UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2024
Commission File Number: 001-41987
U-BX Technology Ltd.
Zhongguan Science and Technology Park
No. 1 Linkong Er Road, Shunyi District,
Beijing
People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒
Form 40-F ☐
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
U-BX Technology Ltd. |
|
|
|
Date: May 29, 2024 |
By: |
/s/ Jian chen |
|
Name: |
Jian Chen |
|
Title: |
Chief Executive Officer |
2
Exhibit 99.1
Results of Operations
For the six months ended December 31, 2023 and 2022
The following tables set forth our results of operations
for the periods presented in dollars and as a percentage of our revenue:
| |
For the Six Months Ended December 31, | |
| |
2023 | | |
2022 | | |
Variance | |
| |
Amount | | |
% of revenue | | |
Amount | | |
% of revenue | | |
Amount | | |
% | |
| |
(Unaudited) | | |
| | |
(Unaudited) | | |
| | |
| | |
| |
Revenues | |
$ | 29,284,218 | | |
| 100 | | |
$ | 56,475,121 | | |
| 100 | | |
$ | (27,190,903 | ) | |
| (48 | ) |
Cost of revenues | |
| (28,705,358 | ) | |
| (98 | ) | |
| (55,456,935 | ) | |
| (98 | ) | |
| 26,751,577 | | |
| (48 | ) |
Gross profit | |
| 578,860 | | |
| 2 | | |
| 1,018,186 | | |
| 2 | | |
| (439,326 | ) | |
| (43 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
General and administrative expenses | |
| (807,114 | ) | |
| (3 | ) | |
| (649,079 | ) | |
| (1 | ) | |
| (158,035 | ) | |
| 24 | |
Total operating expenses | |
| (807,114 | ) | |
| (3 | ) | |
| (649,079 | ) | |
| (1 | ) | |
| (158,035 | ) | |
| 24 | |
Income (loss) from operations | |
| (228,254 | ) | |
| (1 | ) | |
| 369,107 | | |
| 1 | | |
| (597,361 | ) | |
| (162 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other income (expenses): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| 2,641 | | |
| — | | |
| 1,408 | | |
| — | | |
| 1,233 | | |
| 88 | |
Interest expenses | |
| (5,587 | ) | |
| — | | |
| — | | |
| — | | |
| (5,587 | ) | |
| — | |
Other income, net | |
| 28,875 | | |
| — | | |
| 50,674 | | |
| — | | |
| (21,799 | ) | |
| (43 | ) |
Total other income, net | |
| 25,929 | | |
| — | | |
| 52,082 | | |
| — | | |
| (26,153 | ) | |
| (50 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income (loss) before income taxes | |
| (202,325 | ) | |
| (1 | ) | |
| 421,189 | | |
| 1 | | |
| (623,514 | ) | |
| (148 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Provision for income taxes | |
| (14,508 | ) | |
| — | | |
| (241,532 | ) | |
| — | | |
| 227,024 | | |
| (94 | ) |
Net (loss) income | |
$ | (216,833 | ) | |
| (1 | ) | |
$ | 179,657 | | |
| — | | |
$ | (396,490 | ) | |
| (221 | ) |
Revenue
Digital promotion services
The Company generates revenues primarily from digital
promotion services to insurance companies on its various website channels, including pay for performance marketing services whereby customers
are charged based on effective clicks on their insurance product information, and display advertising services that allow customers to
place advertisements on various websites. Revenues from both types of transactions are recognized at a point in time when the performance
obligation to deliver those online marketing services is checked and accepted by customers.
Risk Assessment services
The Company provides various risk assessment services
of vehicle accident prediction to insurance companies to reduce their vehicle accident compensation risks. Based on the vehicle’s
information we collected, we build our customers predictive models with multi-dimensional, multi-features and the risk assessment results
in visual form. Consideration received for risk assessment services reflects stand-alone selling prices and are settled monthly based
on standard unit prices and service volumes rendered during the period. The service revenue is recognized at a point in time upon the
service delivery and acceptance by the customers.
Value-added Bundled Benefits
The Company sells value-added bundled benefits to
insurance carriers through service codes which carriers provide to their clients as part of the latter’s service package. Upon presenting
the code, vehicle owners are able to use a series of vehicle maintenance services such as car washing, car maintenance, driver services
and vehicle moving notification services. Revenue is recognized at the time when the related services have been delivered based on the
specific terms of the contract.
The following table sets forth the breakdown of
our revenue for the six months ended December 31, 2023 and 2022, respectively:
| |
For the Six Months Ended December 31, | |
| |
2023 | | |
2022 | | |
Variance | |
| |
Amount | | |
% | | |
Amount | | |
% | | |
Amount | | |
% | |
| |
(Unaudited) | | |
| | |
(Unaudited) | | |
| | |
| | |
| |
Digital promotion services | |
$ | 19,010,864 | | |
| 65 | | |
$ | 43,090,992 | | |
| 76 | | |
$ | (24,080,128 | ) | |
| (56 | ) |
Risk assessment services | |
| 6,015,914 | | |
| 21 | | |
| 9,032,437 | | |
| 16 | | |
| (3,016,523 | ) | |
| (33 | ) |
Value-added bundled benefits | |
| 4,257,440 | | |
| 14 | | |
| 4,351,692 | | |
| 8 | | |
| (94,252 | ) | |
| (2 | ) |
Total | |
$ | 29,284,218 | | |
| 100 | | |
$ | 56,475,121 | | |
| 100 | | |
$ | (27,190,903 | ) | |
| (48 | ) |
Total revenue for the six months
ended December 31, 2023 decreased by $27.2 million, or 48%, to $29.3 million from $56.5 million for the same period
in 2022, primarily due to decreases in our revenue from digital promotion services and risk assessment services.
Revenues from Digital Promotion Services.
Revenues from digital promotion
services accounted for 65% and 76% of our total revenues for the six months ended December 31, 2023 and 2022, respectively.
Revenue from digital promotion services decreased by $24.1 million, or 56% from $43.1 million for the six months ended
December 31, 2022, to $19.0 million for the same period in 2023, The revenues decrease was primarily caused by decreased customer
demand in promotion business due to the macro-economic environment distress after epidemic prevention control.
Revenues from Risk Assessment Services.
Revenues from risk assessment
services accounted for 21% and 16% of our total revenues for the six months ended December 31, 2023 and 2022, respectively.
Revenue for risk assessment services decreased by $3.0 million, or 33%, to $6.0 million for the six months ended December 31,
2023 from $9.0 million for the same period in 2022, which was mainly due to the decreased budget of insurance companies for the risk
assessment services.
Revenues from Value-added Bundled Benefits.
Revenues from value-added bundled
benefits accounted for 14% and 8% of our total revenues for the six months ended December 31, 2023 and 2022, respectively.
Revenue for value-added bundled benefits decreased by $0.1 million, or 2%, to $4.3 million for the six months ended December 31,
2023 from $4.4 million for the same period in 2022.
Cost of Revenue
The following table sets forth the breakdown of
our cost of revenue for the six months ended December 31, 2023 and 2022, respectively:
| |
For the Six Months Ended December 31, | |
| |
2023 | | |
2022 | | |
Variance | |
| |
Amount | | |
% | | |
Amount | | |
% | | |
Amount | | |
% | |
| |
(Unaudited) | | |
| | |
(Unaudited) | | |
| | |
| | |
| |
Digital promotion services | |
$ | 18,904,188 | | |
| 66 | | |
$ | 42,386,148 | | |
| 76 | | |
$ | (23,481,960 | ) | |
| (55 | ) |
Risk assessment services | |
| 5,643,689 | | |
| 20 | | |
| 8,815,898 | | |
| 16 | | |
| (3,172,209 | ) | |
| (36 | ) |
Value-added bundled benefits | |
| 4,157,481 | | |
| 14 | | |
$ | 4,254,889 | | |
| 8 | | |
| (97,408 | ) | |
| (2 | ) |
Total | |
$ | 28,705,358 | | |
| 100 | | |
$ | 55,456,935 | | |
| 100 | | |
$ | (26,751,577 | ) | |
| (48 | ) |
Cost of revenue decreased by
$26.8 million or 48%, to $28.7 million for the six months ended December 31, 2023 from $55.5 million for the
same period in 2022, which was in tandem with the decrease in digital promotion services revenue for the six months ended December 31,
2023.
Cost of digital promotion service
decreased to $18.9 million for the six months ended December 31, 2023 from $42.4 million for the same period in 2022.
The decrease was in line with the decrease in risk assessment services revenues.
Cost of risk assessment services
decreased by $3.2 million, or 36%, to $5.6 million for the six months ended December 31, 2023 from $8.8 million
for the same period in 2022. The decrease was in line with the decrease in value-added bundled benefits revenues.
Gross Profit
Gross profit is equal to our total revenues less
cost of revenues. Gross profit as a percentage of our total revenues is referred to as gross margin.
Total gross profit decreased by $0.4 million,
or 43%, to $0.6 million for the six months ended December 31, 2023 from $1.0 million for the six months ended
December 31, 2022. Gross profit margin increased by 0.2%, to 2.0% for the six months ended December 31, 2023, from 1.8%
for the same period in 2022.
Operating Expenses
General and Administrative Expenses
Our general and administrative expenses mainly consist
of (i) salaries, bonuses and benefits for our personnel engaged in general corporate functions, (ii) rental and related expenses,
(iii) general office expenses, (iv) recruitment and training expenses, (v) professional fees, (vi) travel, reception
and related expenses, and (vii) depreciation and amortization expenses related to general corporate activities. We expect that our
general and administrative expenses to increase modestly in the near future, as we will incur additional expenses related to the anticipated
growth of our business and our operations as a public company.
General and
administrative expenses increased by $0.2 million, or 24%, to $0.8 million for the six months ended December 31,
2022 from $0.6 million for the six months ended December 31, 2022. The increase was mainly because we incurred more
professional fees related to preparation for our initial public offering (the
“IPO”) for the six months ended December 31, 2023 compared to the same period in 2022.
Other income, net
Other income, net decreased by $21,799, or 43%,
to $28,875 for the six months ended December 31, 2023 from $50,674 for the six months ended December 31, 2022, primarily
attributable to additional tax benefits and government subsidies received in 2022.
Provision for Income Taxes
Our provision for income taxes was $14,508 and $241,532
for the six months ended December 31, 2023 and 2022, respectively.
Under the Enterprise Income Tax (“EIT”)
Law of the PRC, domestic enterprises and Foreign Investment Enterprises (the “FIE”) are usually subject to a unified 25% EIT
rate while preferential tax rates, tax holidays, and even tax exemption may be granted on case-by-case basis.
Net Income
As a result of the foregoing, we had a net loss
of $216,833 for the six months ended December 31, 2023 compared to a net income of $179,657 for the six months ended December 31,
2022.
Liquidity and Capital Resources
In assessing our liquidity,
we monitor and analyze our cash on-hand and our operating and capital expenditure commitments. As of December 31, 2023, we had cash of
$5,134,863. As of December 31, 2023, we had accounts receivable from third parties of $266,007, such accounts receivable balance has been
fully collected as of the date of this prospectus.
To date, we have financed our
operations primarily through cash generated from operations We expect to finance our operations and working capital needs in the near
future from part of the net proceeds of our proposed IPO and cash generated through operations.
We believe that our current
levels of cash and cash flows from operations, combined with the net proceeds from this proposed offering, will be sufficient to meet
our anticipated cash needs for our operations and expansion plans for at least the next 12 months from the date of this prospectus.
We may, however, need additional cash resources in the future if we experience changes in business conditions or other developments. We
may also need additional cash resources in the future if we find and wish to pursue opportunities for investment, acquisition, capital
expenditures or similar actions. As of the date of this prospectus, we have not identified any specific targets for investments or acquisitions.
If we determine that our cash requirements exceed the amount of cash we have on hand, we may seek to issue additional equity or equity-linked
securities or obtain debt financing. The issuance and sale of additional equity would result in further dilution to our shareholders.
The incurrence of indebtedness would result in increased fixed obligations and could result in operating covenants that could restrict
our operations.
Prior to the restructuring,
which was completed in March 2022, U-BX Beijing was a variable interest entity with which Lianghua Technology entered into a series
of contractual arrangements with. Although we consolidate the results of U-BX Beijing and its subsidiaries, we only had access to cash
balances or future earnings of U-BX Beijing and its subsidiaries through the contractual arrangements between Lianghua Technology and
U-BX Beijing. After the completion of the restructuring, U-BX Beijing became an indirect wholly-owned subsidiary of the Company.
Current foreign exchange and
other regulations in the PRC may restrict our PRC entities in their ability to transfer their net assets to the Company and its subsidiaries
in the Cayman Islands, and Hong Kong. However, we have no present plans to declare dividends and plan to retain our earnings to continue
to grow our business. In addition, these restrictions have no impact on our ability to meet our cash obligations as all of our current
cash obligations are due within the PRC.
Cash flows
For the six months ended December 31, 2023 and 2022
The following table sets forth a summary of our
cash flows for the periods indicated:
| |
For the Six Months Ended December 31, | |
| |
2023 | | |
2022 | |
| |
(Unaudited) | | |
(Unaudited) | |
Net cash (used in) operating activities | |
$ | (1,447,765 | ) | |
$ | (111,819 | ) |
Net cash (used in) investing activities | |
| (12,107 | ) | |
| (1,982 | ) |
Net cash provided by (used in) financing activities | |
| 5,279,184 | | |
| (32,704 | ) |
Effect of foreign exchange rate on cash | |
| 21,842 | | |
| (48,029 | ) |
Net increase (decrease) in cash | |
| 3,841,154 | | |
| (194,534 | ) |
Cash at the beginning of the year | |
| 1,293,709 | | |
| 1,518,706 | |
Cash at the end of the year | |
$ | 5,134,863 | | |
$ | 1,324,172 | |
Operating Activities
Net cash used in operating activities amounted to
$1,447,765 for the six months ended December 31, 2023. It was primarily due to a) a net loss of $216,833, adjusted by depreciation
and amortization of $1,260; b) an increase in account payable of $1.1 million; and c) a decrease in advance from customers of $1.8 million.
Net cash used in operating activities amounted to
$111,819 for the six months ended December 31, 2022. It was primarily due to a) a net income of $179,657, adjusted by depreciation
and amortization of $997 and bad debt expense of $4,850; b) a decrease in advance to suppliers of $9.7 million; and c) a decrease
in advance from customers of $10.6 million was due primarily to the epidemic outbreaks in December 2022 in China, which resulted
a temporary suspension of our operations.
Investing Activities
Net cash used in investing activities was $12,107
for the six months ended December 31, 2023 was for the purchase of property and equipment.
Net cash used in investing activities was $1,982
for the six months ended December 31, 2022 was for the purchase of property and equipment.
Financing Activities
Net cash provided by
financing activities amounted to $5,279,184 for the six months ended December 31, 2023, representing receipt of issuance
of ordinary shares from shareholders of $4,999,823, proceeds from short-term loan of $558,722 and repayments of short-term loan of $279,361.
Net cash used in financing activities amounted to $32,704 for the six months
ended December 31, 2022 was for the deferred registration costs.
Contractual Obligation
The following table summarizes
our material contractual obligations, which are comprised entirely of operating borrowing obligations, as of December 31, 2023, and the
effect these obligations are expected to have on our liquidity and cash flows in future periods.
| |
Payments due by period (Unaudited) | |
| |
Total | | |
Less than 1 year | | |
1 – 2 years | | |
2 – 3 years | | |
More than 3 years | |
Contractual Obligations | |
| | |
| | |
| | |
| | |
| |
Bank loan | |
$ | 423,567 | | |
$ | 423,567 | | |
$ | — | | |
$ | — | | |
$ | — | |
Total | |
$ | 423,567 | | |
$ | 423,567 | | |
$ | — | | |
$ | — | | |
$ | — | |
Other than those shown above,
we did not have any significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2023.
Trend Information
Other than as disclosed elsewhere
in this prospectus, we are not aware of any trends, uncertainties, demands, commitments, or events that are reasonably likely to have
a material effect on our net revenue, income from operations, profitability, liquidity, or capital resources, or that would cause reported
financial information not necessarily to be indicative of future operating results or financial condition.
Off-Balance Sheet Arrangements
We have not entered into any
financial guarantees or other commitments to guarantee the payment obligations of any third parties. In addition, we have not entered
into any derivative contracts that are indexed to our own shares and classified as shareholders’ equity, or that are not reflected
in our financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated
entity that serves as credit, liquidity or market risk support to such entity. Moreover, we do not have any variable interest in an unconsolidated
entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or research and development
services with us.
Critical Accounting Policies and Management Estimates
Use of estimates
We prepare our unaudited condensed
financial statements in conformity with U.S. GAAP, which requires us to make judgements, estimates and assumptions. We continually evaluate
these estimates and assumptions based on the most recently available information, our own historical experiences and various other assumptions
that that we believe to be reasonable under the circumstances. Since the use of estimates is an integral component of the financial reporting
process, actual results could differ from our expectations as a result of changes in our estimates. Our critical accounting estimates
require a higher degree of judgement than others in their application and involve a significant level of uncertainty at the time the estimate
was made, and changes in them have had or are reasonably likely to have a material effect on our financial condition or results of operations.
We believe the following accounting policies involve critical estimates. For a detailed discussion of our significant accounting policies
and related judgements, see “Notes to Unaudited Condensed Consolidated Financial Statements—Note 2
Significant Accounting Policies” of our unaudited condensed consolidated financial statements included elsewhere in this report.
Revenue recognition
The Company recognizes revenue
per Financial Accounting Standards Board (“FASB”) Accounting
Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”) for all periods presented. According to
ASC 606, revenue is recognized when control of the promised goods or services is transferred to the customers, in an amount that
reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company determines revenue
recognition through the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations
in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in
the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. We assess our revenue arrangements
against specific criteria in order to determine if it is acting as principal or agent. Revenue arrangements with multiple performance
obligations are divided into separate distinct goods or services. We allocate the transaction price to each performance obligation based
on the relative standalone selling price of the goods or services provided.
The Company’s revenues
are derived principally from digital promotion services, risk-assessment services and value-added services. Value added taxes (“VAT”)
are presented as a reduction of revenues.
Digital promotion services
The Company generates revenues
primarily from digital promotion services to insurance companies on its various website channels, including pay for performance marketing
services whereby customers are charged based on effective clicks on their insurance product information, and display advertising services
that allow customers to place advertisements on various websites.
