Revenue and Profitability - Revenue for the six months ended June 30, 2021, increased by $0.7 million, or 8.2%, to $9.6 million from $8.9 million for the same period last year[2] - Gross profit increased by $0.2 million, or 15.0%, to $1.4 million, with gross margin improving by 0.8 percentage points to 14.3%[2] - Operating income increased by $74,926, or 24.0%, to $386,940, resulting in an operating margin of 4.0%[4] - Income from operations improved to $386,940, compared to $312,014 in the previous year, marking a 24% increase[14] - Net income reported a loss of $355,744, contrasting with a profit of $106,698 in 2019[14] - Basic loss per share was $(0.02), down from earnings of $0.01 per share in the previous year[14] Expenses and Costs - General and administrative expenses rose by $352,270, or 61.0%, to $932,409, primarily due to increased professional fees[3] - Total costs and expenses rose to $9,215,140, up from $8,560,958, reflecting a 7.6% increase[14] - Interest paid during the period was $200,435, compared to $154,324 in the previous year[20] Cash and Working Capital - As of June 30, 2021, cash and restricted cash totaled $14.2 million, up from $11.6 million at December 31, 2020[5] - Accounts receivable decreased to $2.5 million from $5.3 million, reflecting improved collection from large customers[5] - Total working capital increased to $31.6 million as of June 30, 2021, compared to $17.7 million at December 31, 2020[5] - Cash flows from operating activities showed a net cash used of $(5,023,938), compared to $1,483,661 provided in 2020[20] - Cash and restricted cash at the end of the period totaled $14,193,923, up from $353,265 at the beginning[21] Strategic Initiatives - The company has announced a strategic shift to an asset-light strategy following the closure of its Xinjiang operation[1] - MingZhu is pursuing business diversification, including a major cooperation agreement with China Merchants Logistics Group Urumqi Limited[1] - The company is expanding into the commercial liquor distribution market, leveraging synergies with its existing business[1] Foreign Currency and Other Adjustments - The company reported a foreign currency translation adjustment loss of $(394,292) for the period[18]