Lakeside Announces Fiscal 2025 Second Quarter and Six-Month Results
ITASCA, Ill. , Feb. 14, 2025 /PRNewswire/ -- Lakeside Holding Limited ("Lakeside" or the "Company") (NASDAQ:LSH), a U.S.-based cross-border supply chain solution provider with a unique focus on the Asia-Pacific market operating through two specialized subsidiaries—American Bear Logistics and Hupan Pharmaceutical (Hubei) Co., Ltd., today announced financial results for its fiscal 2025 second quarter and first half ended December 31, 2024.
Management Commentary
Henry Liu, Chairman and Chief Executive Officer of Lakeside commented, "While we faced industry-wide headwinds in the second quarter, we've made tremendous strategic progress in positioning Lakeside for long-term growth. Our expansion into pharmaceutical logistics through Hupan Pharmaceutical, our new partnerships with major e-commerce platforms, and our significantly-expanded Dallas-Fort Worth facilities demonstrate our commitment to diversifying and strengthening our business. The strong growth in our Asia-based customer revenues, up 29.4% in the first half, validates our strategic shift toward serving the rapidly expanding cross-border e-commerce market. With these foundational pieces in place and our continued investment in operational capabilities, we're excited about the opportunities ahead as we build a more robust, diversified logistics enterprise."
Operational Highlights
E-Commerce & Cross-Border Logistics:
- Entered one-year agreement with a major Asian e-commerce platform
- Partnered with a leading global social media and e-commerce platform for customs brokerage services
- Launched new Pick & Pack Fulfillment service for a major Chinese logistics partner
U.S. Facilities Expansion:
- Expanded Dallas-Fort Worth operations:
- More than doubled warehouse space from 20,000 to 46,657 square feet
- Added staff to support expanded operations
- Part of multi-hub strategy including Chicago O'Hare (ORD), Dallas-Fort Worth (DFW), and Los Angeles (LAX)
Medical/Pharmaceutical Business Development:
- Acquired Hupan Pharmaceutical (Hubei) Co., Ltd:
- Purchase price: RMB 4.0M ($0.6M)
- Expected annual revenue contribution: $7M
- Gained licenses for drug wholesale, retail, and medical device distribution
- Partnerships with 15 major Wuhan hospitals
- Established partnership with Sinopharm Group Hubei Co., Ltd. for:
- Essential medicine storage
- Transportation services
- Logistics services
- Signed RMB 11.0M ($1.5M) sales agreement with Sinopharm Holding Hubei New Special Medicine Co., Ltd:
- One-year contract effective January 1, 2025
- Covers critical medicines including Sodium Bicarbonate, Glucose, and Glucose Sodium Chloride
Financial Results for the Three Months Ending December 31, 2024:
Total revenues decreased by $1.5 million, or 31.3% to $3.4 million for the three months ended December 31, 2024, compared with $4.9 million for the three months ended December 31, 2023. The decrease was primarily driven by a significant decline in volume we handled from our cross-border airfreight solutions.
- Revenues from our cross-border airfreight solutions decreased by $1.1 million or 35.5%, from $3.1 million in the three months ended December 31, 2023, to $2.0 million in the three months ended December 31, 2024. The decrease was primarily due to a decrease in the volume of cross-border air freight processed, from approximately 8,217 tons for the three months ended December 31, 2023, to approximately 4,459 tons for the three months ended December 31, 2024.
- Revenues from our cross-border ocean freight solutions decreased by $0.4 million, or 24.2%, from $1.8 million in the three months ended December 31, 2023, to $1.4 million in the three months ended December 31, 2024. This reduction was primarily due to a decrease in the volume of cross-border ocean freights processed and forwarded, dropping from 1,330 TEU in the three months ended December 31, 2023, to 1,046 TEU in the three months ended December 31, 2024.
- For the three months ended December 31, 2024, our total revenue from pharmaceutical product distribution amounted to $0.2 million, compared to no revenue from this segment in the same period of the prior year. Starting from December 2024, we established a new revenue stream through the distribution of pharmaceutical products. We procured pharmaceuticals—primarily pharmaceutical solutions—directly from manufacturers and supplied them to distributors, hospitals, and clinics.
