revenues
Our
total costs of revenues slightly decreased by $412,954, or 6.2%, to $6,275,050 for the six months ended June 30, 2024 from
$6,688,004 for the six months ended June 30, 2023, mainly in light of the decrease in sales in GO IPO consulting services.
Gross
Profit
Our
total gross profit decreased by $4,303,449, or 60.3%, to $2,838,070 for the six months ended June 30, 2024 from $7,141,519 for the
six months ended June 30, 2023, mainly attributable to (i) a decrease in gross profit of $4,367,148 from GO IPO consulting services,
as we recognized revenues from the warrants of the customers upon customers’ IPO effectiveness in the six months ended June
30, 2023, while there was no such activity in the current period; (ii) a decrease in gross profit of $483,044 in maintenance and
support services in light of the decrease in sales; offset by (iii) an increase in gross profit of $759,015 in sales of on-premise
software, as the sales of CMS license increased significantly, while there was not much change
in the corresponding costs as the product was developed by ourself, instead of purchasing from outsiders.
For
the reasons discussed above, our overall gross profit margin decreased by 20.5% to 31.1% for the six months ended June 30, 2024 from
51.6% in the six months ended June 30, 2023.
Selling
Expenses
Our
selling expenses decreased by $657,589, or 62.2%, to $399,115 for the six months ended June 30, 2024 from $1,056,704 in the six
months ended June 30, 2023, primarily attributable to a decrease of $338,863 in stock-based compensation, as the Company granted
shares of common stock to employees and service providers of Sigmaways in 2023, and there was no such event in the current period;
and (ii) a decrease of $322,142 in advertising expense due to less advertising activities in the current period.
As a percentage of revenues, our selling expenses accounted for 4.4% and
7.6% of our total revenues for the six months ended June 30, 2024 and 2023, respectively.
General
and Administrative Expenses
Our
general and administrative expenses decreased by $704,382, or 13.7%, to $4,428,712 for the six months ended June 30, 2024 from
$5,133,094 in the six months ended June 30, 2023, primarily attributable to (i) a decrease of $532,207 in stock-based compensation,
as the Company granted shares of common stock to employees and service providers of Sigmaways in 2023, and there was no such event
in the current period; and (ii) a decrease of $113,950 in office, utility, and other expenses due to our effort to reduce operating
costs.
As
a percentage of revenues, our general and administrative expenses were 48.6% and 37.1% of our total revenues for the six months
ended June 30, 2024 and 2023, respectively.
Research
and Development Expenses
Our
research and development expenses slightly increased by $81,170, or 68.1%, to $200,402 in the six months ended June 30, 2024 from
$119,232 in the six months ended June 30, 2023, primarily attributable to an increase of $137,967 in outsourcing expenses relating
to the development of new CMS management screen features in the current period; offset by (ii) a decrease of $56,797 in stock-based
compensation, as the Company granted shares of common stock to employees and service providers of Sigmaways in 2023, and there was
no such event in the current period.
As
a percentage of revenues, our research and development expenses were 2.2% and 0.9% of our total revenues for the six months ended
June 30, 2024 and 2023, respectively.
Other
Income (Expenses), Net
Our other income (expenses) primarily includes changes in fair value of
investments in marketable securities, changes in fair value of investment in warrants, interest income generated from bank deposits, interest
expense for bank loans and bond, other income, and other expenses. Other expenses, net, of $7,852 for the six months ended June
30, 2023 increased by $1,643,439, or 20,930.2%, to other expenses, net, of $1,651,291 for the six months ended June 30, 2024, primarily attributable
to an increase of $201,309 in loss on fair value changes in investments in marketable securities and an increase of $1,403,814 in loss
on fair value changes in investment in warrants.
Income
Tax Expense (Benefit)
Income
tax benefit was $152,330 for the six months ended June 30, 2024, a decrease of $191,776, or 486.2%, from income tax expense of
$39,446 in the six months ended June 30, 2023, primarily due to a net loss before income tax provision in the current period, while
we recorded a net income before income tax provision in the six months ended June 30, 2023.
Net
Income (Loss)
As a result of the foregoing, we reported a net loss of $3,689,120 for
the six months ended June 30, 2024, representing a $4,474,311, or 569.8%, decrease from a net income of $785,191 for the six months ended
June 30, 2023.
Net
Loss Attributable to Non-controlling Interests
We owned 51% equity interest in Sigmaways
and its subsidiaries and 51% equity interest of HeartCore Luvina. Accordingly, we recorded net loss attributable to non-controlling
interests of $404,670 and $185,298 for the six months ended June 30, 2024 and 2023, respectively.
Net
Income (Loss) Attributable to HeartCore Enterprises, Inc.
As a result of the foregoing, we reported a net loss attributable to HeartCore
Enterprises, Inc. of $3,284,450 for the six months ended June 30, 2024, representing a $4,254,939, or 438.4%, decrease from a net income
attributable to HeartCore Enterprises, Inc. of $970,489 for the six months ended June 30, 2023.
Liquidity
and Capital Resources
As
of June 30, 2024, we had $3,806,349 in cash and cash equivalents, as compared to $1,012,479 as of December 31, 2023. We also had $2,440,872 in accounts
receivable, current as of June 30, 2024. Our accounts receivable primarily include balance due from customers for our on-premise software
sold and services provided and accepted by customers, as well as amounts billable to the customers for customized software
development and services.
The
following table sets forth summary of our cash flows for the periods indicated:
| |
For the Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Net cash flows used in operating activities | |
$ | (1,460,744 | ) | |
$ | (1,368,562 | ) |
Net cash flows provided by (used in) investing activities | |
| 5,271,823 | | |
| (1,181,646 | ) |
Net cash flows used in financing activities | |
| (874,136 | ) | |
| (243,897 | ) |
Effect of exchange rate changes | |
| (143,073 | ) | |
| (144,480 | ) |
Net change in cash and cash equivalents | |
| 2,793,870 | | |
| (2,938,585 | ) |
Cash and cash equivalents, beginning of the period | |
| 1,012,479 | | |
| 7,177,326 | |
Cash and cash equivalents, end of the period | |
$ | 3,806,349 | | |
$ | 4,238,741 | |
Operating
Activities
Net
cash flows used in operating activities was $1,460,744 for the six months ended June 30, 2024, primarily consisting of the
following:
|
● |
Net loss of $3,689,120
for the six months ended June 30, 2024. |
|
● |
Depreciation and amortization expenses of $374,946. |
|
● |
Non-cash lease expense of $182,546. |
|
● |
A loss of $430,331 on fair value changes in investments in marketable shares. |
|
● |
A loss of $1,237,707 on fair value changes in investment in warrants. |
|
● |
An increase of $548,402 in accounts receivable due to increased sale of on-premise software in the current period. |
|
● |
Offset by an increase of $558,667
in other liabilities, mainly because we terminated the consulting service agreement
with a customer and will refund $500,000 to the customer. |
Investing
Activities
Net cash flows provided by investing activities amounted to $5,271,823
for the six months ended June 30, 2024, primarily attributable to net proceeds from sale of unearned warrants of $5,640,000, offset by
payment of $350,000 to purchase long-term investment in SAFE and prepayment of $35,209 for property and equipment.
Financing
Activities
Net
cash flows used in financing activities amounted to $874,136 for the six months ended June 30, 2024, primarily consisting of
repayment of $281,451 for short-term and long-term debts, and net repayment of $242,008 for factoring arrangement, and dividend
distribution of $417,283.
Contractual
Obligations
Lease
Commitment
The
Company has entered into six leases for its office space, one of which was terminated in February 2024, and these leases were classified
as operating leases. It has also entered into a lease for office equipment, and two leases for vehicles, one of which was terminated
in September 2023, and these leases were classified as finance leases.
As
of June 30, 2024, future minimum lease payments under the non-cancelable lease agreements are as follows:
Year Ending December 31, | |
Finance Leases | | |
Operating Leases | |
Remaining of 2024 | |
$ | 8,394 | | |
$ | 198,991 | |
2025 | |
| 16,787 | | |
| 373,470 | |
2026 | |
| 16,787 | | |
| 303,852 | |
2027 | |
| 16,787 | | |
| 261,809 | |
2028 | |
| 11,192 | | |
| 261,809 | |
Thereafter | |
| - | | |
| 870,248 | |
Total lease payments | |
| 69,947 | | |
| 2,270,179 | |
Less: imputed interest | |
| (1,900 | ) | |
| (106,835 | ) |
Total lease liabilities | |
| 68,047 | | |
| 2,163,344 | |
Less: current portion | |
| (15,992 | ) | |
| (358,377 | ) |
Non-current lease liabilities | |
$ | 52,055 | | |
$ | 1,804,967 | |
Debts
The
Company’s debts included long-term debts borrowed from banks and financial institutions.
As
of June 30, 2024, future minimum principal payments for long-term debts are as follows:
| |
Principal | |
Year Ending December 31, | |
Payment | |
Remaining of 2024 | |
$ | 260,702 | |
2025 | |
| 404,497 | |
2026 | |
| 360,339 | |
2027 | |
| 386,977 | |
2028 | |
| 177,502 | |
Thereafter | |
| 336,584 | |
Total | |
$ | 1,926,601 | |
Off-Balance
Sheet Arrangements
We
did not have any off-balance sheet arrangements as of June 30, 2024.
Critical
Accounting Policies and Estimates
Our
discussion and analysis of our financial condition and results of operations are based upon our unaudited consolidated financial statements.
These financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“U.S.
GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of our assets and liabilities and
revenues and expenses, to disclose contingent assets and liabilities on the date of the unaudited consolidated financial statements,
and to disclose the reported amounts of revenues and expenses incurred during the financial reporting period. We continue to evaluate
the estimates and assumptions that we believe to be reasonable under the circumstances. We rely on these evaluations as the basis for
making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Since the use
of estimates is an integral component of the financial reporting process, actual results could differ from those estimates. Some of our
accounting policies require higher degrees of judgment than others in their application. We believe critical accounting policies as disclosed
herein reflect the more significant judgments and estimates used in preparation of our unaudited consolidated financial statements.
Revenue
Recognition
The
Company recognizes revenues under the Financial Accounting Standards Board’s Accounting Standards Codification (“ASC”)
Topic 606, “Revenue from Contracts with Customers”.
To
determine revenue recognition for contracts with customers, the Company performs the following five steps: (i) identify the contract(s)
with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable
consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price
to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance
obligation. Revenues amount represents the invoiced value, net of a value-added tax (“Consumption Tax”) and applicable local
government levies. The Consumption Tax on sales are calculated at 10% of gross sales in Japan and Vietnam, 5% of gross sales in Canada,
21% of gross sales in Netherlands and nil of gross sales in the United States.
The
Company currently generates its revenue from the following main sources:
Revenues
from On-Premise Software
Licenses
for on-premise software provide the customers with a right to use the software as it exists when made available to the customers. The
Company provides on-premise software in the form of both perpetual licenses and term-based licenses which grant the customers with the
right for a specified term. Revenues from on-premise licenses are recognized upfront at the point in time when the software is made available
to the customers. Licenses for on-premise software are typically sold to the customers with maintenance and support services in a bundle.
Revenues under the bundled arrangements are allocated based on the relative standalone selling prices (“SSP”) of on-premise
software and maintenance and support service. The SSP for maintenance and support services is estimated based upon observable transactions
when those services are sold on a standalone basis. The SSP of on-premise software is typically estimated using the residual approach
as the Company is unable to establish the SSP for on-premise licenses based on observable prices given the same products are sold for
a broad range of amounts (that is, the selling price is highly variable) and a representative SSP is not discernible from past transactions
or other observable evidence.
Revenues
from Maintenance and Support Services
Maintenance
and support services provided with software licenses consist of trouble shooting, technical support and the right to receive unspecified
software updates when and if available during the subscription. Revenues from maintenance and support services are recognized over time
as such services are performed. Revenues for consumption-based services are generally recognized as the services are performed and accepted
by the customers.
Revenues
from Software as a Service (“SaaS”)
The
Company’s software is available for use as hosted application arrangements under subscription fee agreements without licensing
the rights of the software to the customers. Subscription fees from these applications are recognized over time on a ratable basis over
the customer agreement term beginning on the date the Company’s solution is made available to the customers. The subscription contracts
are generally one year or less in length.
Revenues
from Software Development and Other Miscellaneous Services
The
Company provides customers with software development and support services pursuant to their specific requirements, which primarily compose
of consulting, integration, training, custom application, and workflow development. The Company also provides other miscellaneous services,
such as 3D space photography. The Company generally recognizes revenues at a point in time when control is transferred to the customers
and the Company is entitled to the payment, which is when the promised services are delivered and accepted by the customers.
Revenues
from Customized Software Development and Services
The
Company’s customized software development and services revenues primarily include revenues from providing software development
solutions and other support services to its customers. The contract pricing is at stated billing rates per hour. These contracts are
generally short-term in nature and not longer than one year in duration. For services provided under the contracts that result in the
transfer of control over time, the underlying deliverable in the contracts is owned and controlled by the customers and does not create
an asset with an alternative use to the Company. The Company recognizes revenues on rate per hour contracts based on the amount billable
to the customers, as the Company has the right to invoice the customers in an amount that directly corresponds with the value to the
customers of the Company’s performance to date.
Revenues
from Consulting Services
The
Company provides public listing related consulting services to customers pursuant to the specific requirements prescribed in the contracts,
which primarily include communicating with intermediary parties, preparing required documents related to the initial public offering
and supporting the listing process. The consulting service contracts normally include both cash and noncash considerations. Cash consideration
is paid in installment payments and is recognized in revenues over the period of the contract by reference to progress toward complete
satisfaction of that performance obligation. Noncash consideration is in the form of warrants of the customers and is measured at fair
value at contract inception. Noncash consideration that is variable for reasons other than only the form of the consideration is included
in the transaction price, but is subject to the constraint on variable consideration. The Company assesses the estimated amount of the
variable noncash consideration at contract inception and subsequently, to determine when and to what extent it is probable that a significant
reversal in the amount of cumulative revenues recognized will not occur once the uncertainty associated with the variable consideration
is subsequently resolved. Only when the significant revenues reversal is concluded probable of not occurring can variable consideration
be included in revenues. Based on evaluation of likelihood and magnitude of a reversal in applying the constraint, the variable noncash
consideration is recognized in revenues until the underlying uncertainties have been resolved.
The Company records reduction to revenues for estimated
customer returns and allowances. The Company bases its estimates on historical rates of customer returns and allowances as well as the
specific identification of outstanding returns. The actual amount of customer returns and allowances, which is inherently uncertain, may
differ from the Company’s estimates. If the Company determines that actual or expected returns or allowances are significantly higher
or lower than the reserves it established, it would record a reduction or increase, as appropriate, to revenues in the period in which
it makes such a determination. Reserves for customer refunds are included within other current liabilities or other non-current liabilities
on the consolidated balance sheets. At a minimum, the Company reviews and refines these estimates on a quarterly basis.
The
timing of revenue recognition may differ from the timing of invoicing to the customers. The Company has determined that its contracts
do not include a significant financing component. The Company records a contract asset, which is included in accounts receivable, current and non-current, in the
consolidated balance sheets, when revenues are recognized prior to invoicing. The Company factors certain accounts receivable upon or
after the performance obligation is being met. The Company records deferred revenue in the consolidated balance sheets when revenues
are recognized subsequent to cash collection for an invoice. Deferred revenue is reported net of related uncollected deferred revenue
in the consolidated balance sheets. The amount of revenues recognized during the six months ended June 30, 2024 and 2023 that were included
in the opening deferred revenue balance was approximately $1.5 million and $1.3 million, respectively.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not
applicable.
ITEM
4. CONTROLS AND PROCEDURES
The
Company’s Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the Company’s disclosure
controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2024. Based upon such evaluation,
the Chief Executive Officer and Chief Financial Officer have concluded that, as of June 30, 2024, the Company’s disclosure controls
and procedures were not effective, for the same reason as previously disclosed under Item 9A. “Controls and Procedures” in
our Annual Report on Form 10-K for our fiscal year ended December 31, 2023, as filed with the Securities and Exchange Commission on April
9, 2024.
Changes
in Internal Control Over Financial Reporting
There
were no changes in the Company’s internal control over financial reporting identified in connection with the evaluation required
by paragraph (d) of Rule 13a-15 or 15d-15 of the Exchange Act that occurred during the quarter ended June 30, 2024 that have materially
affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART
II - OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
From
time to time, we are involved in various claims and legal actions arising in the ordinary course of business. To the knowledge of our
management, there are no legal proceedings currently pending against us which we believe would have a material effect on our business,
financial position or results of operations and, to the best of our knowledge, there are no such legal proceedings contemplated or threatened.
ITEM
1A. RISK FACTORS
As
a smaller reporting company, the Company is not required to disclose material changes to the risk factors that were contained in the
Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as updated from time to time.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
There
have been no defaults in any material payments during the covered period.
ITEM
4. MINE SAFETY DISCLOSURES
Not
applicable.
ITEM
5. OTHER INFORMATION
(a)
None.
(b)
There have been no material changes to the procedures by which security holders may recommend nominees to the Company’s Board of
Directors since the Company last provided disclosure in response to the requirements of Item 407(c)(3) of Regulation S-K.
(c)
During the quarter ended June 30, 2024, no director or officer of the Company adopted or terminated a contract, instruction or written
plan for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) and/or
a non-Rule 10b5-1 trading arrangement.
ITEM
6. EXHIBITS
* |
Filed
herewith. |
** |
Furnished
herewith. |
SIGNATURES
Pursuant
to the requirements of the Securities and Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the
undersigned, thereto duly authorized.
|
HEARTCORE
ENTERPRISES, INC. |
|
|
|
Dated:
August 14, 2024 |
By:
|
/s/
Sumitaka Yamamoto |
|
|
Sumitaka
Yamamoto |
|
|
Chief
Executive Officer and President (principal executive officer) |
|
|
|
Dated:
August 14, 2024 |
By: |
/s/
Qizhi Gao |
|
|
Qizhi
Gao |
|
|
Chief
Financial Officer (principal financial officer and principal accounting officer) |
Exhibit 31.1
CERTIFICATIONS
I, Sumitaka Yamamoto, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q for the quarter ended June 30, 2024 of HeartCore Enterprises, Inc.; and |
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; and |
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; and |
|
|
4. |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; |
|
|
|
|
d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 14, 2024 |
By: |
/s/ Sumitaka Yamamoto |
|
|
Sumitaka Yamamoto |
|
|
Chief Executive Officer and President (principal executive officer) |
Exhibit 31.2
CERTIFICATIONS
I, Qizhi Gao, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q for the quarter ended June 30, 2024 of HeartCore Enterprises, Inc.; and |
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; and |
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; and |
|
|
4. |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; |
|
|
|
|
d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 14, 2024 |
By: |
/s/ Qizhi Gao |
|
|
Qizhi Gao |
|
|
Chief Financial Officer (principal financial officer) |
Exhibit 32.1
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY
ACT OF 2002
In connection with the Quarterly Report of HeartCore
Enterprises, Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2024 as filed with the Securities and Exchange
Commission on the date hereof (the “Report”), I, Sumitaka Yamamoto, Chief Executive Officer and President of the Company,
and I, Qizhi Gao, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
1. The Report fully complies with
the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in
the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
Date: August 14, 2024 |
/s/ Sumitaka Yamamoto |
|
Sumitaka Yamamoto |
|
Chief Executive Officer and President (principal executive officer) |
|
|
Date: August 14, 2024 |
/s/ Qizhi Gao |
|
Qizhi Gao
Chief Financial Officer (principal financial officer) |
This certification accompanies this Quarterly Report
on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed
filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such
certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except to the extent that the Company specifically incorporates it by reference.
v3.24.2.u1
Cover - $ / shares
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Jun. 30, 2024 |
Aug. 14, 2024 |
Cover [Abstract] |
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Entity File Number |
001-41272
|
|
Entity Registrant Name |
HeartCore
Enterprises, Inc.
