UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of August 2023
Commission File Number 001-35715
JX Luxventure Limited
(Translation of registrant’s name into English)
Bin Hai Da Dao No. 270
Lang Qin Wan Guo Ji Du Jia Cun Zong He Lou
Xiu Ying District
Haikou City, Hainan Province 570100
People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
On August 16, 2023, JX Luxventure Limited (the “Company”) announced its unaudited condensed interim consolidated statements of financial position for the 6 month period ended on June 30, 2023, which are set forth below:
| As of | ||||||||
| June 30, 2023 | December 31, 2022 | |||||||
| Non-current assets | ||||||||
| Property, plant and equipment-net | 2,507,799 | 2,789,704 | ||||||
| Long-term receivable | 4,000,000 | 7,000,000 | ||||||
| 6,507,799 | 9,789,704 | |||||||
| Current assets | ||||||||
| Inventories | 5,497,729 | 444,551 | ||||||
| Trade receivables | 1,375,633 | - | ||||||
| Other receivables and prepayments | 4,790,578 | 5,501,106 | ||||||
| Cash and cash equivalents | 432,770 | 520,916 | ||||||
| 12,096,710 | 6,466,573 | |||||||
| Total assets | 18,604,509 | 16,256,277 | ||||||
| Current liabilities | ||||||||
| Trade and other payables | 1,307,722 | 1,319,076 | ||||||
| Due to related parties | 3,075,457 | 2,611,097 | ||||||
| Income tax payable | - | 212 | ||||||
| 4,383,179 | 3,930,385 | |||||||
| Total liabilities | 4,383,179 | 3,930,385 | ||||||
| Equity | ||||||||
| Share capital | 6,063 | 6,063 | ||||||
| Series A equity interest with preferential rights | 1,240,000 | 1,240,000 | ||||||
| Series C equity interest with preferential rights | 1,500,000 | 1,500,000 | ||||||
| Series D equity interest with preferential rights | 3,120,000 | 3,120,000 | ||||||
| Share premium | 77,959,554 | 77,959,554 | ||||||
| Other reserve | 6,269,108 | 6,269,108 | ||||||
| Statutory surplus reserve | - | - | ||||||
| Retained profits / (accumulated deficit) | (75,062,118 | ) | (77,451,517 | ) | ||||
| Foreign currency translation reserve | (811,277 | ) | (317,316 | ) | ||||
| 14,221,330 | 12,325,892 | |||||||
| Total liabilities and equity | 18,604,509 | 16,256,277 | ||||||
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| For the six months ended | ||||||||
| June 30, 2023 | June 30, 2022 | |||||||
| Revenue | 21,533,147 | 51,493,943 | ||||||
| Cost of sales | (18,294,344 | ) | (50,880,928 | ) | ||||
| Gross profit | 3,238,803 | 613,014 | ||||||
| Other income | 489 | 1,741 | ||||||
| Other gain/(losses) | 53,813 | (4,937 | ) | |||||
| Distribution and selling expenses | (60,271 | ) | (433,418 | ) | ||||
| Administrative expenses | (843,434 | ) | (14,152,152 | ) | ||||
| Gain/(loss) from operations | 2,389,400 | (13,975,751 | ) | |||||
| Finance costs | - | - | ||||||
| Profit/(loss) before tax | 2,389,400 | (13,975,751 | ) | |||||
| Income tax income | - | - | ||||||
| Loss from the continuing business | 2,389,400 | (13,975,751 | ) | |||||
| Loss from discontinued operations | - | (5,513,271 | ) | |||||
| Net profit/(loss) for the period | 2,389,400 | (19,489,022 | ) | |||||
| Other comprehensive loss | ||||||||
| - currency translation differences | (493,962 | ) | (1,462,167 | ) | ||||
| Total comprehensive loss for the period | 1,895,438 | (20,951,188 | ) | |||||
| Loss per share of common stock attributable to the Company | ||||||||
| - Basic | 0.39 | (25.5 | ) | |||||
| - Diluted | 0.38 | (25.5 | ) | |||||
| Weighted average shares outstanding: | ||||||||
| - Basic | 6,063,334 | 765,315 | ||||||
| - Diluted | 6,366,334 | 765,315 | ||||||
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| For the six months ended | ||||||||
| June 30, 2023 | June 30, 2022 | |||||||
| OPERATING ACTIVITIES | ||||||||
| Loss for the period | 2,389,400 | (19,489,022 | ) | |||||
| Adjustments for: | ||||||||
| Share-based payment | - | 12,730,400 | ||||||
| Finance cost | - | 33,569 | ||||||
| Interest income | (31 | ) | (13,085 | ) | ||||
| Depreciation of property, plant and equipment & investment property | 146,725 | 426,061 | ||||||
| Amortization of intangible assets, prepayments and premiums under operating leases | - | 40,411 | ||||||
| Provision/ (reversal) of inventory obsolescence | - | 37,471 | ||||||
| Bad debt provision/ (reversal) of trade receivables | (15,153 | ) | 3,383,792 | |||||
| Gain on disposal of property, plant and equipment | - | 308 | ||||||
| Operating cash flows before movements in working capital | 2,520,941 | (2,850,095 | ) | |||||
| Increase in trade and other receivables | (839,770 | ) | 19,774 | |||||
| Increase in inventories | (5,324,478 | ) | (176,995 | ) | ||||
| Increase in other current assets | - | (3,394 | ) | |||||
| Increase in deferred tax assets | (47,538 | ) | - | |||||
| Decrease in trade and other payables | 72,266 | (58,990 | ) | |||||
| Decrease in income tax payable | - | (60,506 | ) | |||||
| CASH USED IN OPERATING ACTIVITIES | (3,618,580 | ) | (3,130,206 | ) | ||||
| NET CASH USED IN OPERATING ACTIVITIES | (3,618,580 | ) | (3,130,206 | ) | ||||
| INVESTING ACTIVITIES | ||||||||
| Interest received | 31 | 13,085 | ||||||
| Proceeds on disposal of subsidiaries | 3,000,000 | - | ||||||
| Purchase of property, plant and equipment | - | (1,047 | ) | |||||
| NET CASH FROM INVESTING ACTIVITIES | 3,000,031 | 12,038 | ||||||
| FINANCING ACTIVITIES | ||||||||
| Proceeds from issuance of preferred shares | - | - | ||||||
| Interest paid | - | (33,569 | ) | |||||
| Advance from related party | 532,600 | 1,938,058 | ||||||
| NET CASH FROM FINANCING ACTIVITIES | 532,600 | 1,904,489 | ||||||
| NET DECREASE IN CASH AND CASH EQUIVALENTS | (85,949 | ) | (1,213,679 | ) | ||||
| Effects of foreign currency translation | (2,196 | ) | (621,959 | ) | ||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 520,916 | 12,914,914 | ||||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | 432,770 | 11,079,276 | ||||||
| Supplemental information for Cashflow of Discontinued operations: | ||||||||
| NET CASH USED IN OPERATING ACTIVITIES | - | (1,819,740 | ) | |||||
| NET CASH FROM INVESTING ACTIVITIES | - | - | ||||||
| NET CASH FROM FINANCING ACTIVITIES | - | - | ||||||
On August 16, 2023, the Company issued the press release furnished herewith as Exhibit 99.1.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: August 16, 2023 | JX Luxventure Limited | |
| By: | /s/ Sun Lei | |
| Sun Lei | ||
| Chief Executive Officer | ||
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EXHIBIT INDEX
| Exhibit Number |
Description | |
| 99.1 | Press Release |
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