Revenue Performance - For the three months ended March 31, 2024, the Company recorded total revenues of $28,092,147, a decrease of $6,485,491 or 19% compared to $34,577,638 for the same period in 2023[112] - Revenue from sales of commodity products was $28,089,681, down by $6,481,607 or 19% from $34,571,288 in the prior year, primarily due to a decrease in the average unit sales price of zinc ingots from $3.32 per kilogram to $2.94 per kilogram[114] - The Company generated revenue of $2,466 from supply chain management services, a decline of $3,884 or 61% compared to $6,350 for the same period in 2023[112] Cost and Income - The cost of revenue decreased by $6,508,440 or 19% to $28,144,839 for the three months ended March 31, 2024, from $34,653,279 in the prior year[116] - Net income for the three months ended March 31, 2024, was $1,998,802, representing an increase of $1,547,525 or 343% from $451,277 for the same period in 2023[121] - Interest income increased by $1,820,463 or 41% to $6,269,463 for the three months ended March 31, 2024, compared to $4,449,000 in the prior year[119] Cash Flow and Working Capital - The Company reported cash inflows of $6,119,335 from operating activities for the three months ended March 31, 2024, compared to $2,767,040 in the same period of 2023[124] - As of March 31, 2024, the Company had positive working capital of approximately $224 million[122] - For the three months ended March 31, 2024, the company reported a net cash inflow from operating activities of $6,119,335, an increase of $3,352,295 from $2,767,040 for the same period in 2023[126] Loans and Financing - The balance of loan receivables was $247.05 million as of March 31, 2024, which was $55.42 million higher than the previous year[119] - The Company expects to use proceeds from equity financing as working capital to expand its commodities trading business[122] - The company did not have any cash movement for financing activities during the three months ended March 31, 2024, compared to cash raised of $42,350,000 from private placements in Q1 2023[129] Investment Activities - Net cash used in investing activities for the three months ended March 31, 2024 was $7,077,140, significantly lower than $46,689,327 for the same period in 2023[128] - Cash used in investing activities in Q1 2024 was primarily for loans disbursed to third parties totaling $32,073,939, partially offset by collections of $25,046,081 from related parties[128] Lease Commitments - As of March 31, 2024, the company had a total lease commitment of $8,534, which is due within one year[132]
TD Holdings(GLG) - 2024 Q1 - Quarterly Report