Exhibit 99.1 INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | | Page | | --- | --- | | Interim Condensed Consolidated Financial Statements (Unaudited) | | | Unaudited Interim Condensed Consolidated Balance Sheets | F-2 | | Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive loss | F-3 | | Unaudited Interim Condensed Consolidated Statements of Changes in Equity | F-4 | | Unaudited Interim Condensed Consolidated Statements of Cash Flows | F-5 | | Notes t ...

Revenue and Profitability - Total revenues for the year ended December 31, 2024, were approximately $1.4 million, a 413.5% increase from $280,000 in 2023[492] - Gross profit for 2024 was approximately $0.6 million, representing a 283.0% increase from $0.2 million in 2023[498] - Net loss for 2024 was approximately $2.1 million, down 26.8% from a net loss of approximately $2.9 million in 2023[511] Expenses - Cost of revenues for 2024 was approximately $0.8 million, up 574.7% from $0.1 million in 2023[495] - Selling expenses increased by approximately $0.4 million, or 100.0%, to approximately $0.4 million for 2024 from nil in 2023[500] - General and administrative expenses decreased by $1.4 million, or 43.4%, to $1.9 million for 2024 from $3.3 million in 2023[502] - Other expenses, net for 2024 decreased by approximately $18.0 million, or 98.1%, compared to 2023, primarily due to reduced impairment of due from discontinued operations[504] - Research and development expenses were approximately $0.0 million for the year ended December 31, 2024, indicating a shift in focus towards digital advertising and marketing campaign services[534] Cash Flow and Working Capital - Cash and cash equivalents as of December 31, 2024, amounted to approximately $4.7 million, compared to approximately $0.1 million as of December 31, 2023[513] - Working capital was approximately $6.23 million at December 31, 2024, indicating sufficient funds to meet operational needs over the next twelve months[514] - Net cash used in operating activities from continuing operations was approximately $4.2 million for the year ended December 31, 2024, compared to $5.3 million in 2023 and $3.4 million in 2022[517][518][520] - The net change in cash for the year ended December 31, 2024, was $4.6 million, a significant improvement compared to a decrease of $552,645 in 2023[516] Investment and Financing Activities - Net cash used in investing activities was approximately $1.0 million for the year ended December 31, 2024, significantly lower than $47.4 million in 2023, primarily due to cash deposits in escrow accounts[521][522] - Net cash provided by financing activities from continuing operations was approximately $10.0 million for the year ended December 31, 2024, a decrease from $52.6 million in 2023, mainly due to proceeds from the issuance of common stock and convertible bonds[523][524] - The company intends to fund future capital expenditures, which were $0.8 million in 2024, through existing cash balances, bank loans, and net proceeds from its F-3 offering[526] - The company is exploring additional financing sources, including support from related parties and the issuance of convertible debt[519] Intellectual Property and Future Commitments - As of December 31, 2024, the company had rights to 1 patent, 31 software copyrights, and 1 registered trademark, highlighting its commitment to protecting intellectual property[538] - Future lease payments under operating leases as of December 31, 2024, totaled approximately $527,761, with a weighted average remaining lease term of 2.58 years[528]