Revenues by Customer Geographic
For the three months ended December 31, | ||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||
Revenues | Amount | % of | Amount | % of | Amount | Percentage | ||||||||||||||||||
Revenue from cross-border freight solutions | ||||||||||||||||||||||||
Asia-based customers | $ | 2,750,202 | 76.5 | % | $ | 2,602,745 | 52.9 | % | $ | 147,457 | 5.7 | % | ||||||||||||
U.S.-based customers | 627,301 | 17.4 | % | 2,313,358 | 47.1 | % | (1,686,057) | (72.9) | % | |||||||||||||||
3,377,503 | 93.9 | % | 4,916,103 | 100.0 | % | (1,538,600) | (31.3) | % | ||||||||||||||||
Revenue from distribution of pharmaceuticals | ||||||||||||||||||||||||
Asia-based customers | 218,086 | 6.1 | % | - | - | 218,086 | N/A | |||||||||||||||||
Total revenues | $ | 3,595,587 | 100.0 | % | $ | 4,916,103 | 100.0 | % | $ | (1,320,514) | (26.9) | % | ||||||||||||
- Revenues from Asia-based customers increased by $0.1 million, or 5.7%, from $2.6 million in the three months ended December 31, 2023, to $2.8 million in the three months ended December 31, 2024. The increase in revenues from Asia-based customers was driven by a surge in volume from these customers, particularly those serving large e-commerce platforms. This growth reflects the rising demand for our services, a direct result of the overall expansion of the U.S. e-commerce market.
- Revenues from U.S.-based customers decreased by $1.7 million, or 72.9%, from $2.3 million in the three months ended December 31, 2023 to $0.6 million in the same period in 2024. The decrease in revenue from the U.S.-based customers in the three months ended December 31, 2024, compared to the same period in 2023, was primarily due to our strategic shift toward Asia-based e-commerce customers.
Total cost of revenues decreased by $0.2 million, or 5.6%, from $3.9 million in the three months ended December 31, 2023, to $3.6 million in the three months ended December 31, 2024.
Our overall gross loss was $42,231 in the three months ended December 31, 2024, compared to gross profit of $1,064,509 in same period last year . Our gross margin was mainly impacted by higher cost of revenue, particular in fixed overhead costs, and an industry-wide decline in revenue.
Our gross margin of distribution of pharmaceuticals was 44.2% for the three months ended December 31, 2024.
General and administrative expenses increased by $0.9 million, or 94.1%, from $1.0 million in the three months ended December 31, 2023, to $1.9 million in the three months ended December 31, 2024. These expenses represented 53.2% and 20.0% of our total revenues for the three months ended December 31, 2024 and 2023, respectively. The increase was primarily attributed to higher salary and employee benefit expenses and professional fees operating as a listed company.
Net loss was $1.9 million for the three months ended December 31, 2024, compared to a net income of $0.06 million for the three months ended December 31, 2023.
Financial Results for the Six Months Ending December 31, 2024:
Total revenues decreased by $1.6 million, or 17.7%, from $9.1 million for the six months ended December 31, 2023, to $7.5 million for the six months ended December 31, 2024. The decrease was primarily driven by a significant decline in volume we handled from our cross-border airfreight solutions.
- Revenues from our cross-border airfreight solutions decreased by $1.3 million or 23.4%, from $5.5 million in the six months ended December 31, 2023, to $4.2 million in the six months ended December 31, 2024. The decrease was primarily due to a decrease in the volume of cross-border air freight processed, from approximately 16,034 tons for the six months ended December 31, 2023, to approximately 11,732 tons for the six months ended December 31, 2024.
- Revenues from our cross-border ocean freight solutions decreased by $0.3 million, or 8.7%, from $3.5 million in the six months ended December 31, 2023, to $3.2 million in the six months ended December 31, 2024. This growth was primarily due to a decrease in the volume of cross-border ocean freights processed and forwarded, dropping from 2,620 TEU in the six months ended December 31, 2023, to 2,476 TEU in the six months ended December 31, 2024.