|
|
Entity Central Index Key |
0001892322
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Entity Tax Identification Number |
87-0913420
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Entity Incorporation, State or Country Code |
DE
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Shinagawa-ku
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Tokyo
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JP
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Common
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Trading Symbol |
HTCR
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NASDAQ
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v3.24.2.u1
Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 3,806,349
|
$ 1,012,479
|
Accounts receivable |
2,440,872
|
2,623,682
|
Investments in marketable securities |
435,498
|
642,348
|
Investment in equity securities |
|
300,000
|
Prepaid expenses |
3,877,454
|
536,865
|
Current portion of long-term note receivable |
100,000
|
100,000
|
Other current assets |
199,221
|
234,761
|
Total current assets |
10,899,889
|
5,494,893
|
Non-current assets: |
|
|
Accounts receivable, non-current |
640,197
|
|
Property and equipment, net |
640,787
|
763,730
|
Operating lease right-of-use assets |
2,106,466
|
2,467,889
|
Intangible asset, net |
4,196,875
|
4,515,625
|
Goodwill |
3,276,441
|
3,276,441
|
Long-term investment in SAFE |
350,000
|
|
Long-term investment in equity securities |
300,000
|
|
Long-term investment in warrants |
543,120
|
2,004,308
|
Deferred tax assets |
395,743
|
369,436
|
Security deposits |
310,833
|
348,428
|
Other non-current assets |
70,309
|
71
|
Total non-current assets |
13,176,045
|
14,128,874
|
Total assets |
24,075,934
|
19,623,767
|
Current liabilities: |
|
|
Accrued payroll and other employee costs |
628,136
|
723,305
|
Short-term debt |
|
135,937
|
Current portion of long-term debts |
508,729
|
371,783
|
Insurance premium financing |
112,488
|
|
Factoring liability |
320,759
|
562,767
|
Operating lease liabilities, current |
358,377
|
396,535
|
Finance lease liabilities, current |
15,992
|
17,445
|
Income tax payables |
1,142
|
162,689
|
Deferred revenue |
2,207,420
|
2,166,175
|
Total current liabilities |
15,193,319
|
6,511,555
|
Long-term debts |
1,403,569
|
1,770,352
|
Operating lease liabilities, non-current |
1,804,967
|
2,135,160
|
Finance lease liabilities, non-current |
52,055
|
66,779
|
Deferred tax liabilities |
1,175,125
|
1,264,375
|
Other non-current liabilities |
685,364
|
208,732
|
Total non-current liabilities |
5,121,080
|
5,445,398
|
Total liabilities |
20,314,399
|
11,956,953
|
Shareholders’ equity: |
|
|
Preferred shares ($0.0001 par value, 20,000,000 shares authorized, no shares issued and outstanding as of June 30, 2024 and December 31, 2023) |
|
|
Common shares ($0.0001 par value, 200,000,000 shares authorized; 20,864,144 and 20,842,690 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively) |
2,085
|
2,083
|
Additional paid-in capital |
19,325,270
|
19,594,801
|
Accumulated deficit |
(18,047,919)
|
(14,763,469)
|
Accumulated other comprehensive income |
325,857
|
331,881
|
Total HeartCore Enterprises, Inc. shareholders’ equity |
1,605,293
|
5,165,296
|
Non-controlling interests |
2,156,242
|
2,501,518
|
Total shareholders’ equity |
3,761,535
|
7,666,814
|
Total liabilities and shareholders’ equity |
24,075,934
|
19,623,767
|
Related Party [Member] |
|
|
Current assets: |
|
|
Due from related party |
40,495
|
44,758
|
Non-current assets: |
|
|
Long-term loan receivable |
145,274
|
182,946
|
Current liabilities: |
|
|
Accounts payable and accrued expenses – related party |
21,579
|
|
Other current liabilities |
140
|
1,476
|
Nonrelated Party [Member] |
|
|
Non-current assets: |
|
|
Long-term loan receivable |
200,000
|
200,000
|
Current liabilities: |
|
|
Accounts payable and accrued expenses – related party |
1,757,545
|
1,757,038
|
Other current liabilities |
$ 9,261,012
|
$ 216,405
|
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v3.24.2.u1
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
20,000,000
|
20,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
200,000,000
|
200,000,000
|
Common stock, shares issued |
20,864,144
|
20,842,690
|
Common stock, shares outstanding |
20,864,144
|
20,842,690
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.2.u1
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited)) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
Revenues |
$ 4,066,388
|
$ 5,095,373
|
$ 9,113,120
|
$ 13,829,523
|
Cost of revenues |
3,260,507
|
3,586,938
|
6,275,050
|
6,688,004
|
Gross profit |
805,881
|
1,508,435
|
2,838,070
|
7,141,519
|
Operating expenses: |
|
|
|
|
Selling expenses |
179,408
|
488,062
|
399,115
|
1,056,704
|
General and administrative expenses |
2,022,409
|
2,447,887
|
4,428,712
|
5,133,094
|
Research and development expenses |
111,268
|
39,608
|
200,402
|
119,232
|
Total operating expenses |
2,313,085
|
2,975,557
|
5,028,229
|
6,309,030
|
Income (loss) from operations |
(1,507,204)
|
(1,467,122)
|
(2,190,159)
|
832,489
|
Other income (expenses): |
|
|
|
|
Changes in fair value of investments in marketable securities |
(196,249)
|
(229,022)
|
(430,331)
|
(229,022)
|
Changes in fair value of investment in warrants |
(558,820)
|
(27,258)
|
(1,237,707)
|
166,107
|
Interest income |
2,030
|
18,665
|
4,624
|
50,270
|
Interest expenses |
(37,040)
|
(42,614)
|
(73,701)
|
(82,454)
|
Other income |
37,858
|
109,800
|
134,874
|
124,001
|
Other expenses |
(23,856)
|
(7,297)
|
(49,050)
|
(36,754)
|
Total other expenses |
(776,077)
|
(177,726)
|
(1,651,291)
|
(7,852)
|
Income (loss) before income tax provision |
(2,283,281)
|
(1,644,848)
|
(3,841,450)
|
824,637
|
Income tax expense (benefit) |
(72,163)
|
(622,002)
|
(152,330)
|
39,446
|
Net income (loss) |
(2,211,118)
|
(1,022,846)
|
(3,689,120)
|
785,191
|
Less: net loss attributable to non-controlling interests |
(260,018)
|
(111,046)
|
(404,670)
|
(185,298)
|
Net income (loss) attributable to HeartCore Enterprises, Inc. |
(1,951,100)
|
(911,800)
|
(3,284,450)
|
970,489
|
Other comprehensive income (loss): |
|
|
|
|
Foreign currency translation adjustment |
(24,120)
|
30,533
|
(13,825)
|
5,499
|
Total comprehensive income (loss) |
(2,235,238)
|
(992,313)
|
(3,702,945)
|
790,690
|
Less: comprehensive loss attributable to non-controlling interests |
(262,908)
|
(110,716)
|
(412,471)
|
(187,258)
|
Comprehensive income (loss) attributable to HeartCore Enterprises, Inc. |
$ (1,972,330)
|
$ (881,597)
|
$ (3,290,474)
|
$ 977,948
|
Net income (loss) per common share attributable to HeartCore Enterprises, Inc. |
|
|
|
|
Basic |
$ (0.09)
|
$ (0.04)
|
$ (0.16)
|
$ 0.05
|
Diluted |
$ (0.09)
|
$ (0.04)
|
$ (0.16)
|
$ 0.05
|
Weighted average common shares outstanding |
|
|
|
|
Basic |
20,864,144
|
20,842,690
|
20,859,429
|
19,959,333
|
Diluted |
20,864,144
|
20,842,690
|
20,859,429
|
19,959,333
|
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v3.24.2.u1
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Parent [Member] |
Noncontrolling Interest [Member] |
Total |
Balance at Dec. 31, 2022 |
$ 1,764
|
$ 15,014,607
|
$ (10,573,579)
|
$ 364,837
|
$ 4,807,629
|
|
$ 4,807,629
|
Balance, shares at Dec. 31, 2022 |
17,649,886
|
|
|
|
|
|
|
Net income (loss) |
|
|
1,882,289
|
|
1,882,289
|
(74,252)
|
1,808,037
|
Foreign currency translation adjustment |
|
|
|
(22,744)
|
(22,744)
|
(2,290)
|
(25,034)
|
Stock-based compensation |
$ 69
|
915,159
|
|
|
915,228
|
|
915,228
|
Stock-based compensation, shares |
692,804
|
|
|
|
|
|
|
Issuance of common shares for acquisition of subsidiary |
$ 250
|
3,149,750
|
|
|
3,150,000
|
|
3,150,000
|
Issuance of common shares for acquisition of subsidiary, shares |
2,500,000
|
|
|
|
|
|
|
Non-controlling interest arising from acquisition of subsidiary |
|
|
|
|
|
3,190,000
|
3,190,000
|
Balance at Mar. 31, 2023 |
$ 2,083
|
19,079,516
|
(8,691,290)
|
342,093
|
10,732,402
|
3,113,458
|
13,845,860
|
Balance, shares at Mar. 31, 2023 |
20,842,690
|
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 1,764
|
15,014,607
|
(10,573,579)
|
364,837
|
4,807,629
|
|
4,807,629
|
Balance, shares at Dec. 31, 2022 |
17,649,886
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
|
785,191
|
Balance at Jun. 30, 2023 |
$ 2,083
|
19,258,681
|
(9,603,090)
|
372,296
|
10,029,970
|
3,002,742
|
13,032,712
|
Balance, shares at Jun. 30, 2023 |
20,842,690
|
|
|
|
|
|
|
Balance at Mar. 31, 2023 |
$ 2,083
|
19,079,516
|
(8,691,290)
|
342,093
|
10,732,402
|
3,113,458
|
13,845,860
|
Balance, shares at Mar. 31, 2023 |
20,842,690
|
|
|
|
|
|
|
Net income (loss) |
|
|
(911,800)
|
|
(911,800)
|
(111,046)
|
(1,022,846)
|
Foreign currency translation adjustment |
|
|
|
30,203
|
30,203
|
330
|
30,533
|
Stock-based compensation |
|
179,165
|
|
|
179,165
|
|
179,165
|
Balance at Jun. 30, 2023 |
$ 2,083
|
19,258,681
|
(9,603,090)
|
372,296
|
10,029,970
|
3,002,742
|
13,032,712
|
Balance, shares at Jun. 30, 2023 |
20,842,690
|
|
|
|
|
|
|
Balance at Dec. 31, 2023 |
$ 2,083
|
19,594,801
|
(14,763,469)
|
331,881
|
5,165,296
|
2,501,518
|
7,666,814
|
Balance, shares at Dec. 31, 2023 |
20,842,690
|
|
|
|
|
|
|
Net income (loss) |
|
|
(1,333,350)
|
|
(1,333,350)
|
(144,652)
|
(1,478,002)
|
Foreign currency translation adjustment |
|
|
|
15,206
|
15,206
|
(4,911)
|
10,295
|
Capital contribution from non-controlling shareholder |
|
|
|
|
|
67,195
|
67,195
|
Stock-based compensation |
$ 2
|
91,710
|
|
|
91,712
|
|
91,712
|
Stock-based compensation, shares |
21,454
|
|
|
|
|
|
|
Balance at Mar. 31, 2024 |
$ 2,085
|
19,686,511
|
(16,096,819)
|
347,087
|
3,938,864
|
2,419,150
|
6,358,014
|
Balance, shares at Mar. 31, 2024 |
20,864,144
|
|
|
|
|
|
|
Balance at Dec. 31, 2023 |
$ 2,083
|
19,594,801
|
(14,763,469)
|
331,881
|
5,165,296
|
2,501,518
|
7,666,814
|
Balance, shares at Dec. 31, 2023 |
20,842,690
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
|
(3,689,120)
|
Balance at Jun. 30, 2024 |
$ 2,085
|
19,325,270
|
(18,047,919)
|
325,857
|
1,605,293
|
2,156,242
|
3,761,535
|
Balance, shares at Jun. 30, 2024 |
20,864,144
|
|
|
|
|
|
|
Balance at Mar. 31, 2024 |
$ 2,085
|
19,686,511
|
(16,096,819)
|
347,087
|
3,938,864
|
2,419,150
|
6,358,014
|
Balance, shares at Mar. 31, 2024 |
20,864,144
|
|
|
|
|
|
|
Net income (loss) |
|
|
(1,951,100)
|
|
(1,951,100)
|
(260,018)
|
(2,211,118)
|
Foreign currency translation adjustment |
|
|
|
(21,230)
|
(21,230)
|
(2,890)
|
(24,120)
|
Stock-based compensation |
|
56,042
|
|
|
56,042
|
|
56,042
|
Distribution of dividends |
|
(417,283)
|
|
|
(417,283)
|
|
(417,283)
|
Balance at Jun. 30, 2024 |
$ 2,085
|
$ 19,325,270
|
$ (18,047,919)
|
$ 325,857
|
$ 1,605,293
|
$ 2,156,242
|
$ 3,761,535
|
Balance, shares at Jun. 30, 2024 |
20,864,144
|
|
|
|
|
|
|
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v3.24.2.u1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash flows from operating activities: |
|
|
Net income (loss) |
$ (3,689,120)
|
$ 785,191
|
Adjustments to reconcile net income (loss) to net cash flows used in operating activities: |
|
|
Depreciation and amortization expenses |
374,946
|
306,097
|
Amortization of debt issuance costs |
2,296
|
1,316
|
Non-cash lease expense |
182,546
|
155,301
|
Gain on termination of lease |
(469)
|
|
Deferred income taxes |
(153,531)
|
(75,240)
|
Stock-based compensation |
147,754
|
1,094,393
|
Warrants received as noncash consideration |
|
(4,009,335)
|
Changes in fair value of investments in marketable securities |
430,331
|
229,022
|
Changes in fair value of investment in warrants |
1,237,707
|
(166,107)
|
Loss on disposal of property and equipment |
1,894
|
|
Changes in assets and liabilities: |
|
|
Accounts receivable |
(548,402)
|
(596,312)
|
Prepaid expenses |
158,110
|
1,245
|
Other assets |
(7,526)
|
23,277
|
Accrued payroll and other employee costs |
(278,361)
|
124
|
Due to related party |
(1,246)
|
4,214
|
Operating lease liabilities |
(183,047)
|
(147,035)
|
Income tax payables |
(152,697)
|
106,625
|
Deferred revenue |
165,073
|
810,639
|
Other liabilities |
558,667
|
116,382
|
Net cash flows used in operating activities |
(1,460,744)
|
(1,368,562)
|
Cash flows from investing activities: |
|
|
Purchases of property and equipment |
(4,134)
|
(180,451)
|
Prepayment for property and equipment |
(35,209)
|
|
Advance on note receivable |
|
(300,000)
|
Purchase of long-term investment in SAFE |
(350,000)
|
|
Net proceeds from sale of warrants |
5,640,000
|
|
Repayment of loan provided to related party |
21,166
|
23,715
|
Payment for acquisition of subsidiary, net of cash acquired |
|
(724,910)
|
Net cash flows provided by (used in) investing activities |
5,271,823
|
(1,181,646)
|
Cash flows from financing activities: |
|
|
Payments for finance leases |
(8,526)
|
(11,243)
|
Proceeds from short-term debt |
68,138
|
|
Repayment of short-term and long-term debts |
(281,451)
|
(411,923)
|
Repayment of insurance premium financing |
(60,201)
|
(149,250)
|
Net proceeds from factoring arrangement |
|
328,967
|
Net repayment of factoring arrangement |
(242,008)
|
|
Payments for debt issuance costs |
|
(448)
|
Distribution of dividends |
(417,283)
|
|
Capital contribution from non-controlling shareholder |
67,195
|
|
Net cash flows used in financing activities |
(874,136)
|
(243,897)
|
Effect of exchange rate changes |
(143,073)
|
(144,480)
|
Net change in cash and cash equivalents |
2,793,870
|
(2,938,585)
|
Cash and cash equivalents - beginning of the period |
1,012,479
|
7,177,326
|
Cash and cash equivalents - end of the period |
3,806,349
|
4,238,741
|
Supplemental cash flow disclosures: |
|
|
Interest paid |
74,063
|
40,083
|
Income taxes paid |
117,524
|
|
Non-cash investing and financing transactions: |
|
|
Operating lease right-of-use assets obtained in exchange for operating lease liabilities |
125,735
|
|
Insurance premium financing |
172,689
|
389,035
|
Liabilities assumed in connection with purchase of property and equipment |
|
2,199
|
Common shares issued for acquisition of subsidiary |
|
3,150,000
|
Warrants converted to marketable securities |
223,481
|
1,257,868
|
Nonrelated Party [Member] |
|
|
Changes in assets and liabilities: |
|
|
Accounts payable and accrued expenses – related party |
272,375
|
(8,359)
|
Related Party [Member] |
|
|
Changes in assets and liabilities: |
|
|
Accounts payable and accrued expenses – related party |
$ 21,956
|
|
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v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Pay vs Performance Disclosure [Table] |
|
|
|
|
Net Income (Loss) |
$ (1,951,100)
|
$ (911,800)
|
$ (3,284,450)
|
$ 970,489
|
X |
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v3.24.2.u1
ORGANIZATION AND DESCRIPTION OF BUSINESS
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND DESCRIPTION OF BUSINESS |
NOTE
1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
HeartCore
Enterprises, Inc. (“HeartCore USA” or the “Company”), a holding company, was incorporated under the laws of the
State of Delaware on May 18, 2021.
On
July 16, 2021, the Company executed a Share Exchange Agreement with certain shareholders of HeartCore Co., Ltd. (“HeartCore Japan”),
a company that was incorporated in Japan on June 12, 2009. Pursuant to the terms of the Share Exchange Agreement, the Company issued
15,999,994 shares of its common shares to the shareholders of HeartCore Japan in exchange for 10,706 shares out of 10,984 shares of common
shares issued by HeartCore Japan, representing approximately 97.5% of HeartCore Japan’s outstanding common shares. On February
24, 2022, the Company purchased the remaining 278 shares of common shares of HeartCore Japan. As a result, HeartCore Japan became a wholly-owned operating subsidiary of the Company.
The
share exchange on July 16, 2021 has been accounted for as a recapitalization between entities under common control since the same controlling
shareholders controlled these two entities before and after the transaction. The consolidation of the Company and its subsidiary has
been accounted for at historical cost and prepared on the basis as if the transaction had become effective as of the beginning of the
earliest period presented in the accompanying unaudited consolidated financial statements.
The
Company, via its wholly-owned operating subsidiary, HeartCore Japan, is mainly engaged in the business of developing and sales of comprehensive
software. Beginning from early 2022, HeartCore USA is engaged in the business of providing consulting services to Japanese companies
with intention to go public in the United States capital market.
On
September 6, 2022, HeartCore USA entered into a share exchange and purchase agreement (“Sigmaways Agreement”) to acquire
51% of the outstanding shares of Sigmaways, Inc. (“Sigmaways”), a company incorporated under the laws of the State of California
in April 2006, and its wholly-owned subsidiaries, Sigmaways B.V. and Sigmaways Technologies Ltd. (“Sigmaways Technologies”).
Sigmaways B.V. was incorporated in Netherlands in November 2019. Sigmaways Technologies was incorporated in Canada in August 2020. Sigmaways
and its wholly-owned subsidiaries are primarily engaged in the business of developing and sales of software in the United States. The
acquisition was closed on February 1, 2023.
In
January 2023, HeartCore USA incorporated a wholly-owned subsidiary, HeartCore Financial, Inc. (“HeartCore Financial”), under
the laws of the State of Delaware. HeartCore Financial is engaged in the business of providing financial consulting services.
In
February 2023, HeartCore USA incorporated a wholly-owned subsidiary, HeartCore Capital Advisors, Inc. (“HeartCore Capital Advisors”),
in Japan. HeartCore Capital Advisors is engaged in the business of providing financial consulting services to Japanese companies.
In
November 2023, HeartCore Japan established a 51% owned subsidiary in Vietnam, HeartCore Luvina Vietnam Company Limited (“HeartCore
Luvina”), which is engaged in the business of providing software development and other services. HeartCore Luvina started its operations
from February 2024.
On
November 17, 2023, HeartCore Japan and HeartCore Capital Advisors entered into a merger agreement to merge the two entities into one
with HeartCore Japan being the surviving entity. On January 1, 2024, the merger was completed and HeartCore Capital Advisors transferred
all of its assets and liabilities to HeartCore Japan. The merger has been accounted for as a recapitalization between entities under
common control since the same controlling shareholders controlled the two entities before and after the transaction.
In April 2024, HeartCore Financial incorporated a branch office, HeartCore Financial, Inc. – Japan Branch Office
(“HeartCore Financial – Japan”), in Japan. HeartCore Financial – Japan is engaged in the business of providing
financial consulting services.
HeartCore
USA, HeartCore Japan, Sigmaways, Sigmaways B.V., Sigmaways Technologies, HeartCore Financial, HeartCore Capital Advisors, HeartCore Luvina and HeartCore
Financial – Japan are hereafter referred to as the Company.
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- DefinitionThe entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation and Principles of Consolidation
The
accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations
of the Securities and Exchange Commission (“SEC”). The unaudited consolidated financial statements include the accounts of
the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated.
These
unaudited interim consolidated financial statements do not include all of the information and disclosure required by the U.S. GAAP for
complete financial statements. Interim results are not necessarily indicative of results for a full year. In the opinion of management,
all adjustments consisting of normal recurring nature considered necessary for a fair presentation of the financial position and the
results of operations and cash flows for the interim periods have been included. The unaudited consolidated financial statements should
be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2023.
Correction of Error in Previously Issued Financial
Statements
During the review of the Company’s consolidated
financial statements for the six months ended June 30, 2024, the Company identified an error in the consolidated statement of cash flows
in the consolidated financial statements for the three months ended March 31, 2024 due to a misclassification between operating and investing
activities for the net proceeds received from sale of warrants, and corrected such error through a cumulative out-of-period adjustment
in the consolidated statement of cash flows for the six months ended June 30, 3024. The change in prepaid expenses and change in other
liabilities in the operating cash flows for the three months ended March 31, 2024 should have been $102,028 and $60,658, respectively,
but was stated as $(3,257,972) and $5,060,658, respectively, resulting in net cash flows provided by operating activities overstated by
$1,640,000. Concurrently, the Company failed to include net proceeds from sale of warrants included in the investing activities of $1,640,000,
resulting in net cash flows provided by investing activities understated by $1,640,000 in the consolidated statement of cash flows for
the three months ended March 31, 2024. The error had no impact on the consolidated balance sheet, statement of operations and comprehensive income (loss) and statement of changes
in shareholders’ equity.
In accordance with the SEC’s Staff Accounting Bulletin Nos. 99 and 108 (SAB 99 and SAB 108), the Company evaluated
this error and, based on analysis of quantitative and qualitative factors, determined that the error is not material to the previously
issued financial statements and the cumulative out-of-period adjustment for the correction of this error is not material to the financial
statements for the six months ended June 30, 2024. Therefore, as permitted by SAB108, the Company corrected such error in the current
filing through a cumulative out-of-period adjustment in the consolidated statement of cash flows for the six months ended June 30, 3024.
Use
of Estimates
In
preparing the unaudited consolidated financial statements in conformity U.S. GAAP, the management is required to make certain estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.
These estimates are based on information available as of the date of the unaudited consolidated financial statements. Significant estimates
required to be made by management include, but are not limited to, the allowance for credit losses, useful lives of property and equipment
and intangible asset, the impairment of long-lived assets and goodwill, valuation of stock-based compensation, valuation allowance of
deferred tax assets, implicit interest rate of operating and finance leases, valuation of asset retirement obligations, valuation of
investment in warrants, revenue recognition and purchase price allocation with respect to business combination. Actual results could
differ from those estimates.
Asset
Retirement Obligations
Pursuant
to the lease agreements for the office space, the Company is responsible to restore these spaces back to its original statute at the
time of leaving. The Company recognizes an obligation related to these restorations as asset retirement obligation included in other
non-current liabilities in the consolidated balance sheets, in accordance with the Financial Accounting Standards Board’s (the
“FASB”) Accounting Standards Codification (“ASC”) Topic 410, “Asset Retirement Obligation Accounting”.
The Company capitalizes the associated asset retirement cost by increasing the carrying amount of the related property and equipment.