Pursuant to the digital promotion
contracts, the performance obligation of the Company is to provide promotion services for the planning, designing, customizing strategy
scheme and promoting for the customer. The Company considers that both of the digital market planning and promotion services are highly
interrelated and not separately identifiable. The Company’s overall promise represents a combined output that is a single performance
obligation. Revenues are recorded at a point in time when the performance obligation to deliver those digital promotion services is checked
and accepted.
For the contracts that involve
the third-party vendors, the Company considers itself as provider of the services as it has control of the specified services at any time
before it is transferred to the customers which is evidenced by (i) the Company is primarily responsible for the planning and producing
the content for the promotion and (ii) having latitude in selecting third party vendors for promotions and establishment of the pricing.
Therefore, the Company acts as the principal of these arrangements and reports revenue earned and costs incurred related to these transactions
on a gross basis.
Risk-assessment services
The Company generates risk-assessment
revenue from service fees of providing assessment reports to the insurance carriers. Utilizing the self-developed proprietary algorithmic
model, the Company generates individualized risk reports based on the vehicle brand, model, travel area, and driver’s information.
Pursuant to the risk assessment
contracts, the performance obligation of the Company is to utilize its self-developed risk assessment model and to provide risk assessment
reports to customers. Consideration received reflects stand-alone selling prices and are settled monthly based on standard unit prices
and service volumes rendered during the period. Revenue recognized at a point in time upon the services delivery and acceptance by the
customers.
For the contracts that involve
technical services provided by third-party vendors, the Company considers itself as provider of the services as it has control of the
specified services at any time before it is transferred to the customers which is evidenced by (i) the Company is primarily responsible
for the production of the risk assessment reports with self-developed models and (ii) having latitude in select outsourced technical services
and establish pricing. Therefore, the Company acts as the principal of these arrangements and reports revenue earned and costs incurred
related to these transactions on a gross basis.
Value-added bundled benefits services
The Company enters into value
added benefits contracts with insurance companies. Pursuant to the value added benefit contracts, the Company provides the digital code
with value added bundled benefits to customers. The bundled benefits including but not limited to auto maintenance services, auto value
added services, vehicle moving notification services and other services. The Company is primarily responsible for selecting the out-sourced
vendors, integrating out-sourced services and services provided in house to generate various bundled benefits digital codes and providing
technical support for the codes. The Company’s overall promise represents a combined output that is a single performance obligation;
there is no multiple performance obligations.
For the contracts that involve
the third-party vendors, the Company considers itself as principal of the services as it has control of the specified services at any
time before it is transferred to the customers which is evidenced by (i) the Company is primarily responsible for the generation of the
codes and integrating various services provided by itself and outsourced vendors with the Company’s promise to provide products
and services according to the contract entered into with customers and (ii) having latitude in selecting third party vendors for some
value added services and establishing pricing. Therefore, the Company acts as the principal of these arrangements and reports revenue
earned and costs incurred related to these transactions on a gross basis. Revenue from value-added bundled benefits is recognized at a
point in time when the Company satisfies the performance obligation by transferring promised services upon acceptance by customers.
Accounts receivable, net
Accounts receivable are presented
net of an allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for estimated losses. The Company
reviews its accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability
of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including
the age of the balance, customer payment history, customer’s current creditworthiness, and current economic trends. Accounts are
written off against the allowance after unsuccessful collection.
Income taxes
The Company accounts for current
income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences
exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax
assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized
in operations in the period including the enactment date. Valuation allowances are established, when necessary, to reduce net deferred
tax assets to the amount expected to be realized.
An uncertain tax position is
recognized only if it is “more likely than not” that the tax position would be sustained in a tax examination. The amount
recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not
meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment
of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes
have been incurred for the six months ended December 31, 2023 and 2022. The Company does not believe that there were any uncertain
tax positions as of December 31, 2023 and June 30, 2023. The Company’s subsidiaries in China are subject to the income tax
laws of the PRC. No significant income was generated outside the PRC for the six months ended December 31, 2023 and 2022.
Emerging Growth Company Status
We are an emerging growth company,
as defined in the JOBS Act. The JOBS Act provides that an emerging growth company can take advantage of an extended transition period
for complying with new or revised accounting standards. This provision allows an emerging growth company to delay the adoption of new
accounting standards until those standards would otherwise apply to private companies. We have elected to use the extended transition
period under the JOBS Act until the earlier of the date we (1) are no longer an emerging growth company or (2) affirmatively
and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our financial statements may not be comparable
to companies that comply with new or revised accounting pronouncements as of public company effective dates.
Recent accounting pronouncements
For detailed discussion on
recent accounting pronouncements, see Note 2 to our consolidated financial statements included elsewhere in this prospectus.
9
Exhibit 99.2
INDEX TO FINANCIAL STATEMENTS
U-BX TECHNOLOGY LTD.
TABLE OF CONTENTS
U-BX TECHNOLOGY LTD.
UNAUDITED CONSOLIDATED BALANCE SHEETS
| |
December 31, 2023 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | |
| |
Current Assets | |
| | |
| |
Cash | |
$ | 5,134,863 | | |
$ | 1,293,709 | |
Accounts receivable, net | |
| 266,007 | | |
| 264,801 | |
Advance to suppliers | |
| 3,128,344 | | |
| 2,972,534 | |
Prepayments and other current assets | |
| 569,725 | | |
| 73,380 | |
Total current assets | |
| 9,098,939 | | |
| 4,604,424 | |
| |
| | | |
| | |
Non-current assets | |
| | | |
| | |
Property and equipment, net | |
| 14,767 | | |
| 3,728 | |
Deferred registration costs | |
| 246,425 | | |
| 245,956 | |
Total non-current assets | |
| 261,192 | | |
| 249,684 | |
| |
| | | |
| | |
Total Assets | |
$ | 9,360,131 | | |
$ | 4,854,108 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Short-term loans | |
$ | 423,567 | | |
$ | 138,393 | |
Accounts payable | |
| 1,669,133 | | |
| 573,619 | |
Advance from customers | |
| 2,877 | | |
| 1,784,580 | |
Tax payables | |
| 833,325 | | |
| 736,247 | |
Accruals and other current payables | |
| 145,655 | | |
| 145,049 | |
Amounts due to related parties, current | |
| 413,324 | | |
| 405,138 | |
Total current liabilities | |
| 3,487,881 | | |
| 3,783,026 | |
| |
| | | |
| | |
Total Liabilities | |
| 3,487,881 | | |
| 3,783,026 | |
| |
| | | |
| | |
Commitments and contingencies (Note 11) | |
| | | |
| | |
| |
| | | |
| | |
Shareholders’ Equity: | |
| | | |
| | |
Ordinary Shares ($0.0001 par value, 500,000,000 authorized, 25,000,000 and 24,000,000 shares issued and outstanding as of December 31, 2023 and June 30, 2023, respectively) | |
| 2,500 | | |
| 2,400 | |
Additional paid-in-capital | |
| 6,041,578 | | |
| 1,041,855 | |
Statutory reserves | |
| 300,171 | | |
| 300,171 | |
Accumulated other comprehensive (loss) | |
| (40,835 | ) | |
| (59,013 | ) |
Accumulated deficit | |
| (431,164 | ) | |
| (214,331 | ) |
| |
| | | |
| | |
Total shareholders’ equity | |
| 5,872,250 | | |
| 1,071,082 | |
| |
| | | |
| | |
Total liabilities and shareholders’ equity | |
$ | 9,360,131 | | |
$ | 4,854,108 | |
The accompanying notes are an integral part of
these consolidated financial statements.
U-BX TECHNOLOGY LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
| |
For the Six Months Ended December 31, | |
| |
2023 | | |
2022 | |
| |
(Unaudited) | | |
(Unaudited) | |
Revenues | |
$ | 29,284,218 | | |
$ | 56,475,121 | |
Cost of revenues | |
| (28,705,358 | ) | |
| (55,456,935 | ) |
Gross profit | |
| 578,860 | | |
| 1,018,186 | |
| |
| | | |
| | |
Operating expenses: | |
| | | |
| | |
General and administrative expenses | |
| (807,114 | ) | |
| (649,079 | ) |
Total operating expenses | |
| (807,114 | ) | |
| (649,079 | ) |
| |
| | | |
| | |
(Loss) Income from operations | |
| (228,254 | ) | |
| 369,107 | |
| |
| | | |
| | |
Other income (expense): | |
| | | |
| | |
Interest income | |
| 2,641 | | |
| 1,408 | |
Interest (expenses) | |
| (5,587 | ) | |
| — | |
Other income, net | |
| 28,875 | | |
| 50,674 | |
Total other income, net | |
| 25,929 | | |
| 52,082 | |
| |
| | | |
| | |
(Loss) Income before income taxes | |
| (202,325 | ) | |
| 421,189 | |
| |
| | | |
| | |
Income tax expense | |
| (14,508 | ) | |
| (241,532 | ) |
| |
| | | |
| | |
Net (loss) income | |
$ | (216,833 | ) | |
$ | 179,657 | |
| |
| | | |
| | |
Comprehensive loss | |
| | | |
| | |
Foreign currency translation (loss) | |
| (45,764 | ) | |
| (12,400 | ) |
Comprehensive (loss) income attributable to shareholders | |
$ | (262,597 | ) | |
$ | 167,257 | |
| |
| | | |
| | |
(Loss) Income per ordinary share | |
| | | |
| | |
Basic and diluted | |
$ | (0.01 | ) | |
$ | 0.01 | |
| |
| | | |
| | |
Weighted average number of ordinary shares outstanding | |
| | | |
| | |
Basic and diluted | |
| 24,383,383 | | |
| 24,000,000 | |
The accompanying notes are an integral part of
these consolidated financial statements.
U-BX TECHNOLOGY LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY
| |
Ordinary shares | | |
Subscription | | |
Additional paid-in | | |
Statutory | | |
Retained earnings | | |
Accumulated other comprehensive | | |
Total shareholders’ | |
| |
Shares | | |
Amount | | |
receivable | | |
capital | | |
reserves | | |
(deficit) | | |
income (loss) | | |
Equity | |
Balance as of July 1, 2022 | |
| 24,000,000 | | |
$ | 2,400 | | |
$ | — | | |
$ | 1,041,855 | | |
$ | 228,173 | | |
$ | (348,244 | ) | |
$ | (13,249 | ) | |
$ | 910,935 | |
Net income | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 179,657 | | |
| — | | |
| 179,657 | |
Foreign currency translation adjustment | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (12,400 | ) | |
| (12,400 | ) |
Balance as of December 31, 2022 | |
| 24,000,000 | | |
$ | 2,400 | | |
$ | — | | |
| 1,041,855 | | |
| 228,173 | | |
| (168,587 | ) | |
| (25,649 | ) | |
| 1,078,192 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of July 1, 2023 | |
| 24,000,000 | | |
$ | 2,400 | | |
$ | — | | |
$ | 1,041,855 | | |
$ | 300,171 | | |
$ | (214,331 | ) | |
$ | (59,013 | ) | |
$ | 1,071,082 | |
Issuance of ordinary shares for cash | |
| 1,000,000 | | |
| 100 | | |
| — | | |
| 4,999,723 | | |
| — | | |
| — | | |
| — | | |
| 4,999,823 | |
Net (loss) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (216,833 | ) | |
| — | | |
| (216,833 | ) |
Foreign currency translation adjustment | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 18,178 | | |
| 18,178 | |
Balance as of December 31, 2023 | |
| 25,000,000 | | |
$ | 2,500 | | |
$ | — | | |
$ | 6,041,578 | | |
$ | 300,171 | | |
$ | (431,164 | ) | |
$ | (40,835 | ) | |
$ | 5,872,250 | |
The accompanying
notes are an integral part of these consolidated financial statements.
U-BX TECHNOLOGY LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| |
For the Six Months Ended December 31, | |
| |
2023 | | |
2022 | |
| |
(Unaudited) | | |
(Unaudited) | |
Cash flows from operating activities | |
| | |
| |
Net (loss) income | |
$ | (216,833 | ) | |
$ | 179,657 | |
Adjustments to reconcile net (loss) to net cash provided by operating activities: | |
| | | |
| | |
Depreciation | |
| 1,260 | | |
| 997 | |
Bad debt expenses | |
| — | | |
| 4,850 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Account receivable | |
| 4,100 | | |
| 180,068 | |
Advance to suppliers | |
| (94,730 | ) | |
| 9,745,134 | |
Prepayments and other current assets | |
| (494,993 | ) | |
| 15,475 | |
Accounts payable | |
| 1,072,342 | | |
| — | |
Advance from customers | |
| (1,798,335 | ) | |
| (10,610,118 | ) |
Taxes payable | |
| 81,325 | | |
| 239,572 | |
Accruals and other current payables | |
| (1,901 | ) | |
| 605 | |
Amounts due to related parties, current | |
| — | | |
| 131,941 | |
Net cash (used in) operating activities | |
| (1,447,765 | ) | |
| (111,819 | ) |
| |
| | | |
| | |
Cash flows from investing activities | |
| | | |
| | |
Purchase of property and equipment | |
| (12,107 | ) | |
| (1,982 | ) |
Net cash (used in) investing activities | |
| (12,107 | ) | |
| (1,982 | ) |
| |
| | | |
| | |
Cash flows from financing activities | |
| | | |
| | |
Issuance of ordinary shares for cash | |
| 4,999,823 | | |
| — | |
Proceeds from short-term loan | |
| 558,722 | | |
| — | |
Repayments of short-term loan | |
| (279,361 | ) | |
| — | |
Payment of registration costs | |
| — | | |
| (32,704 | ) |
Net cash provided by financing activities | |
| 5,279,184 | | |
| (32,704 | ) |
Effect of foreign exchange rate on cash | |
| 21,842 | | |
| (48,029 | ) |
Net increase (decrease) in cash | |
| 3,841,154 | | |
| (194,534 | ) |
Cash at the beginning of the year | |
| 1,293,709 | | |
| 1,518,706 | |
Cash at the end of the year | |
$ | 5,134,863 | | |
$ | 1,324,172 | |
| |
| | | |
| | |
Supplemental disclosures of cash flow information: | |
| | | |
| | |
Interest paid | |
$ | 5,587 | | |
$ | 597 | |
Income taxes paid | |
$ | — | | |
$ | — | |
The accompanying notes are an integral part of
these consolidated financial statements.
U-BX TECHNOLOGY LTD.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In U.S. dollars, except for number of shares, or otherwise noted)
NOTE 1 — ORGANIZATION AND BUSINESS DESCRIPTION
U-BX Technology LTD. (“U-BX”)
is an exempted company incorporated under the laws of the Cayman Islands on June 30, 2021 as Famingsur Develop Limited. On October 10,
2021, Famingsur Develop Limited filed to change its name to U-BX Technology Ltd. U-BX does not conduct any substantive operations on its
own but instead conducts its business operations through its subsidiaries.
Prior to the incorporation
of U-BX, the business commenced its operations in March 2018 and mainly through Youjiayoubao (Beijing) Technology Co., Ltd (“U-BX
Beijing”) and its wholly owned subsidiaries, Rudongyoujia Smart Technology Co Ltd. (“RDYJ”), YJYC Hainan Technology
Co Ltd (“YJYC Hainan”), Wuxi Benjuchezhi Technology Service Co Ltd (“Wuxi BJCZ”), Jiangsu Youjiayouche Technology
Co Ltd (“Jiangsu YJYC”), Jiangsu Jingmo Technology Co Ltd (“Jiangsu Jingmo”) and Jiangsu Youchehubao Technology
Co Ltd (“Jiangsu YCHB”). Wuxi BJCZ was sold to a third party on May 9, 2020 and has since ceased to be a subsidiary of
U-BX Beijing. YJYC Hainan was dissolved voluntarily on August 11, 2020.
In order to raise capital through
an IPO in the United States, the Company has undertaken a series of transactions (the “Reorganization”):
On July 14, 2021, the
Company formed its wholly owned subsidiary, HK Snailinsur Group Limited (“U-BX HK”) in Hong Kong. On July 23, 2021,
U-BX HK formed its wholly owned subsidiary, Beijing Lianghua Technology Co., Ltd. (“WFOE Beijing”) in PRC.
On August 16, 2021, WFOE
Beijing entered into a series of contractual arrangements with the owners of U-BX Beijing. These agreements included a Consulting and
Service Agreement, a Business Operation Agreement, an Equity Pledge Agreement, an Exclusive Call Option Agreement and Shareholder Voting
Proxy Agreement (collectively “VIE Agreements”). Pursuant to the VIE Agreements, WFOE Beijing has the exclusive right to provide
U-BX Beijing with comprehensive technical support, consulting services and other services in relation to the Principal Business during
the term of this Agreement. All the above contractual arrangements obligate WFOE Beijing to absorb a majority of the risk of loss from
the business activities of U-BX Beijing and entitle WFOE Beijing to receive a majority of their residual returns. In essence, WFOE Beijing
has gained effective control over U-BX Beijing.
On February 20, 2022,
with approval of WFOE Beijing and approval of the board of directors of U-BX Beijing, U-BX Beijing issued 2.99% equity interest in
U-BX Beijing for nil consideration to a third-party investor. The issuance was completed on February 28, 2022. On February 28,
2022, WFOE Beijing exercised its call option under the Exclusive Call Option Agreements with certain shareholders of U-BX Beijing, dated
August 16, 2021, and entered into equity transfer agreements with all the shareholders of U-BX Beijing to purchase all the equity
interest in U-BX Beijing. The restructure was completed on March 3, 2022. As a result, U-BX Beijing became a wholly owned subsidiary
of WFOE Beijing and the VIE structure was dissolved and the VIE Agreements were terminated.
U-BX together with its wholly
owned subsidiaries U-BX HK, the WFOEs, U-BX Suzhou, U-BX Beijing, and its subsidiaries were effectively controlled by the same shareholders
before and after the reorganization and therefore the Reorganization was considered under common control and included at their historical
carrying values. The consolidation of the Company has been prepared on the basis as if the reorganization had become effective as of the
beginning of the first period presented in the consolidated financial statements.
U-BX TECHNOLOGY LTD.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In U.S. dollars, except for number of shares, or otherwise noted)
NOTE 1 — ORGANIZATION AND BUSINESS DESCRIPTION (cont.)
U-BX, U-BX HK, the WFOEs, U-BX
Suzhou, U-BX Beijing and its subsidiaries (the “Company”) primarily provide value-added services using artificial intelligence-driven
technology to businesses within the insurance industry in PRC.