Revenues by Customer Geographic
For the six months ended December 31, | ||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||
Revenues | Amount | % of | Amount | % of | Amount | Percentage | ||||||||||||||||||
Revenue from cross-border freight solutions | ||||||||||||||||||||||||
Asia-based customers | $ | 5,559,837 | 72.4 | % | $ | 4,296,968 | 47.4 | % | $ | 1,262,869 | 29.4 | % | ||||||||||||
U.S.-based customers | 1,899,220 | 24.7 | % | 4,767,611 | 52.6 | % | (2,868,391) | (60.2) | % | |||||||||||||||
7,459,057 | 97.2 | % | 9,064,579 | 100.0 | % | (1,605,522) | (17.7) | % | ||||||||||||||||
Revenue from distribution of pharmaceuticals | ||||||||||||||||||||||||
Asia-based customers | 218,086 | 2.8 | % | - | - | 218,086 | N/A | |||||||||||||||||
Total revenues | $ | 7,677,143 | 100.0 | % | $ | 9,064,579 | 100.0 | % | $ | (1,387,436) | (15.3) | % | ||||||||||||
- Revenues from Asia-based customers increased by $1.3 million, or 29.4%, from $4.3 million in the six months ended December 31, 2023, to $5.6 million in the six months ended December 31, 2024. The increase in revenues from Asia-based customers was driven by an increase in volume from these customers, particularly those serving large e-commerce platforms. This growth reflects the rising demand for our services, a direct result of the overall expansion of the U.S. e-commerce market.
- Revenues from cross-border freight solutions for the U.S.-based customers decreased by $2.9 million, or 60.2%, from $4.8 million in the six months ended December 31, 2023 to $1.9 million in the same period in 2024. The decrease in revenue from the U.S.-based customers in the three months ended December 31, 2024, compared to the same period in 2023, was primarily due to our strategic shift toward Asia-based e-commerce customers.
Cost of revenues decreased by $0.2 million, or 2.1%, from $7.4 million in the six months ended December 31, 2023, to $7.2 million in the six months ended December 31, 2024.
Gross profit decreased by $1.2 million, or 71.9%, from $1.7 million in the six months ended December 31, 2023, to $0.5 million in the six months ended December 31, 2024. Our gross margin of cross-border freight solution was 5.1% for the six months ended December 31, 2024, compared to 18.9% for the six months ended December 31, 2023. The decline in gross margin was primarily attributable to reduced revenue from cross-border airfreight solutions and an increase in our cost of revenue in warehouse services, custom declaration and terminal charges, freights arranged charges and overhead costs allocated.
General and administrative expenses increased by $1.9 million, or 103.7%, from $1.8 million in the six months ended December 31, 2023, to $3.7 million in the six months ended December 31, 2024. These expenses represented 48.8% and 20.3% of our total revenues for the six months ended December 31, 2024 and 2023, respectively. The increase was primarily attributed to higher salary and employee benefit expenses, professional fees, office expenses and traveling, insurance expenses and entertainment expenses, operating as a listed company.
Net loss was $3.3 million for the six months ended December 31, 2024, compared to a net loss of $0.2 million for the six months ended December 31, 2023.
Conference Call & Audio Webcast
Lakeside's management team will hold an earnings conference call at 4:30 PM Eastern Time (3:30 PM Central Time) on Tuesday, February 17 to discuss the Company's financial results and provide an overview of the Company's operations. Management will lead the conference call and be available to answer questions.
To access the call by phone, please dial 1- 877-407-9716 (international callers, please dial 1- 201-493-6779) approximately 10 minutes before the start of the call. Refer to conference ID: LAKESIDE. **NOTE: THIS CONFERENCE ID WILL BE REQUIRED FOR ENTRY
A live audio conference call webcast will be available online at
https://viavid.webcasts.com/starthere.jsp?ei=1708554&tp_key=b4f1b10725
About Lakeside Holding Limited
Lakeside Holding Limited is a U.S.-based cross-border supply chain solution provider with a unique focus on the Asia-Pacific market. Through two specialized subsidiaries—American Bear Logistics and Hupan Pharmaceutical (Hubei) Co., Ltd.—Lakeside delivers tailored logistics solutions spanning general and specialized sectors.