The following table presents changes in asset retirement obligations:
SCHEDULE OF CHANGES IN ASSET RETIREMENT OBLIGATIONS
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Beginning balance | |
$ | 208,732 | | |
$ | 138,018 | |
Liabilities incurred | |
| - | | |
| 83,821 | |
Accretion expense | |
| 176 | | |
| 428 | |
Liabilities settled | |
| (3,779 | ) | |
| - | |
Foreign currency translation adjustment | |
| (19,765 | ) | |
| (13,535 | ) |
Ending balance | |
$ | 185,364 | | |
$ | 208,732 | |
Software
Development Costs
Software
development costs are expensed as incurred until the point the Company establishes technological feasibility. Technological feasibility
is established upon completion of a detailed program design or the completion of a working model. Costs incurred by the Company between
establishment of technological feasibility and the point at which the product is ready for general release are capitalized and amortized
over the economic life of the related products. The Company’s software development costs incurred subsequent to achieving technological
feasibility have not been significant and all software development costs have been expensed as incurred.
In
the six months ended June 30, 2024 and 2023, software development costs expensed as incurred amounted to $200,402 and $119,232, respectively.
These software development costs were included in the research and development expenses.
Investment
in Warrants
Investment
in warrants represents stock warrants of its consulting service customers. The warrants are measured at fair value and any changes in
fair value are recognized in other income (expenses). Investment in warrants is classified as long-term if the warrants are exercisable
over one year after the date of receipt.
Investments
in Marketable Securities
Investments
in marketable securities represent equity securities registered for public sale with readily determinable fair value. The marketable
securities were obtained through exercise of stock warrants of its consulting service customers and measured at fair value with changes
in fair value recognized in other income (expenses).
Investment
in Equity Securities
Investment
in equity securities represents investment in a privately held entity that does not have a readily determinable fair value or report
net asset value. Investment in equity securities is accounted for using a measurement alternative, under which this investment is
measured at cost, adjusted for observable price changes and impairments, with changes recognized in other income (expenses).
Investment in equity securities is classified as long-term if the Company anticipates to dispose of the investment over one year
after the date of receipt based on information available as of the date the unaudited consolidated financial statements are issued.
The Company did not recognize any impairment loss on investment in equity securities for the six months ended June 30,
2024.
Investment in SAFE
Investment in SAFE represents investment in a
privately held entity that does not have a readily determinable fair value or report net asset value through
a simple agreement for future equity (“SAFE”). Investment in SAFE is accounted for using a measurement alternative,
under which this investment is measured at cost, adjusted for observable price changes and impairments, with changes recognized in
other income (expenses). Investment in SAFE is classified as long-term if the Company anticipates the equity financing or
dissolution or liquidity event prescribed in the SAFE to take place over one year after the date of receipt based on information
available as of the date the unaudited consolidated financial statements are issued. The Company did not recognize any impairment
loss on investment in SAFE for the six months ended June 30, 2024.
Intangible
Asset, Net
Intangible
asset represents the customer relationship acquired from business acquisition of Sigmaways and its subsidiaries. The acquired intangible
asset is recognized and measured at fair value at the time of acquisition and is amortized on a straight-line basis over the estimated
economic useful life of the respective asset. The estimated useful life of the customer relationship is 8 years.
Impairment
of Long-Lived Assets Other Than Goodwill
Long-lived
assets with finite lives, primarily property and equipment, operating lease right-of-use assets and intangible asset, are reviewed for
impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated
cash flows from the use of the asset and its eventual disposition are below the asset’s carrying value, then the asset is deemed
to be impaired and written down to its fair value. There were no impairments of these assets during the six months ended June 30, 2024
and 2023.
Goodwill
Goodwill
represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. In
accordance with ASC Topic 350, “Intangibles – Goodwill and Others”, goodwill is subject to at least an annual assessment
for impairment or more frequently if events or changes in circumstances indicate that an impairment may exist, applying a fair-value
based test. Fair value is generally determined using a discounted cash flow analysis.
Foreign
Currency Translation
The
functional currency of HeartCore Japan, HeartCore Capital Advisors and HeartCore Financial – Japan is the Japanese Yen
(“JPY”). The functional currency of HeartCore USA, HeartCore Financial and Sigmaways is the United States Dollar
(“US$”). The functional currency of Sigmaways B.V. is the Euro (“EUR”). The functional currency of Sigmaways
Technologies is the Canada Dollar (“CAD”). The functional currency of HeartCore Luvina is the Vietnam Dong
(“VND”). Transactions denominated in currencies other than the functional currency are translated into the functional
currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies
other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance
sheet dates. The resulting exchange differences are recorded in the unaudited consolidated statements of operations and
comprehensive income (loss).
The
reporting currency of the Company is the US$, and the accompanying unaudited consolidated financial statements have been expressed
in US$. In accordance with ASC Topic 830-30, “Translation of Financial Statements”, assets and liabilities of the
Company whose functional currency is not US$ are translated into US$, using the exchange rate on the balance sheet
date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from the translation
of financial statements are recorded as a separate component of accumulated other comprehensive income within the unaudited consolidated
statements of changes in shareholders’ equity.
Revenue
Recognition
The
Company recognizes revenues under ASC Topic 606, “Revenue from Contracts with Customers”.
To
determine revenue recognition for contracts with customers, the Company performs the following five steps: (i) identify the contract(s)
with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable
consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price
to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance
obligation. Revenues amount represents the invoiced value, net of a value-added tax (“Consumption Tax”) and applicable local
government levies. The Consumption Tax on sales are calculated at 10% of gross sales in Japan and Vietnam, 5% of gross sales in Canada,
21% of gross sales in Netherlands and nil of gross sales in the United States.
The
Company currently generates its revenue from the following main sources:
Revenues
from On-Premise Software
Licenses
for on-premise software provide the customers with a right to use the software as it exists when made available to the customers. The
Company provides on-premise software in the form of both perpetual licenses and term-based licenses which grant the customers with the
right for a specified term. Revenues from on-premise licenses are recognized upfront at the point in time when the software is made available
to the customers. Licenses for on-premise software are typically sold to the customers with maintenance and support services in a bundle.
Revenues under the bundled arrangements are allocated based on the relative standalone selling prices (“SSP”) of on-premise
software and maintenance and support service. The SSP for maintenance and support services is estimated based upon observable transactions
when those services are sold on a standalone basis. The SSP of on-premise software is typically estimated using the residual approach
as the Company is unable to establish the SSP for on-premise licenses based on observable prices given the same products are sold for
a broad range of amounts (that is, the selling price is highly variable) and a representative SSP is not discernible from past transactions
or other observable evidence.
Revenues
from Maintenance and Support Services
Maintenance
and support services provided with software licenses consist of trouble shooting, technical support and the right to receive unspecified
software updates when and if available during the subscription. Revenues from maintenance and support services are recognized over time
as such services are performed. Revenues for consumption-based services are generally recognized as the services are performed and accepted
by the customers.
Revenues
from Software as a Service (“SaaS”)
The
Company’s software is available for use as hosted application arrangements under subscription fee agreements without licensing
the rights of the software to the customers. Subscription fees from these applications are recognized over time on a ratable basis over
the customer agreement term beginning on the date the Company’s solution is made available to the customers. The subscription contracts
are generally one year or less in length.
Revenues
from Software Development and Other Miscellaneous Services
The
Company provides customers with software development and support services pursuant to their specific requirements, which primarily compose
of consulting, integration, training, custom application, and workflow development. The Company also provides other miscellaneous services,
such as 3D Space photography. The Company generally recognizes revenues at a point in time when control is transferred to the customers
and the Company is entitled to the payment, which is when the promised services are delivered and accepted by the customers.
Revenues
from Customized Software Development and Services
The
Company’s customized software development and services revenues primarily include revenues from providing software development
solutions and other support services to its customers. The contract pricing is at stated billing rates per hour. These contracts are
generally short-term in nature and not longer than one year in duration. For services provided under the contracts that result in the
transfer of control over time, the underlying deliverable in the contracts is owned and controlled by the customers and does not create
an asset with an alternative use to the Company. The Company recognizes revenues on rate per hour contracts based on the amount billable
to the customers, as the Company has the right to invoice the customers in an amount that directly corresponds with the value to the
customers of the Company’s performance to date.
Revenues
from Consulting Services
The
Company provides public listing related consulting services to customers pursuant to the specific requirements prescribed in the contracts,
which primarily include communicating with intermediary parties, preparing required documents related to the initial public offering
and supporting the listing process. The consulting service contracts normally include both cash and noncash considerations. Cash consideration
is paid in installment payments and is recognized in revenues over the period of the contract by reference to progress toward complete
satisfaction of that performance obligation. Noncash consideration is in the form of warrants of the customers and is measured at fair
value at contract inception. Noncash consideration that is variable for reasons other than only the form of the consideration is included
in the transaction price, but is subject to the constraint on variable consideration. The Company assesses the estimated amount of the
variable noncash consideration at contract inception and subsequently, to determine when and to what extent it is probable that a significant
reversal in the amount of cumulative revenues recognized will not occur once the uncertainty associated with the variable consideration
is subsequently resolved. Only when the significant revenues reversal is concluded probable of not occurring can variable consideration
be included in revenues. Based on evaluation of likelihood and magnitude of a reversal in applying the constraint, the variable noncash
consideration is recognized in revenues until the underlying uncertainties have been resolved.
The
Company records reduction to revenues for estimated customer returns and allowances. The Company bases its estimates on historical rates
of customer returns and allowances as well as the specific identification of outstanding returns. The actual amount of customer returns
and allowances, which is inherently uncertain, may differ from the Company’s estimates. If the Company determines that actual or expected
returns or allowances are significantly higher or lower than the reserves it established, it would record a reduction or increase, as
appropriate, to revenues in the period in which it makes such a determination. Reserves for customer refunds are included within other
current liabilities or other non-current liabilities on the consolidated balance sheets. At a minimum, the Company reviews and refines
these estimates on a quarterly basis.
The
timing of revenue recognition may differ from the timing of invoicing to the customers. The Company has determined that its contracts
do not include a significant financing component. The Company records a contract asset, which is included in accounts receivable, current or non-current, in the
consolidated balance sheets, when revenues are recognized prior to invoicing. The Company factors certain accounts receivable upon or
after the performance obligation is being met. The Company records deferred revenue in the consolidated balance sheets when revenues
are recognized subsequent to cash collection for an invoice. Deferred revenue is reported net of related uncollected deferred revenue
in the consolidated balance sheets. The amount of revenues recognized during the six months ended June 30, 2024 and 2023 that were included
in the opening deferred revenue balance was approximately $1.5 million and $1.3 million, respectively.
Disaggregation
of Revenues
The
Company disaggregates its revenues from contracts by product/service types, as the Company believes it best depicts how the nature, amount,
timing and uncertainty of the revenues and cash flows are affected by economic factors. The Company’s disaggregation of revenues
by revenue stream for the three and six months ended June 30, 2024 and 2023 is as following:
SCHEDULE OF DISAGGREGATION OF REVENUES
| |
| | |
| | |
| | |
| |
| |
For
the Three Months
Ended June 30, | | |
For
the Six Months
Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenues from on-premise software | |
$ | 575,424 | | |
$ | 704,268 | | |
$ | 1,654,160 | | |
$ | 1,061,189 | |
Revenues from maintenance and support services | |
| 549,284 | | |
| 874,725 | | |
| 1,177,048 | | |
| 1,576,199 | |
Revenues from software as a service (“SaaS”) | |
| 152,248 | | |
| 177,529 | | |
| 291,948 | | |
| 348,573 | |
Revenues from software development and other miscellaneous services | |
| 516,561 | | |
| 406,455 | | |
| 964,019 | | |
| 1,086,796 | |
Revenues from customized software development and services | |
| 2,122,059 | | |
| 2,294,953 | | |
| 4,299,652 | | |
| 3,926,572 | |
Revenues from consulting services | |
| 150,812 | | |
| 637,443 | | |
| 726,293 | | |
| 5,830,194 | |
Total revenues | |
$ | 4,066,388 | | |
$ | 5,095,373 | | |
$ | 9,113,120 | | |
$ | 13,829,523 | |
The
Company’s disaggregation of revenues by product/service is as following:
| |
| | |
| | |
| | |
| |
| |
For
the Three Months
Ended June 30, | | |
For
the Six Months
Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenues from customer experience management platform | |
$ | 1,420,584 | | |
$ | 1,725,872 | | |
$ | 3,480,173 | | |
$ | 3,292,309 | |
Revenues from process mining | |
| 101,307 | | |
| 188,555 | | |
| 174,462 | | |
| 290,756 | |
Revenues from robotic process automation | |
| 102,373 | | |
| 127,283 | | |
| 158,564 | | |
| 213,469 | |
Revenues from task mining | |
| 107,362 | | |
| 95,679 | | |
| 153,220 | | |
| 202,767 | |
Revenues from customized software development and services | |
| 2,122,059 | | |
| 2,294,953 | | |
| 4,299,652 | | |
| 3,926,572 | |
Revenues from consulting services | |
| 150,812 | | |
| 637,443 | | |
| 726,293 | | |
| 5,830,194 | |
Revenues from others | |
| 61,891 | | |
| 25,588 | | |
| 120,756 | | |
| 73,456 | |
Total revenues | |
$ | 4,066,388 | | |
$ | 5,095,373 | | |
$ | 9,113,120 | | |
$ | 13,829,523 | |
As
of June 30, 2024 and 2023, and for the periods then ended, the majority of the long-lived assets (excluding intangible asset) and revenues generated were attributed to the Company’s operation in Japan.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to credit risk consist primarily of accounts receivable, note receivable and other receivable.
The Company usually does not require collateral or other security to support these receivables. The Company conducts periodic reviews
of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.
For the six months ended June 30, 2024, customer A represents 13.7% of
the Company’s total revenues. For the six months ended June 30, 2023, customer B, C and D represent 18.2%, 12.8% and 11.8%, respectively,
of the Company’s total revenues.
For the six months ended June 30, 2024, no vendor accounts for more than
10% of the Company’s total purchases. For the six months ended June 30, 2023, vendor A and B represent 60.9% and 22.7%, respectively,
of the Company’s total purchases.
Stock-based
Compensation
The
Company accounts for stock-based compensation awards in accordance with ASC Topic 718, “Compensation – Stock Compensation”.
The cost of services received from employees and non-employees in exchange for awards of equity instruments is recognized in the unaudited
consolidated statements of operations and comprehensive income (loss) based on the estimated fair value of those awards on the grant
date and amortized on a straight-line basis over the requisite service period or vesting period. The Company records forfeitures as they
occur.
Business
Combinations
The
Company accounts its business combinations using the acquisition method of accounting in accordance with ASC Topic 805. The purchase
price of the acquisition is allocated to the tangible assets, liabilities, identifiable intangible asset acquired and non-controlling
interests, if any, based on their estimated fair values as of the acquisition date. The excess of the purchase price over those fair
values is recorded as goodwill. Acquisition-related expenses are expensed as incurred.
Consideration
transferred in a business combination is measured at the fair value as of the date of acquisition. Where the consideration in an acquisition
includes contingent consideration, and the payment of which depends on the achievement of certain specified conditions post-acquisition,
the contingent consideration is recognized and measured at its fair value at the acquisition date and is recorded as a liability. It
is subsequently carried at fair value with changes in fair value reflected in earnings.
In
a business combination achieved in stages, the Company remeasures the previously held equity interest in the acquiree immediately
before obtaining control at its acquisition-date fair value and the remeasurement gain or loss, if any, is recognized in the
unaudited consolidated statements of operations and comprehensive income (loss).
Fair
value is determined based upon the guidance of ASC Topic 820, “Fair Value Measurements and Disclosures”, and generally are
determined using Level 2 inputs and Level 3 inputs. The determination of fair value involves the use of significant judgments and estimates.
The Company utilizes the assistance of a third-party valuation appraiser to determine the fair value as of the date of acquisition.
Fair
Value Measurements
The
Company performs fair value measurements in accordance with ASC Topic 820. Fair value is defined as the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic
820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable
inputs when measuring fair value. An asset’s or a liability’s categorization within the fair value hierarchy is based upon
the lowest level of input that is significant to the fair value measurement. ASC Topic 820 establishes three levels of inputs that may
be used to measure fair value:
|
● |
Level
1: quoted prices in active markets for identical assets or liabilities; |
|
● |
Level
2: inputs other than Level 1 that are observable, either directly or indirectly; or |
|
● |
Level
3: unobservable inputs that are supported by little or no market activity and that are significant to the fair values of the assets
or liabilities. |
As
of June 30, 2024 and December 31, 2023, the carrying values of current assets, except for investments in marketable securities, and current
liabilities approximated their fair values reported in the consolidated balance sheets due to the short-term maturities of these instruments.
Assets
measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 are summarized below (also see NOTE 6):
SCHEDULE
OF ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
Value Measurements as of June 30, 2024 |
|
|
Quoted
Prices in Active Markets for Identical
Assets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level
2) |
|
|
Unobservable
Inputs
(Level
3) |
|
|
Fair
Value at
June
30,
2024 |
|
Investments
in marketable securities |
|
|
435,498 |
|
|
|
- |
|
|
|
- |
|
|
|
435,498 |
|
Long-term
investment in warrants |
|
|
- |
|
|
|
- |
|
|
|
543,120 |
|
|
|
543,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
Value Measurements as of December 31, 2023 |
|
|
|
Quoted
Prices in Active Markets for Identical
Assets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level
2) |
|
|
Unobservable
Inputs
(Level
3) |
|
|
Fair
Value at
December
31,
2023 |
|
Investments
in marketable securities |
|
|
642,348 |
|
|
|
- |
|
|
|
- |
|
|
|
642,348 |
|
Long-term
investment in warrants |
|
|
- |
|
|
|
- |
|
|
|
2,004,308 |
|
|
|
2,004,308 |
|
Recent
Accounting Pronouncements
In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting
(Topic 280): Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments,
primarily through enhanced disclosures about significant segment expenses. ASU No. 2023-09 is effective for public companies for annual
reporting periods beginning after December 15, 2023, on a retrospective basis. Early adoption is permitted. The Company is currently evaluating
the impact of this ASU on its unaudited consolidated financial statements and related disclosures.
In
December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvement to
Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate
reconciliation and income taxes paid information. ASU No. 2023-09 is effective for public companies for annual reporting periods beginning
after December 15, 2024, on a prospective basis. For all other entities, it is effective for annual reporting periods beginning after
December 15, 2025, on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on
its unaudited consolidated financial statements and related disclosures.
|
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v3.24.2.u1
ACCOUNTS RECEIVABLE
|
6 Months Ended |
Jun. 30, 2024 |
Credit Loss [Abstract] |
|
ACCOUNTS RECEIVABLE |
NOTE
3 – ACCOUNTS RECEIVABLE
Accounts
receivable consist of the following:
SCHEDULE OF ACCOUNTS RECEIVABLE NET
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Accounts receivable – non-factored | |
$ | 2,760,310 | | |
$ | 2,060,915 | |
Accounts receivable – factored with recourse | |
| 320,759 | | |
| 562,767 | |
Total accounts receivable, gross | |
| 3,081,069 | | |
| 2,623,682 | |
Less: allowance for credit losses | |
| - | | |
| - | |
Total accounts receivable | |
| 3,081,069 | | |
| 2,623,682 | |
Less: current portion | |
| (2,440,872 | ) | |
| (2,623,682 | ) |
Accounts receivable, non-current | |
$ | 640,197 | | |
$ | - | |
|
X |
- DefinitionThe entire disclosure for accounts receivable, contract receivable, receivable held-for-sale, and nontrade receivable.
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v3.24.2.u1
PREPAID EXPENSES
|
6 Months Ended |
Jun. 30, 2024 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
PREPAID EXPENSES |
NOTE
4 – PREPAID EXPENSES
Prepaid
expenses consist of the following:
SCHEDULE OF PREPAID EXPENSES
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Prepayments to software and consulting services vendors | |
$ | 189,168 | | |
$ | 199,376 | |
Prepaid marketing and consulting fees | |
| 34,269 | | |
| 92,546 | |
Prepaid subscription fees | |
| 49,080 | | |
| 95,971 | |
Prepaid insurance premium | |
| 152,678 | | |
| 72,668 | |
Referral fee paid in advance | |
| 3,360,000 | | |
| - | |
Others | |
| 92,259 | | |
| 76,304 | |
Total | |
$ | 3,877,454 | | |
$ | 536,865 | |
|
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v3.24.2.u1
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
5 – RELATED PARTY TRANSACTIONS
As
of June 30, 2024 and December 31, 2023, the Company has a due to related party balance of $140 and $1,476, respectively, from Sumitaka
Yamamoto, the Chief Executive Officer (“CEO”) and major shareholder of the Company. The balance is unsecured, non-interest
bearing and due on demand. During the six months ended June 30, 2024, the Company repaid to the related party for operating expenses
the related party paid on behalf of the Company in a net amount of $1,246. During the six months ended June 30, 2023, the related
party paid operating expenses on behalf of the Company and received the payments in a net amount of $4,214.
As
of June 30, 2024 and December 31, 2023, the Company has a loan receivable balance of $185,769 and $227,704, respectively, from Heartcore
Technology Inc., a company controlled by the CEO of the Company. The loan was made to the related party to support its operation. The
balance is unsecured, bears an annual interest of 1.475%, and requires repayments in installments starting from February 2022. During
the six months ended June 30, 2024 and 2023, the Company received repayments of $21,166 and $23,715, respectively, from this related
party.
During the six months ended June 30, 2024, the Company engaged Luvina Software Joint Stock Company, the non-controlling
interest shareholder of HeartCore Luvina, for software development and other support services in the amount of $31,590. As of June 30, 2024
and December 31, 2023, the Company has an accounts payable and accrued expenses balance of $21,579 and nil, respectively, to this
related party.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.2.u1
INVESTMENTS
|
6 Months Ended |
Jun. 30, 2024 |
Investments, All Other Investments [Abstract] |
|
INVESTMENTS |
NOTE
6 – INVESTMENTS
Investment in SAFE
On April 17, 2024, the Company entered into a simple agreement for future equity (“SAFE”) for $350,000 with Heart-Tech Health, Inc. (“Heart-Tech”), a non-related company, in exchange for
the right to be issued certain shares of Heart-Tech’s preferred stock in connection with Heart-Tech’s future equity financing,
at a 15% discount to the price per share of the preferred stock sold in the equity financing, subject to a pre-determined valuation cap. Alternatively, upon a dissolution or liquidity
event such as a change in control or an initial public offering, the Company is entitled to receive a portion of $350,000. As of June
30, 2024, the Company recorded the investment of $350,000 as an investment in SAFE on the consolidated balance sheet.
