Revenue Performance - For the three months ended March 31, 2023, the Company recorded total revenues of $34,577,638, a decrease of $13,581,478 or 28% compared to $48,159,116 for the same period in 2022[112]. - Revenue from sales of commodity products was $34,571,288, down $13,012,677 or 27% from $47,583,965 in the prior year, primarily due to COVID-19 and the depreciation of RMB against USD[115]. - Revenue from supply chain management services significantly decreased to $6,350, down 99% from $575,151 in the same period of 2022[104]. Cost and Expenses - The cost of revenue decreased by $12,948,899 or 27% to $34,653,279 for the three months ended March 31, 2023, compared to $47,602,178 in 2022[117]. - Selling, general, and administrative expenses increased by $495,354 or 22% to $2,743,061 for the three months ended March 31, 2023, primarily due to increased amortization of intangible assets[120]. Net Income and Cash Flow - Net income for the three months ended March 31, 2023 was $451,277, a decrease of $1,142,580 or 72% from $1,593,857 in the same period of 2022[122]. - The Company reported cash inflows of $2,767,040 from operating activities for the three months ended March 31, 2023, compared to $3,752,768 in 2022[126]. - For the three months ended March 31, 2023, the company reported a net cash inflow from operating activities of $2,767,040, a decrease of 26.3% from $3,752,768 in the same period of 2022[128]. - The net profit for the three months ended March 31, 2023 was $451,277, down 71.5% from $1,593,857 for the same period in 2022[128]. Investing and Financing Activities - Net cash used in investing activities was $46,689,327 for the three months ended March 31, 2023, a decrease of 6.6% from $50,003,288 in the same period of 2022[130]. - Cash raised from financing activities included $42,350,000 from private placements and $3,000,000 from unsecured senior convertible promissory notes[124]. - Cash raised from financing activities included $42,350,000 from private placements by issuing 35,000,000 shares of common stock during the three months ended March 31, 2023[131]. - The cash used in investing activities for the three months ended March 31, 2023 was primarily for loans disbursed to third parties amounting to $46,678,620[130]. Working Capital and Obligations - As of March 31, 2023, the Company had positive working capital of approximately $174 million[123]. - As of March 31, 2023, the company had contractual obligations for operating leases totaling $179,105, with $112,600 due within one year[134]. Other Financial Information - The company had no off-balance sheet arrangements as of March 31, 2023[132]. - The company incurred non-cash adjustments including amortization of intangible assets totaling $2,049,732 for the three months ended March 31, 2023[128]. - A significant increase of $447,960 in prepayments was noted due to advance purchases to remain competitive in the market[129]. - The company does not anticipate that climate change will materially impact its financial condition or results of operations[136].
TD Holdings(GLG) - 2023 Q1 - Quarterly Report