American Bear Logistics, with strategic hubs in Chicago, Dallas, Los Angeles, and New York, offers customized cross-border ocean and airfreight solutions, connecting Asia-based logistics service companies and e-commerce platforms with the U.S. market.
Lakeside recently acquired Hupan Pharmaceutical (Hubei) Co., Ltd., expanding its service scope and enhancing its pharmaceutical logistics and distribution capabilities within China. This strategic move underscores Lakeside's commitment to advancing integrated cross-border logistics solutions.
For more information, please visit https://lakeside-holding.com.
Safe Harbor Statement
This press release contains forward-looking statements that reflect our current expectations and views of future events. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You can identify some of these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements involve various risks and uncertainties. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. We qualify all of our forward-looking statements by these cautionary statements.
Investor Relations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: [email protected]
(tables follow)
LAKESIDE HOLDING LIMITED | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(UNAUDITED) | ||||||||
As of (unaudited) | As of (audited) | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | $ | 1,123,414 | $ | 123,550 | ||||
Accounts receivable – third parties, net | 1,645,774 | 2,082,152 | ||||||
Accounts receivable – related party, net | 207,293 | 763,285 | ||||||
Prepayment and other receivable | 49,476 | — | ||||||
Contract assets | 31,388 | 129,506 | ||||||
Inventory, net | 10,328 | — | ||||||
Due from related parties | 682,980 | 441,279 | ||||||
Loan to a third party | 686,697 | — | ||||||
Total current assets | 4,437,350 | 3,539,772 | ||||||
NON-CURRENT ASSETS | ||||||||
Investment in other entity | 15,741 | 15,741 | ||||||
Property and equipment at cost, net of accumulated depreciation | 514,073 | 344,883 | ||||||
Intangible asset, net | 418,867 | — | ||||||
Right of use operating lease assets | 4,074,617 | 3,471,172 | ||||||
Right of use financing lease assets | 110,998 | 37,476 | ||||||
Deferred tax asset | — | 89,581 | ||||||
Deferred offering costs | — | 1,492,798 | ||||||
Deposit and prepayment | 265,480 | 202,336 | ||||||
Total non-current assets | 5,399,776 | 5,653,987 | ||||||
TOTAL ASSETS | $ | 9,837,126 | $ | 9,193,759 | ||||
LIABILITIES AND EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payables – third parties | $ | 1,233,142 | $ | 1,161,858 | ||||
Accounts payables – related parties | 71,557 | 227,722 | ||||||
Accrued liabilities and other payables | 1,244,501 | 1,335,804 | ||||||
Current portion of obligations under operating leases | 2,203,766 | 1,186,809 | ||||||
Current portion of obligations under financing leases | 48,865 | 37,619 | ||||||
Loans payable, current | 609,935 | 746,962 | ||||||
Dividend payable | — | 98,850 | ||||||
Tax payable | 79,825 | 79,825 | ||||||
Due to shareholders | — | 1,018,281 | ||||||
Total current liabilities | 5,491,591 | 5,893,730 | ||||||
NON-CURRENT LIABILITIES | ||||||||
Loans payable, non-current | 174,846 | 136,375 | ||||||
Deferred tax liabilities | 104,717 | — | ||||||
Obligations under operating leases, non-current | 2,339,439 | 2,506,402 | ||||||
Obligations under financing leases, non-current | 80,252 | 17,460 | ||||||
Total non-current liabilities | 2,699,254 | 2,660,237 | ||||||
TOTAL LIABILITIES | $ | 8,190,845 | $ | 8,553,967 | ||||
Commitments and Contingencies | ||||||||
EQUITY | ||||||||
Common stocks, $0.0001 par value, 200,000,000 shares authorized, | 750 | 600 | ||||||