As of December 31, 2023,
the Company’s principal subsidiaries are as follows:
Name of Entity | | Date of Incorporation | | Place of Incorporation | | % of Ownership | | Principal Activities |
Hong Kong Snailinsur Group Limited (“U-BX HK”) | | July 14, 2021 | | Hong Kong | | 100 | % | Investment holding |
Beijing Lianghua Technology Co Ltd (“WFOE Beijing”) | | July 23, 2021 | | PRC | | 100 | % | Investment holding |
Youjiayoubao (Beijing) Technology Co., Ltd. (“U-BX Beijing”) | | March 27, 2018 | | PRC | | 100 | % | Provision of services |
Rudongyoujia Smart Technology Co., Ltd. (“RDYJ”) | | July 27, 2018 | | PRC | | 100 | % | Provision of services |
Jiangsu Jingmo Technology Co., Ltd. (“Jiangsu Jingmo”) | | July 9, 2020 | | PRC | | 100 | % | Provision of services |
Jiangsu Youjiayouche Technology Co., Ltd. (“Jiangsu YJYC”) | | June 29, 2020 | | PRC | | 100 | % | Provision of services |
Suzhou Lianghua Technology Co., Ltd. (“WFOE Suzhou”) | | November 28, 2022 | | PRC | | 100 | % | Investment holding |
Suzhou Youjiayoubao Technology Co., Ltd. (“U-BX Suzhou”) | | December 2, 2022 | | PRC | | 100 | % | Provision of services |
Zhejiang JZSC Enterprise Management Co., Ltd. (“WFOE Zhejiang”) | | July 10, 2023 | | PRC | | 100 | % | Investment holding |
JZSC Technology Co., Ltd. (“JZSC Technology”) | | November 6, 2023 | | PRC | | 100 | % | Provision of services |
NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Liquidity
The Company’s liquidity
is based on its ability to enhance its operating cash flow position, obtain capital financing from equity interest investors and borrow
funds for its general operations and capital expenditures. The Company’s ability to continue as a going concern is dependent on
management’s ability to execute its business plan successfully, which includes increasing market acceptance of the Company’s
services to boost its sales volume while applying more effective marketing strategies and cost control measures to better manage its operating
cash flows and obtaining funds from outside sources of financing to generate positive financing cash flows. As of December 31, 2023 and
June 30, 2023, the Company’s balance of cash was $5,134,863 and $1,293,709, respectively. If the Company does not have, or
is not able to obtain, sufficient funds, the Company may have to adjust the pace of its planned expansion and reduce operating expenses
devoted to its services.
Management has concluded, after
giving consideration to its plans as noted above and its existing balance of cash as of December 31, 2023, that the Company should
have sufficient funds for its operations and it should be able to meet its payment obligations from operations and debt related commitments
for the next twelve months from the issuance of the unaudited consolidated financial statements. Accordingly, the unaudited consolidated
financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities
during the normal course of operations.
Basis of presentation
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”)
and have been consistently applied for information pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”).
In the opinion of
management, all adjustments (consisting of normal recurring accruals) and disclosures necessary for a fair presentation of these
interim consolidated financial statements have been included. The results reported in the consolidated financial statements for any
interim periods are not necessarily indicative of the results that may be reported for the entire year. The accompanying
consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange
Commission (“SEC”) and do not include all information and footnotes necessary for a complete presentation of financial
statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”).
Certain information and footnote disclosures
normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.
These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial
statements and notes thereto included in elsewhere in this prospectus.
U-BX TECHNOLOGY LTD.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In U.S. dollars, except for number of shares, or otherwise noted)
NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(cont.)
Principles of consolidation
The unaudited condensed consolidated financial statements
include the financial statements of the Company and its wholly-owned subsidiaries. All transactions and balances between the Company and
its subsidiaries have been eliminated upon consolidation.
Use of estimates
The preparation of unaudited condensed consolidated
financial statements in conformity with U.S. GAAP requires the management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period. These estimates and judgments are based on historical information,
information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under
the circumstances. Significant estimates required to be made by management, include, but are not limited to, the assessment of the allowance
for doubtful accounts, depreciable lives of property and equipment, and realization of deferred tax assets. Actual results could differ
from those estimates.
Functional Currency and Foreign Currency Translation
The functional currencies of
the Company are the local currency of the county in which the subsidiaries operate. The Company’s financial statements are reported
using U.S. Dollars. The results of operations and the unaudited condensed consolidated statements of cash flows denominated in foreign
currencies are translated at the average rates of exchange during the reporting period. Assets and liabilities denominated in foreign
currencies at the balance sheet date are translated at the applicable rates of exchange in effect on that date. The equity denominated
in the functional currencies is translated at the historical rates of exchange at the time of capital transactions. Because cash flows
are translated based on the average translation rates, amounts related to assets and liabilities reported on the unaudited condensed consolidated
statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation
adjustments arising from the use of different exchange rates from period to period are included as a separate component in accumulated
other comprehensive income included in unaudited condensed consolidated statements of changes in shareholders ‘equity. Gains and
losses from foreign currency transactions are included in the unaudited condensed consolidated statements of operations and comprehensive
income.
Since the Company operates
primarily in the PRC, the Company’s functional currency is the Chinese Yuan (“RMB”). The Company’s unaudited condensed
consolidated financial statements have been translated into the reporting currency of U.S. Dollars (“US$”). The RMB is
not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No
representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in the translation.
The exchange rates as of December 31, 2023
and June 30, 2023 and for the periods ended December 31, 2023 and 2022 are as follows:
| |
December 31, | | |
June 30, | | |
For the Six Months Ended
December 31, | |
| |
2023 | | |
2023 | | |
2023 | | |
2022 | |
Foreign currency | |
Balance Sheet | | |
Balance Sheet | | |
Profits/Loss | | |
Profits/Loss | |
RMB:1USD | |
| 7.0827 | | |
| 7.2258 | | |
| 7.1592 | | |
| 6.9531 | |
Cash
Cash include cash on hand and
demand deposits in accounts maintained with commercial banks. The Company maintains its bank accounts in Mainland China, which funds are
not freely convertible into foreign currencies.
U-BX TECHNOLOGY LTD.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In U.S. dollars, except for number of shares, or otherwise noted)
NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
Accounts receivable, net
Accounts receivable are presented
net of an allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for estimated losses. The Company
reviews its accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability
of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including
the age of the balance, customer payment history, customer’s current creditworthiness, and current economic trends. Accounts are
written off against the allowance after unsuccessful collection.
Advances to suppliers
Advances to suppliers consist
of advances to suppliers for services that have not been provided or received. The Company reviews its advances to suppliers on a periodic
basis and makes general and specific allowances when there is doubt as to the ability of a supplier to provide supplies to the Company
or refund an advance.
As of December 31, 2023 and
June 30, total advances to suppliers were $3,128,344 and $2,972,534, respectively.
Property and equipment
Property and equipment are
carried at cost and are depreciated on the straight-line basis over the estimated useful lives of the underlying assets. The cost of repairs
and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of,
the cost and accumulated depreciation and amortization are removed from the accounts, and any resulting gains or losses are included in
income in the year of disposition. The Company examines the possibility of decreases in the value of its property and equipment, when
events or changes in circumstances reflect the fact that their recorded value may not be recoverable. Depreciation expense was $1,207
and $997 for the six months ended December 31, 2023 and 2022, respectively.
Estimated useful lives are
as follows, taking into account the assets’ estimated residual value:
Category | |
Estimated useful lives | |
Office equipment | |
3 years | |
Furniture and fixtures | |
3 – 5 years | |
Deferred registration costs
Deferred registration costs
primarily consist of direct costs attributable to a proposed public offering of securities which are deferred and will be charged against
the gross proceeds of the offering. If the offering is not successful, these costs will be expensed.
Fair value of financial instruments
FASB ASC Section 825-10
requires certain disclosures regarding the fair value of financial instruments. 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. A three-level
fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable
inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
| ● | Level
1 |
— |
inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
U-BX
TECHNOLOGY LTD.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In U.S. dollars, except for number of shares, or otherwise noted)
NOTE
2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
| ● | Level
2 |
— |
inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted
market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and
inputs derived from or corroborated by observable market data. |
| | |
|
|
| ● | Level
3 |
— |
inputs to the valuation methodology are unobservable. |
Unless
otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, advances to suppliers,
prepaid expenses and other current assets, short-term loans, accounts payable, advance from customers, due to related parties, taxes
payable, and accrued expenses and other current liabilities approximate their recorded values due to their short-term maturities.
The
Company’s non-financial assets, such as property and equipment would be measured at fair value only if they were determined to
be impaired.
Revenue
recognition
The
Company recognizes revenue per FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”) for all periods
presented. According to ASC 606, revenue is recognized when control of the promised goods or services is transferred to the customers,
in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company
determines revenue recognition through the following steps: (1) identify the contract(s) with a customer, (2) identify
the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the
performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. We
assess our revenue arrangements against specific criteria in order to determine if it is acting as principal or agent. Revenue arrangements
with multiple performance obligations are divided into separate distinct goods or services. We allocate the transaction price to each
performance obligation based on the relative standalone selling price of the goods or services provided.
The
Company’s revenues are derived principally from digital promotion services, risk-assessment services and value-added services.
Value added taxes (“VAT”) are presented as a reduction of revenues.
Digital
promotion services
The
Company generates revenues primarily from digital promotion services to insurance companies on its various website channels, including
pay for performance marketing services whereby customers are charged based on effective clicks on their insurance product information,
and display advertising services that allow customers to place advertisements on various websites.
Pursuant
to the digital promotion contracts, the performance obligation of the Company is to provide promotion services for the planning, designing,
customizing strategy scheme and promoting for the customer. The Company considers that both of the digital market planning and promotion
services are highly interrelated and not separately identifiable. The Company’s overall promise represents a combined output that
is a single performance obligation. Revenues are recorded at a point in time when the performance obligation to deliver those digital
promotion services is checked and accepted.
For
the contracts that involve the third-party vendors, the Company considers itself as provider of the services as it has control of the
specified services at any time before it is transferred to the customers which is evidenced by (i) the Company is primarily responsible
for the planning and producing the content for the promotion and (ii) having latitude in selecting third party vendors for promotions
and establishing pricing. Therefore, the Company acts as the principal of these arrangements and reports revenue earned and costs incurred
related to these transactions on a gross basis.
U-BX
TECHNOLOGY LTD.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In U.S. dollars, except for number of shares, or otherwise noted)
NOTE
2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
Risk-assessment
services
The
Company generates risk-assessment revenue from service fees of providing assessment reports to the insurance carriers. Utilizing the
self-developed proprietary algorithmic model, the Company generates individualized risk reports based on the vehicle brand, model, travel
area, and driver’s information.
Pursuant
to the risk assessment contracts, the performance obligation of the Company is to utilize its self-developed risk assessment model and
to provide risk assessment reports to customers. Consideration received reflects stand-alone selling prices and are settled monthly based
on standard unit prices and service volumes rendered during the period. Revenue recognized at a point in time upon the service delivery
and acceptance by the customers.
For
the contracts that involve technical services provided by third-party vendors, the Company considers itself as provider of the services
as it has control of the specified services at any time before it is transferred to the customers which is evidenced by (i) the
Company is primarily responsible for the production of the risk assessment report with self-developed models and (ii) having latitude
in select outsourced technical services and establish pricing. Therefore, the Company acts as the principal of these arrangements and
reports revenue earned and costs incurred related to these transactions on a gross basis.
Value-added
bundled benefits services
The
Company enters into value added benefits contracts with insurance companies. Pursuant to the value added benefits contracts, the Company
provides the digital code with value added bundled benefits to customers. The bundled benefits including but not limited to auto maintenance
service, auto value added service, vehicle moving notification services and other services. The Company is primarily responsible for
selecting out-sourced vendors, integrating out-sourced services and services provided in house to generate various bundled benefits digital
code and providing technical supports for the code. The Company’s overall promise represents a combined output that is a single
performance obligation; there is no multiple performance obligations.
For
the contracts that involve the third-party vendors, the Company considers itself as principal of the services as it has control of the
specified services at any time before it is transferred to the customers which is evidenced by (i) the Company is primarily responsible
for the generation of the code and integrating various services provided by itself and outsourced vendors with the Company’s promise
to provide products and services according to the contract entered into with customers and (ii) having latitude in select third
party vendors for some value added services and establish pricing. Therefore, the Company acts as the principal of these arrangements
and reports revenue earned and costs incurred related to these transactions on a gross basis. Revenue from value-added bundled benefits
is recognized at a point in time when the Company satisfies the performance obligation by transferring promised services upon acceptance
by customers.
Disaggregation
of revenue
The
following table summarized disaggregated revenue for the six months ended December 31, 2023 and 2022:
| |
For the six months ended December 31, | |
| |
2023 | | |
2022 | |
| |
(Unaudited) | | |
(Unaudited) | |
Digital promotion services | |
$ | 19,010,864 | | |
$ | 43,090,992 | |
Risk-assessment services | |
| 6,015,914 | | |
| 9,032,437 | |
Value-added services | |
| 4,257,440 | | |
| 4,351,692 | |
Total | |
$ | 29,284,218 | | |
$ | 56,475,121 | |
U-BX
TECHNOLOGY LTD.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In U.S. dollars, except for number of shares, or otherwise noted)
NOTE
2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
Contract
balance
Accounts
receivables are recorded when the Company performs a service in advance of receiving consideration and it has the unconditional right
to receive consideration. Contract liabilities are recognized as advance from customers if the Company receives consideration but has
not transferred the related goods or services to the customer.
Value
Added Tax
The
Company is subject to value-added-tax (“VAT”) on the revenues earned for services provided in the PRC. The applicable
rate of value added tax is 6% and is excluded from net revenues.
Cost
of revenue
Cost
of revenues consists primarily of expenses incurred in connection with the third-party cloud infrastructure expenses, outsourcing services
paid to suppliers and third-party procurement costs are recognized as incurred.
Income
taxes
The
Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized
when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial
statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years
in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in operations in the period including the enactment date. Valuation allowances are established, when
necessary, to reduce net deferred tax assets to the amount expected to be realized.
An
uncertain tax position is recognized only if it is “more likely than not” that the tax position would be sustained in a tax
examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination.
For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred
related to underpayment of income taxes are classified as income tax expense in the period incurred. No significant penalties or interest
relating to income taxes have been incurred during the six months ended December 31, 2023 and 2022. The Company does not believe
that there were any uncertain tax provision as of December 31, 2023 and June 30, 2023. The Company’s subsidiaries in China
are subject to the income tax laws of the PRC. No significant income was generated outside the PRC for the six months ended December 31,
2023 and 2022.
Value
added tax
Sales
revenue represents the invoiced value of goods, net of VAT. The VAT is based on gross sales price and the VAT rate is approximately
6%. The VAT collected may be offset by VAT paid by the Company on its purchases. The Company records a VAT payable or receivable net
of payments in the accompanying unaudited condensed consolidated financial statements. All of the VAT returns filed by the Company’s
subsidiaries in the PRC, have been and remain subject to examination by the tax authorities for five years from the date of filing.
Earnings
(loss) per share
The
Company computes earnings (loss) per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260”).
ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS are computed by dividing
net income (loss) by the weighted average ordinary shares outstanding during the period. Diluted EPS takes into account the potential
dilution that could occur if securities or other contracts to issue ordinary shares were exercised and converted into ordinary shares.
When the Company has a loss or dilutive shares would increase EPS or decrease loss per share, dilutive shares are not included. As of
December 31, 2023 and June 30, 2023, there were no dilutive shares.
U-BX
TECHNOLOGY LTD.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In U.S. dollars, except for number of shares, or otherwise noted)
NOTE
2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
Comprehensive
income (loss)
Comprehensive
income consists of two components, net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers
to revenue, expenses, gains, and losses that under U.S. GAAP are recorded as an element of shareholders’ equity but are excluded
from net income (loss). Other comprehensive income (loss) consists of foreign currency translation adjustments from the Company not using
the U.S. dollar as its functional currency.
Concentration
and Risks
Currency
risk
The
revenues and expenses of the Company’s entities in the PRC are generally denominated in RMB and their assets and liabilities are
denominated in RMB. The RMB is not freely convertible into foreign currencies. Remittances of foreign currencies into the PRC or
remittances of RMB out of the PRC as well as exchange between RMB and foreign currencies require approval by foreign exchange administrative
authorities with certain supporting documentation. The State Administration for Foreign Exchange, under the authority of the People’s
Bank of China, controls the conversion of RMB into other currencies.
Concentration
and credit risk
Financial
instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and accounts receivable.
The
Company maintains its bank accounts in the PRC. On May 1, 2015, China’s new Deposit Insurance Regulation came into effect,
pursuant to which banking financial institutions, such as commercial banks, established in the PRC are required to purchase deposit insurance
for deposits in RMB and in foreign currency placed with them. Such Deposit Insurance Regulation would not be effective in providing complete
protection for the Company’s accounts, as its aggregate deposits are much higher than the compensation limit, which is RMB500,000
(approximately $75,000US) per bank. As of December 31, 2023, the Company has approximately $518,000 of uninsured funds. However,
management believes that the risk of failure of any of these Chinese banks is remote.
The
Company conducts credit evaluations on its customers prior to delivery its services. The assessment of customer creditworthiness is primarily
based on historical collection records, research of publicly available information and customer on-site visits by senior management.
Based on this analysis, the Company determines what credit terms, if any, to offer to each customer individually. If the assessment indicates
a likelihood of collection risk, the Company will not deliver the services to the customer or require the customer to pay cash, post
letters of credit to secure payment or to make significant down payments.
Major
customers
For
the six months ended December 31, 2023, no customer accounted for over 10% of the Company’s total revenues. For the six months
ended December 31, 2022, one customer accounted for 20.8% of the Company’s total revenues.
As
of December 31, 2023, four customers accounted for 32.9%, 18.2%, 11.1% and 10.6% of the total balance of accounts receivable. As of June
30, 2023, two customers accounted for 13.1% and 10.5% of the total balance of accounts receivable.
Major
suppliers
For
the six months ended December 31, 2023, four suppliers accounted for 24.0%, 12.7%, 10.6% and 10.1% of the Company’s total
purchases. For the six months ended December 31, 2022, four suppliers accounted for 23.7%, 21.8%, 15.0% and 12.4% of the Company’s
total purchases.
U-BX
TECHNOLOGY LTD.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In U.S. dollars, except for number of shares, or otherwise noted)
NOTE
2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
As
of December 31, 2023, five suppliers accounted for 29.0%, 17.1%, 16.9%, 12.7% and 10.7% of the total balance of accounts payable. As
of June 30, 2023, five suppliers accounted for 24.1%, 19.6%, 19.3%, 15.5% and 13.7% of the total balance of accounts payable.