Financial Performance - Total revenues for the six months ended June 30, 2024, were $20,000, compared to $0 for the same period in 2023[6] - Gross profit for the six months ended June 30, 2024, was $1,622, with a gross margin of approximately 8.1%[6] - Net loss attributable to Infobird Co., Ltd for the six months ended June 30, 2024, was $811,951, a significant reduction from a net loss of $4,583,616 in the same period of 2023[6] - The company reported a total comprehensive loss of $809,377 for the six months ended June 30, 2024, compared to $4,436,612 for the same period in 2023[6] - Net loss for the six months ended June 30, 2024, was $811,951, a significant improvement compared to a net loss of $4,870,713 for the same period in 2023[10] - For the six months ended June 30, 2024, the Company reported no revenues from discontinued operations, compared to $2,265,425 for the same period in 2023[104] Assets and Equity - Total assets increased to $62,626,885 as of June 30, 2024, compared to $57,655,499 as of December 31, 2023[4] - Total shareholders' equity attributable to Infobird Co., Ltd increased to $62,480,521 as of June 30, 2024, from $57,592,502 as of December 31, 2023[4] - Cash and cash equivalents rose to $6,159,651 as of June 30, 2024, up from $52,659 as of December 31, 2023[4] - Cash at the end of the period increased to $6,159,651 from $558,913 in the previous year, reflecting a net change in cash of $6,106,992[10] - The net balance of the escrow account related to convertible notes and issuance of common shares was $28,501,762 as of June 30, 2024, down from $52,187,762 as of December 31, 2023[53] Operating Expenses - Operating expenses for the six months ended June 30, 2024, were $828,632, a decrease from $854,683 in the same period of 2023[6] - Employee benefits expenses for continuing operations were $19,950 for the six months ended June 30, 2024, compared to nil for the same period in 2023[90] - The total operating expenses for the discontinued operations in the six months ended June 30, 2023, were $4,772,015, leading to a loss from operations of $3,913,377[105] Cash Flow and Financing - Net cash provided by operating activities from continuing operations was $1,320,454, compared to a net cash used of $5,045,416 in the prior year[10] - The company reported net proceeds from the issuance of common stock of $5,697,396, up from $4,522,313 in the same period last year[10] - Cash deposits in escrow accounts increased to $5,114,000 from $2,000,000 in the previous year, indicating a strategic investment approach[10] - The escrow account balance related to financing activities decreased from $52,187,762 as of December 31, 2023, to $28,501,762 as of June 30, 2024, following a payment of $23,800,000 for acquisition targets[108][109] Strategic Changes and Acquisitions - The company completed the acquisition of Inforbird Technologies on July 14, 2023, enhancing its SaaS and BPO service offerings[20] - Infobird Cayman disposed of several subsidiaries, including Infobird HK and Infobird WFOE, on August 11, 2023, as part of a strategic restructuring[13][22] - The company established a new subsidiary, Guangnian Zhiyuan, on July 6, 2023, to expand its customer relationship management services[21] - The Company acquired 65% of the issued and outstanding equity of Pure Tech Global Limited[162] - The acquisition was completed on November 22, 2024[162] - The total purchase price for the equity acquisition was approximately $40.0 million[162] Revenue Recognition and Business Operations - Revenue from continuing operations is primarily generated from business integration solution services, including customized software development[60] - Revenue from customized cloud-based services includes subscription fees, voice/data plans, and technical support, recognized over time based on monthly utilization records[64] - Revenue from sales of standard software licenses is recognized at the point in time when customers gain access to the software[71] - The Company expects to expand its customer base through business integration solution services and convert them into SaaS subscribers[70] - The Company recognized revenue under ASC Topic 606, reflecting the transfer of goods and services to customers based on expected consideration[58] Financial Strategy and Risks - The company has sufficient liquidity to operate at its current level without requiring additional funding over the next twelve months[36] - As of June 30, 2024, one customer accounted for 100.0% of the company's total revenues, indicating a high concentration risk[126] - The company has a net operating loss carryforward of approximately $45,847 as of June 30, 2024, compared to $19,551 as of December 31, 2023[119] - The company did not incur any income tax expenses for the six months ended June 30, 2024, and 2023, due to the absence of assessable profits in Hong Kong and the Cayman Islands[118] Shareholder Information - The company has undergone a share consolidation effective on March 4, 2024, and a capital reduction and reorganization effective on May 2, 2024[4] - Following a 1-for-8 share consolidation in March 2024, the basic and diluted loss per share changed from 0.82 to 6.55[145] - The Company’s authorized share capital was changed to $50,000,000 divided into 5,000,000,000,000 ordinary shares after a capital reduction and share subdivision[146] - The Company issued convertible notes totaling $6.25 million on December 23, 2022, resulting in the issuance of 12.5 million ordinary shares upon conversion[136]

