Revenue Performance - Revenue declined by 31% to $60.09 million for the six months ended March 31, 2022, from $87.37 million for the same period in 2021[1] - Total revenues for the six months ended March 31, 2022, were $60,094,661, a decrease of 31% compared to $87,371,413 in the same period of 2021[27] - Revenue from display modules decreased by approximately 47% to $27.96 million for the six months ended March 31, 2022, from $52.68 million for the same period in 2021[5] - Revenue from polarizers decreased by approximately 27% to $23.75 million for the six months ended March 31, 2022, from $32.60 million for the same period in 2021[5] - Revenue from repair services increased by approximately 64% to $3.43 million for the six months ended March 31, 2022, from $2.08 million for the same period in 2021[6] Profitability Metrics - Gross margin increased to 14% for the six months ended March 31, 2022, up from 12% for the same period in 2021[1] - Gross profit for the six months ended March 31, 2022, was $8,634,072, down from $10,130,605 in 2021, reflecting a decline of approximately 14.8%[27] - Operating income decreased by 23% year-over-year to $1.63 million for the six months ended March 31, 2022, compared to $2.13 million for the same period in 2021[1] - Operating income for the six months ended March 31, 2022, was $1,911,951, compared to $2,125,945 in 2021, indicating a decrease of about 10%[27] - Net income was $1.20 million for the six months ended March 31, 2022, down from $1.45 million for the same period in 2021, representing a 17% decrease[1] - Net income attributable to Ostin Technology Group Co., Ltd. for the six months ended March 31, 2022, was $1,199,901, down from $1,430,155 in 2021, representing a decline of approximately 16.1%[27] - Net income for the six months ended March 31, 2022, was $1,201,660, a decrease of 17.4% compared to $1,454,071 in the same period of 2021[30] - Earnings per ordinary share for the six months ended March 31, 2022, were $0.12, compared to $0.14 in 2021, reflecting a decrease of about 14.3%[27] Cash Flow and Liquidity - Cash and cash equivalents grew to $3.53 million as of March 31, 2022, compared to $2.14 million as of March 31, 2021[15] - Total cash, cash equivalents, and restricted cash at the end of the period was $3,532,137, up from $2,143,815 a year earlier, representing a 64.7% increase[30] - Operating cash flow provided was $8,014,001, a significant improvement from a cash outflow of $1,438,172 in the prior year[30] - Cash paid for income taxes was $29,468, down from $139,312 in the previous year, indicating a reduction of 78.8%[31] - Cash paid for interest increased to $418,108 from $343,346, reflecting a rise of 21.8%[31] Asset and Liability Management - Total current assets decreased to $45,293,295 in 2022 from $54,194,636 in 2021, a reduction of about 16.4%[24] - Total liabilities decreased to $50,823,466 in 2022 from $60,764,626 in 2021, reflecting a decline of approximately 16.4%[24] - Accounts receivable decreased to $15,566,930 in 2022 from $25,551,527 in 2021, a decline of about 39%[24] - Accounts receivable increased significantly by $15,399,861, from a negative $5,044,840 in the previous year[30] Research and Development - The company introduced a new protection film for OLED panels and wafers, expected to be in production by the end of 2022[16] - The company began generating revenue from research and development services related to video conference systems and smart photography systems[18] - Research and development costs for the six months ended March 31, 2022, were $2,028,038, down from $2,999,596 in 2021, indicating a reduction of approximately 32.4%[27] Investment and Financing Activities - Proceeds from short-term bank borrowings increased to $7,245,544, up from $5,593,200, indicating a 29.5% rise in financing activities[30] - Net cash used in investing activities was $1,444,310, a decrease from $3,171,761 in the prior year, showing improved cash management[30] Currency Impact - The effect of changes in currency exchange rates contributed an increase of $59,099 compared to $35,903 in the previous year[30] Depreciation and Expenses - Depreciation expense rose to $1,033,422, an increase of 19.9% compared to $862,105 in the prior year[30]