Financial Statements [Consolidated Balance Sheets](index=1&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew to $200.9 million, primarily from cash, with liabilities and equity also increasing, strengthening the financial position Key Balance Sheet Items (in millions USD) | Account | Sep 30, 2024 | Dec 31, 2023 | Change | | :--- | :--- | :--- | :--- | | **Total Current Assets** | $131.1 | $108.8 | +20.5% | | Cash and cash equivalents | $110.8 | $91.0 | +21.8% | | **Total Assets** | **$200.9** | **$181.0** | **+11.0%** | | **Total Current Liabilities** | $27.6 | $19.4 | +42.2% | | Accounts payable | $15.0 | $7.8 | +92.7% | | **Total Liabilities** | **$44.9** | **$38.0** | **+18.2%** | | **Total Shareholders' Equity** | **$156.0** | **$143.1** | **+9.1%** | - Total assets grew by **11.0%** to **$200.9 million**, primarily fueled by a **$19.8 million** (21.8%) increase in Cash and cash equivalents[2](index=2&type=chunk) - Total liabilities increased by **18.2%** to **$44.9 million**, mainly driven by a **92.7%** surge in Accounts payable, which grew from **$7.8 million** to **$15.0 million**[2](index=2&type=chunk) - Shareholders' equity increased by **9.1%** to **$156.0 million**, largely due to an **$11.0 million** increase in Retained earnings[2](index=2&type=chunk) [Consolidated Statements of Operations and Comprehensive Income](index=2&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Revenue grew to $105.7 million, but gross profit declined; net income increased due to lower taxes, while comprehensive income fell sharply Key Performance Indicators (Nine Months Ended Sep 30) | Metric | 2024 | 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | $105,679,367 | $98,568,069 | +7.2% | | Gross Profit | $33,647,788 | $34,864,641 | -3.5% | | Net Income | $11,022,350 | $10,211,589 | +7.9% | | Comprehensive Income | $9,061,675 | $17,840,981 | -49.2% | | EPS (basic and diluted) | $0.23 | $0.21 | +9.5% | - Revenue grew by **7.2%** YoY, but a **13.1%** increase in the Cost of Revenue led to a **3.5%** decline in Gross Profit[3](index=3&type=chunk) - Net income increased despite lower gross profit, primarily because income tax expenses decreased significantly from **$3.5 million** in 2023 to **$0.9 million** in 2024[3](index=3&type=chunk) - A significant negative foreign currency translation adjustment of (**$1,960,675**) in 2024, compared to a positive adjustment of **$7,629,392** in 2023, caused the comprehensive income to decrease by nearly half[3](index=3&type=chunk) [Consolidated Statements of Cash Flows](index=3&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow increased to $20.6 million, while financing activities shifted to a net outflow, resulting in a $20.7 million overall cash increase Summary of Cash Flows (Nine Months Ended Sep 30) | Category | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $20,557,221 | $17,999,969 | +$2,557,252 | | Net cash used in investing activities | ($12,562) | ($4,649) | -$7,913 | | Net cash (used in) provided by financing activities | ($1,396,621) | $7,174,188 | -$8,570,809 | | **Net increase in cash** | **$20,718,519** | **$20,209,029** | **+$509,490** | | **Cash at end of the period** | **$111,682,113** | **$87,602,723** | **+$24,079,390** | - Operating cash flow increased by **14.2%** YoY, largely due to a significant positive change in Accounts payable, which contributed **$7.2 million** to cash flow in 2024 versus a **$2.4 million** use of cash in 2023[6](index=6&type=chunk) - There was a major shift in financing activities, moving from a **$7.2 million** net cash inflow in 2023 to a **$1.4 million** net cash outflow in 2024, primarily driven by higher repayments of long-term and short-term loans[6](index=6&type=chunk)