Recently
adopted or issued accounting pronouncements
The
Company qualifies as an “emerging growth company”, or EGC, pursuant to the Jumpstart Our Business Startups Act of 2012,
as amended, or the JOBS Act. As an EGC, the Company does not need to comply with any new or revised financial accounting standards until
such date that a private company is otherwise required to comply with such new or revised accounting standards.
In February 2016, the
FASB issued ASU 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required to recognize a lease liability
and a “right of use” lease asset for all leases, including operating leases, with a term greater than 12 months on its
balance sheet. The update also expands the required quantitative and qualitative disclosures surrounding leases. The standard is effective
for the Company in the for fiscal years beginning after December 15, 2021 and interim periods within the fiscal years beginning
after December 15, 2022, with early adoption permitted. The Company does not believe the adoption of this standard will have a material
effect on its financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit
Losses (Topic 326), to provide financial statement users with more useful information about expected credit losses. ASU 2016-13
also changes how entities measure credit losses on financial instruments and the timing of when such losses are recorded. ASU 2016-13
is effective for the Company in the fiscal years beginning after December 15, 2022, including interim periods within those fiscal years,
with early adoption permitted. The Company adopted this ASU on July 1, 2023 and the adoption did not have a material impact on the Company’s
consolidated financial statements.
In December 2019, the
FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions
to the general principles in Topic 740, and also improves consistent application of and simplify U.S. GAAP for other areas of
Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this update are effective
for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities,
the amendments in this update are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years
beginning after December 15, 2022. Early adoption of the amendments is permitted. The Company adopted this ASU on July 1, 2023 and
the adoption did not have a material impact on the Company’s consolidated financial statements.
The
Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material
effect on the Company’s unaudited condensed consolidated financial position, statements of operations and cash flows.
NOTE
3 — ACCOUNTS RECEIVABLE
Accounts
receivable consisted of the following:
| |
December 31, 2023 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
| |
Trade accounts receivable | |
$ | 266,007 | | |
$ | 264,801 | |
Less: allowance for doubtful accounts | |
| — | | |
| — | |
Accounts receivable, net | |
$ | 266,007 | | |
$ | 264,801 | |
U-BX
TECHNOLOGY LTD.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In U.S. dollars, except for number of shares, or otherwise noted)
NOTE
4 — PREPAYMENTS AND OTHER CURRENT ASSETS
Prepayments
and other current assets consisted of the following:
| |
December 31, 2023 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
| |
Loan receivable* | |
$ | 507,106 | | |
$ | — | |
Value-added Tax (“VAT”) recoverable | |
| 40,434 | | |
| 56,369 | |
Prepaid expenses and others current assets | |
| 22,185 | | |
| 17,011 | |
| |
| 569,725 | | |
| 73,380 | |
Less: allowance for doubtful accounts | |
| — | | |
| — | |
Prepaid expenses and other current assets, net | |
$ | 569,725 | | |
$ | 73,380 | |
NOTE
5 — BANK LOANS
Bank
loans represent amounts due to various banks maturing within one year. The principal of the borrowings is due at maturity. Accrued interest
is due either monthly or annually. The bank loans consisted of the following:
| |
December 31, 2023 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
| |
Bank of Communications | |
$ | 141,189 | | |
$ | 138,393 | |
Industrial and Commercial Bank of China | |
| 282,378 | | |
| — | |
Total short-term bank loan | |
$ | 423,567 | | |
$ | 138,393 | |
On
March 13, 2023, U-BX China entered into a loan agreement with Bank of Communications to obtain a loan of RMB1,000,000 (or $138,393) for
a term from March 13, 2023 to March 13, 2024 at a fixed annual interest rate of 3.7%. The loan is guaranteed by a third party, Beijing
Yizhuang Guoji Financing Guarantee Limited.
On
July 5, 2023, U-BX China entered into a loan agreement with Industrial and Commercial Bank of China to obtain a loan of RMB2,000,000
(or $282,378) for a term from July 5, 2023 to January 1, 2024 at a fixed annual interest rate of 2.8%. On December 31, 2023, the Company
fully repaid and renewed the loan with the maturity on July 4, 2024. The loan is guaranteed by a third party, Beijing Shouchuang Financing
Guarantee Limited.
NOTE
6 — TAXES PAYABLE
Tax
payables consisted of the following:
| |
December 31, 2023 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
| |
Income tax payable | |
$ | 751,368 | | |
$ | 722,114 | |
Withholding tax payable | |
| 1,366 | | |
| 1,421 | |
VAT tax payable | |
| 80,591 | | |
| 12,712 | |
Tax payables | |
$ | 833,325 | | |
$ | 736,247 | |
NOTE
7 — ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued
expenses and other current liabilities consisted of the following:
| |
December 31, 2023 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
| |
Payroll and welfare payable | |
$ | 29,588 | | |
$ | 30,534 | |
Other current liabilities | |
| 116,067 | | |
| 114,515 | |
Accrued expenses and other current liabilities | |
$ | 145,655 | | |
$ | 145,049 | |
U-BX
TECHNOLOGY LTD.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In U.S. dollars, except for number of shares, or otherwise noted)
NOTE
8 — RELATED PARTY TRANSACTIONS
The
table below sets forth the related parties and their relationships with the Company as of December 31, 2023:
Name of related parties | | Relationship with the Company |
Jian Chen | | Founder and shareholder |
| |
December 31,
2023 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
| |
Amounts due to related parties, current* | |
| | |
| |
Jian Chen | |
$ | 413,324 | | |
$ | 405,138 | |
NOTE
9 — TAXATION
Income
Taxes
Cayman
Islands
The
Company was incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to tax on income
or capital gains. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed.
Hong Kong
Under
the current Hong Kong Revenue Ordinance, the Company’s subsidiary in Hong Kong is subject to 16.5% Hong Kong profits
tax on their taxable income generated from operations in Hong Kong. Additionally, payments of dividends by the subsidiary incorporated
in Hong Kong to the Company are not subject to any Hong Kong withholding tax.
PRC
The
Company’s subsidiaries established in the PRC are mainly subject to the statutory income tax at a rate of 25%.
The
following table reconciles the statutory rate to the Company’s effective tax rate:
| |
For the six months ended December 31, | |
| |
2023 | | |
2022 | |
| |
(Unaudited) | | |
(Unaudited) | |
Income tax expense computed at applicable tax rates (25%) | |
| 25.0 | % | |
| 25.0 | % |
Effect of PRC preferential tax rate and tax exemption | |
| (14.2 | )% | |
| — | % |
Non-deductible expenses | |
| 62.3 | % | |
| 10.0 | % |
Change of Valuation Allowance | |
| (80.1 | )% | |
| 22.0 | % |
Effective tax rate | |
| (7.0 | )% | |
| 57.0 | % |
U-BX
TECHNOLOGY LTD.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In U.S. dollars, except for number of shares, or otherwise noted)
NOTE
9 — TAXATION (cont.)
Significant
components of the provision for income taxes are as follows:
| |
For the six months ended December 31, | |
| |
2023 | | |
2022 | |
Current income tax expense | |
$ | 14,508 | | |
$ | 241,532 | |
Deferred tax expense (benefits) | |
| — | | |
| — | |
Income tax provision | |
$ | 14,508 | | |
$ | 241,532 | |
Deferred
income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for income tax purposes.
The
following table presents the significant components of the Company’s deferred tax assets for the periods presented:
| |
December 31, 2023 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
| |
Deferred tax assets | |
| | |
| |
Net operating loss carry forwards | |
$ | 620,427 | | |
$ | 574,840 | |
Less: valuation allowances | |
| (620,427 | ) | |
| (574,840 | ) |
Total deferred tax assets | |
$ | — | | |
$ | — | |
As
of December 31, 2023, the Company has net operating loss carryforwards of approximately $2,083,000 in the PRC that expire in 2023.
The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which
those temporary differences become deductible. Recovery of substantially all of the Company’s deferred tax assets is dependent
upon the generation of future income, exclusive of reversing taxable temporary differences. For the six months ended December 31,
2023 and June 30, 2023, the change in valuation allowance amounted to an increase of $45,587 and $53,405, respectively.
NOTE
10 — SHAREHOLDERS’ EQUITY
Ordinary
shares
The
Company was established under the laws of the Cayman Islands on June 30, 2021. The authorized number of ordinary shares is 500,000,000
with par value of $0.0001 per share. On June 30, 2021, the Company issued 10,000 to six shareholders. On September 18, 2021,
the Company issued 14,990,000 ordinary shares to six existing shareholders and eight new shareholders. The Company has retroactively
restated all shares and per share data for all the periods presented pursuant to ASC 260.
On
January 24, 2022, the Company issued 7,500,000 ordinary shares, to all existing shareholders on a pro rata basis. Cash consideration
of $750 for the issuance of 7,500,000 ordinary shares was all received on March 4, 2022. The issuance of the 7,500,000 shares was
for initial capitalization structure purposes.
On
May 5, 2022, the Company issued an aggregated 468,000 shares of ordinary shares to all fourteen existing shareholders and to two
new investors for cash consideration of $46.80 that was received on May 6, 2022.
U-BX
TECHNOLOGY LTD.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In U.S. dollars, except for number of shares, or otherwise noted)
NOTE
10 — SHAREHOLDERS’ EQUITY (cont.)
On
May 5, 2022, the Company issue an aggregated 1,032,000 ordinary shares to two new investors for cash consideration of $895,000.
The cash consideration was all received in August and September 2021.
On October 25, 2023,
the Company issue an aggregated 1,000,000 ordinary shares to a third-party investor for cash consideration of $4,999,823. The cash consideration
was all received on October 24, 2023.
As
a result, the Company had 25,000,000 and 24,000,000 shares issued and outstanding as of December 31, 2023 and June 30, 2023.
Statutory
reserves and restricted net assets
Relevant
PRC laws and regulations permit payments of dividends by the Company’s entities only out of their retained earnings, if any, as
determined in accordance with PRC accounting standards and regulations. In addition, the Company’s PRC subsidiaries are required
to annually appropriate 10% of their net after-tax income to a statutory general reserve fund prior to payment of any dividends, unless
such reserve funds have reached 50% of their respective registered capital. As of December 31, 2023 and June 30, 2023, the Company’s
PRC entities collectively attributed $300,171 and $300,171 of retained earnings to their statutory reserves, respectively.
As
a result of these PRC laws and regulations and the requirement that distributions by the PRC entities can only be paid out of distributable
profits computed in accordance with PRC accounting standards and regulations, the PRC entities are restricted from transferring a portion
of their net assets. Amounts restricted include paid-in capital and statutory reserves of the Company’s PRC subsidiaries. As of
December 31, 2023 and June 30, 2023, the aggregate amounts of restricted net assets of the relevant PRC entities amounted to $447,704
and $447,704, respectively.
NOTE
11 — SUBSEQUENT EVENTS
Management has
evaluated subsequent events through May 29, 2024, the date the consolidated financial statements were available for issuance.
Closing of IPO
On April 1, 2024, the
Company closed its IPO of 2,000,000 ordinary shares, par value $0.0001 per share (the “Shares”). The Company completed the
IPO pursuant to its registration statement on Form F-1 (File No. 333-262412, “Form F-1”), originally filed with
the U.S. SEC on January 28, 2022 (as amended) (the “Registration Statement”). The Form F-1 was declared effective by the SEC
on March 25, 2024. The Shares were priced at $5.00 per share, and the offering was conducted on a firm commitment basis. EF Hutton LLC
acted as the book-running manager of the IPO. The Shares were previously approved for listing on The Nasdaq Capital Market and commenced
trading under the ticker symbol “UBXG.”
In connection with the IPO,
the Company issued a press release on March 27, 2024 announcing the pricing of the IPO and a press release on April 1, 2024 announcing
the closing of the IPO, respectively. Copies of each press release are attached as Exhibit 99.1 and Exhibit 99.2 in FORM 6-K.
Loan transaction
On April 12, 2024, the Company
entered into an unsecured short-term loan agreement with Suzhou Wuzhong Branch of Bank of Communications Co., Ltd. with principal amount
of RMB 3 million (approximately $0.41 million), with an annual interest rate of 3.5%. The maturity date of the loan is April 12, 2025.
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v3.24.1.1.u2
Unaudited Consolidated Balance Sheets - USD ($)
|
Dec. 31, 2023 |
Jun. 30, 2023 |
Current Assets |
|
|
Cash |
$ 5,134,863
|
$ 1,293,709
|
Accounts receivable, net |
266,007
|
264,801
|
Advance to suppliers |
3,128,344
|
2,972,534
|
Prepayments and other current assets |
569,725
|
73,380
|
Total current assets |
9,098,939
|
4,604,424
|
Non-current assets |
|
|
Property and equipment, net |
14,767
|
3,728
|
Deferred registration costs |
246,425
|
245,956
|
Total non-current assets |
261,192
|
249,684
|
Total Assets |
9,360,131
|
4,854,108
|
Current Liabilities |
|
|
Short-term loans |
423,567
|
138,393
|
Accounts payable |
1,669,133
|
573,619
|
Advance from customers |
2,877
|
1,784,580
|
Tax payables |
833,325
|
736,247
|
Accruals and other current payables |
145,655
|
145,049
|
Total current liabilities |
3,487,881
|
3,783,026
|
Total Liabilities |
3,487,881
|
3,783,026
|
Commitments and contingencies (Note 11) |
|
|
Shareholders’ Equity: |
|
|
Ordinary Shares ($0.0001 par value, 500,000,000 authorized, 25,000,000 and 24,000,000 shares issued and outstanding as of December 31, 2023 and June 30, 2023, respectively) |
2,500
|
2,400
|
Additional paid-in-capital |
6,041,578
|
1,041,855
|
Statutory reserves |
300,171
|
300,171
|
Accumulated other comprehensive (loss) |
(40,835)
|
(59,013)
|
Accumulated deficit |
(431,164)
|
(214,331)
|
Total shareholders’ equity |
5,872,250
|
1,071,082
|
Total liabilities and shareholders’ equity |
9,360,131
|
4,854,108
|
Related Party |
|
|
Current Liabilities |
|
|
Amounts due to related parties, current |
$ 413,324
|
$ 405,138
|
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v3.24.1.1.u2
Unaudited Consolidated Balance Sheets (Parentheticals) - $ / shares
|
Dec. 31, 2023 |
Jun. 30, 2023 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value (in Dollars per share) |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
500,000,000
|
500,000,000
|
Common stock, shares issued |
25,000,000
|
24,000,000
|
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25,000,000
|
24,000,000
|
X |
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v3.24.1.1.u2
Unaudited Condensed Consolidated Statements of Operations And Comprehensive Income (Loss) - USD ($)
|
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Income Statement [Abstract] |
|
|
Revenues |
$ 29,284,218
|
$ 56,475,121
|
Cost of revenues |
(28,705,358)
|
(55,456,935)
|
Gross profit |
578,860
|
1,018,186
|
Operating expenses: |
|
|
General and administrative expenses |
(807,114)
|
(649,079)
|
Total operating expenses |
(807,114)
|
(649,079)
|
(Loss) Income from operations |
(228,254)
|
369,107
|
Other income (expense): |
|
|
Interest income |
2,641
|
1,408
|
Interest (expenses) |
(5,587)
|
|
Other income, net |
28,875
|
50,674
|
Total other income, net |
25,929
|
52,082
|
(Loss) Income before income taxes |
(202,325)
|
421,189
|
Income tax expense |
(14,508)
|
(241,532)
|
Net (loss) income |
(216,833)
|
179,657
|
Comprehensive loss |
|
|
Foreign currency translation (loss) |
(45,764)
|
(12,400)
|
Comprehensive (loss) income attributable to shareholders |
$ (262,597)
|
$ 167,257
|
(Loss) Income per ordinary share |
|
|
Basic (in Dollars per share) |
$ (0.01)
|
$ 0.01
|
Weighted average number of ordinary shares outstanding |
|
|
Basic (in Shares) |
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|
24,000,000
|
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v3.24.1.1.u2
Unaudited Condensed Consolidated Statements of Operations And Comprehensive Income (Loss) (Parentheticals) - $ / shares
|
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Income Statement [Abstract] |
|
|
Diluted |
$ (0.01)
|
$ 0.01
|
Diluted |
24,383,383
|
24,000,000
|
X |
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v3.24.1.1.u2
Unaudited Condensed Consolidated Statements of Changes In Shareholders Equity - USD ($)
|
Ordinary shares |
Subscription receivable |
Additional paid-in capital |
Statutory reserves |
Retained earnings (deficit) |
Accumulated other comprehensive income (loss) |
Total |
Balance at Jun. 30, 2022 |
$ 2,400
|
|
$ 1,041,855
|
$ 228,173
|
$ (348,244)
|
$ (13,249)
|
$ 910,935
|
Balance (in Shares) at Jun. 30, 2022 |
24,000,000
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
179,657
|
|
179,657
|
Foreign currency translation adjustment |
|
|
|
|
|
(12,400)
|
(12,400)
|
Balance at Dec. 31, 2022 |
$ 2,400
|
|
1,041,855
|
228,173
|
(168,587)
|
(25,649)
|
1,078,192
|
Balance (in Shares) at Dec. 31, 2022 |
24,000,000
|
|
|
|
|
|
|
Balance at Jun. 30, 2023 |
$ 2,400
|
|
1,041,855
|
300,171
|
(214,331)
|
(59,013)
|
1,071,082
|
Balance (in Shares) at Jun. 30, 2023 |
24,000,000
|
|
|
|
|
|
|
Issuance of ordinary shares for cash |
$ 100
|
|
4,999,723
|
|
|
|
4,999,823
|
Issuance of ordinary shares for cash (in Shares) |
1,000,000
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
(216,833)
|
|
(216,833)
|
Foreign currency translation adjustment |
|
|
|
|
|
18,178
|
18,178
|
Balance at Dec. 31, 2023 |
$ 2,500
|
|
$ 6,041,578
|
$ 300,171
|
$ (431,164)
|
$ (40,835)
|
$ 5,872,250
|
Balance (in Shares) at Dec. 31, 2023 |
25,000,000
|
|
|
|
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.1.1.u2
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
|
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Cash flows from operating activities |
|
|
Net (loss) income |
$ (216,833)
|
$ 179,657
|
Adjustments to reconcile net (loss) to net cash provided by operating activities: |
|
|
Depreciation |
1,260
|
997
|
Bad debt expenses |
|
4,850
|
Changes in operating assets and liabilities: |
|
|
Account receivable |
4,100
|
180,068
|
Advance to suppliers |
(94,730)
|
9,745,134
|
Prepayments and other current assets |
(494,993)
|
15,475
|
Accounts payable |
1,072,342
|
|
Advance from customers |
(1,798,335)
|
(10,610,118)
|
Taxes payable |
81,325
|
239,572
|
Accruals and other current payables |
(1,901)
|
605
|
Amounts due to related parties, current |
|
131,941
|
Net cash (used in) operating activities |
(1,447,765)
|
(111,819)
|
Cash flows from investing activities |
|
|
Purchase of property and equipment |
(12,107)
|
(1,982)
|
Net cash (used in) investing activities |
(12,107)
|
(1,982)
|
Cash flows from financing activities |
|
|
Issuance of ordinary shares for cash |
4,999,823
|
|
Proceeds from short-term loan |
558,722
|
|
Repayments of short-term loan |
(279,361)
|
|
Payment of registration costs |
|
(32,704)
|
Net cash provided by financing activities |
5,279,184
|
(32,704)
|
Effect of foreign exchange rate on cash |
21,842
|
(48,029)
|
Net increase (decrease) in cash |
3,841,154
|
(194,534)
|
Cash at the beginning of the year |
1,293,709
|
1,518,706
|
Cash at the end of the year |
5,134,863
|
1,324,172
|
Supplemental disclosures of cash flow information: |
|
|
Interest paid |
5,587
|
597
|
Income taxes paid |
|
|
X |
- DefinitionAmount of payment of registration costs
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v3.24.1.1.u2
Organization and Business Description
|
6 Months Ended |
Dec. 31, 2023 |
Organization and Business Description [Abstract] |
|
ORGANIZATION AND BUSINESS DESCRIPTION |
NOTE 1 — ORGANIZATION AND BUSINESS DESCRIPTION
U-BX Technology LTD. (“U-BX”)
is an exempted company incorporated under the laws of the Cayman Islands on June 30, 2021 as Famingsur Develop Limited. On October 10,
2021, Famingsur Develop Limited filed to change its name to U-BX Technology Ltd. U-BX does not conduct any substantive operations on its
own but instead conducts its business operations through its subsidiaries.