Investment
in Equity Securities
On
May 2, 2023, the Company purchased a $300,000 promissory note from a non-related company. The note bears an interest rate of 8% per annum
and matures on the earlier of 1) the date of the closing of capital-raising transactions in the amount of $300,000 or more consummated
by the promissory note issuer, 2) the date on which the promissory note issuer completes its initial public offering on the Nasdaq Capital Market or New York Stock Exchange, or 3) 180 days following the note issuance. The interest rate would be 12%
per annum for any amount that is unpaid when due. On July 27, 2023, the Company entered into a note exchange agreement with the promissory
note issuer to convert all of the promissory note principal amount and accrued interest into 600,000 shares of common shares of the promissory
note issuer.
Investment
in Warrants
The
Company received warrants from its customers as noncash consideration from consulting services. The warrants are not registered for public
sale and are initially measured at fair value at contract inception. The Company’s investment in warrants is measured on a recurring
basis and carried on the balance sheets at an estimated fair value at the end of the period. The valuation of investment in warrants
is determined using the Black-Scholes model based on the stock price, exercise price, expected volatility, time to maturity, and a risk-free
interest rate for the term of the warrants exercise.
The
following table summarizes the Company’s investment in warrants activities for the six months ended June 30, 2024 and 2023:
SCHEDULE OF INVESTMENT IN WARRANTS ACTIVITY
| |
| | |
| |
| |
For the Six Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | |
Fair value of investment in warrants at beginning of the period | |
$ | 2,004,308 | | |
$ | - | |
Warrants received as noncash consideration | |
| - | | |
| 4,009,335 | |
Changes in fair value of investment in warrants | |
| (1,237,707 | ) | |
| 166,107 | |
Warrants converted to marketable securities | |
| (223,481 | ) | |
| (1,257,868 | ) |
Fair value of investment in warrants at end of the period | |
$ | 543,120 | | |
$ | 2,917,574 | |
Investments
in Marketable Securities
The
Company’s investments in marketable securities represent stocks received upon the exercise of warrants described above. They are
registered for public sale with readily determinable fair values, and are measured at quoted prices on a recurring basis at the end of
the period. The following table summarizes the Company’s investments in marketable securities activities for the six months ended
June 30, 2024 and 2023:
SCHEDULE OF INVESTMENTS IN MARKETABLE SECURITIES
| |
| | |
| |
| |
For the Six Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | |
Fair value of investments in marketable securities at beginning of the period | |
$ | 642,348 | | |
$ | - | |
Warrants converted to marketable securities | |
| 223,481 | | |
| 1,257,868 | |
Changes in fair value of investments in marketable securities | |
| (430,331 | ) | |
| (229,022 | ) |
Marketable securities sold | |
| - | | |
| - | |
Fair value of investments in marketable securities at end of the period | |
$ | 435,498 | | |
$ | 1,028,846 | |
|
X |
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v3.24.2.u1
LONG-TERM NOTE RECEIVABLE
|
6 Months Ended |
Jun. 30, 2024 |
Receivables [Abstract] |
|
LONG-TERM NOTE RECEIVABLE |
NOTE
7 – LONG-TERM NOTE RECEIVABLE
On
September 1, 2023, the Company purchased a $300,000 promissory note from a non-related company. The note bears an interest rate of 4%
per annum and matures on September 2, 2026. On the first business day following each annual anniversary of September 1, 2023, the promissory
note issuer shall pay to the Company the sum of one-third of the total promissory note amount due and outstanding, including all accrued
and unpaid interest as of such time, unless such annual payment has been forgiven by the Company pursuant to certain conditions. The
interest rate would be 10% per annum for any amount that is unpaid when due.
|
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v3.24.2.u1
PROPERTY AND EQUIPMENT, NET
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT, NET |
NOTE
8 – PROPERTY AND EQUIPMENT, NET
Property
and equipment, net consist of the following:
SCHEDULE OF PROPERTY AND EQUIPMENT NET
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Leasehold improvements | |
$ | 444,237 | | |
$ | 496,810 | |
Machinery and equipment | |
| 648,113 | | |
| 706,145 | |
Vehicle | |
| 81,301 | | |
| 89,859 | |
Software | |
| 136,287 | | |
| 150,633 | |
Subtotal | |
| 1,309,938 | | |
| 1,443,447 | |
Less: accumulated depreciation | |
| (669,151 | ) | |
| (679,717 | ) |
Property and equipment, net | |
$ | 640,787 | | |
$ | 763,730 | |
Depreciation
expenses are $56,196 and $40,472 for the six months ended June 30, 2024 and 2023, respectively.
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INTANGIBLE ASSET, NET
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSET, NET |
NOTE
9 – INTANGIBLE ASSET, NET
Intangible
asset, net is as follows:
SCHEDULE OF INTANGIBLE ASSETS
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Customer relationship | |
$ | 5,100,000 | | |
$ | 5,100,000 | |
Less: accumulated amortization | |
| (903,125 | ) | |
| (584,375 | ) |
Intangible asset, net | |
$ | 4,196,875 | | |
$ | 4,515,625 | |
Amortization
expenses are $318,750 and $265,625 for the six months ended June 30, 2024 and 2023, respectively.
As
of June 30, 2024, the future estimated amortization cost for intangible asset is as follows:
SCHEDULE OF AMORTIZATION INTANGIBLE ASSET
| |
Estimated | |
Year Ended December 31, | |
Amortization | |
Remaining of 2024 | |
$ | 318,750 | |
2025 | |
| 637,500 | |
2026 | |
| 637,500 | |
2027 | |
| 637,500 | |
2028 | |
| 637,500 | |
Thereafter | |
| 1,328,125 | |
Total | |
$ | 4,196,875 | |
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v3.24.2.u1
LEASES
|
6 Months Ended |
Jun. 30, 2024 |
Leases |
|
LEASES |
NOTE
10 – LEASES
The
Company has entered into six leases for its office space, one of which was terminated in February 2024, and these leases were classified
as operating leases. It has also entered into a lease for office equipment, and two leases for vehicles, one of which was terminated
in September 2023, and these leases were classified as finance leases. Right-of-use assets of these finance leases in the amount of $69,106
and $85,613 are included in property and equipment, net as of June 30, 2024 and December 31, 2023, respectively.
Operating
lease expenses for lease payments are recognized on a straight-line basis over the lease term. Finance lease costs include amortization,
which are recognized on a straight-line basis over the expected life of the leased assets, and interest expenses, which are recognized
following an effective interest rate method. Leases with initial term of twelve months or less are not recorded in the consolidated
balance sheets.
The
components of lease costs are as follows:
SCHEDULE OF LEASE COSTS
| |
| | |
| |
| |
For the Six Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | |
Finance lease costs | |
| | | |
| | |
Amortization of right-of-use assets | |
$ | 8,733 | | |
$ | 10,902 | |
Interest on lease liabilities | |
| 499 | | |
| 86 | |
Total finance lease costs | |
| 9,232 | | |
| 10,988 | |
Operating lease costs | |
| 198,701 | | |
| 176,809 | |
Total lease costs | |
$ | 207,933 | | |
$ | 187,797 | |
The
following table presents supplemental information related to the Company’s leases:
SCHEDULE
OF SUPPLEMENTAL INFORMATION RELATED TO COMPANY’S LEASES
| |
| | |
| |
| |
For the Six Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | |
| |
Operating cash flows from finance leases | |
$ | 499 | | |
$ | 86 | |
Operating cash flows from operating leases | |
| 206,648 | | |
| 164,317 | |
Financing cash flows from finance leases | |
| 8,526 | | |
| 11,243 | |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | |
| 125,735 | | |
| - | |
| |
| | | |
| | |
Weighted average remaining lease term (years) | |
| | | |
| | |
Finance leases | |
| 4.3 | | |
| 0.3 | |
Operating leases | |
| 7.2 | | |
| 8.7 | |
| |
| | | |
| | |
Weighted average discount rate (per annum) | |
| | | |
| | |
Finance leases | |
| 1.32 | % | |
| 1.32 | % |
Operating leases | |
| 1.37 | % | |
| 1.32 | % |
As
of June 30, 2024, the future maturity of lease liabilities is as follows:
SCHEDULE OF FINANCE LEASE AND OPERATING LEASE FUTURE MATURITY OF LEASE LIABILITIES
Year Ended December 31, | |
Finance Lease | | |
Operating Lease | |
Remaining of 2024 | |
$ | 8,394 | | |
$ | 198,991 | |
2025 | |
| 16,787 | | |
| 373,470 | |
2026 | |
| 16,787 | | |
| 303,852 | |
2027 | |
| 16,787 | | |
| 261,809 | |
2028 | |
| 11,192 | | |
| 261,809 | |
Thereafter | |
| - | | |
| 870,248 | |
Total lease payments | |
| 69,947 | | |
| 2,270,179 | |
Less: imputed interest | |
| (1,900 | ) | |
| (106,835 | ) |
Total lease liabilities | |
| 68,047 | | |
| 2,163,344 | |
Less: current portion | |
| (15,992 | ) | |
| (358,377 | ) |
Non-current lease liabilities | |
$ | 52,055 | | |
$ | 1,804,967 | |
Pursuant
to the operating lease agreements, the Company made security deposits to the lessors. The security deposits amount to $310,833 and $348,428
as of June 30, 2024 and December 31, 2023, respectively.
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v3.24.2.u1
OTHER LIABILITIES
|
6 Months Ended |
Jun. 30, 2024 |
Other Liabilities Disclosure [Abstract] |
|
OTHER LIABILITIES |
NOTE
11 – OTHER LIABILITIES
Other
current liabilities consist of the following:
SCHEDULE
OF OTHER CURRENT LIABILITIES
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Accrued consumption taxes | |
$ | 203,070 | | |
$ | 143,702 | |
Advance received for warrants sale* | |
| 9,000,000 | | |
| - | |
Others | |
| 57,942 | | |
| 72,703 | |
Total other current liabilities | |
$ | 9,261,012 | | |
$ | 216,405 | |
* |
On
February 29, 2024, the Company entered into a warrants transfer agreement with a non-related company to sell partial of the warrants
it received from a customer (“Consulting Customer”) as noncash consideration from consulting services for $9,000,000
in cash. The Company received
$9,000,000
during the six months ended
June 30, 2024 and recorded it in other current liabilities as the warrants to be transferred are exercisable upon its Consulting Customer’s
consummation of the Merger with a special purpose acquisition company or the occurrence of other fundamental events defined in the warrant
agreement it had with the Consulting Customer. |
Other non-current liabilities consist of the following:
SCHEDULE
OF OTHER NON-CURRENT LIABILITIES
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Asset retirement obligations | |
$ | 185,364 | | |
$ | 208,732 | |
Customer refund liability** | |
| 500,000 | | |
| - | |
Total other non-current liabilities | |
$ | 685,364 | | |
$ | 208,732 | |
** |
On June 28, 2024, the Company entered into a
settlement agreement with a customer, pursuant to which the consulting service agreement with the customer was terminated and the
Company will refund $500,000
to the customer in August 2025. |
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v3.24.2.u1
FACTORING LIABILITY
|
6 Months Ended |
Jun. 30, 2024 |
Factoring Liability |
|
FACTORING LIABILITY |
NOTE
12 – FACTORING LIABILITY
Sigmaways,
the subsidiary acquired by the Company in February 2023, entered into a Factoring and Security Agreement (the “Factoring Agreement”)
with The Southern Bank Company, an unrelated factor (the “Factor”), in 2017, for the purpose of factoring certain accounts
receivable. Under the terms of the Factoring Agreement, the Company may offer for sale, and the Factor may purchase in its sole discretion,
certain accounts receivable of the Company (the “Purchased Receivable”). The Factoring Agreement provided for a maximum of
$850,000 in Purchased Receivable.
Selected
accounts receivable is submitted to the Factor, and the Company receives 90% of the face value of the accounts receivable by wire transfer.
Upon payment by the customers, the remainder of the amount due is received from the Factor after deducting certain fees.
The
Factoring Agreement specifies that eligible accounts receivable is factored with recourse. Under the terms of the recourse provision,
the Company is required to reimburse the Factor, upon demand, for Purchased Receivable that is not paid on time by the customers. The
performance of all obligations and payments to the Factor is personally guaranteed by Prakash Sadasivam, CEO of Sigmaways and Chief Strategy
Officer (“CSO”) of the Company, and secured by all Sigmaways’ now owned and hereafter assets and any sums maintained
by the Factor that are identified as payable to the Company.
The
Factoring Agreement has an initial term of twelve months and automatically renews for successive twelve-month renewal periods unless
terminated pursuant to the terms of the Factoring Agreement. The Company may terminate the Factoring Agreement with sixty days’ written
notice to the Factor and is subject to certain early termination fee.
The
Factoring Agreement contained covenants that are customary for accounts receivable-based factoring agreements and also contained provisions
relating to events of default that are customary for agreements of this type.
As
of June 30, 2024 and December 31, 2023, there was $320,759 and $562,767 borrowed and outstanding under the Factoring Agreement, respectively.
There are various fees charged by the Factor, including initial discount purchase fee, factoring fee and interest expense. During the six months ended June 30, 2024 and 2023, the Company recorded $30,786 and $41,611 in interest
expenses related to the Factoring Agreement, respectively.
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v3.24.2.u1
INSURANCE PREMIUM FINANCING
|
6 Months Ended |
Jun. 30, 2024 |
Insurance [Abstract] |
|
INSURANCE PREMIUM FINANCING |
NOTE
13 – INSURANCE PREMIUM FINANCING
In
January 2024, the Company entered into an insurance premium financing agreement with BankDirect Capital Finance for $172,689 at an annual
interest rate of 13.9% for eleven months from February 1, 2024, payable in eleven monthly installments of principal and interest.
In
January 2023, the Company entered into an insurance premium financing agreement with BankDirect Capital Finance for $389,035 at an annual
interest rate of 16.04% for ten months from February 1, 2023, payable in ten monthly installments of principal and interest.
As of June 30, 2024 and December 31, 2023, the balances of the insurance
premium financing were $112,488 and nil, respectively. During the six months ended June 30, 2024 and 2023, the Company recorded $7,044
and $18,033, respectively, in interest expenses related to the insurance premium financing.
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v3.24.2.u1
DEBTS
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
DEBTS |
NOTE
14 – DEBTS
Short-term
Debt
The
Company’s short-term debt represents a loan borrowed from a financial institution as follows:
SCHEDULE OF SHORT-TERM DEBTS
Name of Financial Institution | |
Original Amount Borrowed | |
Loan Duration | |
Annual Interest Rate | | |
Balance as of June 30, 2024 | | |
Balance as of December 31, 2023 | |
Biz Forward Co., Ltd. | |
JPY19,280,001 | (a) |
12/26/2023 – 1/31/2024 | |
| 36.840 | % | |
$ | - | | |
$ | 135,937 | |
(a) |
The
loan is secured by accounts receivable of HeartCore Japan in the amount of JPY23,882,562. |
Long-term
Debts
The
Company’s long-term debts included bond payable and loans borrowed from banks and financial institutions, which consist of the
following:
SCHEDULE OF LONG-TERM DEBTS
Name of Banks/Financial Institutions | |
Original Amount Borrowed | | |
Loan Duration | |
Annual Interest Rate | | |
Balance as of June 30, 2024 | | |
Balance as of December 31, 2023 | |
Bond payable | |
| | | |
| |
| | | |
| | | |
| | |
Corporate bond issued through Resona Bank, Limited | |
| JPY100,000,000 | (b)(d) | |
1/10/2019 – 1/10/2024 | |
| 0.430 | % | |
$ | - | | |
$ | 70,507 | |
Loans with banks and financial institutions | |
| | | |
| |
| | | |
| | | |
| | |
Resona Bank, Limited | |
| JPY50,000,000 | (b)(c) | |
12/29/2017 – 12/29/2024 | |
| 0.675 | % | |
| 49,470 | | |
| 54,678 | |
Resona Bank, Limited | |
| JPY10,000,000 | (b)(c) | |
9/30/2020 – 9/30/2027 | |
| 1.000 | % | |
| 34,945 | | |
| 38,624 | |
Resona Bank, Limited | |
| JPY40,000,000 | (b)(c) | |
9/30/2020 – 9/30/2027 | |
| 1.000 | % | |
| 139,781 | | |
| 154,495 | |
Resona Bank, Limited | |
| JPY20,000,000 | (b)(c) | |
11/13/2020 – 10/31/2027 | |
| 1.600 | % | |
| 71,408 | | |
| 78,925 | |
Sumitomo Mitsui Banking Corporation | |
| JPY100,000,000 | (b) | |
12/28/2018 – 7/1/2024 | |
| 1.475 | % | |
| 10,507 | | |
| 11,612 | |
Sumitomo Mitsui Banking Corporation | |
| JPY10,000,000 | (b)(c) | |
12/30/2019 – 12/30/2026 | |
| 1.975 | % | |
| 28,113 | | |
| 31,072 | |
Sumitomo Mitsui Banking Corporation | |
| JPY10,000,000 | (b)(c) | |
10/4/2023 – 9/30/2028 | |
| 0.600 | % | |
| 61,661 | | |
| 68,152 | |
Sumitomo Mitsui Banking Corporation | |
| JPY10,000,000 | (b)(c) | |
10/4/2023 – 9/30/2028 | |
| 0.000 | % | |
| 61,661 | | |
| 68,152 | |
The Shoko Chukin Bank, Ltd. | |
| JPY50,000,000 | | |
7/27/2020 – 6/30/2027 | |
| 1.290 | % | |
| 165,859 | | |
| 183,319 | |
The Shoko Chukin Bank, Ltd. | |
| JPY30,000,000 | | |
7/25/2023 – 6/30/2028 | |
| Tokyo
Interbank Offered Rate + 1.950 | % | |
| 175,108 | | |
| 197,137 | |
Japan Finance Corporation | |
| JPY80,000,000 | | |
11/17/2020 – 11/30/2027 | |
| 0.210 | % | |
| 295,994 | | |
| 327,152 | |
Higashi-Nippon Bank | |
| JPY30,000,000 | (b) | |
3/31/2022 – 3/31/2025 | |
| 1.400 | % | |
| 84,205 | | |
| 93,070 | |
Higashi-Nippon Bank | |
| JPY30,000,000 | (b)(c) | |
10/11/2023 – 9/30/2028 | |
| 1.450 | % | |
| 184,996 | | |
| 204,471 | |
First Home Bank | |
$ | 350,000 | (e) | |
4/18/2019 – 4/18/2029 | |
| Wall Street Journal U.S. Prime Rate + 2.750 | % | |
| 212,893 | | |
| 229,007 | |
U.S. Small Business Administration | |
$ | 350,000 | (e) | |
5/30/2020 – 5/30/2050 | |
| 3.750 | % | |
| 350,000 | | |
| 350,000 | |
Aggregate outstanding principal balances | |
| | | |
| |
| | | |
| 1,926,601 | | |
| 2,160,373 | |
Less: unamortized debt issuance costs | |
| | | |
| |
| | | |
| (14,303 | ) | |
| (18,238 | ) |
Less: current portion | |
| | | |
| |
| | | |
| (508,729 | ) | |
| (371,783 | ) |
Non-current portion | |
| | | |
| |
| | | |
$ | 1,403,569 | | |
$ | 1,770,352 | |
(b) |
These
debts are guaranteed by Sumitaka Yamamoto, the Company’s CEO and major shareholder. |
(c) |
These
debts are guaranteed by Tokyo Credit Guarantee Association, and the Company has paid guarantee expenses for these debts. |
(d) |
The
bond is guaranteed by Resona Bank, Limited. |
(e) |
These
debts are guaranteed by Prakash Sadasivam, CEO of Sigmaways and CSO of the Company, and secured by all assets of Sigmaways. |
Interest expense for short-term debt and long-term debts was $2,929 and
$32,942, respectively, for the six months ended June 30, 2024. Interest expense for short-term debt and long-term debts was nil and $22,810,
respectively, for the six months ended June 30, 2023.
As
of June 30, 2024, future minimum principal payments for long-term debts are as follows:
SCHEDULE OF FUTURE MINIMUM LOAN PAYMENTS
| |
Principal | |
Year Ended December 31, | |
Payment | |
Remaining of 2024 | |
$ | 260,702 | |
2025 | |
| 404,497 | |
2026 | |
| 360,339 | |
2027 | |
| 386,977 | |
2028 | |
| 177,502 | |
Thereafter | |
| 336,584 | |
Total | |
$ | 1,926,601 | |
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v3.24.2.u1
INCOME TAXES
|
6 Months Ended |
Jun. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
NOTE
15 – INCOME TAXES
United
States
HeartCore
USA, Sigmaways and HeartCore Financial, incorporated in the United States, are subject to federal income tax at 21% statutory tax rate
with respect to the profit generated from the United States.
Netherlands
Sigmaways
B.V. is a company incorporated in Netherlands in November 2019. The first EUR200,000 of taxable income is subject to a statutory tax
rate of 19% and the remaining taxable income is subject to a statutory tax rate of 25.80%.
Canada
Sigmaways
Technologies is a company incorporated in British Columbia in Canada in August 2020. It is subject to income tax on income arising in,
or derived from, the tax jurisdiction in British Columbia it operates. The basic federal rate of Part I tax is 38% of taxable income,
28% after federal tax abatement. After the general tax reduction, the net federal tax rate is 15%. The provincial and territorial lower
and higher tax rates in British Columbia are 2% and 12%, respectively.
Vietnam
HeartCore
Luvina is a company incorporated in Vietnam in November 2023. It is subject to standard income tax rate at 20% with respect to the
taxable income.