Core Viewpoint - Infobird Co., Ltd is currently delinquent in filing its annual report on Form 20-F for the fiscal year ended December 31, 2023, with the SEC, which was due by May 15, 2024 [1][2] Group 1: Compliance and Notifications - On May 20, 2024, Infobird received a notification from Nasdaq indicating non-compliance with Listing Rule 5250(c)(1) due to the late filing of the 2023 Form 20-F [2] - The Nasdaq notification allows Infobird 60 calendar days, until July 19, 2024, to submit a compliance plan [3] - If the compliance plan is accepted, Nasdaq may grant an extension of up to 180 days, allowing compliance to be regained by November 11, 2024 [3] Group 2: Company Actions and Intentions - Infobird intends to submit a plan of compliance to Nasdaq on or before July 19, 2024 [3] - The Nasdaq notification does not have an immediate effect on the listing of Infobird's ordinary shares on the Nasdaq Stock Market [4]

Group 1 - Infobird (NASDAQ:IFBD) stock is experiencing a significant rise, with over 3.8 million shares traded, far exceeding its daily average of approximately 357,000 shares [1] - The recent rally in IFBD stock is attributed to its status as a penny stock, which often attracts speculative trading and potential manipulation [2] - As of Wednesday morning, IFBD stock has increased by 62.5% [2] Group 2 - A reverse stock split occurred on Monday, which was initially scheduled for late February but delayed for regulatory clearances [1]

Group 1 - Infobird (NASDAQ:IFBD) announced a delay to its reverse stock split, which is now set to take effect when markets open on Monday instead of after markets closed yesterday [1] - The reverse stock split will consolidate eight shares into one share, a move that was delayed due to not obtaining regulatory clearances as expected [1] - Following the announcement, IFBD stock experienced significant price volatility, with reported prices ranging from $6.27 to $22.08, leading to increases between 124% and 484% [2] Group 2 - The confusion regarding the true price of IFBD stock is likely to persist until market discrepancies are resolved, prompting traders to monitor the stock closely [2]

Core Viewpoint - Infobird Co., Ltd has announced a delay in the effective date of its reverse stock split, now set for March 4, 2024, due to regulatory clearance issues [1]. Company Overview - Infobird Co., Ltd is a software-as-a-service provider specializing in AI-powered customer engagement solutions [2].

Core Viewpoint - Infobird Co., Ltd has announced the approval of a 1-for-8 share consolidation and a capital reduction and reorganization to comply with Nasdaq listing requirements and maintain its market presence [1][2][5]. Share Consolidation - The share consolidation will take effect on February 27, 2024, with every eight ordinary shares of par value US$0.5 being consolidated into one ordinary share of par value US$4.0 [2][3]. - No fractional shares will be issued; any resulting fractional shares will be rounded up to the next whole number [3]. Capital Reduction and Reorganization - The capital reduction will be effective upon receiving a court order from the Grand Court of the Cayman Islands, changing the authorized share capital from US$25 billion divided into 6.25 billion shares of par value US$4.00 each to US$50 million divided into 5 trillion shares of par value US$0.00001 each [4]. - The capital reduction will be applied uniformly to all issued shares and will not affect shareholders' percentage ownership interests [4]. Approval Process - The board of directors approved the share consolidation and capital reduction on January 10, 2024, and shareholders approved it on February 20, 2024 [5].

Core Viewpoint - Infobird Co., Ltd has announced that it will not engage in any financing activities for the next three months to protect the interests of small and medium shareholders, following discussions with previous investors [1]. Group 1: Company Announcement - Infobird will not carry out any financing activities in the next three months [1]. - The management team has raised operating funds in previous financing activities, which will assist in business expansion [1]. - The decision to suspend previous financing activities was made to better protect the interests of small and medium shareholders [1]. Group 2: Company Overview - Infobird is a software-as-a-service provider based in Hong Kong, specializing in AI-powered customer engagement solutions [2].

Group 1 - Infobird (NASDAQ:IFBD) is planning a reverse stock split of one-for-eight to consolidate shares and increase stock price [1][2] - The extraordinary general shareholder meeting is scheduled for February 19, 2024, to vote on this proposal [1] - As of the announcement, Infobird's shares were trading at 63 cents, which is below the $1 minimum required by Nasdaq [2] Group 2 - The reverse stock split aims to help Infobird regain or maintain compliance with Nasdaq listing standards to avoid delisting [2] - Following the announcement, IFBD stock experienced a decline of 31.1%, despite a previous rally of 115.9% during normal trading hours [2]