Prior to the incorporation
of U-BX, the business commenced its operations in March 2018 and mainly through Youjiayoubao (Beijing) Technology Co., Ltd (“U-BX
Beijing”) and its wholly owned subsidiaries, Rudongyoujia Smart Technology Co Ltd. (“RDYJ”), YJYC Hainan Technology
Co Ltd (“YJYC Hainan”), Wuxi Benjuchezhi Technology Service Co Ltd (“Wuxi BJCZ”), Jiangsu Youjiayouche Technology
Co Ltd (“Jiangsu YJYC”), Jiangsu Jingmo Technology Co Ltd (“Jiangsu Jingmo”) and Jiangsu Youchehubao Technology
Co Ltd (“Jiangsu YCHB”). Wuxi BJCZ was sold to a third party on May 9, 2020 and has since ceased to be a subsidiary of
U-BX Beijing. YJYC Hainan was dissolved voluntarily on August 11, 2020.
In order to raise capital through
an IPO in the United States, the Company has undertaken a series of transactions (the “Reorganization”):
On July 14, 2021, the
Company formed its wholly owned subsidiary, HK Snailinsur Group Limited (“U-BX HK”) in Hong Kong. On July 23, 2021,
U-BX HK formed its wholly owned subsidiary, Beijing Lianghua Technology Co., Ltd. (“WFOE Beijing”) in PRC.
On August 16, 2021, WFOE
Beijing entered into a series of contractual arrangements with the owners of U-BX Beijing. These agreements included a Consulting and
Service Agreement, a Business Operation Agreement, an Equity Pledge Agreement, an Exclusive Call Option Agreement and Shareholder Voting
Proxy Agreement (collectively “VIE Agreements”). Pursuant to the VIE Agreements, WFOE Beijing has the exclusive right to provide
U-BX Beijing with comprehensive technical support, consulting services and other services in relation to the Principal Business during
the term of this Agreement. All the above contractual arrangements obligate WFOE Beijing to absorb a majority of the risk of loss from
the business activities of U-BX Beijing and entitle WFOE Beijing to receive a majority of their residual returns. In essence, WFOE Beijing
has gained effective control over U-BX Beijing.
On February 20, 2022,
with approval of WFOE Beijing and approval of the board of directors of U-BX Beijing, U-BX Beijing issued 2.99% equity interest in
U-BX Beijing for nil consideration to a third-party investor. The issuance was completed on February 28, 2022. On February 28,
2022, WFOE Beijing exercised its call option under the Exclusive Call Option Agreements with certain shareholders of U-BX Beijing, dated
August 16, 2021, and entered into equity transfer agreements with all the shareholders of U-BX Beijing to purchase all the equity
interest in U-BX Beijing. The restructure was completed on March 3, 2022. As a result, U-BX Beijing became a wholly owned subsidiary
of WFOE Beijing and the VIE structure was dissolved and the VIE Agreements were terminated.
U-BX together with its wholly
owned subsidiaries U-BX HK, the WFOEs, U-BX Suzhou, U-BX Beijing, and its subsidiaries were effectively controlled by the same shareholders
before and after the reorganization and therefore the Reorganization was considered under common control and included at their historical
carrying values. The consolidation of the Company has been prepared on the basis as if the reorganization had become effective as of the
beginning of the first period presented in the consolidated financial statements. U-BX, U-BX HK, the WFOEs, U-BX
Suzhou, U-BX Beijing and its subsidiaries (the “Company”) primarily provide value-added services using artificial intelligence-driven
technology to businesses within the insurance industry in PRC.
As of December 31, 2023,
the Company’s principal subsidiaries are as follows:
Name of Entity | | Date of Incorporation | | Place of Incorporation | | % of Ownership | | Principal Activities | Hong Kong Snailinsur Group Limited (“U-BX HK”) | | July 14, 2021 | | Hong Kong | | 100 | % | Investment holding | Beijing Lianghua Technology Co Ltd (“WFOE Beijing”) | | July 23, 2021 | | PRC | | 100 | % | Investment holding | Youjiayoubao (Beijing) Technology Co., Ltd. (“U-BX Beijing”) | | March 27, 2018 | | PRC | | 100 | % | Provision of services | Rudongyoujia Smart Technology Co., Ltd. (“RDYJ”) | | July 27, 2018 | | PRC | | 100 | % | Provision of services | Jiangsu Jingmo Technology Co., Ltd. (“Jiangsu Jingmo”) | | July 9, 2020 | | PRC | | 100 | % | Provision of services | Jiangsu Youjiayouche Technology Co., Ltd. (“Jiangsu YJYC”) | | June 29, 2020 | | PRC | | 100 | % | Provision of services | Suzhou Lianghua Technology Co., Ltd. (“WFOE Suzhou”) | | November 28, 2022 | | PRC | | 100 | % | Investment holding | Suzhou Youjiayoubao Technology Co., Ltd. (“U-BX Suzhou”) | | December 2, 2022 | | PRC | | 100 | % | Provision of services | Zhejiang JZSC Enterprise Management Co., Ltd. (“WFOE Zhejiang”) | | July 10, 2023 | | PRC | | 100 | % | Investment holding | JZSC Technology Co., Ltd. (“JZSC Technology”) | | November 6, 2023 | | PRC | | 100 | % | Provision of services |
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- DefinitionThe entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
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v3.24.1.1.u2
Summary of Significant Accounting Policies
|
6 Months Ended |
Dec. 31, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Liquidity
The Company’s liquidity
is based on its ability to enhance its operating cash flow position, obtain capital financing from equity interest investors and borrow
funds for its general operations and capital expenditures. The Company’s ability to continue as a going concern is dependent on
management’s ability to execute its business plan successfully, which includes increasing market acceptance of the Company’s
services to boost its sales volume while applying more effective marketing strategies and cost control measures to better manage its operating
cash flows and obtaining funds from outside sources of financing to generate positive financing cash flows. As of December 31, 2023 and
June 30, 2023, the Company’s balance of cash was $5,134,863 and $1,293,709, respectively. If the Company does not have, or
is not able to obtain, sufficient funds, the Company may have to adjust the pace of its planned expansion and reduce operating expenses
devoted to its services.
Management has concluded, after
giving consideration to its plans as noted above and its existing balance of cash as of December 31, 2023, that the Company should
have sufficient funds for its operations and it should be able to meet its payment obligations from operations and debt related commitments
for the next twelve months from the issuance of the unaudited consolidated financial statements. Accordingly, the unaudited consolidated
financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities
during the normal course of operations.
Basis of presentation
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”)
and have been consistently applied for information pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”).
In the opinion of
management, all adjustments (consisting of normal recurring accruals) and disclosures necessary for a fair presentation of these
interim consolidated financial statements have been included. The results reported in the consolidated financial statements for any
interim periods are not necessarily indicative of the results that may be reported for the entire year. The accompanying
consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange
Commission (“SEC”) and do not include all information and footnotes necessary for a complete presentation of financial
statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”).
Certain information and footnote disclosures
normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.
These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial
statements and notes thereto included in elsewhere in this prospectus. Principles of consolidation
The unaudited condensed consolidated financial statements
include the financial statements of the Company and its wholly-owned subsidiaries. All transactions and balances between the Company and
its subsidiaries have been eliminated upon consolidation.
Use of estimates
The preparation of unaudited condensed consolidated
financial statements in conformity with U.S. GAAP requires the management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period. These estimates and judgments are based on historical information,
information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under
the circumstances. Significant estimates required to be made by management, include, but are not limited to, the assessment of the allowance
for doubtful accounts, depreciable lives of property and equipment, and realization of deferred tax assets. Actual results could differ
from those estimates.
Functional Currency and Foreign Currency Translation
The functional currencies of
the Company are the local currency of the county in which the subsidiaries operate. The Company’s financial statements are reported
using U.S. Dollars. The results of operations and the unaudited condensed consolidated statements of cash flows denominated in foreign
currencies are translated at the average rates of exchange during the reporting period. Assets and liabilities denominated in foreign
currencies at the balance sheet date are translated at the applicable rates of exchange in effect on that date. The equity denominated
in the functional currencies is translated at the historical rates of exchange at the time of capital transactions. Because cash flows
are translated based on the average translation rates, amounts related to assets and liabilities reported on the unaudited condensed consolidated
statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation
adjustments arising from the use of different exchange rates from period to period are included as a separate component in accumulated
other comprehensive income included in unaudited condensed consolidated statements of changes in shareholders ‘equity. Gains and
losses from foreign currency transactions are included in the unaudited condensed consolidated statements of operations and comprehensive
income.
Since the Company operates
primarily in the PRC, the Company’s functional currency is the Chinese Yuan (“RMB”). The Company’s unaudited condensed
consolidated financial statements have been translated into the reporting currency of U.S. Dollars (“US$”). The RMB is
not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No
representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in the translation.
The exchange rates as of December 31, 2023
and June 30, 2023 and for the periods ended December 31, 2023 and 2022 are as follows:
| |
December 31, | | |
June 30, | | |
For the Six Months Ended
December 31, | |
| |
2023 | | |
2023 | | |
2023 | | |
2022 | |
Foreign currency | |
Balance Sheet | | |
Balance Sheet | | |
Profits/Loss | | |
Profits/Loss | |
RMB:1USD | |
| 7.0827 | | |
| 7.2258 | | |
| 7.1592 | | |
| 6.9531 | |
Cash
Cash include cash on hand and
demand deposits in accounts maintained with commercial banks. The Company maintains its bank accounts in Mainland China, which funds are
not freely convertible into foreign currencies. Accounts receivable, net
Accounts receivable are presented
net of an allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for estimated losses. The Company
reviews its accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability
of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including
the age of the balance, customer payment history, customer’s current creditworthiness, and current economic trends. Accounts are
written off against the allowance after unsuccessful collection.
Advances to suppliers
Advances to suppliers consist
of advances to suppliers for services that have not been provided or received. The Company reviews its advances to suppliers on a periodic
basis and makes general and specific allowances when there is doubt as to the ability of a supplier to provide supplies to the Company
or refund an advance.
As of December 31, 2023 and
June 30, total advances to suppliers were $3,128,344 and $2,972,534, respectively.
Property and equipment
Property and equipment are
carried at cost and are depreciated on the straight-line basis over the estimated useful lives of the underlying assets. The cost of repairs
and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of,
the cost and accumulated depreciation and amortization are removed from the accounts, and any resulting gains or losses are included in
income in the year of disposition. The Company examines the possibility of decreases in the value of its property and equipment, when
events or changes in circumstances reflect the fact that their recorded value may not be recoverable. Depreciation expense was $1,207
and $997 for the six months ended December 31, 2023 and 2022, respectively.
Estimated useful lives are
as follows, taking into account the assets’ estimated residual value:
Category | |
Estimated useful lives | |
Office equipment | |
3 years | |
Furniture and fixtures | |
3 – 5 years | |
Deferred registration costs
Deferred registration costs
primarily consist of direct costs attributable to a proposed public offering of securities which are deferred and will be charged against
the gross proceeds of the offering. If the offering is not successful, these costs will be expensed.
Fair value of financial instruments
FASB ASC Section 825-10
requires certain disclosures regarding the fair value of financial instruments. 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. A three-level
fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable
inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
| ● | Level
1 |
— |
inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
| ● | Level
2 |
— |
inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted
market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and
inputs derived from or corroborated by observable market data. |
| | |
|
|
| ● | Level
3 |
— |
inputs to the valuation methodology are unobservable. |
Unless
otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, advances to suppliers,
prepaid expenses and other current assets, short-term loans, accounts payable, advance from customers, due to related parties, taxes
payable, and accrued expenses and other current liabilities approximate their recorded values due to their short-term maturities.
The
Company’s non-financial assets, such as property and equipment would be measured at fair value only if they were determined to
be impaired.
Revenue
recognition
The
Company recognizes revenue per FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”) for all periods
presented. According to ASC 606, revenue is recognized when control of the promised goods or services is transferred to the customers,
in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company
determines revenue recognition through the following steps: (1) identify the contract(s) with a customer, (2) identify
the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the
performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. We
assess our revenue arrangements against specific criteria in order to determine if it is acting as principal or agent. Revenue arrangements
with multiple performance obligations are divided into separate distinct goods or services. We allocate the transaction price to each
performance obligation based on the relative standalone selling price of the goods or services provided.
The
Company’s revenues are derived principally from digital promotion services, risk-assessment services and value-added services.
Value added taxes (“VAT”) are presented as a reduction of revenues.
Digital
promotion services
The
Company generates revenues primarily from digital promotion services to insurance companies on its various website channels, including
pay for performance marketing services whereby customers are charged based on effective clicks on their insurance product information,
and display advertising services that allow customers to place advertisements on various websites.
Pursuant
to the digital promotion contracts, the performance obligation of the Company is to provide promotion services for the planning, designing,
customizing strategy scheme and promoting for the customer. The Company considers that both of the digital market planning and promotion
services are highly interrelated and not separately identifiable. The Company’s overall promise represents a combined output that
is a single performance obligation. Revenues are recorded at a point in time when the performance obligation to deliver those digital
promotion services is checked and accepted.
For
the contracts that involve the third-party vendors, the Company considers itself as provider of the services as it has control of the
specified services at any time before it is transferred to the customers which is evidenced by (i) the Company is primarily responsible
for the planning and producing the content for the promotion and (ii) having latitude in selecting third party vendors for promotions
and establishing pricing. Therefore, the Company acts as the principal of these arrangements and reports revenue earned and costs incurred
related to these transactions on a gross basis. Risk-assessment
services
The
Company generates risk-assessment revenue from service fees of providing assessment reports to the insurance carriers. Utilizing the
self-developed proprietary algorithmic model, the Company generates individualized risk reports based on the vehicle brand, model, travel
area, and driver’s information.
Pursuant
to the risk assessment contracts, the performance obligation of the Company is to utilize its self-developed risk assessment model and
to provide risk assessment reports to customers. Consideration received reflects stand-alone selling prices and are settled monthly based
on standard unit prices and service volumes rendered during the period. Revenue recognized at a point in time upon the service delivery
and acceptance by the customers.
For
the contracts that involve technical services provided by third-party vendors, the Company considers itself as provider of the services
as it has control of the specified services at any time before it is transferred to the customers which is evidenced by (i) the
Company is primarily responsible for the production of the risk assessment report with self-developed models and (ii) having latitude
in select outsourced technical services and establish pricing. Therefore, the Company acts as the principal of these arrangements and
reports revenue earned and costs incurred related to these transactions on a gross basis.
Value-added
bundled benefits services
The
Company enters into value added benefits contracts with insurance companies. Pursuant to the value added benefits contracts, the Company
provides the digital code with value added bundled benefits to customers. The bundled benefits including but not limited to auto maintenance
service, auto value added service, vehicle moving notification services and other services. The Company is primarily responsible for
selecting out-sourced vendors, integrating out-sourced services and services provided in house to generate various bundled benefits digital
code and providing technical supports for the code. The Company’s overall promise represents a combined output that is a single
performance obligation; there is no multiple performance obligations.
For
the contracts that involve the third-party vendors, the Company considers itself as principal of the services as it has control of the
specified services at any time before it is transferred to the customers which is evidenced by (i) the Company is primarily responsible
for the generation of the code and integrating various services provided by itself and outsourced vendors with the Company’s promise
to provide products and services according to the contract entered into with customers and (ii) having latitude in select third
party vendors for some value added services and establish pricing. Therefore, the Company acts as the principal of these arrangements
and reports revenue earned and costs incurred related to these transactions on a gross basis. Revenue from value-added bundled benefits
is recognized at a point in time when the Company satisfies the performance obligation by transferring promised services upon acceptance
by customers.
Disaggregation
of revenue
The
following table summarized disaggregated revenue for the six months ended December 31, 2023 and 2022:
| |
For the six months ended December 31, | |
| |
2023 | | |
2022 | |
| |
(Unaudited) | | |
(Unaudited) | |
Digital promotion services | |
$ | 19,010,864 | | |
$ | 43,090,992 | |
Risk-assessment services | |
| 6,015,914 | | |
| 9,032,437 | |
Value-added services | |
| 4,257,440 | | |
| 4,351,692 | |
Total | |
$ | 29,284,218 | | |
$ | 56,475,121 | |
Contract
balance
Accounts
receivables are recorded when the Company performs a service in advance of receiving consideration and it has the unconditional right
to receive consideration. Contract liabilities are recognized as advance from customers if the Company receives consideration but has
not transferred the related goods or services to the customer.