Japan
The
Company conducts its major businesses in Japan and is subject to tax in this jurisdiction. As a result of its business activities, the
Company files tax returns that are subject to examination by the local tax authority. Income taxes in Japan applicable to the Company
are imposed by the national, prefectural and municipal governments, and in the aggregate result in an effective statutory tax rate of
approximately 34.59% for the six months ended June 30, 2024 and 2023.
For
the six months ended June 30, 2024 and 2023, the Company’s income tax expense (benefit) are as follows:
SCHEDULE OF INCOME TAX EXPENSES
| |
2024 | | |
2023 | |
| |
For the Six Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | |
Current | |
$ | 1,201 | | |
$ | 114,686 | |
Deferred | |
| (153,531 | ) | |
| (75,240 | ) |
Income tax expense (benefit) | |
$ | (152,330 | ) | |
$ | 39,446 | |
The effective tax rate was 3.97% and 4.78% for the six months ended June
30, 2024 and 2023, respectively.
|
X |
- DefinitionThe entire disclosure for income tax.
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v3.24.2.u1
STOCK-BASED COMPENSATION
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
STOCK-BASED COMPENSATION |
NOTE
16 – STOCK-BASED COMPENSATION
Options
On
August 6, 2021, the Board of Directors and shareholders of the Company approved a 2021 Equity Incentive Plan (the “2021 Plan”),
under which 2,400,000
shares of common shares are authorized for issuance.
On
February 3, 2023, the Company awarded options to purchase 100,000 shares of common shares pursuant to the 2021 Plan at an exercise price
of $1.17 per share to an employee of the Company. The options vest 50% on the grant date and February 1, 2024, respectively, with the
expiration date on February 3, 2033.
On
August 1, 2023, the Board of Directors of the Company approved a 2023 Equity Incentive Plan (the “2023 Plan”), under which
2,000,000 shares of common shares are authorized for issuance. No shares were issued pursuant to the 2023 Plan as of June 30, 2024.
The
following table summarizes the stock options activity and related information for the six months ended June 30, 2024 and 2023:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Term (Years) | | |
Intrinsic Value | |
As of January 1, 2023 | |
| 1,466,500 | | |
$ | 2.50 | | |
| 8.94 | | |
$ | - | |
Granted | |
| 100,000 | | |
| 1.17 | | |
| 9.61 | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited | |
| (2,000 | ) | |
| 2.50 | | |
| - | | |
| - | |
As of June 30, 2023 | |
| 1,564,500 | | |
$ | 2.42 | | |
| 8.52 | | |
$ | 26,000 | |
| |
| | | |
| | | |
| | | |
| | |
As of January 1, 2024 | |
| 1,547,000 | | |
$ | 2.41 | | |
| 8.01 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited | |
| (35,000 | ) | |
| 2.42 | | |
| - | | |
| - | |
As of June 30, 2024 | |
| 1,512,000 | | |
$ | 2.41 | | |
| 7.51 | | |
$ | - | |
Vested and exercisable as of June 30, 2024 | |
| 813,250 | | |
$ | 2.34 | | |
| 7.53 | | |
$ | - | |
The
Company calculated the fair value of options granted in the six months ended June 30, 2023 using the Black-Scholes model. Significant
assumptions used in the valuation include expected volatility, risk-free interest rate, dividend yield and expected exercise term.
For
the three and six months ended June 30, 2024, the Company recognized stock-based compensation related to options of $40,597 and $111,044,
respectively. For the three and six months ended June 30, 2023, the Company recognized stock-based compensation related to options of
$150,481 and $334,816, respectively. The outstanding unamortized stock-based compensation related to options was $266,230 (which will
be recognized through December 2025) as of June 30, 2024.
Restricted
Stock Units (“RSUs”)
On
March 22, 2023, the Company entered into agreements with employees and service providers of Sigmaways and granted 671,350 RSUs pursuant
to the 2021 Plan. The RSUs were fully vested upon issuance. The fair value of the RSUs at grant date was $691,491.
The following table summarizes the RSUs activity for the six months ended June 30, 2024 and 2023:
SCHEDULE OF RESTRICTED STOCK UNITS
| |
Number of RSUs | | |
Weighted Average Grant Date
Fair Value Per Share | |
| |
| | | |
| | |
Unvested as of January 1, 2023 | |
| 85,820 | | |
$ | 4.95 | |
Granted | |
| 671,350 | | |
| 1.03 | |
Vested | |
| (692,804 | ) | |
| 1.15 | |
Forfeited | |
| - | | |
| - | |
Unvested as of June 30, 2023 | |
| 64,366 | | |
$ | 4.95 | |
| |
| | | |
| | |
Unvested as of January 1, 2024 | |
| 64,366 | | |
$ | 4.95 | |
Granted | |
| - | | |
| - | |
Vested | |
| (21,454 | ) | |
| 4.95 | |
Forfeited | |
| - | | |
| - | |
Unvested as of June 30, 2024 | |
| 42,912 | | |
$ | 4.95 | |
For
the three and six months ended June 30, 2024, the Company recognized stock-based compensation related to RSUs of $15,445 and $36,710,
respectively. For the three and six months ended June 30, 2023, the Company recognized stock-based compensation related to RSUs of $28,684
and $759,577, respectively. The outstanding unamortized stock-based compensation related to RSUs was $64,400 (which will be recognized
through February 2026) as of June 30, 2024.
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.2.u1
SHAREHOLDERS’ EQUITY
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
SHAREHOLDERS’ EQUITY |
NOTE
17 – SHAREHOLDERS’ EQUITY
On
February 1, 2023, 2,500,000 shares of common shares were issued for the acquisition of 51% of the outstanding shares of Sigmaways and
its subsidiaries with fair value of $3,150,000 (also see NOTE 19).
In
November 2023, the Company established a 51% owned subsidiary in Vietnam. On February 16, 2024, the Company received capital contribution
of VND1,646.4 million in cash, equivalent to $67,195, from the non-controlling shareholder of the subsidiary.
On March 29, 2024, the Board of Directors
approved a dividend declaration of $0.02
per share of common share for the shareholders of record
at the close of business on April 26, 2024. The dividends in the amount of $417,283 were paid on May 3, 2024.
As
of June 30, 2024 and December 31, 2023, there were 20,864,144 and 20,842,690 shares of common shares issued and outstanding, respectively.
No
preferred shares were issued and outstanding as of June 30, 2024 and December 31, 2023.
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v3.24.2.u1
NET INCOME (LOSS) PER SHARE
|
6 Months Ended |
Jun. 30, 2024 |
Net income (loss) per common share attributable to HeartCore Enterprises, Inc. |
|
NET INCOME (LOSS) PER SHARE |
NOTE
18 – NET INCOME (LOSS) PER SHARE
Basic
net income (loss) per share is calculated on the basis of weighted average outstanding common shares. Diluted net income (loss) per share
is computed on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, RSUs
and other dilutive securities. Common shares equivalents are determined by applying the treasury stock method to the assumed conversion
of share repurchase liability to common shares related to the early exercised stock options and unvested RSUs, and are not included in
the calculation of diluted income (loss) per share if their effect would be anti-dilutive.
The
computation of basic and diluted net income (loss) per share for the three and six months ended June 30, 2024 and 2023 is as follows:
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED EARNINGS (LOSS) PER SHARE
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For
the Three Months
Ended June 30, | | |
For
the Six Months
Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Net income (loss) per share - basic and diluted | |
| | | |
| | | |
| | | |
| | |
Numerator | |
| | | |
| | | |
| | | |
| | |
Net income (loss) attributable to HeartCore Enterprises, Inc. common shareholders | |
$ | (1,951,100 | ) | |
$ | (911,800 | ) | |
$ | (3,284,450 | ) | |
$ | 970,489 | |
Denominator | |
| | | |
| | | |
| | | |
| | |
Weighted average number of common shares outstanding used in calculating net income (loss) per share | |
| 20,864,144 | | |
| 20,842,690 | | |
| 20,859,429 | | |
| 19,959,333 | |
Net income (loss) per share - basic and diluted | |
$ | (0.09 | ) | |
$ | (0.04 | ) | |
$ | (0.16 | ) | |
$ | 0.05 | |
For
the three and six months ended June 30, 2024 and 2023, the weighted average common shares outstanding are the same for basic and diluted
net income (loss) per share calculations, as the inclusion of common share equivalents would have an anti-dilutive effect.
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v3.24.2.u1
BUSINESS COMBINATION
|
6 Months Ended |
Jun. 30, 2024 |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
BUSINESS COMBINATION |
NOTE
19 – BUSINESS COMBINATION
On
September 6, 2022, HeartCore USA entered into the Sigmaways Agreement to acquire 51% of the outstanding shares of Sigmaways, a company
incorporated under the laws of the State of California, and its subsidiaries. The Sigmaways Agreement was further amended on December
23, 2022 and February 1, 2023, respectively, and the transaction was closed on February 1, 2023. The purchase consideration is $4,150,000,
consisted of $1,000,000 in cash and 2,500,000 shares of common shares of the Company with fair value of $3,150,000 at the closing date.
The
total purchase price is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed and non-controlling
interest based on their estimated fair values as of the acquisition date. The excess of the purchase price over those fair values is
recorded as goodwill.
The
purchase price is allocated on the acquisition date as follows:
SCHEDULE OF BUSINESS PURCHASE PRICE ALLOCATION
| |
Amount | |
Current assets | |
$ | 2,066,683 | |
Acquired intangible asset | |
| 5,100,000 | |
Non-current assets | |
| 47,979 | |
Current liabilities | |
| (1,146,900 | ) |
Deferred tax liabilities | |
| (1,428,000 | ) |
Non-current liabilities | |
| (576,203 | ) |
Goodwill | |
| 3,276,441 | |
Non-controlling interest | |
| (3,190,000 | ) |
Total purchase consideration | |
$ | 4,150,000 | |
The
results of operations, financial position and cash flows of Sigmaways and its subsidiaries have been included in the Company’s
unaudited consolidated financial statements since the date of acquisition.
Pro
forma results of operations for the business combination have not been presented because they are not material to the unaudited consolidated
statements of operations and comprehensive income (loss).
The
Company’s policy is to perform its annual impairment testing on goodwill for its reporting unit on December 31 of each fiscal year
or more frequently if events or changes in circumstances indicate that an impairment may exist. The Company did not recognize any impairment
loss on goodwill for the six months ended June 30, 2024 and 2023.
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v3.24.2.u1
SUBSEQUENT EVENT
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENT |
NOTE 20 – SUBSEQUENT EVENT
On July 22, 2024, the Board of Directors
of the Company declared a cash dividend of $0.02 per share of the Company’s common shares to be paid on August 26, 2024 to
shareholders of record as of August 19, 2024.
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Principles of Consolidation |
Basis
of Presentation and Principles of Consolidation
The
accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations
of the Securities and Exchange Commission (“SEC”). The unaudited consolidated financial statements include the accounts of
the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated.
These
unaudited interim consolidated financial statements do not include all of the information and disclosure required by the U.S. GAAP for
complete financial statements. Interim results are not necessarily indicative of results for a full year. In the opinion of management,
all adjustments consisting of normal recurring nature considered necessary for a fair presentation of the financial position and the
results of operations and cash flows for the interim periods have been included. The unaudited consolidated financial statements should
be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2023.
|
Correction of Error in Previously Issued Financial Statements |
Correction of Error in Previously Issued Financial
Statements
During the review of the Company’s consolidated
financial statements for the six months ended June 30, 2024, the Company identified an error in the consolidated statement of cash flows
in the consolidated financial statements for the three months ended March 31, 2024 due to a misclassification between operating and investing
activities for the net proceeds received from sale of warrants, and corrected such error through a cumulative out-of-period adjustment
in the consolidated statement of cash flows for the six months ended June 30, 3024. The change in prepaid expenses and change in other
liabilities in the operating cash flows for the three months ended March 31, 2024 should have been $102,028 and $60,658, respectively,
but was stated as $(3,257,972) and $5,060,658, respectively, resulting in net cash flows provided by operating activities overstated by
$1,640,000. Concurrently, the Company failed to include net proceeds from sale of warrants included in the investing activities of $1,640,000,
resulting in net cash flows provided by investing activities understated by $1,640,000 in the consolidated statement of cash flows for
the three months ended March 31, 2024. The error had no impact on the consolidated balance sheet, statement of operations and comprehensive income (loss) and statement of changes
in shareholders’ equity.
In accordance with the SEC’s Staff Accounting Bulletin Nos. 99 and 108 (SAB 99 and SAB 108), the Company evaluated
this error and, based on analysis of quantitative and qualitative factors, determined that the error is not material to the previously
issued financial statements and the cumulative out-of-period adjustment for the correction of this error is not material to the financial
statements for the six months ended June 30, 2024. Therefore, as permitted by SAB108, the Company corrected such error in the current
filing through a cumulative out-of-period adjustment in the consolidated statement of cash flows for the six months ended June 30, 3024.
|
Use of Estimates |
Use
of Estimates
In
preparing the unaudited consolidated financial statements in conformity U.S. GAAP, the management is required to make certain estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.
These estimates are based on information available as of the date of the unaudited consolidated financial statements. Significant estimates
required to be made by management include, but are not limited to, the allowance for credit losses, useful lives of property and equipment
and intangible asset, the impairment of long-lived assets and goodwill, valuation of stock-based compensation, valuation allowance of
deferred tax assets, implicit interest rate of operating and finance leases, valuation of asset retirement obligations, valuation of
investment in warrants, revenue recognition and purchase price allocation with respect to business combination. Actual results could
differ from those estimates.
|
Asset Retirement Obligations |
Asset
Retirement Obligations
Pursuant
to the lease agreements for the office space, the Company is responsible to restore these spaces back to its original statute at the
time of leaving. The Company recognizes an obligation related to these restorations as asset retirement obligation included in other
non-current liabilities in the consolidated balance sheets, in accordance with the Financial Accounting Standards Board’s (the
“FASB”) Accounting Standards Codification (“ASC”) Topic 410, “Asset Retirement Obligation Accounting”.
The Company capitalizes the associated asset retirement cost by increasing the carrying amount of the related property and equipment.
The following table presents changes in asset retirement obligations:
SCHEDULE OF CHANGES IN ASSET RETIREMENT OBLIGATIONS
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Beginning balance | |
$ | 208,732 | | |
$ | 138,018 | |
Liabilities incurred | |
| - | | |
| 83,821 | |
Accretion expense | |
| 176 | | |
| 428 | |
Liabilities settled | |
| (3,779 | ) | |
| - | |
Foreign currency translation adjustment | |
| (19,765 | ) | |
| (13,535 | ) |
Ending balance | |
$ | 185,364 | | |
$ | 208,732 | |
|
Software Development Costs |
Software
Development Costs
Software
development costs are expensed as incurred until the point the Company establishes technological feasibility. Technological feasibility
is established upon completion of a detailed program design or the completion of a working model. Costs incurred by the Company between
establishment of technological feasibility and the point at which the product is ready for general release are capitalized and amortized
over the economic life of the related products. The Company’s software development costs incurred subsequent to achieving technological
feasibility have not been significant and all software development costs have been expensed as incurred.
In
the six months ended June 30, 2024 and 2023, software development costs expensed as incurred amounted to $200,402 and $119,232, respectively.
These software development costs were included in the research and development expenses.
|
Investment in Warrants |
Investment
in Warrants
Investment
in warrants represents stock warrants of its consulting service customers. The warrants are measured at fair value and any changes in
fair value are recognized in other income (expenses). Investment in warrants is classified as long-term if the warrants are exercisable
over one year after the date of receipt.
|
Investments in Marketable Securities |
Investments
in Marketable Securities
Investments
in marketable securities represent equity securities registered for public sale with readily determinable fair value. The marketable
securities were obtained through exercise of stock warrants of its consulting service customers and measured at fair value with changes
in fair value recognized in other income (expenses).
|
Investment in Equity Securities |
Investment
in Equity Securities
Investment
in equity securities represents investment in a privately held entity that does not have a readily determinable fair value or report
net asset value. Investment in equity securities is accounted for using a measurement alternative, under which this investment is
measured at cost, adjusted for observable price changes and impairments, with changes recognized in other income (expenses).
Investment in equity securities is classified as long-term if the Company anticipates to dispose of the investment over one year
after the date of receipt based on information available as of the date the unaudited consolidated financial statements are issued.
The Company did not recognize any impairment loss on investment in equity securities for the six months ended June 30,
2024.
|
Investment in SAFE |
Investment in SAFE
Investment in SAFE represents investment in a
privately held entity that does not have a readily determinable fair value or report net asset value through
a simple agreement for future equity (“SAFE”). Investment in SAFE is accounted for using a measurement alternative,
under which this investment is measured at cost, adjusted for observable price changes and impairments, with changes recognized in
other income (expenses). Investment in SAFE is classified as long-term if the Company anticipates the equity financing or
dissolution or liquidity event prescribed in the SAFE to take place over one year after the date of receipt based on information
available as of the date the unaudited consolidated financial statements are issued. The Company did not recognize any impairment
loss on investment in SAFE for the six months ended June 30, 2024.
|
Intangible Asset, Net |
Intangible
Asset, Net
Intangible
asset represents the customer relationship acquired from business acquisition of Sigmaways and its subsidiaries. The acquired intangible
asset is recognized and measured at fair value at the time of acquisition and is amortized on a straight-line basis over the estimated
economic useful life of the respective asset. The estimated useful life of the customer relationship is 8 years.
|
Impairment of Long-Lived Assets Other Than Goodwill |
Impairment
of Long-Lived Assets Other Than Goodwill
Long-lived
assets with finite lives, primarily property and equipment, operating lease right-of-use assets and intangible asset, are reviewed for
impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated
cash flows from the use of the asset and its eventual disposition are below the asset’s carrying value, then the asset is deemed
to be impaired and written down to its fair value. There were no impairments of these assets during the six months ended June 30, 2024
and 2023.
|
Goodwill |
Goodwill
Goodwill
represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. In
accordance with ASC Topic 350, “Intangibles – Goodwill and Others”, goodwill is subject to at least an annual assessment
for impairment or more frequently if events or changes in circumstances indicate that an impairment may exist, applying a fair-value
based test. Fair value is generally determined using a discounted cash flow analysis.
|
Foreign Currency Translation |
Foreign
Currency Translation
The
functional currency of HeartCore Japan, HeartCore Capital Advisors and HeartCore Financial – Japan is the Japanese Yen
(“JPY”). The functional currency of HeartCore USA, HeartCore Financial and Sigmaways is the United States Dollar
(“US$”). The functional currency of Sigmaways B.V. is the Euro (“EUR”). The functional currency of Sigmaways
Technologies is the Canada Dollar (“CAD”). The functional currency of HeartCore Luvina is the Vietnam Dong
(“VND”). Transactions denominated in currencies other than the functional currency are translated into the functional
currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies
other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance
sheet dates. The resulting exchange differences are recorded in the unaudited consolidated statements of operations and
comprehensive income (loss).
The
reporting currency of the Company is the US$, and the accompanying unaudited consolidated financial statements have been expressed
in US$. In accordance with ASC Topic 830-30, “Translation of Financial Statements”, assets and liabilities of the
Company whose functional currency is not US$ are translated into US$, using the exchange rate on the balance sheet
date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from the translation
of financial statements are recorded as a separate component of accumulated other comprehensive income within the unaudited consolidated
statements of changes in shareholders’ equity.
|
Revenue Recognition |
Revenue
Recognition
The
Company recognizes revenues under ASC Topic 606, “Revenue from Contracts with Customers”.
To
determine revenue recognition for contracts with customers, the Company performs the following five steps: (i) identify the contract(s)
with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable
consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price
to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance
obligation. Revenues amount represents the invoiced value, net of a value-added tax (“Consumption Tax”) and applicable local
government levies. The Consumption Tax on sales are calculated at 10% of gross sales in Japan and Vietnam, 5% of gross sales in Canada,
21% of gross sales in Netherlands and nil of gross sales in the United States.
The
Company currently generates its revenue from the following main sources:
Revenues
from On-Premise Software
Licenses
for on-premise software provide the customers with a right to use the software as it exists when made available to the customers. The
Company provides on-premise software in the form of both perpetual licenses and term-based licenses which grant the customers with the
right for a specified term. Revenues from on-premise licenses are recognized upfront at the point in time when the software is made available
to the customers. Licenses for on-premise software are typically sold to the customers with maintenance and support services in a bundle.
Revenues under the bundled arrangements are allocated based on the relative standalone selling prices (“SSP”) of on-premise
software and maintenance and support service. The SSP for maintenance and support services is estimated based upon observable transactions
when those services are sold on a standalone basis. The SSP of on-premise software is typically estimated using the residual approach
as the Company is unable to establish the SSP for on-premise licenses based on observable prices given the same products are sold for
a broad range of amounts (that is, the selling price is highly variable) and a representative SSP is not discernible from past transactions
or other observable evidence.
Revenues
from Maintenance and Support Services
Maintenance
and support services provided with software licenses consist of trouble shooting, technical support and the right to receive unspecified
software updates when and if available during the subscription. Revenues from maintenance and support services are recognized over time
as such services are performed. Revenues for consumption-based services are generally recognized as the services are performed and accepted
by the customers.
Revenues
from Software as a Service (“SaaS”)
The
Company’s software is available for use as hosted application arrangements under subscription fee agreements without licensing
the rights of the software to the customers. Subscription fees from these applications are recognized over time on a ratable basis over
the customer agreement term beginning on the date the Company’s solution is made available to the customers. The subscription contracts
are generally one year or less in length.
Revenues
from Software Development and Other Miscellaneous Services
The
Company provides customers with software development and support services pursuant to their specific requirements, which primarily compose
of consulting, integration, training, custom application, and workflow development. The Company also provides other miscellaneous services,
such as 3D Space photography. The Company generally recognizes revenues at a point in time when control is transferred to the customers
and the Company is entitled to the payment, which is when the promised services are delivered and accepted by the customers.
Revenues
from Customized Software Development and Services
The
Company’s customized software development and services revenues primarily include revenues from providing software development
solutions and other support services to its customers. The contract pricing is at stated billing rates per hour. These contracts are
generally short-term in nature and not longer than one year in duration. For services provided under the contracts that result in the
transfer of control over time, the underlying deliverable in the contracts is owned and controlled by the customers and does not create
an asset with an alternative use to the Company. The Company recognizes revenues on rate per hour contracts based on the amount billable
to the customers, as the Company has the right to invoice the customers in an amount that directly corresponds with the value to the
customers of the Company’s performance to date.
