Meiwu Technology(US:WNW) Newsfilterยท2024-01-18 13:30Company Overview - Meiwu Technology Co., Limited is an online and mobile commerce company based in the British Virgin Islands, providing organic and green food products in China through its online platform and stores [2] - The company operates through its variable interest entity, Meiwu Zhishi Technology (Shenzhen) Co., Ltd, which sells non-genetically modified food products and focuses on customer safety and quality [2] Compliance and Stock Market Status - On January 9, 2024, Meiwu announced that it has cured its bid price deficiency and regained compliance with NASDAQ Marketplace Rule 5550(a)(2) [1] - As a result, a previously scheduled hearing with the NASDAQ Hearing Panel has been deemed moot, allowing Meiwu's ordinary shares to continue being listed and traded on The Nasdaq Stock Market [1] Financial Performance - For the six months ended June 30, 2023, Meiwu reported net revenue of $10,683,243, a significant increase from $1,166,425 in the same period of 2022 [7] - The gross profit for the same period was $2,454,866, compared to $150,656 in 2022 [7] - Operating expenses decreased from $5,709,375 in 2022 to $2,413,654 in 2023, leading to a turnaround from a loss of $5,558,719 to a profit of $41,212 [7] Balance Sheet Highlights - As of June 30, 2023, total assets were reported at $37,499,841, slightly down from $37,995,641 on December 31, 2022 [5][6] - Current assets decreased from $29,874,190 to $22,753,880, with cash balances declining from $23,716,768 to $15,783,731 [5] - Total liabilities increased from $9,593,209 to $17,939,426, indicating a rise in financial obligations [5][6] Cash Flow Analysis - For the six months ended June 30, 2023, net cash used in operating activities was $333,642, a significant reduction from $10,073,063 in 2022 [8] - Net cash used in investing activities rose sharply to $6,762,905 from $26,915 in the previous year [8] - The company experienced a net decrease in cash of $7,933,037, ending the period with $15,783,731 [8]