Value
Added Tax
The
Company is subject to value-added-tax (“VAT”) on the revenues earned for services provided in the PRC. The applicable
rate of value added tax is 6% and is excluded from net revenues.
Cost
of revenue
Cost
of revenues consists primarily of expenses incurred in connection with the third-party cloud infrastructure expenses, outsourcing services
paid to suppliers and third-party procurement costs are recognized as incurred.
Income
taxes
The
Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized
when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial
statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years
in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in operations in the period including the enactment date. Valuation allowances are established, when
necessary, to reduce net deferred tax assets to the amount expected to be realized.
An
uncertain tax position is recognized only if it is “more likely than not” that the tax position would be sustained in a tax
examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination.
For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred
related to underpayment of income taxes are classified as income tax expense in the period incurred. No significant penalties or interest
relating to income taxes have been incurred during the six months ended December 31, 2023 and 2022. The Company does not believe
that there were any uncertain tax provision as of December 31, 2023 and June 30, 2023. The Company’s subsidiaries in China
are subject to the income tax laws of the PRC. No significant income was generated outside the PRC for the six months ended December 31,
2023 and 2022.
Value
added tax
Sales
revenue represents the invoiced value of goods, net of VAT. The VAT is based on gross sales price and the VAT rate is approximately
6%. The VAT collected may be offset by VAT paid by the Company on its purchases. The Company records a VAT payable or receivable net
of payments in the accompanying unaudited condensed consolidated financial statements. All of the VAT returns filed by the Company’s
subsidiaries in the PRC, have been and remain subject to examination by the tax authorities for five years from the date of filing.
Earnings
(loss) per share
The
Company computes earnings (loss) per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260”).
ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS are computed by dividing
net income (loss) by the weighted average ordinary shares outstanding during the period. Diluted EPS takes into account the potential
dilution that could occur if securities or other contracts to issue ordinary shares were exercised and converted into ordinary shares.
When the Company has a loss or dilutive shares would increase EPS or decrease loss per share, dilutive shares are not included. As of
December 31, 2023 and June 30, 2023, there were no dilutive shares. Comprehensive
income (loss)
Comprehensive
income consists of two components, net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers
to revenue, expenses, gains, and losses that under U.S. GAAP are recorded as an element of shareholders’ equity but are excluded
from net income (loss). Other comprehensive income (loss) consists of foreign currency translation adjustments from the Company not using
the U.S. dollar as its functional currency.
Concentration
and Risks
Currency
risk
The
revenues and expenses of the Company’s entities in the PRC are generally denominated in RMB and their assets and liabilities are
denominated in RMB. The RMB is not freely convertible into foreign currencies. Remittances of foreign currencies into the PRC or
remittances of RMB out of the PRC as well as exchange between RMB and foreign currencies require approval by foreign exchange administrative
authorities with certain supporting documentation. The State Administration for Foreign Exchange, under the authority of the People’s
Bank of China, controls the conversion of RMB into other currencies.
Concentration
and credit risk
Financial
instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and accounts receivable.
The
Company maintains its bank accounts in the PRC. On May 1, 2015, China’s new Deposit Insurance Regulation came into effect,
pursuant to which banking financial institutions, such as commercial banks, established in the PRC are required to purchase deposit insurance
for deposits in RMB and in foreign currency placed with them. Such Deposit Insurance Regulation would not be effective in providing complete
protection for the Company’s accounts, as its aggregate deposits are much higher than the compensation limit, which is RMB500,000
(approximately $75,000US) per bank. As of December 31, 2023, the Company has approximately $518,000 of uninsured funds. However,
management believes that the risk of failure of any of these Chinese banks is remote.
The
Company conducts credit evaluations on its customers prior to delivery its services. The assessment of customer creditworthiness is primarily
based on historical collection records, research of publicly available information and customer on-site visits by senior management.
Based on this analysis, the Company determines what credit terms, if any, to offer to each customer individually. If the assessment indicates
a likelihood of collection risk, the Company will not deliver the services to the customer or require the customer to pay cash, post
letters of credit to secure payment or to make significant down payments.
Major
customers
For
the six months ended December 31, 2023, no customer accounted for over 10% of the Company’s total revenues. For the six months
ended December 31, 2022, one customer accounted for 20.8% of the Company’s total revenues.
As
of December 31, 2023, four customers accounted for 32.9%, 18.2%, 11.1% and 10.6% of the total balance of accounts receivable. As of June
30, 2023, two customers accounted for 13.1% and 10.5% of the total balance of accounts receivable.
Major
suppliers
For
the six months ended December 31, 2023, four suppliers accounted for 24.0%, 12.7%, 10.6% and 10.1% of the Company’s total
purchases. For the six months ended December 31, 2022, four suppliers accounted for 23.7%, 21.8%, 15.0% and 12.4% of the Company’s
total purchases. As
of December 31, 2023, five suppliers accounted for 29.0%, 17.1%, 16.9%, 12.7% and 10.7% of the total balance of accounts payable. As
of June 30, 2023, five suppliers accounted for 24.1%, 19.6%, 19.3%, 15.5% and 13.7% of the total balance of accounts payable.
Recently
adopted or issued accounting pronouncements
The
Company qualifies as an “emerging growth company”, or EGC, pursuant to the Jumpstart Our Business Startups Act of 2012,
as amended, or the JOBS Act. As an EGC, the Company does not need to comply with any new or revised financial accounting standards until
such date that a private company is otherwise required to comply with such new or revised accounting standards.
In February 2016, the
FASB issued ASU 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required to recognize a lease liability
and a “right of use” lease asset for all leases, including operating leases, with a term greater than 12 months on its
balance sheet. The update also expands the required quantitative and qualitative disclosures surrounding leases. The standard is effective
for the Company in the for fiscal years beginning after December 15, 2021 and interim periods within the fiscal years beginning
after December 15, 2022, with early adoption permitted. The Company does not believe the adoption of this standard will have a material
effect on its financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit
Losses (Topic 326), to provide financial statement users with more useful information about expected credit losses. ASU 2016-13
also changes how entities measure credit losses on financial instruments and the timing of when such losses are recorded. ASU 2016-13
is effective for the Company in the fiscal years beginning after December 15, 2022, including interim periods within those fiscal years,
with early adoption permitted. The Company adopted this ASU on July 1, 2023 and the adoption did not have a material impact on the Company’s
consolidated financial statements.
In December 2019, the
FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions
to the general principles in Topic 740, and also improves consistent application of and simplify U.S. GAAP for other areas of
Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this update are effective
for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities,
the amendments in this update are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years
beginning after December 15, 2022. Early adoption of the amendments is permitted. The Company adopted this ASU on July 1, 2023 and
the adoption did not have a material impact on the Company’s consolidated financial statements.
The
Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material
effect on the Company’s unaudited condensed consolidated financial position, statements of operations and cash flows.
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v3.24.1.1.u2
Accounts Receivable
|
6 Months Ended |
Dec. 31, 2023 |
Accounts Receivable [Abstract] |
|
ACCOUNTS RECEIVABLE |
NOTE
3 — ACCOUNTS RECEIVABLE
Accounts
receivable consisted of the following:
| |
December 31, 2023 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
| |
Trade accounts receivable | |
$ | 266,007 | | |
$ | 264,801 | |
Less: allowance for doubtful accounts | |
| — | | |
| — | |
Accounts receivable, net | |
$ | 266,007 | | |
$ | 264,801 | |
|
X |
- DefinitionThe entire disclosure for accounts receivable, contract receivable, receivable held-for-sale, and nontrade receivable.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//310/tableOfContent
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v3.24.1.1.u2
Prepayments and Other Current Assets
|
6 Months Ended |
Dec. 31, 2023 |
Prepayments and Other Current Assets [Abstract] |
|
PREPAYMENTS AND OTHER CURRENT ASSETS |
NOTE
4 — PREPAYMENTS AND OTHER CURRENT ASSETS
Prepayments
and other current assets consisted of the following:
| |
December 31, 2023 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
| |
Loan receivable* | |
$ | 507,106 | | |
$ | — | |
Value-added Tax (“VAT”) recoverable | |
| 40,434 | | |
| 56,369 | |
Prepaid expenses and others current assets | |
| 22,185 | | |
| 17,011 | |
| |
| 569,725 | | |
| 73,380 | |
Less: allowance for doubtful accounts | |
| — | | |
| — | |
Prepaid expenses and other current assets, net | |
$ | 569,725 | | |
$ | 73,380 | |
| * | The
balances mainly represent loans to third parties for their working capital needs for one year and with a fixed interest rate of 6.0%
per annum. |
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v3.24.1.1.u2
Bank Loans
|
6 Months Ended |
Dec. 31, 2023 |
Bank Loans [Abstract] |
|
BANK LOANS |
NOTE
5 — BANK LOANS
Bank
loans represent amounts due to various banks maturing within one year. The principal of the borrowings is due at maturity. Accrued interest
is due either monthly or annually. The bank loans consisted of the following:
| |
December 31, 2023 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
| |
Bank of Communications | |
$ | 141,189 | | |
$ | 138,393 | |
Industrial and Commercial Bank of China | |
| 282,378 | | |
| — | |
Total short-term bank loan | |
$ | 423,567 | | |
$ | 138,393 | |
On
March 13, 2023, U-BX China entered into a loan agreement with Bank of Communications to obtain a loan of RMB1,000,000 (or $138,393) for
a term from March 13, 2023 to March 13, 2024 at a fixed annual interest rate of 3.7%. The loan is guaranteed by a third party, Beijing
Yizhuang Guoji Financing Guarantee Limited.
On
July 5, 2023, U-BX China entered into a loan agreement with Industrial and Commercial Bank of China to obtain a loan of RMB2,000,000
(or $282,378) for a term from July 5, 2023 to January 1, 2024 at a fixed annual interest rate of 2.8%. On December 31, 2023, the Company
fully repaid and renewed the loan with the maturity on July 4, 2024. The loan is guaranteed by a third party, Beijing Shouchuang Financing
Guarantee Limited.
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v3.24.1.1.u2
Taxes Payable
|
6 Months Ended |
Dec. 31, 2023 |
Taxes Payable [Abstract] |
|
TAXES PAYABLE |
NOTE
6 — TAXES PAYABLE
Tax
payables consisted of the following:
| |
December 31, 2023 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
| |
Income tax payable | |
$ | 751,368 | | |
$ | 722,114 | |
Withholding tax payable | |
| 1,366 | | |
| 1,421 | |
VAT tax payable | |
| 80,591 | | |
| 12,712 | |
Tax payables | |
$ | 833,325 | | |
$ | 736,247 | |
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v3.24.1.1.u2
Related Party Transactions
|
6 Months Ended |
Dec. 31, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
8 — RELATED PARTY TRANSACTIONS
The
table below sets forth the related parties and their relationships with the Company as of December 31, 2023:
Name of related parties | | Relationship with the Company | Jian Chen | | Founder and shareholder |
| |
December 31,
2023 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
| |
Amounts due to related parties, current* | |
| | |
| |
Jian Chen | |
$ | 413,324 | | |
$ | 405,138 | |
| * | The
balances mainly represent expenses paid on behalf of the Company for daily operations. |
|
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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v3.24.1.1.u2
Taxation
|
6 Months Ended |
Dec. 31, 2023 |
Taxation [Abstract] |
|
TAXATION |
NOTE
9 — TAXATION
Income
Taxes
Cayman
Islands
The
Company was incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to tax on income
or capital gains. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed.
Hong Kong
Under
the current Hong Kong Revenue Ordinance, the Company’s subsidiary in Hong Kong is subject to 16.5% Hong Kong profits
tax on their taxable income generated from operations in Hong Kong. Additionally, payments of dividends by the subsidiary incorporated
in Hong Kong to the Company are not subject to any Hong Kong withholding tax.
PRC
The
Company’s subsidiaries established in the PRC are mainly subject to the statutory income tax at a rate of 25%.
The
following table reconciles the statutory rate to the Company’s effective tax rate:
| |
For the six months ended December 31, | |
| |
2023 | | |
2022 | |
| |
(Unaudited) | | |
(Unaudited) | |
Income tax expense computed at applicable tax rates (25%) | |
| 25.0 | % | |
| 25.0 | % |
Effect of PRC preferential tax rate and tax exemption | |
| (14.2 | )% | |
| — | % |
Non-deductible expenses | |
| 62.3 | % | |
| 10.0 | % |
Change of Valuation Allowance | |
| (80.1 | )% | |
| 22.0 | % |
Effective tax rate | |
| (7.0 | )% | |
| 57.0 | % |
Significant
components of the provision for income taxes are as follows:
| |
For the six months ended December 31, | |
| |
2023 | | |
2022 | |
Current income tax expense | |
$ | 14,508 | | |
$ | 241,532 | |
Deferred tax expense (benefits) | |
| — | | |
| — | |
Income tax provision | |
$ | 14,508 | | |
$ | 241,532 | |
Deferred
income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for income tax purposes.
The
following table presents the significant components of the Company’s deferred tax assets for the periods presented:
| |
December 31, 2023 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
| |
Deferred tax assets | |
| | |
| |
Net operating loss carry forwards | |
$ | 620,427 | | |
$ | 574,840 | |
Less: valuation allowances | |
| (620,427 | ) | |
| (574,840 | ) |
Total deferred tax assets | |
$ | — | | |
$ | — | |
As
of December 31, 2023, the Company has net operating loss carryforwards of approximately $2,083,000 in the PRC that expire in 2023.
The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which
those temporary differences become deductible. Recovery of substantially all of the Company’s deferred tax assets is dependent
upon the generation of future income, exclusive of reversing taxable temporary differences. For the six months ended December 31,
2023 and June 30, 2023, the change in valuation allowance amounted to an increase of $45,587 and $53,405, respectively.
|
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v3.24.1.1.u2
Shareholders’ Equity
|
6 Months Ended |
Dec. 31, 2023 |
Shareholders’ Equity [Abstract] |
|
SHAREHOLDERS’ EQUITY |
NOTE
10 — SHAREHOLDERS’ EQUITY
Ordinary
shares
The
Company was established under the laws of the Cayman Islands on June 30, 2021. The authorized number of ordinary shares is 500,000,000
with par value of $0.0001 per share. On June 30, 2021, the Company issued 10,000 to six shareholders. On September 18, 2021,
the Company issued 14,990,000 ordinary shares to six existing shareholders and eight new shareholders. The Company has retroactively
restated all shares and per share data for all the periods presented pursuant to ASC 260.
On
January 24, 2022, the Company issued 7,500,000 ordinary shares, to all existing shareholders on a pro rata basis. Cash consideration
of $750 for the issuance of 7,500,000 ordinary shares was all received on March 4, 2022. The issuance of the 7,500,000 shares was
for initial capitalization structure purposes.
On
May 5, 2022, the Company issued an aggregated 468,000 shares of ordinary shares to all fourteen existing shareholders and to two
new investors for cash consideration of $46.80 that was received on May 6, 2022. On
May 5, 2022, the Company issue an aggregated 1,032,000 ordinary shares to two new investors for cash consideration of $895,000.
The cash consideration was all received in August and September 2021.
On October 25, 2023,
the Company issue an aggregated 1,000,000 ordinary shares to a third-party investor for cash consideration of $4,999,823. The cash consideration
was all received on October 24, 2023.
As
a result, the Company had 25,000,000 and 24,000,000 shares issued and outstanding as of December 31, 2023 and June 30, 2023.
Statutory
reserves and restricted net assets
Relevant
PRC laws and regulations permit payments of dividends by the Company’s entities only out of their retained earnings, if any, as
determined in accordance with PRC accounting standards and regulations. In addition, the Company’s PRC subsidiaries are required
to annually appropriate 10% of their net after-tax income to a statutory general reserve fund prior to payment of any dividends, unless
such reserve funds have reached 50% of their respective registered capital. As of December 31, 2023 and June 30, 2023, the Company’s
PRC entities collectively attributed $300,171 and $300,171 of retained earnings to their statutory reserves, respectively.
As
a result of these PRC laws and regulations and the requirement that distributions by the PRC entities can only be paid out of distributable
profits computed in accordance with PRC accounting standards and regulations, the PRC entities are restricted from transferring a portion
of their net assets. Amounts restricted include paid-in capital and statutory reserves of the Company’s PRC subsidiaries. As of
December 31, 2023 and June 30, 2023, the aggregate amounts of restricted net assets of the relevant PRC entities amounted to $447,704
and $447,704, respectively.
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v3.24.1.1.u2
Subsequent Events
|
6 Months Ended |
Dec. 31, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
11 — SUBSEQUENT EVENTS
Management has
evaluated subsequent events through May 29, 2024, the date the consolidated financial statements were available for issuance.
Closing of IPO
On April 1, 2024, the
Company closed its IPO of 2,000,000 ordinary shares, par value $0.0001 per share (the “Shares”). The Company completed the
IPO pursuant to its registration statement on Form F-1 (File No. 333-262412, “Form F-1”), originally filed with
the U.S. SEC on January 28, 2022 (as amended) (the “Registration Statement”). The Form F-1 was declared effective by the SEC
on March 25, 2024. The Shares were priced at $5.00 per share, and the offering was conducted on a firm commitment basis. EF Hutton LLC
acted as the book-running manager of the IPO. The Shares were previously approved for listing on The Nasdaq Capital Market and commenced
trading under the ticker symbol “UBXG.”
In connection with the IPO,
the Company issued a press release on March 27, 2024 announcing the pricing of the IPO and a press release on April 1, 2024 announcing
the closing of the IPO, respectively. Copies of each press release are attached as Exhibit 99.1 and Exhibit 99.2 in FORM 6-K.