Revenues
from Consulting Services
The
Company provides public listing related consulting services to customers pursuant to the specific requirements prescribed in the contracts,
which primarily include communicating with intermediary parties, preparing required documents related to the initial public offering
and supporting the listing process. The consulting service contracts normally include both cash and noncash considerations. Cash consideration
is paid in installment payments and is recognized in revenues over the period of the contract by reference to progress toward complete
satisfaction of that performance obligation. Noncash consideration is in the form of warrants of the customers and is measured at fair
value at contract inception. Noncash consideration that is variable for reasons other than only the form of the consideration is included
in the transaction price, but is subject to the constraint on variable consideration. The Company assesses the estimated amount of the
variable noncash consideration at contract inception and subsequently, to determine when and to what extent it is probable that a significant
reversal in the amount of cumulative revenues recognized will not occur once the uncertainty associated with the variable consideration
is subsequently resolved. Only when the significant revenues reversal is concluded probable of not occurring can variable consideration
be included in revenues. Based on evaluation of likelihood and magnitude of a reversal in applying the constraint, the variable noncash
consideration is recognized in revenues until the underlying uncertainties have been resolved.
The
Company records reduction to revenues for estimated customer returns and allowances. The Company bases its estimates on historical rates
of customer returns and allowances as well as the specific identification of outstanding returns. The actual amount of customer returns
and allowances, which is inherently uncertain, may differ from the Company’s estimates. If the Company determines that actual or expected
returns or allowances are significantly higher or lower than the reserves it established, it would record a reduction or increase, as
appropriate, to revenues in the period in which it makes such a determination. Reserves for customer refunds are included within other
current liabilities or other non-current liabilities on the consolidated balance sheets. At a minimum, the Company reviews and refines
these estimates on a quarterly basis.
The
timing of revenue recognition may differ from the timing of invoicing to the customers. The Company has determined that its contracts
do not include a significant financing component. The Company records a contract asset, which is included in accounts receivable, current or non-current, in the
consolidated balance sheets, when revenues are recognized prior to invoicing. The Company factors certain accounts receivable upon or
after the performance obligation is being met. The Company records deferred revenue in the consolidated balance sheets when revenues
are recognized subsequent to cash collection for an invoice. Deferred revenue is reported net of related uncollected deferred revenue
in the consolidated balance sheets. The amount of revenues recognized during the six months ended June 30, 2024 and 2023 that were included
in the opening deferred revenue balance was approximately $1.5 million and $1.3 million, respectively.
Disaggregation
of Revenues
The
Company disaggregates its revenues from contracts by product/service types, as the Company believes it best depicts how the nature, amount,
timing and uncertainty of the revenues and cash flows are affected by economic factors. The Company’s disaggregation of revenues
by revenue stream for the three and six months ended June 30, 2024 and 2023 is as following:
SCHEDULE OF DISAGGREGATION OF REVENUES
| |
| | |
| | |
| | |
| |
| |
For
the Three Months
Ended June 30, | | |
For
the Six Months
Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenues from on-premise software | |
$ | 575,424 | | |
$ | 704,268 | | |
$ | 1,654,160 | | |
$ | 1,061,189 | |
Revenues from maintenance and support services | |
| 549,284 | | |
| 874,725 | | |
| 1,177,048 | | |
| 1,576,199 | |
Revenues from software as a service (“SaaS”) | |
| 152,248 | | |
| 177,529 | | |
| 291,948 | | |
| 348,573 | |
Revenues from software development and other miscellaneous services | |
| 516,561 | | |
| 406,455 | | |
| 964,019 | | |
| 1,086,796 | |
Revenues from customized software development and services | |
| 2,122,059 | | |
| 2,294,953 | | |
| 4,299,652 | | |
| 3,926,572 | |
Revenues from consulting services | |
| 150,812 | | |
| 637,443 | | |
| 726,293 | | |
| 5,830,194 | |
Total revenues | |
$ | 4,066,388 | | |
$ | 5,095,373 | | |
$ | 9,113,120 | | |
$ | 13,829,523 | |
The
Company’s disaggregation of revenues by product/service is as following:
| |
| | |
| | |
| | |
| |
| |
For
the Three Months
Ended June 30, | | |
For
the Six Months
Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenues from customer experience management platform | |
$ | 1,420,584 | | |
$ | 1,725,872 | | |
$ | 3,480,173 | | |
$ | 3,292,309 | |
Revenues from process mining | |
| 101,307 | | |
| 188,555 | | |
| 174,462 | | |
| 290,756 | |
Revenues from robotic process automation | |
| 102,373 | | |
| 127,283 | | |
| 158,564 | | |
| 213,469 | |
Revenues from task mining | |
| 107,362 | | |
| 95,679 | | |
| 153,220 | | |
| 202,767 | |
Revenues from customized software development and services | |
| 2,122,059 | | |
| 2,294,953 | | |
| 4,299,652 | | |
| 3,926,572 | |
Revenues from consulting services | |
| 150,812 | | |
| 637,443 | | |
| 726,293 | | |
| 5,830,194 | |
Revenues from others | |
| 61,891 | | |
| 25,588 | | |
| 120,756 | | |
| 73,456 | |
Total revenues | |
$ | 4,066,388 | | |
$ | 5,095,373 | | |
$ | 9,113,120 | | |
$ | 13,829,523 | |
As
of June 30, 2024 and 2023, and for the periods then ended, the majority of the long-lived assets (excluding intangible asset) and revenues generated were attributed to the Company’s operation in Japan.
|
Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to credit risk consist primarily of accounts receivable, note receivable and other receivable.
The Company usually does not require collateral or other security to support these receivables. The Company conducts periodic reviews
of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.
For the six months ended June 30, 2024, customer A represents 13.7% of
the Company’s total revenues. For the six months ended June 30, 2023, customer B, C and D represent 18.2%, 12.8% and 11.8%, respectively,
of the Company’s total revenues.
For the six months ended June 30, 2024, no vendor accounts for more than
10% of the Company’s total purchases. For the six months ended June 30, 2023, vendor A and B represent 60.9% and 22.7%, respectively,
of the Company’s total purchases.
|
Stock-based Compensation |
Stock-based
Compensation
The
Company accounts for stock-based compensation awards in accordance with ASC Topic 718, “Compensation – Stock Compensation”.
The cost of services received from employees and non-employees in exchange for awards of equity instruments is recognized in the unaudited
consolidated statements of operations and comprehensive income (loss) based on the estimated fair value of those awards on the grant
date and amortized on a straight-line basis over the requisite service period or vesting period. The Company records forfeitures as they
occur.
|
Business Combinations |
Business
Combinations
The
Company accounts its business combinations using the acquisition method of accounting in accordance with ASC Topic 805. The purchase
price of the acquisition is allocated to the tangible assets, liabilities, identifiable intangible asset acquired and non-controlling
interests, if any, based on their estimated fair values as of the acquisition date. The excess of the purchase price over those fair
values is recorded as goodwill. Acquisition-related expenses are expensed as incurred.
Consideration
transferred in a business combination is measured at the fair value as of the date of acquisition. Where the consideration in an acquisition
includes contingent consideration, and the payment of which depends on the achievement of certain specified conditions post-acquisition,
the contingent consideration is recognized and measured at its fair value at the acquisition date and is recorded as a liability. It
is subsequently carried at fair value with changes in fair value reflected in earnings.
In
a business combination achieved in stages, the Company remeasures the previously held equity interest in the acquiree immediately
before obtaining control at its acquisition-date fair value and the remeasurement gain or loss, if any, is recognized in the
unaudited consolidated statements of operations and comprehensive income (loss).
Fair
value is determined based upon the guidance of ASC Topic 820, “Fair Value Measurements and Disclosures”, and generally are
determined using Level 2 inputs and Level 3 inputs. The determination of fair value involves the use of significant judgments and estimates.
The Company utilizes the assistance of a third-party valuation appraiser to determine the fair value as of the date of acquisition.
|
Fair Value Measurements |
Fair
Value Measurements
The
Company performs fair value measurements in accordance with ASC Topic 820. Fair value is defined as the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic
820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable
inputs when measuring fair value. An asset’s or a liability’s categorization within the fair value hierarchy is based upon
the lowest level of input that is significant to the fair value measurement. ASC Topic 820 establishes three levels of inputs that may
be used to measure fair value:
|
● |
Level
1: quoted prices in active markets for identical assets or liabilities; |
|
● |
Level
2: inputs other than Level 1 that are observable, either directly or indirectly; or |
|
● |
Level
3: unobservable inputs that are supported by little or no market activity and that are significant to the fair values of the assets
or liabilities. |
As
of June 30, 2024 and December 31, 2023, the carrying values of current assets, except for investments in marketable securities, and current
liabilities approximated their fair values reported in the consolidated balance sheets due to the short-term maturities of these instruments.
Assets
measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 are summarized below (also see NOTE 6):
SCHEDULE
OF ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
Value Measurements as of June 30, 2024 |
|
|
Quoted
Prices in Active Markets for Identical
Assets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level
2) |
|
|
Unobservable
Inputs
(Level
3) |
|
|
Fair
Value at
June
30,
2024 |
|
Investments
in marketable securities |
|
|
435,498 |
|
|
|
- |
|
|
|
- |
|
|
|
435,498 |
|
Long-term
investment in warrants |
|
|
- |
|
|
|
- |
|
|
|
543,120 |
|
|
|
543,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
Value Measurements as of December 31, 2023 |
|
|
|
Quoted
Prices in Active Markets for Identical
Assets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level
2) |
|
|
Unobservable
Inputs
(Level
3) |
|
|
Fair
Value at
December
31,
2023 |
|
Investments
in marketable securities |
|
|
642,348 |
|
|
|
- |
|
|
|
- |
|
|
|
642,348 |
|
Long-term
investment in warrants |
|
|
- |
|
|
|
- |
|
|
|
2,004,308 |
|
|
|
2,004,308 |
|
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting
(Topic 280): Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments,
primarily through enhanced disclosures about significant segment expenses. ASU No. 2023-09 is effective for public companies for annual
reporting periods beginning after December 15, 2023, on a retrospective basis. Early adoption is permitted. The Company is currently evaluating
the impact of this ASU on its unaudited consolidated financial statements and related disclosures.
In
December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvement to
Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate
reconciliation and income taxes paid information. ASU No. 2023-09 is effective for public companies for annual reporting periods beginning
after December 15, 2024, on a prospective basis. For all other entities, it is effective for annual reporting periods beginning after
December 15, 2025, on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on
its unaudited consolidated financial statements and related disclosures.
|
X |
- References
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
SCHEDULE OF CHANGES IN ASSET RETIREMENT OBLIGATIONS |
SCHEDULE OF CHANGES IN ASSET RETIREMENT OBLIGATIONS
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Beginning balance | |
$ | 208,732 | | |
$ | 138,018 | |
Liabilities incurred | |
| - | | |
| 83,821 | |
Accretion expense | |
| 176 | | |
| 428 | |
Liabilities settled | |
| (3,779 | ) | |
| - | |
Foreign currency translation adjustment | |
| (19,765 | ) | |
| (13,535 | ) |
Ending balance | |
$ | 185,364 | | |
$ | 208,732 | |
|
SCHEDULE OF DISAGGREGATION OF REVENUES |
SCHEDULE OF DISAGGREGATION OF REVENUES
| |
| | |
| | |
| | |
| |
| |
For
the Three Months
Ended June 30, | | |
For
the Six Months
Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenues from on-premise software | |
$ | 575,424 | | |
$ | 704,268 | | |
$ | 1,654,160 | | |
$ | 1,061,189 | |
Revenues from maintenance and support services | |
| 549,284 | | |
| 874,725 | | |
| 1,177,048 | | |
| 1,576,199 | |
Revenues from software as a service (“SaaS”) | |
| 152,248 | | |
| 177,529 | | |
| 291,948 | | |
| 348,573 | |
Revenues from software development and other miscellaneous services | |
| 516,561 | | |
| 406,455 | | |
| 964,019 | | |
| 1,086,796 | |
Revenues from customized software development and services | |
| 2,122,059 | | |
| 2,294,953 | | |
| 4,299,652 | | |
| 3,926,572 | |
Revenues from consulting services | |
| 150,812 | | |
| 637,443 | | |
| 726,293 | | |
| 5,830,194 | |
Total revenues | |
$ | 4,066,388 | | |
$ | 5,095,373 | | |
$ | 9,113,120 | | |
$ | 13,829,523 | |
The
Company’s disaggregation of revenues by product/service is as following:
| |
| | |
| | |
| | |
| |
| |
For
the Three Months
Ended June 30, | | |
For
the Six Months
Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenues from customer experience management platform | |
$ | 1,420,584 | | |
$ | 1,725,872 | | |
$ | 3,480,173 | | |
$ | 3,292,309 | |
Revenues from process mining | |
| 101,307 | | |
| 188,555 | | |
| 174,462 | | |
| 290,756 | |
Revenues from robotic process automation | |
| 102,373 | | |
| 127,283 | | |
| 158,564 | | |
| 213,469 | |
Revenues from task mining | |
| 107,362 | | |
| 95,679 | | |
| 153,220 | | |
| 202,767 | |
Revenues from customized software development and services | |
| 2,122,059 | | |
| 2,294,953 | | |
| 4,299,652 | | |
| 3,926,572 | |
Revenues from consulting services | |
| 150,812 | | |
| 637,443 | | |
| 726,293 | | |
| 5,830,194 | |
Revenues from others | |
| 61,891 | | |
| 25,588 | | |
| 120,756 | | |
| 73,456 | |
Total revenues | |
$ | 4,066,388 | | |
$ | 5,095,373 | | |
$ | 9,113,120 | | |
$ | 13,829,523 | |
|
SCHEDULE OF ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS |
Assets
measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 are summarized below (also see NOTE 6):
SCHEDULE
OF ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
Value Measurements as of June 30, 2024 |
|
|
Quoted
Prices in Active Markets for Identical
Assets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level
2) |
|
|
Unobservable
Inputs
(Level
3) |
|
|
Fair
Value at
June
30,
2024 |
|
Investments
in marketable securities |
|
|
435,498 |
|
|
|
- |
|
|
|
- |
|
|
|
435,498 |
|
Long-term
investment in warrants |
|
|
- |
|
|
|
- |
|
|
|
543,120 |
|
|
|
543,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
Value Measurements as of December 31, 2023 |
|
|
|
Quoted
Prices in Active Markets for Identical
Assets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level
2) |
|
|
Unobservable
Inputs
(Level
3) |
|
|
Fair
Value at
December
31,
2023 |
|
Investments
in marketable securities |
|
|
642,348 |
|
|
|
- |
|
|
|
- |
|
|
|
642,348 |
|
Long-term
investment in warrants |
|
|
- |
|
|
|
- |
|
|
|
2,004,308 |
|
|
|
2,004,308 |
|
|
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v3.24.2.u1
ACCOUNTS RECEIVABLE (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Credit Loss [Abstract] |
|
SCHEDULE OF ACCOUNTS RECEIVABLE NET |
Accounts
receivable consist of the following:
SCHEDULE OF ACCOUNTS RECEIVABLE NET
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Accounts receivable – non-factored | |
$ | 2,760,310 | | |
$ | 2,060,915 | |
Accounts receivable – factored with recourse | |
| 320,759 | | |
| 562,767 | |
Total accounts receivable, gross | |
| 3,081,069 | | |
| 2,623,682 | |
Less: allowance for credit losses | |
| - | | |
| - | |
Total accounts receivable | |
| 3,081,069 | | |
| 2,623,682 | |
Less: current portion | |
| (2,440,872 | ) | |
| (2,623,682 | ) |
Accounts receivable, non-current | |
$ | 640,197 | | |
$ | - | |
|
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v3.24.2.u1
PREPAID EXPENSES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
SCHEDULE OF PREPAID EXPENSES |
Prepaid
expenses consist of the following:
SCHEDULE OF PREPAID EXPENSES
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Prepayments to software and consulting services vendors | |
$ | 189,168 | | |
$ | 199,376 | |
Prepaid marketing and consulting fees | |
| 34,269 | | |
| 92,546 | |
Prepaid subscription fees | |
| 49,080 | | |
| 95,971 | |
Prepaid insurance premium | |
| 152,678 | | |
| 72,668 | |
Referral fee paid in advance | |
| 3,360,000 | | |
| - | |
Others | |
| 92,259 | | |
| 76,304 | |
Total | |
$ | 3,877,454 | | |
$ | 536,865 | |
|
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v3.24.2.u1
INVESTMENTS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Marketable Securities [Member] |
|
SCHEDULE OF INVESTMENTS IN MARKETABLE SECURITIES |
SCHEDULE OF INVESTMENTS IN MARKETABLE SECURITIES
| |
| | |
| |
| |
For the Six Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | |
Fair value of investments in marketable securities at beginning of the period | |
$ | 642,348 | | |
$ | - | |
Warrants converted to marketable securities | |
| 223,481 | | |
| 1,257,868 | |
Changes in fair value of investments in marketable securities | |
| (430,331 | ) | |
| (229,022 | ) |
Marketable securities sold | |
| - | | |
| - | |
Fair value of investments in marketable securities at end of the period | |
$ | 435,498 | | |
$ | 1,028,846 | |
|
Warrant [Member] |
|
SCHEDULE OF INVESTMENTS IN MARKETABLE SECURITIES |
The
following table summarizes the Company’s investment in warrants activities for the six months ended June 30, 2024 and 2023:
SCHEDULE OF INVESTMENT IN WARRANTS ACTIVITY
| |
| | |
| |
| |
For the Six Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | |
Fair value of investment in warrants at beginning of the period | |
$ | 2,004,308 | | |
$ | - | |
Warrants received as noncash consideration | |
| - | | |
| 4,009,335 | |
Changes in fair value of investment in warrants | |
| (1,237,707 | ) | |
| 166,107 | |
Warrants converted to marketable securities | |
| (223,481 | ) | |
| (1,257,868 | ) |
Fair value of investment in warrants at end of the period | |
$ | 543,120 | | |
$ | 2,917,574 | |
|
X |
- DefinitionTabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.