Subscription receivable | — | (600) | ||||||
Additional paid-in capital | 4,942,791 | 642,639 | ||||||
Accumulated other comprehensive income | (9,214) | 2,972 | ||||||
Deficits | (3,288,046) | (5,819) | ||||||
Total equity | 1,646,281 | 639,792 | ||||||
TOTAL LIABILITIES AND EQUITY | $ | 9,837,126 | $ | 9,193,759 | ||||
LAKESIDE HOLDING LIMITED | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
(UNAUDITED) | ||||||||||||||||
Six Months Ended | Three Months Ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenue from cross-border freight | $ | 6,702,063 | $ | 8,639,983 | $ | 3,102,276 | $ | 4,585,696 | ||||||||
Revenue from cross-border freight | 756,994 | 424,596 | 275,227 | 330,407 | ||||||||||||
Revenue from distribution of pharmaceutical | 218,086 | — | 218,086 | — | ||||||||||||
Total revenue | 7,677,143 | 9,064,579 | 3,595,589 | 4,916,103 | ||||||||||||
Cost of revenue from cross-border | 6,153,994 | 6,329,650 | 3,159,709 | 3,424,053 | ||||||||||||
Cost of revenue from cross-border | 921,050 | 1,022,877 | 356,320 | 427,541 | ||||||||||||
Cost of revenue from pharmaceutical | 121,791 | — | 121,791 | — | ||||||||||||
Total cost of revenue | 7,196,835 | 7,352,527 | 3,637,820 | 3,851,594 | ||||||||||||
Gross profit (loss) | 480,308 | 1,712,052 | (42,231) | 1,064,509 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling expenses | 54,488 | — | 54,488 | — | ||||||||||||
General and administrative expenses | 3,749,059 | 1,840,831 | 1,911,853 | 985,053 | ||||||||||||
Loss from deconsolidation of a subsidiary | — | 73,151 | — | — | ||||||||||||
Provision (reversal) of allowance for expected | 1,956 | 49,591 | (10,881) | (2,531) | ||||||||||||
Total operating expenses | 3,805,503 | 1,963,573 | 1,955,460 | 982,522 | ||||||||||||
Income (loss) from operations | (3,325,195) | (251,521) | (1,997,691) | 81,987 | ||||||||||||
Other income | ||||||||||||||||
Other income, net | 201,541 | 88,449 | 91,753 | 41,500 | ||||||||||||
Interest expense | (68,992) | (53,864) | (40,882) | (31,079) | ||||||||||||
Total other income | 132,549 | 34,585 | 50,871 | 10,421 | ||||||||||||
(Loss) income before income taxes | (3,192,646) | (216,936) | (1,946,820) | 92,408 | ||||||||||||
Income tax expense (credit) | 89,581 | 26,125 | — | 28,184 | ||||||||||||
Net (loss) income | (3,282,227) | (243,061) | (1,946,820) | 64,224 | ||||||||||||
Less: net loss attributable to non-controlling interest | — | (3,025) | — | — | ||||||||||||
Net (loss) income attributable to the Company | (3,282,227) | (240,036) | (1,946,820) | 64,224 | ||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||
Foreign currency translation income | (12,186) | 3,122 | (25,179) | — | ||||||||||||
Comprehensive (loss) income | (3,294,413) | (239,939) | (1,971,999) | 64,224 | ||||||||||||
Less: comprehensive loss attributable to | — | (3,119) | — | — | ||||||||||||
Comprehensive (loss) income attributable | $ | (3,294,413) | $ | (236,820) | $ | (1,971,999) | $ | 64,224 | ||||||||
(Loss) earnings per share – basic and diluted | $ | (0.44) | $ | (0.04) | $ | (0.26) | $ | 0.01 | ||||||||
Weighted Average Shares Outstanding – | 7,500,000 | 6,000,000 | 7,500,000 | 6,000,000 | ||||||||||||
LAKESIDE HOLDING LIMITED | ||||||||
CONDENSSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(UNAUDITED) | ||||||||
For the Six Months Ended | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (3,282,227) | $ | (243,061) | ||||
Adjustments to reconcile net loss to net cash provided by | ||||||||
Depreciation – G&A | 50,804 | 35,991 | ||||||
Depreciation – cost of revenue | 36,328 | 36,328 | ||||||
Amortization and interest expense of operating lease assets | 989,003 | 439,142 | ||||||
