Revenue Growth and Performance - Total revenues increased by $5.4 million (42.3%) from $12.9 million in FY2023 to $18.3 million in FY2024, driven by higher cross-border airfreight solutions revenue[133] - Cross-border airfreight solutions revenue surged by $5.6 million (117.6%) from $4.8 million in FY2023 to $10.4 million in FY2024, with air cargo volume increasing from 12,966 tons to 26,160 tons[136] - Revenues from Asia-based customers surged by $7.5 million, or 136.5%, from $5.5 million in FY 2023 to $13.1 million in FY 2024[137] - Total revenues increased by $5.4 million, or 42.3%, from $12.9 million in FY 2023 to $18.3 million in FY 2024[137] Gross Profit and Margin - Gross profit increased by $1.15 million (44.9%) from $2.56 million in FY2023 to $3.72 million in FY2024, with gross margin improving from 19.9% to 20.3%[132] - Gross profit increased by $1.2 million, or 44.9%, from $2.6 million in FY 2023 to $3.7 million in FY 2024[143] Cost and Expenses - Cost of revenues increased by $4.3 million, or 41.6%, from $10.3 million in FY 2023 to $14.6 million in FY 2024[140] - General and administrative expenses increased by $1.8 million, or 77.5%, from $2.3 million in FY 2023 to $4.1 million in FY 2024[146] Net Loss and Financial Position - Net loss of $225,252 in FY 2024 compared to net income of $983,602 in FY 2023[153] - Current ratio of 0.6:1 as of June 30, 2024, with current assets of $3.5 million and current liabilities of $5.9 million[154] - Accounts receivable increased to $2.8 million in FY 2024 from $1.4 million in FY 2023[155] Cash Flow and Financing - Net cash used in operating activities was $53,640 in the fiscal year ended June 30, 2024, compared to $39,303 in the prior year, primarily due to a net loss of $228,277[161][163] - Net cash used in investing activities increased to $78,799 in fiscal year 2024 from $18,288 in 2023, driven by a $48,893 cash outflow from deconsolidation of a subsidiary[166] - Net cash provided by financing activities was $78,755 in fiscal year 2024, compared to $253,088 net cash used in 2023, mainly due to $185,014 from loans and $237,302 from stockholders[167] - Capital expenditures were nil in fiscal year 2024, compared to $18,288 in 2023, with expected increases in future capital expenditures as the business expands[168][169] - The company's cash balance decreased by $50,468 in fiscal year 2024, ending with $123,550, compared to a decrease of $199,513 in 2023[160] Operational Metrics and Customer Base - The company fulfilled over 41,000 cross-border supply chain solution orders for freight with an aggregate assessed value of $1.0 billion as of June 30, 2024[115] - The company collaborated with major global carriers to forward 31,300 TEU of container loads and 47,800 tons of air cargo as of June 30, 2024[113] - The company assisted with customs clearance for cross-border freight with an aggregate assessed value of over $38.0 million as of June 30, 2024[114] - The company operates two regional warehousing and distribution centers with an aggregate gross area of 75,014 square feet and 34 docks, handling up to 3,000 cubic meters of freight daily[114] - The company maintains a network of over 200 domestic ground transportation carriers and collaborates with over 150 warehouses and distribution terminals across the U.S.[113][114] - The company served over 300 customers and delivered to thousands of business and residential addresses in approximately 48 U.S. states as of June 30, 2024[112][115] Revenue by Customer Geography - Revenues from U.S.-based customers decreased by $2.1 million, or 28.7%, from $7.3 million in FY 2023 to $5.2 million in FY 2024[137] Contractual Obligations and Credit Terms - Total contractual obligations as of June 30, 2024, amounted to $5,202,737, including $4,236,202 in operating lease obligations and $660,680 in other loans[169] - The company's credit terms with third-party customers are 15 days, while major vendors provide a 30-day credit term, with related-party terms being more flexible[165] Accounts Receivable and Revenue Recognition - The company's accounts receivable increased by $722,522 from third parties and $732,769 from related parties in fiscal year 2024, driven by significant revenue growth[161] - The company's revenue recognition methodology for contract assets is based on the estimated completion percentage of performance obligations, recognizing revenue over time[174] IPO and Financial Strategy - IPO closed in July 2024, raising approximately $5.79 million to fulfill short-term financial obligations[157] Accounting Standards - The company does not expect recently issued accounting standards to have a material impact on its consolidated financial statements[180]
Lakeside Holding Limited(LSH) - 2024 Q4 - Annual Report