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Exhibit 99.1
MEIWU TECHNOLOGY COMPANY LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31, 2021 | June 30, 2022 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash | $ | 26,634,332 | $ | 24,466,120 | ||||
Accounts receivable | 433,002 | 884,647 | ||||||
Inventories, net | 432,955 | 335,838 | ||||||
Advances to suppliers, net | 231,230 | 5,621,667 | ||||||
Loan receivable | - | - | ||||||
Other current assets | 259,170 | 3,534,486 | ||||||
Total Current Assets | 27,990,689 | 34,842,758 | ||||||
Property and equipment, net | 279,518 | 237,639 | ||||||
Right of use lease assets, net | 19,833 | 222,874 | ||||||
Goodwill | - | 12,232,132 | ||||||
TOTAL ASSETS | $ | 28,290,040 | $ | 47,535,403 | ||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 1,659,501 | $ | 2,018,074 | ||||
Short-term loan | 47,054 | 268,285 | ||||||
Contract liabilities | 1,153,717 | 5,133,661 | ||||||
Lease liabilities | 19,068 | 158,535 | ||||||
Accrued expenses and other current liabilities | 928,072 | 914,751 | ||||||
Total Current Liabilities | 3,807,412 | 8,493,306 | ||||||
Due to related parties | 6,442,729 | 6,433,534 | ||||||
Long-term loan | 414,072 | 281,530 | ||||||
Convertible notes | - | 4,872,030 | ||||||
Derivative financial liabilities | - | 2,883,054 | ||||||
Lease liabilities | - | 50,761 | ||||||
Total Non-current liabilities | 6,856,801 | 14,520,909 | ||||||
TOTAL LIABILITIES | $ | 10,664,213 | $ | 23,014,215 | ||||
Commitment and Contingencies | - | |||||||
Stockholders’ Equity | ||||||||
Ordinary Shares, | par value, shares authorized; and shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively$ | - | $ | - | ||||
Additional paid-in capital | 23,385,695 | 36,802,261 | ||||||
Accumulated deficit | (6,009,313 | ) | (11,514,459 | ) | ||||
Accumulated other comprehensive (loss) income | 253,736 | (737,397 | ) | |||||
Equity attributable to owners of the Company | 17,630,118 | 24,550,405 | ||||||
Non-controlling interests | (4,291 | ) | (29,217 | ) | ||||
Total Stockholders’ Equity | 17,625,827 | 24,521,188 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 28,290,040 | $ | 47,535,403 |
MEIWU TECHNOLOGY COMPANY LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the Six Months Ended June 30, | ||||||||
2021 | 2022 | |||||||
NET REVENUE | $ | 7,499,540 | $ | 1,166,425 | ||||
COST OF REVENUE | (5,800,663 | ) | (1,015,769 | ) | ||||
GROSS PROFIT | 1,698,877 | 150,656 | ||||||
OPERATING EXPENSES | ||||||||
Sales and Marketing Expenses | (1,528,278 | ) | (414,750 | ) | ||||
General and Administrative Expenses | (1,126,347 | ) | (5,122,188 | ) | ||||
Research and Development Expenses | (271,925 | ) | (172,437 | ) | ||||
Total operating expenses | (2,926,550 | ) | (5,709,375 | ) | ||||
LOSS FROM OPERATIONS | (1,227,673 | ) | (5,558,719 | ) | ||||
Other Income, net | 10,409 | 28,647 | ||||||
LOSS BEFORE INCOME TAX | (1,217,264 | ) | (5,530,072 | ) | ||||
Provision for Income Taxes | - | - | ||||||
NET LOSS | (1,217,264 | ) | (5,530,072 | ) | ||||
Less: net loss attributable to non-controlling interest | (24,926 | ) | ||||||
OTHER COMPREHENSIVE LOSS | ||||||||
Foreign Currency Translation Adjustment | 176,491 | (991,133 | ) | |||||
TOTAL COMPREHENSIVE LOSS | $ | (1,040,773 | ) | $ | (6,521,205 | ) | ||
LOSS PER SHARE – BASIC AND DILUTED | (0.04 | ) | (0.17 | ) | ||||
WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC AND DILUTED | 25,000,000 | 39,376,394 |
MEIWU TECHNOLOGY COMPANY LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
2021 | 2022 | |||||||
For the Six Months Ended June 30, | ||||||||
2021 | 2022 | |||||||
Net cash used in operating activities | (6,960,387 | ) | (10,073,063 | ) | ||||
Net cash provided by (used in) investing activities | (58,850 | ) | (26,915 | ) | ||||
Net cash provided by financing activities | 415,690 | 7,670,698 | ||||||
Effect of changes of foreign exchange rate on cash | 60,563 | 261,068 | ||||||
Net increase in cash | (6,542,984 | ) | (2,168,212 | ) | ||||
Cash, beginning of the period | 7,027,964 | 26,634,332 | ||||||
Cash, end of the period | 484,980 | 24,466,120 |