Financial Performance - Revenues for the first half of fiscal year 2024 decreased by 36.39% to $750,626 from $1,180,102 in the same period of 2023[2] - Net loss increased by 33.61% to $751,660 compared to a net loss of $562,582 in the prior year[9] - For the six months ended September 30, 2023, the net loss increased to $751,660 compared to a net loss of $562,582 for the same period in 2022, representing a 33.6% increase in losses[25] Revenue Streams - Brokerage commissions revenue fell to $159,389, down 62.32% from $422,326 in the previous year[5] - Underwriting and placement income dropped 90.39% to $39,765 from $414,657 year-over-year[5] - Advisory fees increased to $321,558, a new revenue stream compared to $nil in the same period last year[5] Expenses and Cash Flow - Total expenses decreased by 14.47% to $1,490,632 from $1,742,855 year-over-year[4] - Net cash provided by operating activities decreased significantly to $203,660 from $3,985,064 in the prior year[10] - The company reported a net cash provided by operating activities of $203,660 for the six months ended September 30, 2023, a significant decrease from $3,985,064 in the same period of 2022[25] Cash and Liquidity - Cash and cash equivalents as of September 30, 2023, were $676,873, down from $828,689 at the end of March 2023[19] - The total cash and restricted cash at the end of September 30, 2023, was $6,286,819, a decrease of 49.5% from $12,414,867 at the end of September 30, 2022[25] - The company’s cash and restricted cash at the beginning of the year was $6,317,200, down from $7,842,802 in the previous year, indicating a decline in liquidity[25] Shareholder Equity and Capital - The total shareholders' equity increased to $1,996,680 as of September 30, 2023, from $128,702 as of September 30, 2022, indicating a significant improvement in equity position[23] - The company issued 1,275,000 ordinary shares during the six months ended September 30, 2023, raising additional paid-in capital of $794,771[23] - The balance of retained earnings showed a deficit of $831,155 as of September 30, 2023, compared to a deficit of $434,908 as of September 30, 2022, reflecting a worsening financial position[23] Staffing and Operational Changes - The average number of staff decreased from 18 to 13, contributing to a reduction in compensation and benefits[6] - Receivables from broker-dealers and clearing organizations increased significantly to $4,222,005 in 2023 from a negative $180,720 in 2022, indicating a substantial change in operating assets[25] Foreign Currency and Financing Activities - The company experienced a foreign currency translation adjustment gain of $6,436 in 2023, contrasting with a loss of $89 in 2022[23] - Cash flows from financing activities resulted in a net cash used of $249,246 in 2023, compared to a net cash provided of $628,281 in 2022, highlighting a shift in financing strategy[25] IPO and Fundraising - The company closed its IPO on December 1, 2023, raising funds by issuing 2,500,000 ordinary shares at $4.00 each[13]
Garden Stage(GSIW) - 2023 Q4 - Annual Report