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v3.24.2.u1
PROPERTY AND EQUIPMENT, NET (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF PROPERTY AND EQUIPMENT NET |
Property
and equipment, net consist of the following:
SCHEDULE OF PROPERTY AND EQUIPMENT NET
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Leasehold improvements | |
$ | 444,237 | | |
$ | 496,810 | |
Machinery and equipment | |
| 648,113 | | |
| 706,145 | |
Vehicle | |
| 81,301 | | |
| 89,859 | |
Software | |
| 136,287 | | |
| 150,633 | |
Subtotal | |
| 1,309,938 | | |
| 1,443,447 | |
Less: accumulated depreciation | |
| (669,151 | ) | |
| (679,717 | ) |
Property and equipment, net | |
$ | 640,787 | | |
$ | 763,730 | |
|
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v3.24.2.u1
INTANGIBLE ASSET, NET (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF INTANGIBLE ASSETS |
Intangible
asset, net is as follows:
SCHEDULE OF INTANGIBLE ASSETS
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Customer relationship | |
$ | 5,100,000 | | |
$ | 5,100,000 | |
Less: accumulated amortization | |
| (903,125 | ) | |
| (584,375 | ) |
Intangible asset, net | |
$ | 4,196,875 | | |
$ | 4,515,625 | |
|
SCHEDULE OF AMORTIZATION INTANGIBLE ASSET |
As
of June 30, 2024, the future estimated amortization cost for intangible asset is as follows:
SCHEDULE OF AMORTIZATION INTANGIBLE ASSET
| |
Estimated | |
Year Ended December 31, | |
Amortization | |
Remaining of 2024 | |
$ | 318,750 | |
2025 | |
| 637,500 | |
2026 | |
| 637,500 | |
2027 | |
| 637,500 | |
2028 | |
| 637,500 | |
Thereafter | |
| 1,328,125 | |
Total | |
$ | 4,196,875 | |
|
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v3.24.2.u1
LEASES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Leases |
|
SCHEDULE OF LEASE COSTS |
The
components of lease costs are as follows:
SCHEDULE OF LEASE COSTS
| |
| | |
| |
| |
For the Six Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | |
Finance lease costs | |
| | | |
| | |
Amortization of right-of-use assets | |
$ | 8,733 | | |
$ | 10,902 | |
Interest on lease liabilities | |
| 499 | | |
| 86 | |
Total finance lease costs | |
| 9,232 | | |
| 10,988 | |
Operating lease costs | |
| 198,701 | | |
| 176,809 | |
Total lease costs | |
$ | 207,933 | | |
$ | 187,797 | |
|
SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO COMPANY’S LEASES |
The
following table presents supplemental information related to the Company’s leases:
SCHEDULE
OF SUPPLEMENTAL INFORMATION RELATED TO COMPANY’S LEASES
| |
| | |
| |
| |
For the Six Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | |
| |
Operating cash flows from finance leases | |
$ | 499 | | |
$ | 86 | |
Operating cash flows from operating leases | |
| 206,648 | | |
| 164,317 | |
Financing cash flows from finance leases | |
| 8,526 | | |
| 11,243 | |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | |
| 125,735 | | |
| - | |
| |
| | | |
| | |
Weighted average remaining lease term (years) | |
| | | |
| | |
Finance leases | |
| 4.3 | | |
| 0.3 | |
Operating leases | |
| 7.2 | | |
| 8.7 | |
| |
| | | |
| | |
Weighted average discount rate (per annum) | |
| | | |
| | |
Finance leases | |
| 1.32 | % | |
| 1.32 | % |
Operating leases | |
| 1.37 | % | |
| 1.32 | % |
|
SCHEDULE OF FINANCE LEASE AND OPERATING LEASE FUTURE MATURITY OF LEASE LIABILITIES |
As
of June 30, 2024, the future maturity of lease liabilities is as follows:
SCHEDULE OF FINANCE LEASE AND OPERATING LEASE FUTURE MATURITY OF LEASE LIABILITIES
Year Ended December 31, | |
Finance Lease | | |
Operating Lease | |
Remaining of 2024 | |
$ | 8,394 | | |
$ | 198,991 | |
2025 | |
| 16,787 | | |
| 373,470 | |
2026 | |
| 16,787 | | |
| 303,852 | |
2027 | |
| 16,787 | | |
| 261,809 | |
2028 | |
| 11,192 | | |
| 261,809 | |
Thereafter | |
| - | | |
| 870,248 | |
Total lease payments | |
| 69,947 | | |
| 2,270,179 | |
Less: imputed interest | |
| (1,900 | ) | |
| (106,835 | ) |
Total lease liabilities | |
| 68,047 | | |
| 2,163,344 | |
Less: current portion | |
| (15,992 | ) | |
| (358,377 | ) |
Non-current lease liabilities | |
$ | 52,055 | | |
$ | 1,804,967 | |
|
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v3.24.2.u1
OTHER LIABILITIES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Other Liabilities Disclosure [Abstract] |
|
SCHEDULE OF OTHER CURRENT LIABILITIES |
Other
current liabilities consist of the following:
SCHEDULE
OF OTHER CURRENT LIABILITIES
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Accrued consumption taxes | |
$ | 203,070 | | |
$ | 143,702 | |
Advance received for warrants sale* | |
| 9,000,000 | | |
| - | |
Others | |
| 57,942 | | |
| 72,703 | |
Total other current liabilities | |
$ | 9,261,012 | | |
$ | 216,405 | |
* |
On
February 29, 2024, the Company entered into a warrants transfer agreement with a non-related company to sell partial of the warrants
it received from a customer (“Consulting Customer”) as noncash consideration from consulting services for $9,000,000
in cash. The Company received
$9,000,000
during the six months ended
June 30, 2024 and recorded it in other current liabilities as the warrants to be transferred are exercisable upon its Consulting Customer’s
consummation of the Merger with a special purpose acquisition company or the occurrence of other fundamental events defined in the warrant
agreement it had with the Consulting Customer. |
|
SCHEDULE OF OTHER NON-CURRENT LIABILITIES |
Other non-current liabilities consist of the following:
SCHEDULE
OF OTHER NON-CURRENT LIABILITIES
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Asset retirement obligations | |
$ | 185,364 | | |
$ | 208,732 | |
Customer refund liability** | |
| 500,000 | | |
| - | |
Total other non-current liabilities | |
$ | 685,364 | | |
$ | 208,732 | |
** |
On June 28, 2024, the Company entered into a
settlement agreement with a customer, pursuant to which the consulting service agreement with the customer was terminated and the
Company will refund $500,000
to the customer in August 2025. |
|
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v3.24.2.u1
DEBTS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF SHORT-TERM DEBTS |
The
Company’s short-term debt represents a loan borrowed from a financial institution as follows:
SCHEDULE OF SHORT-TERM DEBTS
Name of Financial Institution | |
Original Amount Borrowed | |
Loan Duration | |
Annual Interest Rate | | |
Balance as of June 30, 2024 | | |
Balance as of December 31, 2023 | |
Biz Forward Co., Ltd. | |
JPY19,280,001 | (a) |
12/26/2023 – 1/31/2024 | |
| 36.840 | % | |
$ | - | | |
$ | 135,937 | |
(a) |
The
loan is secured by accounts receivable of HeartCore Japan in the amount of JPY23,882,562. |
|
SCHEDULE OF LONG-TERM DEBTS |
The
Company’s long-term debts included bond payable and loans borrowed from banks and financial institutions, which consist of the
following:
SCHEDULE OF LONG-TERM DEBTS
Name of Banks/Financial Institutions | |
Original Amount Borrowed | | |
Loan Duration | |
Annual Interest Rate | | |
Balance as of June 30, 2024 | | |
Balance as of December 31, 2023 | |
Bond payable | |
| | | |
| |
| | | |
| | | |
| | |
Corporate bond issued through Resona Bank, Limited | |
| JPY100,000,000 | (b)(d) | |
1/10/2019 – 1/10/2024 | |
| 0.430 | % | |
$ | - | | |
$ | 70,507 | |
Loans with banks and financial institutions | |
| | | |
| |
| | | |
| | | |
| | |
Resona Bank, Limited | |
| JPY50,000,000 | (b)(c) | |
12/29/2017 – 12/29/2024 | |
| 0.675 | % | |
| 49,470 | | |
| 54,678 | |
Resona Bank, Limited | |
| JPY10,000,000 | (b)(c) | |
9/30/2020 – 9/30/2027 | |
| 1.000 | % | |
| 34,945 | | |
| 38,624 | |
Resona Bank, Limited | |
| JPY40,000,000 | (b)(c) | |
9/30/2020 – 9/30/2027 | |
| 1.000 | % | |
| 139,781 | | |
| 154,495 | |
Resona Bank, Limited | |
| JPY20,000,000 | (b)(c) | |
11/13/2020 – 10/31/2027 | |
| 1.600 | % | |
| 71,408 | | |
| 78,925 | |
Sumitomo Mitsui Banking Corporation | |
| JPY100,000,000 | (b) | |
12/28/2018 – 7/1/2024 | |
| 1.475 | % | |
| 10,507 | | |
| 11,612 | |
Sumitomo Mitsui Banking Corporation | |
| JPY10,000,000 | (b)(c) | |
12/30/2019 – 12/30/2026 | |
| 1.975 | % | |
| 28,113 | | |
| 31,072 | |
Sumitomo Mitsui Banking Corporation | |
| JPY10,000,000 | (b)(c) | |
10/4/2023 – 9/30/2028 | |
| 0.600 | % | |
| 61,661 | | |
| 68,152 | |
Sumitomo Mitsui Banking Corporation | |
| JPY10,000,000 | (b)(c) | |
10/4/2023 – 9/30/2028 | |
| 0.000 | % | |
| 61,661 | | |
| 68,152 | |
The Shoko Chukin Bank, Ltd. | |
| JPY50,000,000 | | |
7/27/2020 – 6/30/2027 | |
| 1.290 | % | |
| 165,859 | | |
| 183,319 | |
The Shoko Chukin Bank, Ltd. | |
| JPY30,000,000 | | |
7/25/2023 – 6/30/2028 | |
| Tokyo
Interbank Offered Rate + 1.950 | % | |
| 175,108 | | |
| 197,137 | |
Japan Finance Corporation | |
| JPY80,000,000 | | |
11/17/2020 – 11/30/2027 | |
| 0.210 | % | |
| 295,994 | | |
| 327,152 | |
Higashi-Nippon Bank | |
| JPY30,000,000 | (b) | |
3/31/2022 – 3/31/2025 | |
| 1.400 | % | |
| 84,205 | | |
| 93,070 | |
Higashi-Nippon Bank | |
| JPY30,000,000 | (b)(c) | |
10/11/2023 – 9/30/2028 | |
| 1.450 | % | |
| 184,996 | | |
| 204,471 | |
First Home Bank | |
$ | 350,000 | (e) | |
4/18/2019 – 4/18/2029 | |
| Wall Street Journal U.S. Prime Rate + 2.750 | % | |
| 212,893 | | |
| 229,007 | |
U.S. Small Business Administration | |
$ | 350,000 | (e) | |
5/30/2020 – 5/30/2050 | |
| 3.750 | % | |
| 350,000 | | |
| 350,000 | |
Aggregate outstanding principal balances | |
| | | |
| |
| | | |
| 1,926,601 | | |
| 2,160,373 | |
Less: unamortized debt issuance costs | |
| | | |
| |
| | | |
| (14,303 | ) | |
| (18,238 | ) |
Less: current portion | |
| | | |
| |
| | | |
| (508,729 | ) | |
| (371,783 | ) |
Non-current portion | |
| | | |
| |
| | | |
$ | 1,403,569 | | |
$ | 1,770,352 | |
(b) |
These
debts are guaranteed by Sumitaka Yamamoto, the Company’s CEO and major shareholder. |
(c) |
These
debts are guaranteed by Tokyo Credit Guarantee Association, and the Company has paid guarantee expenses for these debts. |
(d) |
The
bond is guaranteed by Resona Bank, Limited. |
(e) |
These
debts are guaranteed by Prakash Sadasivam, CEO of Sigmaways and CSO of the Company, and secured by all assets of Sigmaways. |
|
SCHEDULE OF FUTURE MINIMUM LOAN PAYMENTS |
As
of June 30, 2024, future minimum principal payments for long-term debts are as follows:
SCHEDULE OF FUTURE MINIMUM LOAN PAYMENTS
| |
Principal | |
Year Ended December 31, | |
Payment | |
Remaining of 2024 | |
$ | 260,702 | |
2025 | |
| 404,497 | |
2026 | |
| 360,339 | |
2027 | |
| 386,977 | |
2028 | |
| 177,502 | |
Thereafter | |
| 336,584 | |
Total | |
$ | 1,926,601 | |
|
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v3.24.2.u1
INCOME TAXES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
SCHEDULE OF INCOME TAX EXPENSES |
For
the six months ended June 30, 2024 and 2023, the Company’s income tax expense (benefit) are as follows:
SCHEDULE OF INCOME TAX EXPENSES
| |
2024 | | |
2023 | |
| |
For the Six Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | |
Current | |
$ | 1,201 | | |
$ | 114,686 | |
Deferred | |
| (153,531 | ) | |
| (75,240 | ) |
Income tax expense (benefit) | |
$ | (152,330 | ) | |
$ | 39,446 | |
|
X |
- DefinitionTabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.
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v3.24.2.u1
STOCK-BASED COMPENSATION (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
SCHEDULE OF STOCK OPTION ACTIVITY |
The
following table summarizes the stock options activity and related information for the six months ended June 30, 2024 and 2023:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Term (Years) | | |
Intrinsic Value | |
As of January 1, 2023 | |
| 1,466,500 | | |
$ | 2.50 | | |
| 8.94 | | |
$ | - | |
Granted | |
| 100,000 | | |
| 1.17 | | |
| 9.61 | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited | |
| (2,000 | ) | |
| 2.50 | | |
| - | | |
| - | |
As of June 30, 2023 | |
| 1,564,500 | | |
$ | 2.42 | | |
| 8.52 | | |
$ | 26,000 | |
| |
| | | |
| | | |
| | | |
| | |
As of January 1, 2024 | |
| 1,547,000 | | |
$ | 2.41 | | |
| 8.01 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited | |
| (35,000 | ) | |
| 2.42 | | |
| - | | |
| - | |
As of June 30, 2024 | |
| 1,512,000 | | |
$ | 2.41 | | |
| 7.51 | | |
$ | - | |
Vested and exercisable as of June 30, 2024 | |
| 813,250 | | |
$ | 2.34 | | |
| 7.53 | | |
$ | - | |
|
SCHEDULE OF RESTRICTED STOCK UNITS |
The following table summarizes the RSUs activity for the six months ended June 30, 2024 and 2023:
SCHEDULE OF RESTRICTED STOCK UNITS
| |
Number of RSUs | | |
Weighted Average Grant Date
Fair Value Per Share | |
| |
| | | |
| | |
Unvested as of January 1, 2023 | |
| 85,820 | | |
$ | 4.95 | |
Granted | |
| 671,350 | | |
| 1.03 | |
Vested | |
| (692,804 | ) | |
| 1.15 | |
Forfeited | |
| - | | |
| - | |
Unvested as of June 30, 2023 | |
| 64,366 | | |
$ | 4.95 | |
| |
| | | |
| | |
Unvested as of January 1, 2024 | |
| 64,366 | | |
$ | 4.95 | |
Granted | |
| - | | |
| - | |
Vested | |
| (21,454 | ) | |
| 4.95 | |
Forfeited | |
| - | | |
| - | |
Unvested as of June 30, 2024 | |
| 42,912 | | |
$ | 4.95 | |
|
X |
- DefinitionTabular disclosure of the changes in outstanding nonvested restricted stock units.
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v3.24.2.u1
NET INCOME (LOSS) PER SHARE (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Net income (loss) per common share attributable to HeartCore Enterprises, Inc. |
|
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED EARNINGS (LOSS) PER SHARE |
The
computation of basic and diluted net income (loss) per share for the three and six months ended June 30, 2024 and 2023 is as follows:
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED EARNINGS (LOSS) PER SHARE
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For
the Three Months
Ended June 30, | | |
For
the Six Months
Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Net income (loss) per share - basic and diluted | |
| | | |
| | | |
| | | |
| | |
Numerator | |
| | | |
| | | |
| | | |
| | |
Net income (loss) attributable to HeartCore Enterprises, Inc. common shareholders | |
$ | (1,951,100 | ) | |
$ | (911,800 | ) | |
$ | (3,284,450 | ) | |
$ | 970,489 | |
Denominator | |
| | | |
| | | |
| | | |
| | |
Weighted average number of common shares outstanding used in calculating net income (loss) per share | |
| 20,864,144 | | |
| 20,842,690 | | |
| 20,859,429 | | |
| 19,959,333 | |
Net income (loss) per share - basic and diluted | |
$ | (0.09 | ) | |
$ | (0.04 | ) | |
$ | (0.16 | ) | |
$ | 0.05 | |
|
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v3.24.2.u1
BUSINESS COMBINATION (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
SCHEDULE OF BUSINESS PURCHASE PRICE ALLOCATION |
The
purchase price is allocated on the acquisition date as follows:
SCHEDULE OF BUSINESS PURCHASE PRICE ALLOCATION
| |
Amount | |
Current assets | |
$ | 2,066,683 | |
Acquired intangible asset | |
| 5,100,000 | |
Non-current assets | |
| 47,979 | |
Current liabilities | |
| (1,146,900 | ) |
Deferred tax liabilities | |
| (1,428,000 | ) |
Non-current liabilities | |
| (576,203 | ) |
Goodwill | |
| 3,276,441 | |
Non-controlling interest | |
| (3,190,000 | ) |
Total purchase consideration | |
$ | 4,150,000 | |
|
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v3.24.2.u1
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - shares
|
Jul. 16, 2021 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Nov. 30, 2023 |
Sep. 06, 2022 |
Feb. 24, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Common stock, shares issued |
|
20,864,144
|
20,842,690
|
|
|
|
Remaining shares |
|
20,864,144
|
20,842,690
|
|
|
|
Heart Core Luvina [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Equity interest owned |
|
|
|
51.00%
|
|
|
Share Exchange Agreement [Member] | HeartCore Japan [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Stock issued during period, shares |
15,999,994
|
|
|
|
|
|
Conversion of stock, shares converted |
10,706
|
|
|
|
|
|
Common stock, shares issued |
10,984
|
|
|
|
|
|
Equity interest owned |
97.50%
|
|
|
|
|
|
Remaining shares |
|
|
|
|
|
278
|
Sigmaways Agreement [Member] | Sigmaways Inc [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Equity interest owned |
|
|
|
|
51.00%
|
|
X |
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v3.24.2.u1
SCHEDULE OF CHANGES IN ASSET RETIREMENT OBLIGATIONS (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Accounting Policies [Abstract] |
|
|
Beginning balance |
$ 208,732
|
$ 138,018
|
Liabilities incurred |
|
83,821
|
Accretion expense |
176
|
428
|
Liabilities settled |
(3,779)
|
|
Foreign currency translation adjustment |
(19,765)
|
(13,535)
|
Ending balance |
$ 185,364
|
$ 208,732
|
X |
- References
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v3.24.2.u1
SCHEDULE OF DISAGGREGATION OF REVENUES (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Product Information [Line Items] |
|
|
|
|
Total revenues |
$ 4,066,388
|
$ 5,095,373
|
$ 9,113,120
|
$ 13,829,523
|
On-Premise Software [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues |
575,424
|
704,268
|
1,654,160
|
1,061,189
|
Maintenance and Support Services [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues |
549,284
|
874,725
|
1,177,048
|
1,576,199
|
Software as a Service (SaaS) [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues |
152,248
|
177,529
|
291,948
|
348,573
|
Software Development and Other Miscellaneous Services [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues |
516,561
|
406,455
|
964,019
|
1,086,796
|
Customised Software Development and Services [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues |
2,122,059
|
2,294,953
|
4,299,652
|
3,926,572
|
Consulting Services [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues |
150,812
|
637,443
|
726,293
|
5,830,194
|
Customer Experience Management Platform [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues |
1,420,584
|
1,725,872
|
3,480,173
|
3,292,309
|
Process Mining [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues |
101,307
|
188,555
|
174,462
|
290,756
|
Robotic Process Automation [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues |
102,373
|
127,283
|
158,564
|
213,469
|
Task Mining [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues |
107,362
|
95,679
|
153,220
|
202,767
|
Others [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenues |
$ 61,891
|
$ 25,588
|
$ 120,756
|
$ 73,456
|
X |
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v3.24.2.u1
SCHEDULE OF ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Platform Operator, Crypto Asset [Line Items] |
|
|
|
|
Investments in marketable securities |
$ 435,498
|
$ 642,348
|
$ 1,028,846
|
|
Long-term investment in warrants |
543,120
|
2,004,308
|
|
|
Fair Value, Inputs, Level 1 [Member] |
|
|
|
|
Platform Operator, Crypto Asset [Line Items] |
|
|
|
|
Investments in marketable securities |
435,498
|
642,348
|
|
|
Long-term investment in warrants |
|
|
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
|
|
Platform Operator, Crypto Asset [Line Items] |
|
|
|
|
Investments in marketable securities |
|
|
|
|
Long-term investment in warrants |
|
|
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
Platform Operator, Crypto Asset [Line Items] |
|
|
|
|
Investments in marketable securities |
|
|
|
|
Long-term investment in warrants |
$ 543,120
|
$ 2,004,308
|
|
|
X |
- DefinitionThe total amount of investments that are intended to be held for an extended period of time (longer than one operating cycle).
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Mar. 31, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Product Information [Line Items] |
|
|
|
Increase decrease in prepaid expense |
$ 102,028
|
$ (158,110)
|
$ (1,245)
|
Increase decrease in other operating liabilities |
60,658
|
558,667
|
116,382
|
Operating activities overstated |
1,640,000
|
(1,460,744)
|
(1,368,562)
|
[custom:NetProceedsFromSaleOfWarrants] |
1,640,000
|
(5,640,000)
|
|
Investing activities understated |
1,640,000
|
5,271,823
|
(1,181,646)
|
Software development costs |
|
$ 200,402
|
119,232
|
Finite lived intangible assets useful life |
|
8 years
|
|
Description of revenue recognition |
|
Revenues amount represents the invoiced value, net of a value-added tax (“Consumption Tax”) and applicable local
government levies. The Consumption Tax on sales are calculated at 10% of gross sales in Japan and Vietnam, 5% of gross sales in Canada,
21% of gross sales in Netherlands and nil of gross sales in the United States.
|
|
Deferred revenue for service |
|
$ 1,500,000
|
$ 1,300,000
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer A [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Concentration risk percentage |
|
13.70%
|
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Concentration risk percentage |
|
|
18.20%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer C [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Concentration risk percentage |
|
|
12.80%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer D [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Concentration risk percentage |
|
|
11.80%
|
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor A [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Concentration risk percentage |
|
|
60.90%
|
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor B [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Concentration risk percentage |
|
|
22.70%
|
Previously Reported [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Increase decrease in prepaid expense |
(3,257,972)
|
|
|
Increase decrease in other operating liabilities |
$ 5,060,658
|
|
|
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v3.24.2.u1
SCHEDULE OF ACCOUNTS RECEIVABLE NET (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Total accounts receivable, gross |
$ 3,081,069
|
$ 2,623,682
|
Less: allowance for credit losses |
|
|
Total accounts receivable |
3,081,069
|
2,623,682
|
Less: current portion |
(2,440,872)
|
(2,623,682)
|
Accounts receivable, non-current |
640,197
|
|
Non-Factored [Member] |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Total accounts receivable, gross |
2,760,310
|
2,060,915
|
Factored With Recourse [Member] |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Total accounts receivable, gross |
$ 320,759
|
$ 562,767
|
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v3.24.2.u1
SCHEDULE OF PREPAID EXPENSES (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
|
Prepayments to software and consulting services vendors |
$ 189,168
|
$ 199,376
|
Prepaid marketing and consulting fees |
34,269
|
92,546
|
Prepaid subscription fees |
49,080
|
95,971
|
Prepaid insurance premium |
152,678
|
72,668
|
Referral fee paid in advance |
3,360,000
|
|
Others |
92,259
|
76,304
|
Total |
$ 3,877,454
|
$ 536,865
|
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v3.24.2.u1
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Related Party Transaction [Line Items] |
|
|
|
Loan receivable balance |
$ 100,000
|
|
$ 100,000
|
Sumitaka Yamamoto [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Other receivables |
140
|
|
1,476
|
Operating costs and expenses |
1,246
|
$ 4,214
|
|
Heartcore Technology Inc [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Loan receivable balance |
$ 185,769
|
|
227,704
|
Related party annual interest rate |
1.475%
|
|
|
Proceeds from repayment of debt related party |
$ 21,166
|
$ 23,715
|
|
Luvina Software Joint Stock Company Limited [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Payments to Develop Software |
31,590
|
|
|
Related Party [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Accounts payable and accrued expenses - related party |
$ 21,579
|
|
|
X |
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SCHEDULE OF INVESTMENT IN WARRANTS ACTIVITY (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Fair value of investment in warrants at beginning of the period |
|
|
$ 2,004,308
|
|
Warrants received as noncash consideration |
|
|
|
$ (4,009,335)
|
Changes in fair value of investment in warrants |
$ 558,820
|
$ 27,258
|
1,237,707
|
(166,107)
|
Warrants converted to marketable securities |
|
|
223,481
|
1,257,868
|
Fair value of investment in warrants at end of the period |
543,120
|
|
543,120
|
|
Warrant [Member] |
|
|
|
|
Fair value of investment in warrants at beginning of the period |
|
|
2,004,308
|
|
Warrants received as noncash consideration |
|
|
|
4,009,335
|
Changes in fair value of investment in warrants |
|
|
(1,237,707)
|
166,107
|
Warrants converted to marketable securities |
|
|
223,481
|
(1,257,868)
|
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$ 543,120
|
$ 2,917,574
|
$ 543,120
|
$ 2,917,574
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SCHEDULE OF INVESTMENTS IN MARKETABLE SECURITIES (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Investments, All Other Investments [Abstract] |
|
|
|
|
Fair value of investments in marketable securities at beginning of the period |
|
|
$ 642,348
|
|
Warrants converted to marketable securities |
|
|
223,481
|
1,257,868
|
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$ (196,249)
|
$ (229,022)
|
(430,331)
|
(229,022)
|
Marketable securities sold |
|
|
|
|
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$ 435,498
|
$ 1,028,846
|
$ 435,498
|
$ 1,028,846
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v3.24.2.u1
INVESTMENTS (Details Narrative) - USD ($)
|
Apr. 17, 2024 |
Jul. 27, 2023 |
May 02, 2023 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Long-term investment in SAFE |
|
|
|
$ 350,000
|
|
Promissory Note [Member] |
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Payable |
|
|
$ 300,000
|
|
|
Interest rate |
|
|
8.00%
|
|
|
Debt instrument maturity description |
|
|
1) the date of the closing of capital-raising transactions in the amount of $300,000 or more consummated
by the promissory note issuer, 2) the date on which the promissory note issuer completes its initial public offering on the Nasdaq Capital Market or New York Stock Exchange, or 3) 180 days following the note issuance. The interest rate would be 12%
per annum for any amount that is unpaid when due.
|
|
|
Variable interest rate |
|
|
12.00%
|
|
|
SAFE Agreement [Member] |
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Long-term investment in SAFE |
$ 350,000
|
|
|
$ 350,000
|
|
Discount rate for price per share issued |
15.00%
|
|
|
|
|
Proceeds from investment in SAFE |
$ 350,000
|
|
|
|
|
Note Exchange Agreement [Member] |
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Debt conversion shares issued |
|
600,000
|
|
|
|
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v3.24.2.u1
SCHEDULE OF PROPERTY AND EQUIPMENT NET (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Subtotal |
$ 1,309,938
|
$ 1,443,447
|
Less: accumulated depreciation |
(669,151)
|
(679,717)
|
Property and equipment, net |
640,787
|
763,730
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Subtotal |
444,237
|
496,810
|
Machinery and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Subtotal |
648,113
|
706,145
|
Vehicles [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Subtotal |
81,301
|
89,859
|
Software and Software Development Costs [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Subtotal |
$ 136,287
|
$ 150,633
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v3.24.2.u1
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
Customer relationship |
$ 5,100,000
|
$ 5,100,000
|
Less: accumulated amortization |
(903,125)
|
(584,375)
|
Intangible asset, net |
$ 4,196,875
|
$ 4,515,625
|
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- DefinitionAmount, before amortization, of finite-lived asset representing customer relationship acquired in business combination, asset acquisition, and from joint venture formation.