Depreciation of right-of-use finance assets | 15,480 | 14,385 | ||||||
Provision of allowance for expected credit loss | 1,956 | 49,591 | ||||||
Deferred tax expense | 89,581 | 26,125 | ||||||
Loss from derecognition of shares in subsidiary | — | 73,151 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable – third parties | 424,648 | (479,056) | ||||||
Accounts receivable – related parties | 565,766 | (192,609) | ||||||
Contract assets | 98,118 | (27,169) | ||||||
Inventories, net | (10,328) | — | ||||||
Due from related parties | (241,702) | 40,740 | ||||||
Prepayment, other deposit | (112,620) | (23,269) | ||||||
Accounts payables – third parties | 28,285 | 539,542 | ||||||
Accounts payables – related parties | (156,165) | 241,721 | ||||||
Accrued expense and other payables | 312,722 | 122,547 | ||||||
Operating lease liabilities | (742,649) | (396,263) | ||||||
Net cash (used in) provided by operating activities | (1,933,000) | 257,836 | ||||||
Cash flows from investing activities: | ||||||||
Purchase of furniture and equipment | (36,072) | — | ||||||
Payment for leasehold improvement | (75,008) | — | ||||||
Net cash payment for asset acquisition | (552,721) | — | ||||||
Loan to a third party | (686,697) | — | ||||||
Payment made for investment in other entity | — | (29,906) | ||||||
Net cash outflow from deconsolidation of a subsidiary | — | (48,893) | ||||||
Net cash used in investing activities | (1,350,498) | (78,799) | ||||||
Cash flows from financing activities: | ||||||||
Proceeds from loans | 195,000 | 225,000 | ||||||
Repayment of loans | (339,914) | (185,856) | ||||||
Repayment of equipment and vehicle loans | (55,877) | (59,708) | ||||||
Principal payment of finance lease liabilities | (14,964) | (13,429) | ||||||
Payment for deferring offering cost | — | (140,000) | ||||||
Advances from Hupan Pharmaceutical prior to acquisition | 276,365 | — | ||||||
Proceeds from initial public offering, net of share issuance | 5,351,281 | — | ||||||
Advanced to related parties | (311,185) | — | ||||||
Proceeds from shareholders | — | 158,455 | ||||||
Repayment to shareholders | (805,345) | — | ||||||
Net cash provided by (used in) financing activities | 4,295,361 | (15,538) | ||||||
Effect of exchange rate changes on cash | (11,999) | 3,216 | ||||||
Net increase in cash | 999,864 | 166,715 | ||||||
Cash, beginning of the period | 123,550 | 174,018 | ||||||
Cash, end of the period | $ | 1,123,414 | $ | 340,733 | ||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW | ||||||||
Cash paid for income tax | $ | — | $ | — | ||||
Cash paid for interest | $ | 45,953 | $ | 15,503 | ||||
SUPPLEMENTAL SCHEDULE OF NON-CASH IN | ||||||||
Deferred offering costs within due to shareholders | $ | — | $ | 500,826 | ||||
Deferred offering costs within accrued expense and other | $ | — | $ | 241,176 | ||||
Additions to property and equipment included in loan | $ | 102,235 | — | |||||
Additions to leasehold improvement and furniture and | $ | 42,803 | $ | — | ||||
Settlement of due to shareholder and advance to related | $ | 311,815 | — | |||||
NON-CASH ACTIVITIES | ||||||||
Right of use assets obtained in exchange for operating lease | $ | 1,445,498 | $ | — | ||||
Right of use assets obtained in exchange for finance lease | $ | 89,003 | $ | 19,982 | ||||
APPENDIX A – Net cash outflow from deconsolidation of | ||||||||
Working capital, net | $ | 29,812 | ||||||
Investment in other entity recognized | (15,741) | |||||||
Elimination of NCl at deconsolidation of a subsidiary | 10,187 | |||||||
Loss from deconsolidation of a subsidiary | (73,151) | |||||||
Cash | $ | (48,893) | ||||||
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SOURCE Lakeside Holding Limited