Loan transaction
On April 12, 2024, the Company
entered into an unsecured short-term loan agreement with Suzhou Wuzhong Branch of Bank of Communications Co., Ltd. with principal amount
of RMB 3 million (approximately $0.41 million), with an annual interest rate of 3.5%. The maturity date of the loan is April 12, 2025.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.1.1.u2
Accounting Policies, by Policy (Policies)
|
6 Months Ended |
Dec. 31, 2023 |
Accounting Policies [Abstract] |
|
Liquidity |
Liquidity The Company’s liquidity
is based on its ability to enhance its operating cash flow position, obtain capital financing from equity interest investors and borrow
funds for its general operations and capital expenditures. The Company’s ability to continue as a going concern is dependent on
management’s ability to execute its business plan successfully, which includes increasing market acceptance of the Company’s
services to boost its sales volume while applying more effective marketing strategies and cost control measures to better manage its operating
cash flows and obtaining funds from outside sources of financing to generate positive financing cash flows. As of December 31, 2023 and
June 30, 2023, the Company’s balance of cash was $5,134,863 and $1,293,709, respectively. If the Company does not have, or
is not able to obtain, sufficient funds, the Company may have to adjust the pace of its planned expansion and reduce operating expenses
devoted to its services. Management has concluded, after
giving consideration to its plans as noted above and its existing balance of cash as of December 31, 2023, that the Company should
have sufficient funds for its operations and it should be able to meet its payment obligations from operations and debt related commitments
for the next twelve months from the issuance of the unaudited consolidated financial statements. Accordingly, the unaudited consolidated
financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities
during the normal course of operations.
|
Basis of presentation |
Basis of presentation 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”)
and have been consistently applied for information pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). In the opinion of
management, all adjustments (consisting of normal recurring accruals) and disclosures necessary for a fair presentation of these
interim consolidated financial statements have been included. The results reported in the consolidated financial statements for any
interim periods are not necessarily indicative of the results that may be reported for the entire year. The accompanying
consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange
Commission (“SEC”) and do not include all information and footnotes necessary for a complete presentation of financial
statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). Certain information and footnote disclosures
normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.
These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial
statements and notes thereto included in elsewhere in this prospectus.
|
Principles of consolidation |
Principles of consolidation The unaudited condensed consolidated financial statements
include the financial statements of the Company and its wholly-owned subsidiaries. All transactions and balances between the Company and
its subsidiaries have been eliminated upon consolidation.
|
Use of estimates |
Use of estimates The preparation of unaudited condensed consolidated
financial statements in conformity with U.S. GAAP requires the management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period. These estimates and judgments are based on historical information,
information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under
the circumstances. Significant estimates required to be made by management, include, but are not limited to, the assessment of the allowance
for doubtful accounts, depreciable lives of property and equipment, and realization of deferred tax assets. Actual results could differ
from those estimates.
|
Functional Currency and Foreign Currency Translation |
Functional Currency and Foreign Currency Translation The functional currencies of
the Company are the local currency of the county in which the subsidiaries operate. The Company’s financial statements are reported
using U.S. Dollars. The results of operations and the unaudited condensed consolidated statements of cash flows denominated in foreign
currencies are translated at the average rates of exchange during the reporting period. Assets and liabilities denominated in foreign
currencies at the balance sheet date are translated at the applicable rates of exchange in effect on that date. The equity denominated
in the functional currencies is translated at the historical rates of exchange at the time of capital transactions. Because cash flows
are translated based on the average translation rates, amounts related to assets and liabilities reported on the unaudited condensed consolidated
statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation
adjustments arising from the use of different exchange rates from period to period are included as a separate component in accumulated
other comprehensive income included in unaudited condensed consolidated statements of changes in shareholders ‘equity. Gains and
losses from foreign currency transactions are included in the unaudited condensed consolidated statements of operations and comprehensive
income. Since the Company operates
primarily in the PRC, the Company’s functional currency is the Chinese Yuan (“RMB”). The Company’s unaudited condensed
consolidated financial statements have been translated into the reporting currency of U.S. Dollars (“US$”). The RMB is
not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No
representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in the translation. The exchange rates as of December 31, 2023
and June 30, 2023 and for the periods ended December 31, 2023 and 2022 are as follows:
| |
December 31, | | |
June 30, | | |
For the Six Months Ended
December 31, | |
| |
2023 | | |
2023 | | |
2023 | | |
2022 | |
Foreign currency | |
Balance Sheet | | |
Balance Sheet | | |
Profits/Loss | | |
Profits/Loss | |
RMB:1USD | |
| 7.0827 | | |
| 7.2258 | | |
| 7.1592 | | |
| 6.9531 | |
|
Cash |
Cash Cash include cash on hand and
demand deposits in accounts maintained with commercial banks. The Company maintains its bank accounts in Mainland China, which funds are
not freely convertible into foreign currencies.
|
Accounts receivable, net |
Accounts receivable, net Accounts receivable are presented
net of an allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for estimated losses. The Company
reviews its accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability
of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including
the age of the balance, customer payment history, customer’s current creditworthiness, and current economic trends. Accounts are
written off against the allowance after unsuccessful collection.
|
Advances to suppliers |
Advances to suppliers Advances to suppliers consist
of advances to suppliers for services that have not been provided or received. The Company reviews its advances to suppliers on a periodic
basis and makes general and specific allowances when there is doubt as to the ability of a supplier to provide supplies to the Company
or refund an advance. As of December 31, 2023 and
June 30, total advances to suppliers were $3,128,344 and $2,972,534, respectively.
|
Property and equipment |
Property and equipment Property and equipment are
carried at cost and are depreciated on the straight-line basis over the estimated useful lives of the underlying assets. The cost of repairs
and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of,
the cost and accumulated depreciation and amortization are removed from the accounts, and any resulting gains or losses are included in
income in the year of disposition. The Company examines the possibility of decreases in the value of its property and equipment, when
events or changes in circumstances reflect the fact that their recorded value may not be recoverable. Depreciation expense was $1,207
and $997 for the six months ended December 31, 2023 and 2022, respectively. Estimated useful lives are
as follows, taking into account the assets’ estimated residual value:
Category | |
Estimated useful lives | |
Office equipment | |
3 years | |
Furniture and fixtures | |
3 – 5 years | |
|
Deferred registration costs |
Deferred registration costs Deferred registration costs
primarily consist of direct costs attributable to a proposed public offering of securities which are deferred and will be charged against
the gross proceeds of the offering. If the offering is not successful, these costs will be expensed.
|
Fair value of financial instruments |
Fair value of financial instruments FASB ASC Section 825-10
requires certain disclosures regarding the fair value of financial instruments. 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. A three-level
fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable
inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
| ● | Level
1 |
— |
inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
| ● | Level
2 |
— |
inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted
market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and
inputs derived from or corroborated by observable market data. |
| | |
|
|
| ● | Level
3 |
— |
inputs to the valuation methodology are unobservable. |
Unless
otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, advances to suppliers,
prepaid expenses and other current assets, short-term loans, accounts payable, advance from customers, due to related parties, taxes
payable, and accrued expenses and other current liabilities approximate their recorded values due to their short-term maturities. The
Company’s non-financial assets, such as property and equipment would be measured at fair value only if they were determined to
be impaired.
|
Revenue recognition |
Revenue
recognition The
Company recognizes revenue per FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”) for all periods
presented. According to ASC 606, revenue is recognized when control of the promised goods or services is transferred to the customers,
in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company
determines revenue recognition through the following steps: (1) identify the contract(s) with a customer, (2) identify
the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the
performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. We
assess our revenue arrangements against specific criteria in order to determine if it is acting as principal or agent. Revenue arrangements
with multiple performance obligations are divided into separate distinct goods or services. We allocate the transaction price to each
performance obligation based on the relative standalone selling price of the goods or services provided. The
Company’s revenues are derived principally from digital promotion services, risk-assessment services and value-added services.
Value added taxes (“VAT”) are presented as a reduction of revenues. Digital
promotion services The
Company generates revenues primarily from digital promotion services to insurance companies on its various website channels, including
pay for performance marketing services whereby customers are charged based on effective clicks on their insurance product information,
and display advertising services that allow customers to place advertisements on various websites. Pursuant
to the digital promotion contracts, the performance obligation of the Company is to provide promotion services for the planning, designing,
customizing strategy scheme and promoting for the customer. The Company considers that both of the digital market planning and promotion
services are highly interrelated and not separately identifiable. The Company’s overall promise represents a combined output that
is a single performance obligation. Revenues are recorded at a point in time when the performance obligation to deliver those digital
promotion services is checked and accepted. For
the contracts that involve the third-party vendors, the Company considers itself as provider of the services as it has control of the
specified services at any time before it is transferred to the customers which is evidenced by (i) the Company is primarily responsible
for the planning and producing the content for the promotion and (ii) having latitude in selecting third party vendors for promotions
and establishing pricing. Therefore, the Company acts as the principal of these arrangements and reports revenue earned and costs incurred
related to these transactions on a gross basis. Risk-assessment
services The
Company generates risk-assessment revenue from service fees of providing assessment reports to the insurance carriers. Utilizing the
self-developed proprietary algorithmic model, the Company generates individualized risk reports based on the vehicle brand, model, travel
area, and driver’s information. Pursuant
to the risk assessment contracts, the performance obligation of the Company is to utilize its self-developed risk assessment model and
to provide risk assessment reports to customers. Consideration received reflects stand-alone selling prices and are settled monthly based
on standard unit prices and service volumes rendered during the period. Revenue recognized at a point in time upon the service delivery
and acceptance by the customers. For
the contracts that involve technical services provided by third-party vendors, the Company considers itself as provider of the services
as it has control of the specified services at any time before it is transferred to the customers which is evidenced by (i) the
Company is primarily responsible for the production of the risk assessment report with self-developed models and (ii) having latitude
in select outsourced technical services and establish pricing. Therefore, the Company acts as the principal of these arrangements and
reports revenue earned and costs incurred related to these transactions on a gross basis. Value-added
bundled benefits services The
Company enters into value added benefits contracts with insurance companies. Pursuant to the value added benefits contracts, the Company
provides the digital code with value added bundled benefits to customers. The bundled benefits including but not limited to auto maintenance
service, auto value added service, vehicle moving notification services and other services. The Company is primarily responsible for
selecting out-sourced vendors, integrating out-sourced services and services provided in house to generate various bundled benefits digital
code and providing technical supports for the code. The Company’s overall promise represents a combined output that is a single
performance obligation; there is no multiple performance obligations. For
the contracts that involve the third-party vendors, the Company considers itself as principal of the services as it has control of the
specified services at any time before it is transferred to the customers which is evidenced by (i) the Company is primarily responsible
for the generation of the code and integrating various services provided by itself and outsourced vendors with the Company’s promise
to provide products and services according to the contract entered into with customers and (ii) having latitude in select third
party vendors for some value added services and establish pricing. Therefore, the Company acts as the principal of these arrangements
and reports revenue earned and costs incurred related to these transactions on a gross basis. Revenue from value-added bundled benefits
is recognized at a point in time when the Company satisfies the performance obligation by transferring promised services upon acceptance
by customers. Disaggregation
of revenue The
following table summarized disaggregated revenue for the six months ended December 31, 2023 and 2022:
| |
For the six months ended December 31, | |
| |
2023 | | |
2022 | |
| |
(Unaudited) | | |
(Unaudited) | |
Digital promotion services | |
$ | 19,010,864 | | |
$ | 43,090,992 | |
Risk-assessment services | |
| 6,015,914 | | |
| 9,032,437 | |
Value-added services | |
| 4,257,440 | | |
| 4,351,692 | |
Total | |
$ | 29,284,218 | | |
$ | 56,475,121 | |
Contract
balance Accounts
receivables are recorded when the Company performs a service in advance of receiving consideration and it has the unconditional right
to receive consideration. Contract liabilities are recognized as advance from customers if the Company receives consideration but has
not transferred the related goods or services to the customer. Value
Added Tax The
Company is subject to value-added-tax (“VAT”) on the revenues earned for services provided in the PRC. The applicable
rate of value added tax is 6% and is excluded from net revenues.
|
Cost of revenue |
Cost
of revenue Cost
of revenues consists primarily of expenses incurred in connection with the third-party cloud infrastructure expenses, outsourcing services
paid to suppliers and third-party procurement costs are recognized as incurred.
|
Income taxes |
Income
taxes The
Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized
when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial
statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years
in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in operations in the period including the enactment date. Valuation allowances are established, when
necessary, to reduce net deferred tax assets to the amount expected to be realized. An
uncertain tax position is recognized only if it is “more likely than not” that the tax position would be sustained in a tax
examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination.
For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred
related to underpayment of income taxes are classified as income tax expense in the period incurred. No significant penalties or interest
relating to income taxes have been incurred during the six months ended December 31, 2023 and 2022. The Company does not believe
that there were any uncertain tax provision as of December 31, 2023 and June 30, 2023. The Company’s subsidiaries in China
are subject to the income tax laws of the PRC. No significant income was generated outside the PRC for the six months ended December 31,
2023 and 2022.
|
Value added tax |
Value
added tax Sales
revenue represents the invoiced value of goods, net of VAT. The VAT is based on gross sales price and the VAT rate is approximately
6%. The VAT collected may be offset by VAT paid by the Company on its purchases. The Company records a VAT payable or receivable net
of payments in the accompanying unaudited condensed consolidated financial statements. All of the VAT returns filed by the Company’s
subsidiaries in the PRC, have been and remain subject to examination by the tax authorities for five years from the date of filing.
|
Earnings (loss) per share |
Earnings
(loss) per share The
Company computes earnings (loss) per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260”).
ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS are computed by dividing
net income (loss) by the weighted average ordinary shares outstanding during the period. Diluted EPS takes into account the potential
dilution that could occur if securities or other contracts to issue ordinary shares were exercised and converted into ordinary shares.
When the Company has a loss or dilutive shares would increase EPS or decrease loss per share, dilutive shares are not included. As of
December 31, 2023 and June 30, 2023, there were no dilutive shares.
|
Comprehensive income (loss) |
Comprehensive
income (loss) Comprehensive
income consists of two components, net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers
to revenue, expenses, gains, and losses that under U.S. GAAP are recorded as an element of shareholders’ equity but are excluded
from net income (loss). Other comprehensive income (loss) consists of foreign currency translation adjustments from the Company not using
the U.S. dollar as its functional currency.
|
Concentration and Risks |
Concentration
and Risks Currency
risk The
revenues and expenses of the Company’s entities in the PRC are generally denominated in RMB and their assets and liabilities are
denominated in RMB. The RMB is not freely convertible into foreign currencies. Remittances of foreign currencies into the PRC or
remittances of RMB out of the PRC as well as exchange between RMB and foreign currencies require approval by foreign exchange administrative
authorities with certain supporting documentation. The State Administration for Foreign Exchange, under the authority of the People’s
Bank of China, controls the conversion of RMB into other currencies. Concentration
and credit risk Financial
instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and accounts receivable. The
Company maintains its bank accounts in the PRC. On May 1, 2015, China’s new Deposit Insurance Regulation came into effect,
pursuant to which banking financial institutions, such as commercial banks, established in the PRC are required to purchase deposit insurance
for deposits in RMB and in foreign currency placed with them. Such Deposit Insurance Regulation would not be effective in providing complete
protection for the Company’s accounts, as its aggregate deposits are much higher than the compensation limit, which is RMB500,000
(approximately $75,000US) per bank. As of December 31, 2023, the Company has approximately $518,000 of uninsured funds. However,
management believes that the risk of failure of any of these Chinese banks is remote. The
Company conducts credit evaluations on its customers prior to delivery its services. The assessment of customer creditworthiness is primarily
based on historical collection records, research of publicly available information and customer on-site visits by senior management.
Based on this analysis, the Company determines what credit terms, if any, to offer to each customer individually. If the assessment indicates
a likelihood of collection risk, the Company will not deliver the services to the customer or require the customer to pay cash, post
letters of credit to secure payment or to make significant down payments. Major
customers For
the six months ended December 31, 2023, no customer accounted for over 10% of the Company’s total revenues. For the six months
ended December 31, 2022, one customer accounted for 20.8% of the Company’s total revenues. As
of December 31, 2023, four customers accounted for 32.9%, 18.2%, 11.1% and 10.6% of the total balance of accounts receivable. As of June
30, 2023, two customers accounted for 13.1% and 10.5% of the total balance of accounts receivable. Major
suppliers For
the six months ended December 31, 2023, four suppliers accounted for 24.0%, 12.7%, 10.6% and 10.1% of the Company’s total
purchases. For the six months ended December 31, 2022, four suppliers accounted for 23.7%, 21.8%, 15.0% and 12.4% of the Company’s
total purchases. As
of December 31, 2023, five suppliers accounted for 29.0%, 17.1%, 16.9%, 12.7% and 10.7% of the total balance of accounts payable. As
of June 30, 2023, five suppliers accounted for 24.1%, 19.6%, 19.3%, 15.5% and 13.7% of the total balance of accounts payable.
|
Recently adopted or issued accounting pronouncements |
Recently
adopted or issued accounting pronouncements The
Company qualifies as an “emerging growth company”, or EGC, pursuant to the Jumpstart Our Business Startups Act of 2012,
as amended, or the JOBS Act. As an EGC, the Company does not need to comply with any new or revised financial accounting standards until
such date that a private company is otherwise required to comply with such new or revised accounting standards. In February 2016, the
FASB issued ASU 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required to recognize a lease liability
and a “right of use” lease asset for all leases, including operating leases, with a term greater than 12 months on its
balance sheet. The update also expands the required quantitative and qualitative disclosures surrounding leases. The standard is effective
for the Company in the for fiscal years beginning after December 15, 2021 and interim periods within the fiscal years beginning
after December 15, 2022, with early adoption permitted. The Company does not believe the adoption of this standard will have a material
effect on its financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit
Losses (Topic 326), to provide financial statement users with more useful information about expected credit losses. ASU 2016-13
also changes how entities measure credit losses on financial instruments and the timing of when such losses are recorded. ASU 2016-13
is effective for the Company in the fiscal years beginning after December 15, 2022, including interim periods within those fiscal years,
with early adoption permitted. The Company adopted this ASU on July 1, 2023 and the adoption did not have a material impact on the Company’s
consolidated financial statements. In December 2019, the
FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions
to the general principles in Topic 740, and also improves consistent application of and simplify U.S. GAAP for other areas of
Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this update are effective
for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities,
the amendments in this update are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years
beginning after December 15, 2022. Early adoption of the amendments is permitted. The Company adopted this ASU on July 1, 2023 and
the adoption did not have a material impact on the Company’s consolidated financial statements. The
Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material
effect on the Company’s unaudited condensed consolidated financial position, statements of operations and cash flows.
