SEC Form 6-K filed by Mobile-health Network Solutions
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
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2024
Mobile-health Network Solutions
2 Venture Drive, #07-06/07 Vision Exchange
Singapore 608526
+65 6222 5223
(Address, including zip code, and telephone number, including area code, of Registrant’s 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 ☐
Mobile-health Network Solutions Announces Unaudited Interim 2024 Financial Results
Mobile-health Network Solutions (the “Company”) (Nasdaq: MNDR), an established technology-driven facilities services provider in the public and private sectors operating mainly in Singapore, today announced its unaudited financial results for the six months ended December 31, 2023. A copy of the press release relating to the above matter is set forth in Exhibit 99.1, which is being furnished herewith.
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Mobile-health
Network Solutions and Subsidiaries
Condensed Consolidated Balance Sheets
December 31, 2023 | June 30, 2023 | |||||||
| US$ | US$ | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 2,546,663 | 2,225,806 | ||||||
| Accounts receivable, net | 171,563 | 74,315 | ||||||
| Inventories, net | 219,745 | 146,381 | ||||||
| Other current assets | 50,682 | 164,410 | ||||||
| Amount due from related parties | 144,672 | 106,897 | ||||||
| Total current assets | 3,133,325 | 2,717,809 | ||||||
| Non-current assets | ||||||||
| Property and equipment, net | 185,938 | 178,799 | ||||||
| Intangible assets, net | 46,150 | 70,783 | ||||||
| Operating leases right-of-use assets | 373,780 | 393,198 | ||||||
| Other assets | 103,783 | 81,950 | ||||||
| Total non-current assets | 709,651 | 724,730 | ||||||
| TOTAL ASSETS | 3,842,976 | 3,442,539 | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | 1,870,666 | 1,358,816 | ||||||
| Accruals and other payables | 511,887 | 826,167 | ||||||
| Amount due to officers | 138,080 | 133,586 | ||||||
| Amount due to related parties | 42,881 | 26,915 | ||||||
| Operating lease liabilities, current | 142,100 | 154,604 | ||||||
| Income taxes payable | 19,612 | - | ||||||
| Total current liabilities | 2,725,226 | 2,500,088 | ||||||
| Non-current liabilities | ||||||||
| Amount due to officers | 827,947 | 994,708 | ||||||
| Other liabilities | - | 73,763 | ||||||
| Operating lease liabilities | 236,158 | 241,179 | ||||||
| Total non-current liabilities | 1,064,105 | 1,309,650 | ||||||
| TOTAL LIABILITIES | 3,789,331 | 3,809,738 | ||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||
| SHAREHOLDERS’ EQUITY | ||||||||
| Ordinary shares, Class A, $0.000004 par value, 6,250,000,000 shares authorized, 14,357,250 and 13,403,750 shares issued and outstanding as of December 31, 2023 and June 30, 2023, respectively | 57 | 53 | ||||||
| Ordinary shares, Class B, $0.000004 par value, 6,250,000,000 shares authorized, 12,078,250 shares issued and outstanding as of December 31, 2023 and June 30, 2023, respectively | 49 | 49 | ||||||
| Additional paid-in capital | 10,378,791 | 8,496,710 | ||||||
| Accumulated deficit | (10,614,700 | ) | (9,153,001 | ) | ||||
| Accumulated other comprehensive income | 289,448 | 288,990 | ||||||
| Total shareholders’ equity (deficit) | 53,645 | (367,199 | ) | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) | 3,842,976 | 3,442,539 | ||||||
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Mobile-health
Network Solutions and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations and other Comprehensive Loss
| For
the Six Months Ended December, 31 | ||||||||
| 2023 | 2022 | |||||||
| US$ | US$ | |||||||
| Revenue | 6,643,842 | 2,988,188 | ||||||
| - Third parties | 6,432,882 | 2,801,304 | ||||||
| - Related parties | 210,960 | 186,884 | ||||||
| Cost | (5,435,300 | ) | (2,608,565 | ) | ||||
| - Third parties | (5,368,240 | ) | (2,509,230 | ) | ||||
| - Related parties | (67,060 | ) | (99,335 | ) | ||||
| Gross profit | 1,208,542 | 379,623 | ||||||
| Operating expenses: | ||||||||
| Salaries and benefits | (1,829,568 | ) | (1,048,824 | ) | ||||
| Depreciation and amortization | (73,066 | ) | (44,793 | ) | ||||
| Selling, general and administrative | (769,985 | ) | (606,923 | ) | ||||
| Total operating expenses | (2,672,619 | ) | (1,700,540 | ) | ||||
| Other income: | ||||||||
| Other income, net | 2,378 | 30,852 | ||||||
| Total other income, net | 2,378 | 30,852 | ||||||
| Loss before income tax expense | (1,461,699 | ) | (1,290,065 | ) | ||||
| Income tax expense | - | - | ||||||
| Net loss | (1,461,699 | ) | (1,290,065 | ) | ||||
| Other comprehensive income: | ||||||||
| Foreign currency translation, net of income tax | 458 | 250,487 | ||||||
| Comprehensive loss | (1,461,241 | ) | (1,039,578 | ) | ||||
| Net loss per share | ||||||||
| Basic and diluted | (0.06 | ) | (0.04 | ) | ||||
| Weighted average number of ordinary shares | ||||||||
| Basic and diluted | 26,177,150 | 28,951,750 | ||||||
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Safe Harbor Statements
This filing contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to execute our strategies, manage growth and maintain our corporate culture; the Company’s future business development, financial conditions and results of operations; expectations regarding demand for and market acceptance of our products and services; changes in technology; economic conditions; the growth of the telehealth solutions industry in Singapore and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in Singapore and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing, other factors beyond our control and other risks contained in reports filed by the Company with the SEC. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this report and in the attachments is as of the date of this report, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.
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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.
| Mobile-health Network Solutions | ||
| Date: May 20, 2024 | By: | /s/ Siaw Tung Yeng |
| Name: | Siaw Tung Yeng | |
| Title: | Co-Chief Executive Officer | |
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EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Press Release dated May 20, 2024 |
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