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SCHEDULE OF AMORTIZATION INTANGIBLE ASSET (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
Remaining of 2024 |
$ 318,750
|
|
2025 |
637,500
|
|
2026 |
637,500
|
|
2027 |
637,500
|
|
2028 |
637,500
|
|
Thereafter |
1,328,125
|
|
Intangible asset, net |
$ 4,196,875
|
$ 4,515,625
|
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v3.24.2.u1
SCHEDULE OF LEASE COSTS (Details) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Leases |
|
|
Amortization of right-of-use assets |
$ 8,733
|
$ 10,902
|
Interest on lease liabilities |
499
|
86
|
Total finance lease costs |
9,232
|
10,988
|
Operating lease costs |
198,701
|
176,809
|
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|
$ 187,797
|
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SCHEDULE OF FINANCE LEASE AND OPERATING LEASE FUTURE MATURITY OF LEASE LIABILITIES (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Finance Lease, Liability [Abstract] |
|
|
Remaining of 2024 |
$ 8,394
|
|
2025 |
16,787
|
|
2026 |
16,787
|
|
2027 |
16,787
|
|
2028 |
11,192
|
|
Thereafter |
|
|
Total lease payments |
69,947
|
|
Less: imputed interest |
(1,900)
|
|
Total lease liabilities |
68,047
|
|
Less: current portion |
(15,992)
|
$ (17,445)
|
Non-current lease liabilities |
52,055
|
66,779
|
Operating Lease, Liability [Abstract] |
|
|
Remaining of 2024 |
198,991
|
|
2025 |
373,470
|
|
2026 |
303,852
|
|
2027 |
261,809
|
|
2028 |
261,809
|
|
Thereafter |
870,248
|
|
Total lease payments |
2,270,179
|
|
Less: imputed interest |
(106,835)
|
|
Total lease liabilities |
2,163,344
|
|
Less: current portion |
(358,377)
|
(396,535)
|
Non-current lease liabilities |
$ 1,804,967
|
$ 2,135,160
|
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v3.24.2.u1
SCHEDULE OF OTHER CURRENT LIABILITIES (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Accrued consumption taxes |
|
$ 203,070
|
$ 143,702
|
Advance received for warrants sale |
[1] |
9,000,000
|
|
Others |
|
57,942
|
72,703
|
Nonrelated Party [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Total other current liabilities |
|
$ 9,261,012
|
$ 216,405
|
|
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INSURANCE PREMIUM FINANCING (Details Narrative) - USD ($)
|
1 Months Ended |
6 Months Ended |
|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Statutory Accounting Practices [Line Items] |
|
|
|
|
|
Insurance premium financing |
|
|
$ 112,488
|
|
|
Interest expenses related to insurance premium financing |
|
|
$ 7,044
|
$ 18,033
|
|
Insurance Premium Financing Agreement [Member] | Bank Direct Capital Finance [Member] |
|
|
|
|
|
Statutory Accounting Practices [Line Items] |
|
|
|
|
|
Insurance premium financing |
$ 172,689
|
$ 389,035
|
|
|
|
Interest rate percentage |
13.90%
|
16.04%
|
|
|
|
Payment terms |
eleven months from February 1, 2024, payable in eleven monthly installments of principal and interest.
|
ten months from February 1, 2023, payable in ten monthly installments of principal and interest.
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v3.24.2.u1
SCHEDULE OF LONG-TERM DEBTS (Details)
|
6 Months Ended |
|
|
Jun. 30, 2024
JPY (¥)
|
Jun. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Schedule of Investments [Line Items] |
|
|
|
|
Long-Term Debt |
|
|
$ 1,926,601
|
$ 2,160,373
|
Unamortized Debt Issuance Expense |
|
|
(14,303)
|
(18,238)
|
Long-Term Debt, Current Maturities |
|
|
(508,729)
|
(371,783)
|
Long-Term Debt, Excluding Current Maturities |
|
|
1,403,569
|
1,770,352
|
Resona Bank Limited [Member] |
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
Debt Instrument, Maturity Date, Description |
|
12/29/2017 – 12/29/2024
|
|
|
Debt Instrument, Interest Rate During Period |
|
0.675%
|
|
|
Original Amount Borrowed | ¥ |
[1],[2] |
¥ 50,000,000
|
|
|
Long-Term Debt |
|
|
49,470
|
54,678
|
Resona Bank, Limited One [Member] |
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
Debt Instrument, Maturity Date, Description |
|
9/30/2020 – 9/30/2027
|
|
|
Debt Instrument, Interest Rate During Period |
|
1.00%
|
|
|
Original Amount Borrowed | ¥ |
[1],[2] |
¥ 10,000,000
|
|
|
Long-Term Debt |
|
|
34,945
|
38,624
|
Resona Bank, Limited Two [Member] |
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
Debt Instrument, Maturity Date, Description |
|
9/30/2020 – 9/30/2027
|
|
|
Debt Instrument, Interest Rate During Period |
|
1.00%
|
|
|
Original Amount Borrowed | ¥ |
[1],[2] |
¥ 40,000,000
|
|
|
Long-Term Debt |
|
|
139,781
|
154,495
|
Resona Bank, Limited Three [Member] |
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
Debt Instrument, Maturity Date, Description |
|
11/13/2020 – 10/31/2027
|
|
|
Debt Instrument, Interest Rate During Period |
|
1.60%
|
|
|
Original Amount Borrowed | ¥ |
[1],[2] |
¥ 20,000,000
|
|
|
Long-Term Debt |
|
|
71,408
|
78,925
|
Sumitomo Mitsui Banking Corporation [Member] |
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
Debt Instrument, Maturity Date, Description |
|
12/28/2018 – 7/1/2024
|
|
|
Debt Instrument, Interest Rate During Period |
|
1.475%
|
|
|
Original Amount Borrowed | ¥ |
[1] |
¥ 100,000,000
|
|
|
Long-Term Debt |
|
|
10,507
|
11,612
|
Sumitomo Mitsui Banking Corporation One [Member] |
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
Debt Instrument, Maturity Date, Description |
|
12/30/2019 – 12/30/2026
|
|
|
Debt Instrument, Interest Rate During Period |
|
1.975%
|
|
|
Original Amount Borrowed | ¥ |
[1],[2] |
¥ 10,000,000
|
|
|
Long-Term Debt |
|
|
28,113
|
31,072
|
Sumitomo Mitsui Banking Corporation Two [Member] |
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
Debt Instrument, Maturity Date, Description |
|
10/4/2023 – 9/30/2028
|
|
|
Debt Instrument, Interest Rate During Period |
|
0.60%
|
|
|
Original Amount Borrowed | ¥ |
[1],[2] |
¥ 10,000,000
|
|
|
Long-Term Debt |
|
|
61,661
|
68,152
|
Sumitomo Mitsui Banking Corporation Three [Member] |
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
Debt Instrument, Maturity Date, Description |
|
10/4/2023 – 9/30/2028
|
|
|
Debt Instrument, Interest Rate During Period |
|
0.00%
|
|
|
Original Amount Borrowed | ¥ |
[1],[2] |
¥ 10,000,000
|
|
|
Long-Term Debt |
|
|
61,661
|
68,152
|
The Shoko Chukin Bank, Ltd [Member] |
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
Debt Instrument, Maturity Date, Description |
|
7/27/2020 – 6/30/2027
|
|
|
Debt Instrument, Interest Rate During Period |
|
1.29%
|
|
|
Original Amount Borrowed | ¥ |
[1],[2] |
¥ 50,000,000
|
|
|
Long-Term Debt |
|
|
165,859
|
183,319
|
The Shoko Chukin Bank, Ltd One [Member] |
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
Debt Instrument, Maturity Date, Description |
|
7/25/2023 – 6/30/2028
|
|
|
Debt Instrument, Interest Rate During Period |
|
1.95%
|
|
|
Original Amount Borrowed | ¥ |
[1],[2] |
¥ 30,000,000
|
|
|
Long-Term Debt |
|
|
175,108
|
197,137
|
Japan Finance Corporation [Member] |
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
Debt Instrument, Maturity Date, Description |
|
11/17/2020 – 11/30/2027
|
|
|
Debt Instrument, Interest Rate During Period |
|
0.21%
|
|
|
Original Amount Borrowed | ¥ |
[1],[2] |
¥ 80,000,000
|
|
|
Long-Term Debt |
|
|
295,994
|
327,152
|
Higashi Nippon Bank [Member] |
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
Debt Instrument, Maturity Date, Description |
|
3/31/2022 – 3/31/2025
|
|
|
Debt Instrument, Interest Rate During Period |
|
1.40%
|
|
|
Original Amount Borrowed | ¥ |
[1] |
¥ 30,000,000
|
|
|
Long-Term Debt |
|
|
84,205
|
93,070
|
Higashi Nippon Bank One [Member] |
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
Debt Instrument, Maturity Date, Description |
|
10/11/2023 – 9/30/2028
|
|
|
Debt Instrument, Interest Rate During Period |
|
1.45%
|
|
|
Original Amount Borrowed | ¥ |
[1],[2] |
¥ 30,000,000
|
|
|
Long-Term Debt |
|
|
184,996
|
204,471
|
First Home Bank [Member] |
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
Debt Instrument, Maturity Date, Description |
|
4/18/2019 – 4/18/2029
|
|
|
Debt Instrument, Interest Rate During Period |
|
2.75%
|
|
|
Original Amount Borrowed | ¥ |
[3] |
¥ 350,000
|
|
|
Long-Term Debt |
|
|
212,893
|
229,007
|
U.S. Small Business Administration [Member] |
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
Debt Instrument, Maturity Date, Description |
|
5/30/2020 – 5/30/2050
|
|
|
Debt Instrument, Interest Rate During Period |
|
3.75%
|
|
|
Original Amount Borrowed | ¥ |
[3] |
¥ 350,000
|
|
|
Long-Term Debt |
|
|
350,000
|
350,000
|
Corporate Bond Securities [Member] | Resona Bank Limited [Member] |
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
Debt Instrument, Maturity Date, Description |
|
1/10/2019 – 1/10/2024
|
|
|
Debt Instrument, Interest Rate During Period |
|
0.43%
|
|
|
Original Amount Borrowed | ¥ |
[1],[4] |
¥ 100,000,000
|
|
|
Long-Term Debt |
|
|
|
$ 70,507
|
|
|
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v3.24.2.u1
SCHEDULE OF FUTURE MINIMUM LOAN PAYMENTS (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Debt Disclosure [Abstract] |
|
|
Remaining of 2024 |
$ 260,702
|
|
2025 |
404,497
|
|
2026 |
360,339
|
|
2027 |
386,977
|
|
2028 |
177,502
|
|
Thereafter |
336,584
|
|
Total |
$ 1,926,601
|
$ 2,160,373
|
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v3.24.2.u1
SCHEDULE OF INCOME TAX EXPENSES (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
|
|
|
Current |
|
|
$ 1,201
|
$ 114,686
|
Deferred |
|
|
(153,531)
|
(75,240)
|
Income tax expense (benefit) |
$ (72,163)
|
$ (622,002)
|
$ (152,330)
|
$ 39,446
|
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v3.24.2.u1
SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Share-Based Payment Arrangement [Abstract] |
|
|
|
|
Number of Options balance |
1,547,000
|
1,466,500
|
1,466,500
|
|
Weighted Average Exercise Price, balance |
$ 2.41
|
$ 2.50
|
$ 2.50
|
|
Weighted Average Remaining Term (Years) |
7 years 6 months 3 days
|
8 years 6 months 7 days
|
8 years 3 days
|
8 years 11 months 8 days
|
Intrinsic Value |
|
|
|
|
Number of Options, Granted |
|
100,000
|
|
|
Weighted Average Exercise Price, Granted |
|
$ 1.17
|
|
|
Weighted Average Remaining Term (Years), Granted |
|
9 years 7 months 9 days
|
|
|
Number of Options, Exercised |
|
|
|
|
Weighted Average Exercise Price, Exercised |
|
|
|
|
Intrinsic Value, Exercised |
|
|
|
|
Number of Options, Forfeited |
(35,000)
|
(2,000)
|
|
|
Weighted Average Exercise Price, Forfeited |
$ 2.42
|
$ 2.50
|
|
|
Number of Options balance |
1,512,000
|
1,564,500
|
1,547,000
|
1,466,500
|
Weighted Average Exercise Price, balance |
$ 2.41
|
$ 2.42
|
$ 2.41
|
$ 2.50
|
Intrinsic Value |
|
$ 26,000
|
|
|
Number of Options, Vested and exercisable, balance |
813,250
|
|
|
|
Weighted Average Exercise Price, Vested and exercisable, balance |
$ 2.34
|
|
|
|
Weighted Average Remaining Term (Years), Vested and exercisable, balance |
7 years 6 months 10 days
|
|
|
|
Intrinsic Value, Vested and exercisable |
|
|
|
|
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SCHEDULE OF RESTRICTED STOCK UNITS (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Number of RSUs, Unvested balance |
64,366
|
85,820
|
Weighted Average Grant Date Fair Value per Share, balance |
$ 4.95
|
$ 4.95
|
Number of RSUs, Unvested balance |
|
671,350
|
Weighted Average Grant Date Fair Value per Share, balance |
|
$ 1.03
|
Number of RSUs, Unvested balance |
(21,454)
|
(692,804)
|
Weighted Average Grant Date Fair Value per Share, balance |
$ 4.95
|
$ 1.15
|
Number of RSUs, Unvested balance |
|
|
Weighted Average Grant Date Fair Value per Share, balance |
|
|
Number of RSUs, Unvested balance |
42,912
|
64,366
|
Weighted Average Grant Date Fair Value per Share, balance |
$ 4.95
|
$ 4.95
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v3.24.2.u1
STOCK-BASED COMPENSATION (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
6 Months Ended |
|
|
Mar. 22, 2023 |
Feb. 03, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Aug. 01, 2023 |
Aug. 06, 2021 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Number of option purchased |
|
|
|
|
|
100,000
|
|
|
Service Agreement [Member] |
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Number of restricted stock issued |
671,350
|
|
|
|
|
|
|
|
RSUs grant date fair value |
$ 691,491
|
|
|
|
|
|
|
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Allocated share base compensation |
|
|
$ 40,597
|
$ 150,481
|
$ 111,044
|
$ 334,816
|
|
|
Unamortized share based compensation |
|
|
266,230
|
|
266,230
|
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Allocated share base compensation |
|
|
15,445
|
$ 28,684
|
36,710
|
$ 759,577
|
|
|
Unamortized share based compensation |
|
|
$ 64,400
|
|
$ 64,400
|
|
|
|
Employees [Member] |
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Number of option purchased |
|
100,000
|
|
|
|
|
|
|
Shares Issued, Price Per Share |
|
$ 1.17
|
|
|
|
|
|
|
Share-based payment award, award vesting rights, percentage |
|
50.00%
|
|
|
|
|
|
|
Share-based payment award, expiration date |
|
Feb. 03, 2033
|
|
|
|
|
|
|
2021 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Share based compensation authorized |
|
|
|
|
|
|
|
2,400,000
|
2023 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Share based compensation authorized |
|
|
|
|
|
|
2,000,000
|
|
Share issued |
|
|
0
|
|
0
|
|
|
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v3.24.2.u1
SHAREHOLDERS’ EQUITY (Details Narrative) $ / shares in Units, ₫ in Millions |
|
|
|
|
1 Months Ended |
3 Months Ended |
|
|
|
May 03, 2024
USD ($)
|
Feb. 16, 2024
USD ($)
|
Feb. 16, 2024
VND (₫)
|
Feb. 01, 2023
USD ($)
shares
|
Sep. 06, 2022
USD ($)
shares
|
Nov. 30, 2023 |
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
USD ($)
|
Jun. 30, 2024
shares
|
Mar. 29, 2024
$ / shares
|
Dec. 31, 2023
shares
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Shares, fair value | $ |
|
|
|
|
|
|
|
$ 3,150,000
|
|
|
|
Capital contribution from non-controlling shareholder | $ |
|
|
|
|
|
|
$ 67,195
|
|
|
|
|
Dividends | $ |
$ 417,283
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares issued |
|
|
|
|
|
|
|
|
20,864,144
|
|
20,842,690
|
Common stock, shares outstanding |
|
|
|
|
|
|
|
|
20,864,144
|
|
20,842,690
|
Preferred stock, shares issued |
|
|
|
|
|
|
|
|
0
|
|
0
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
|
0
|
|
0
|
O2024Q2 Dividends [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Common stock, dividends declared per share | $ / shares |
|
|
|
|
|
|
|
|
|
$ 0.02
|
|
VIET NAM |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Subsidiary owned, percentage |
|
|
|
|
|
51.00%
|
|
|
|
|
|
Capital contribution from non-controlling shareholder |
|
$ 67,195
|
₫ 1,646.4
|
|
|
|
|
|
|
|
|
Sigmaways Agreement [Member] | Sigamaways Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Acquisition, shares |
|
|
|
2,500,000
|
2,500,000
|
|
|
|
|
|
|
Business acquisition percentage of voting interests acquired |
|
|
|
51.00%
|
51.00%
|
|
|
|
|
|
|
Shares, fair value | $ |
|
|
|
$ 3,150,000
|
$ 3,150,000
|
|
|
|
|
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v3.24.2.u1
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED EARNINGS (LOSS) PER SHARE (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Net income (loss) per common share attributable to HeartCore Enterprises, Inc. |
|
|
|
|
Net income (loss) attributable to HeartCore Enterprises, Inc. common shareholders |
$ (1,951,100)
|
$ (911,800)
|
$ (3,284,450)
|
$ 970,489
|
Denominator used for net income (loss) per share - Basic |
20,864,144
|
20,842,690
|
20,859,429
|
19,959,333
|
Denominator used for net income (loss) per share - Diluted |
20,864,144
|
20,842,690
|
20,859,429
|
19,959,333
|
Net income (loss) per share - basic |
$ (0.09)
|
$ (0.04)
|
$ (0.16)
|
$ 0.05
|
Net income (loss) per share - diluted |
$ (0.09)
|
$ (0.04)
|
$ (0.16)
|
$ 0.05
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v3.24.2.u1
SCHEDULE OF BUSINESS PURCHASE PRICE ALLOCATION (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Sep. 06, 2022 |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
|
|
Current assets |
|
|
$ 2,066,683
|
Acquired intangible asset |
|
|
5,100,000
|
Non-current assets |
|
|
47,979
|
Current liabilities |
|
|
(1,146,900)
|
Deferred tax liabilities |
|
|
(1,428,000)
|
Non-current liabilities |
|
|
(576,203)
|
Goodwill |
$ 3,276,441
|
$ 3,276,441
|
3,276,441
|
Non-controlling interest |
|
|
(3,190,000)
|
Total purchase consideration |
|
|
$ 4,150,000
|
X |
- DefinitionThis element represents the fair value of the noncontrolling interest in the acquiree at the acquisition date.
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BUSINESS COMBINATION (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
Feb. 01, 2023 |
Sep. 06, 2022 |
Mar. 31, 2023 |
Business Acquisition [Line Items] |
|
|
|
Shares, fair value |
|
|
$ 3,150,000
|
Sigmaways Agreement [Member] | Sigamaways Inc [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Business acquisition percentage of voting interests acquired |
51.00%
|
51.00%
|
|
Purchase combination consideration |
|
$ 4,150,000
|
|
Purchase consideration, cash |
|
$ 1,000,000
|
|
Acquisition, shares |
2,500,000
|
2,500,000
|
|
Shares, fair value |
$ 3,150,000
|
$ 3,150,000
|
|
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