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v3.24.1.1.u2
Organization and Business Description (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Organization and Business Description [Abstract] |
|
Schedule of Principal Subsidiaries |
As of December 31, 2023,
the Company’s principal subsidiaries are as follows: Name of Entity | | Date of Incorporation | | Place of Incorporation | | % of Ownership | | Principal Activities | Hong Kong Snailinsur Group Limited (“U-BX HK”) | | July 14, 2021 | | Hong Kong | | 100 | % | Investment holding | Beijing Lianghua Technology Co Ltd (“WFOE Beijing”) | | July 23, 2021 | | PRC | | 100 | % | Investment holding | Youjiayoubao (Beijing) Technology Co., Ltd. (“U-BX Beijing”) | | March 27, 2018 | | PRC | | 100 | % | Provision of services | Rudongyoujia Smart Technology Co., Ltd. (“RDYJ”) | | July 27, 2018 | | PRC | | 100 | % | Provision of services | Jiangsu Jingmo Technology Co., Ltd. (“Jiangsu Jingmo”) | | July 9, 2020 | | PRC | | 100 | % | Provision of services | Jiangsu Youjiayouche Technology Co., Ltd. (“Jiangsu YJYC”) | | June 29, 2020 | | PRC | | 100 | % | Provision of services | Suzhou Lianghua Technology Co., Ltd. (“WFOE Suzhou”) | | November 28, 2022 | | PRC | | 100 | % | Investment holding | Suzhou Youjiayoubao Technology Co., Ltd. (“U-BX Suzhou”) | | December 2, 2022 | | PRC | | 100 | % | Provision of services | Zhejiang JZSC Enterprise Management Co., Ltd. (“WFOE Zhejiang”) | | July 10, 2023 | | PRC | | 100 | % | Investment holding | JZSC Technology Co., Ltd. (“JZSC Technology”) | | November 6, 2023 | | PRC | | 100 | % | Provision of services |
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v3.24.1.1.u2
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Exchange Rates |
The exchange rates as of December 31, 2023
and June 30, 2023 and for the periods ended December 31, 2023 and 2022 are as follows:
| |
December 31, | | |
June 30, | | |
For the Six Months Ended
December 31, | |
| |
2023 | | |
2023 | | |
2023 | | |
2022 | |
Foreign currency | |
Balance Sheet | | |
Balance Sheet | | |
Profits/Loss | | |
Profits/Loss | |
RMB:1USD | |
| 7.0827 | | |
| 7.2258 | | |
| 7.1592 | | |
| 6.9531 | |
|
Schedule of Estimated Useful Lives |
Estimated useful lives are
as follows, taking into account the assets’ estimated residual value:
Category | |
Estimated useful lives | |
Office equipment | |
3 years | |
Furniture and fixtures | |
3 – 5 years | |
|
Schedule of Disaggregated Revenue |
The
following table summarized disaggregated revenue for the six months ended December 31, 2023 and 2022:
| |
For the six months ended December 31, | |
| |
2023 | | |
2022 | |
| |
(Unaudited) | | |
(Unaudited) | |
Digital promotion services | |
$ | 19,010,864 | | |
$ | 43,090,992 | |
Risk-assessment services | |
| 6,015,914 | | |
| 9,032,437 | |
Value-added services | |
| 4,257,440 | | |
| 4,351,692 | |
Total | |
$ | 29,284,218 | | |
$ | 56,475,121 | |
|
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v3.24.1.1.u2
Accounts Receivable (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Accounts Receivable [Abstract] |
|
Schedule of Accounts Receivable |
Accounts
receivable consisted of the following:
| |
December 31, 2023 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
| |
Trade accounts receivable | |
$ | 266,007 | | |
$ | 264,801 | |
Less: allowance for doubtful accounts | |
| — | | |
| — | |
Accounts receivable, net | |
$ | 266,007 | | |
$ | 264,801 | |
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v3.24.1.1.u2
Prepayments and Other Current Assets (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Prepayments and Other Current Assets [Abstract] |
|
Schedule of Prepayments and Other Current Assets |
Prepayments
and other current assets consisted of the following:
| |
December 31, 2023 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
| |
Loan receivable* | |
$ | 507,106 | | |
$ | — | |
Value-added Tax (“VAT”) recoverable | |
| 40,434 | | |
| 56,369 | |
Prepaid expenses and others current assets | |
| 22,185 | | |
| 17,011 | |
| |
| 569,725 | | |
| 73,380 | |
Less: allowance for doubtful accounts | |
| — | | |
| — | |
Prepaid expenses and other current assets, net | |
$ | 569,725 | | |
$ | 73,380 | |
| * | The
balances mainly represent loans to third parties for their working capital needs for one year and with a fixed interest rate of 6.0%
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v3.24.1.1.u2
Bank Loans (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Bank Loans [Abstract] |
|
Schedule of Bank Loans |
Bank
loans represent amounts due to various banks maturing within one year. The principal of the borrowings is due at maturity. Accrued interest
is due either monthly or annually. The bank loans consisted of the following:
| |
December 31, 2023 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
| |
Bank of Communications | |
$ | 141,189 | | |
$ | 138,393 | |
Industrial and Commercial Bank of China | |
| 282,378 | | |
| — | |
Total short-term bank loan | |
$ | 423,567 | | |
$ | 138,393 | |
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v3.24.1.1.u2
Taxes Payable (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Tax Payable [Abstract] |
|
Schedule of Tax Payables |
Tax
payables consisted of the following:
| |
December 31, 2023 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
| |
Income tax payable | |
$ | 751,368 | | |
$ | 722,114 | |
Withholding tax payable | |
| 1,366 | | |
| 1,421 | |
VAT tax payable | |
| 80,591 | | |
| 12,712 | |
Tax payables | |
$ | 833,325 | | |
$ | 736,247 | |
|
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v3.24.1.1.u2
Related Party Transactions (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Related Party Transactions [Abstract] |
|
Schedule of Related Parties And their Relationship |
The
table below sets forth the related parties and their relationships with the Company as of December 31, 2023: Name of related parties | | Relationship with the Company | Jian Chen | | Founder and shareholder |
| * | The
balances mainly represent expenses paid on behalf of the Company for daily operations. |
|
Schedule of Related Parties And their Relationship |
| |
December 31,
2023 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
| |
Amounts due to related parties, current* | |
| | |
| |
Jian Chen | |
$ | 413,324 | | |
$ | 405,138 | |
| * | The
balances mainly represent expenses paid on behalf of the Company for daily operations. |
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v3.24.1.1.u2
Taxation (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Taxation [Abstract] |
|
Schedule of Effective Tax Rate |
The
following table reconciles the statutory rate to the Company’s effective tax rate:
| |
For the six months ended December 31, | |
| |
2023 | | |
2022 | |
| |
(Unaudited) | | |
(Unaudited) | |
Income tax expense computed at applicable tax rates (25%) | |
| 25.0 | % | |
| 25.0 | % |
Effect of PRC preferential tax rate and tax exemption | |
| (14.2 | )% | |
| — | % |
Non-deductible expenses | |
| 62.3 | % | |
| 10.0 | % |
Change of Valuation Allowance | |
| (80.1 | )% | |
| 22.0 | % |
Effective tax rate | |
| (7.0 | )% | |
| 57.0 | % |
|
Schedule of Provisions for Income Taxes |
Significant
components of the provision for income taxes are as follows:
| |
For the six months ended December 31, | |
| |
2023 | | |
2022 | |
Current income tax expense | |
$ | 14,508 | | |
$ | 241,532 | |
Deferred tax expense (benefits) | |
| — | | |
| — | |
Income tax provision | |
$ | 14,508 | | |
$ | 241,532 | |
|
Schedule of Deferred Tax Assets |
The
following table presents the significant components of the Company’s deferred tax assets for the periods presented:
| |
December 31, 2023 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
| |
Deferred tax assets | |
| | |
| |
Net operating loss carry forwards | |
$ | 620,427 | | |
$ | 574,840 | |
Less: valuation allowances | |
| (620,427 | ) | |
| (574,840 | ) |
Total deferred tax assets | |
$ | — | | |
$ | — | |
|
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v3.24.1.1.u2
Organization and Business Description (Details) - Schedule of Principal Subsidiaries
|
6 Months Ended |
Dec. 31, 2023 |
Hong Kong Snailinsur Group Limited (“U-BX HK”) [Member] |
|
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] |
|
Date of Incorporation |
Jul. 14, 2021
|
Place of Incorporation |
Hong Kong
|
% of Ownership |
100.00%
|
Principal Activities |
Investment holding
|
Beijing Lianghua Technology Co Ltd (“WFOE Beijing”) [Member] |
|
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] |
|
Date of Incorporation |
Jul. 23, 2021
|
Place of Incorporation |
PRC
|
% of Ownership |
100.00%
|
Principal Activities |
Investment holding
|
Youjiayoubao (Beijing) Technology Co., Ltd. (“U-BX Beijing”) [Member] |
|
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] |
|
Date of Incorporation |
Mar. 27, 2018
|
Place of Incorporation |
PRC
|
% of Ownership |
100.00%
|
Principal Activities |
Provision of services
|
Rudongyoujia Smart Technology Co., Ltd. (“RDYJ”) [Member] |
|
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] |
|
Date of Incorporation |
Jul. 27, 2018
|
Place of Incorporation |
PRC
|
% of Ownership |
100.00%
|
Principal Activities |
Provision of services
|
Jiangsu Jingmo Technology Co., Ltd. (“Jiangsu Jingmo”) [Member] |
|
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] |
|
Date of Incorporation |
Jul. 09, 2020
|
Place of Incorporation |
PRC
|
% of Ownership |
100.00%
|
Principal Activities |
Provision of services
|
Jiangsu Youjiayouche Technology Co., Ltd. (“Jiangsu YJYC”) [Member] |
|
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] |
|
Date of Incorporation |
Jun. 29, 2020
|
Place of Incorporation |
PRC
|
% of Ownership |
100.00%
|
Principal Activities |
Provision of services
|
Suzhou Lianghua Technology Co., Ltd. (“WFOE Suzhou”) [Member] |
|
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] |
|
Date of Incorporation |
Nov. 28, 2022
|
Place of Incorporation |
PRC
|
% of Ownership |
100.00%
|
Principal Activities |
Investment holding
|
Suzhou Youjiayoubao Technology Co., Ltd. (“U-BX Suzhou”) [Member] |
|
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] |
|
Date of Incorporation |
Dec. 02, 2022
|
Place of Incorporation |
PRC
|
% of Ownership |
100.00%
|
Principal Activities |
Provision of services
|
Zhejiang JZSC Enterprise Management Co., Ltd. (“WFOE Zhejiang”) [Member] |
|
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] |
|
Date of Incorporation |
Jul. 10, 2023
|
Place of Incorporation |
PRC
|
% of Ownership |
100.00%
|
Principal Activities |
Investment holding
|
JZSC Technology Co., Ltd. (“JZSC Technology”) [Member] |
|
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] |
|
Date of Incorporation |
Nov. 06, 2023
|
Place of Incorporation |
PRC
|
% of Ownership |
100.00%
|
Principal Activities |
Provision of services
|
X |
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v3.24.1.1.u2
Summary of Significant Accounting Policies (Details)
|
6 Months Ended |
12 Months Ended |
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2023
CNY (¥)
|
Summary of Significant Accounting Policies [Line Items] |
|
|
|
|
Cash and cash equivalents (in Dollars) |
$ 5,134,863
|
|
$ 1,293,709
|
|
Advances to suppliers (in Dollars) |
3,128,344
|
|
$ 2,972,534
|
|
Depreciation expense (in Dollars) |
$ 1,207
|
$ 997
|
|
|
Value added tax rate |
6.00%
|
|
|
|
Tax benefit |
50.00%
|
|
|
|
Subject to examination by the tax authorities |
5 years
|
|
|
|
Aggregate deposits |
$ 75,000
|
|
|
¥ 500,000
|
Uninsured funds (in Dollars) |
$ 518,000
|
|
|
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Total Revenues [Member] |
|
|
|
|
Summary of Significant Accounting Policies [Line Items] |
|
|
|
|
Concentration risk, percentage |
10.00%
|
|
|
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer One [Member] |
|
|
|
|
Summary of Significant Accounting Policies [Line Items] |
|
|
|
|
Concentration risk, percentage |
|
20.80%
|
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer One [Member] |
|
|
|
|
Summary of Significant Accounting Policies [Line Items] |
|
|
|
|
Concentration risk, percentage |
32.90%
|
|
13.10%
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Two [Member] |
|
|
|
|
Summary of Significant Accounting Policies [Line Items] |
|
|
|
|
Concentration risk, percentage |
18.20%
|
|
10.50%
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Three [Member] |
|
|
|
|
Summary of Significant Accounting Policies [Line Items] |
|
|
|
|
Concentration risk, percentage |
11.10%
|
|
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Four [Member] |
|
|
|
|
Summary of Significant Accounting Policies [Line Items] |
|
|
|
|
Concentration risk, percentage |
10.60%
|
|
|
|
Supplier One [Member] | Total Purchases [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
Summary of Significant Accounting Policies [Line Items] |
|
|
|
|
Concentration risk, percentage |
24.00%
|
23.70%
|
|
|
Supplier One [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
Summary of Significant Accounting Policies [Line Items] |
|
|
|
|
Concentration risk, percentage |
29.00%
|
|
24.10%
|
|
Supplier Two [Member] | Total Purchases [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
Summary of Significant Accounting Policies [Line Items] |
|
|
|
|
Concentration risk, percentage |
12.70%
|
21.80%
|
|
|
Supplier Two [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
Summary of Significant Accounting Policies [Line Items] |
|
|
|
|
Concentration risk, percentage |
17.10%
|
|
19.60%
|
|
Supplier Three [Member] | Total Purchases [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
Summary of Significant Accounting Policies [Line Items] |
|
|
|
|
Concentration risk, percentage |
10.60%
|
15.00%
|
|
|
Supplier Three [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
Summary of Significant Accounting Policies [Line Items] |
|
|
|
|
Concentration risk, percentage |
16.90%
|
|
19.30%
|
|
Supplier Four [Member] | Total Purchases [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
Summary of Significant Accounting Policies [Line Items] |
|
|
|
|
Concentration risk, percentage |
10.10%
|
12.40%
|
|
|
Supplier Four [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
Summary of Significant Accounting Policies [Line Items] |
|
|
|
|
Concentration risk, percentage |
12.70%
|
|
15.50%
|
|
Supplier Five [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
Summary of Significant Accounting Policies [Line Items] |
|
|
|
|
Concentration risk, percentage |
10.70%
|
|
13.70%
|
|
Value Added Tax [Member] |
|
|
|
|
Summary of Significant Accounting Policies [Line Items] |
|
|
|
|
Value added tax rate |
6.00%
|
|
|
|
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Summary of Significant Accounting Policies (Details) - Schedule of Disaggregated Revenue - USD ($)
|
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
Total revenue |
$ 29,284,218
|
$ 56,475,121
|
Digital Promotion Services [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total revenue |
19,010,864
|
43,090,992
|
Risk-Assessment Services [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total revenue |
6,015,914
|
9,032,437
|
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|
|
Disaggregation of Revenue [Line Items] |
|
|
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$ 4,257,440
|
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Prepayments and Other Current Assets (Details) - Schedule of Prepayments and Other Current Assets - USD ($)
|
Dec. 31, 2023 |
Jun. 30, 2023 |
Schedule of Prepayments and Other Current Assets [Abstract] |
|
|
|
Loan receivable |
$ 507,106
|
[1] |
|
Value-added Tax (“VAT”) recoverable |
40,434
|
|
56,369
|
Prepaid expenses and others current assets |
22,185
|
|
17,011
|
Prepaid expenses and other current assets, Gross |
569,725
|
|
73,380
|
Less: allowance for doubtful accounts |
|
|
|
Prepaid expenses and other current assets, net |
$ 569,725
|
|
$ 73,380
|
|
|
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Bank Loans (Details)
|
Jul. 05, 2023
USD ($)
|
Jul. 05, 2023
CNY (¥)
|
Mar. 13, 2023
USD ($)
|
Mar. 13, 2023
CNY (¥)
|
Bank Loans [Abstract] |
|
|
|
|
Loan agreement |
$ 282,378
|
¥ 2,000,000
|
$ 138,393
|
¥ 1,000,000
|
Annual interest rate |
2.80%
|
2.80%
|
3.70%
|
3.70%
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v3.24.1.1.u2
Taxes Payable (Details) - Schedule of Tax Payables - USD ($)
|
Dec. 31, 2023 |
Jun. 30, 2023 |
Taxes Payables [Abstract] |
|
|
Income tax payable |
$ 751,368
|
$ 722,114
|
Withholding tax payable |
1,366
|
1,421
|
VAT tax payable |
80,591
|
12,712
|
Tax payables |
$ 833,325
|
$ 736,247
|
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Shareholders’ Equity (Details) - USD ($)
|
|
|
|
|
6 Months Ended |
|
|
|
|
Oct. 25, 2023 |
May 06, 2022 |
May 05, 2022 |
Mar. 04, 2022 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Jan. 24, 2022 |
Sep. 18, 2021 |
Jun. 30, 2021 |
Shareholders’ Equity [Line Items] |
|
|
|
|
|
|
|
|
|
Ordinary shares, shares authorized |
|
|
|
|
500,000,000
|
500,000,000
|
|
|
|
Ordinary shares, par value (in Dollars per share) |
|
|
|
|
$ 0.0001
|
$ 0.0001
|
|
|
|
Shares issued to shareholders |
|
|
|
|
|
|
7,500,000
|
14,990,000
|
10,000
|
Cash consideration (in Dollars) |
|
|
|
$ 750
|
$ 4,999,823
|
|
|
|
|
Issuance of ordinary shares |
|
|
|
7,500,000
|
|
|
|
|
|
Issuance of shares for initial capitalization |
|
|
|
|
7,500,000
|
|
|
|
|
Ordinary shares |
|
|
468,000
|
|
|
|
|
|
|
Cash consideration (in Dollars per share) |
|
$ 46.8
|
|
|
|
|
|
|
|
Issue of aggregated ordinary shares |
|
|
1,032,000
|
|
|
|
|
|
|
Cash consideration (in Dollars) |
|
|
$ 895,000
|
|
|
|
|
|
|
Aggregate shares |
1,000,000
|
|
|
|
|
|
|
|
|
Cash consideration (in Dollars) |
$ 4,999,823
|
|
|
|
|
|
|
|
|
Common stock, shares outstanding |
|
|
|
|
25,000,000
|
24,000,000
|
|
|
|
Registered capital percentage |
|
|
|
|
50.00%
|
|
|
|
|
Retained earnings to statutory reserves (in Dollars) |
|
|
|
|
$ 300,171
|
$ 300,171
|
|
|
|
Aggregate amounts of restricted net assets (in Dollars) |
|
|
|
|
$ 447,704
|
$ 447,704
|
|
|
|
PRC [Member] |
|
|
|
|
|
|
|
|
|
Shareholders’ Equity [Line Items] |
|
|
|
|
|
|
|
|
|
Percentage of net after-tax income |
|
|
|
|
10.00%
|
|
|
|
|
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