CBL International (BANL) - 2023 Q4 - Annual Report

Revenue and Profit Performance - Revenue for FY2023 decreased by 5.8% year-on-year to $435.9 million, compared to $462.9 million in FY2022[2] - Gross profit declined by 21.0% to $7.2 million in FY2023, down from $9.1 million in FY2022[2] - Net income dropped significantly by 69.3% to $1.1 million in FY2023, compared to $3.7 million in FY2022[2] - Net income for 2023 was $1,132,650, a significant decrease from $3,685,000 in 2022[15] Sales and Market Expansion - Sales volume surged by 18% year-on-year in FY2023, partially offsetting the impact of a 20% drop in average oil prices[4] - The company expanded its supply network from 36 ports in FY2022 to over 55 ports in FY2023, covering both Asia Pacific and Europe[5] - The company raised $15 million from an IPO in March 2023, enabling expansion into Europe and new customer acquisition[3] Operating Expenses and Costs - Operating expenses increased by 27.1% to $5.5 million in FY2023, primarily due to listing-related costs and business expansion[2][6] - Depreciation and amortization expenses increased to $170,826 in 2023 from $88,175 in 2022[15] - Cash paid for interest in 2023 was $302,486, up from $261,703 in 2022[15] - Cash paid for income taxes in 2023 was $794,910, compared to $688,790 in 2022[15] Cash Flow and Financial Position - Cash position improved to $7.4 million in FY2023, up from $5.0 million in FY2022[11] - Net cash used in operating activities for 2023 was ($10,032,854), compared to net cash provided by operating activities of $3,499,133 in 2022[15] - Net cash provided by financing activities was $13,176,717 in 2023, compared to net cash used in financing activities of ($1,128,453) in 2022[15] - Cash at the end of 2023 was $7,402,890, an increase from $5,032,890 at the end of 2022[15] Accounts Receivable and Payable - Accounts receivable increased to $25.1 million in FY2023, compared to $18.4 million in FY2022[11] - Accounts receivable decreased by $6,679,675 in 2023, compared to a decrease of $402,941 in 2022[15] - Accounts payable increased by $14,779,300 in 2023, compared to a decrease of $5,644,677 in 2022[15] Prepayments and Other Assets - Prepayments and other current assets decreased by $19,042,364 in 2023, compared to an increase of $3,580,806 in 2022[15] New Business Initiatives - The company launched biofuel trading activities in FY2023, marking a significant step in alternative fuel exploration[3]