2024 Q3 Form 10-K Financial Statement

#000121390024081967 Filed on September 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2024
Revenue $42.48M $45.29M $167.0M
YoY Change 3.0% -5.81% 23.65%
Cost Of Revenue $46.09M $43.43M $148.9M
YoY Change 27.96% 5.03% 36.21%
Gross Profit -$3.607M $1.854M $18.08M
YoY Change -169.01% -72.45% -29.73%
Gross Profit Margin -8.49% 4.09% 10.83%
Selling, General & Admin $3.527M $1.779M $9.655M
YoY Change 132.05% 27.14%
% of Gross Profit 95.95% 53.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $578.4K $561.1K $1.827M
YoY Change 48.72% 49.49% 38.89%
% of Gross Profit 30.26% 10.1%
Operating Expenses $3.669M $1.871M $9.968M
YoY Change 92.27% 126.75% 27.81%
Operating Profit -$7.276M -$16.27K $8.115M
YoY Change -319.26% -100.28% -54.75%
Interest Expense -$9.010K -$9.870K -$47.65K
YoY Change -32.07% -21.14%
% of Operating Profit -0.59%
Other Income/Expense, Net $1.197M $417.4K $2.273M
YoY Change 126.28% -8.09% 61.33%
Pretax Income -$6.079M $391.3K $10.39M
YoY Change -258.01% -93.83% -46.13%
Income Tax -$1.431M $131.9K $2.946M
% Of Pretax Income 33.71% 28.36%
Net Earnings -$4.648M $259.4K $7.441M
YoY Change -268.72% -94.77% -46.55%
Net Earnings / Revenue -10.94% 0.57% 4.46%
Basic Earnings Per Share -$0.11 $0.19
Diluted Earnings Per Share -$0.11 $0.01 $0.19
COMMON SHARES
Basic Shares Outstanding 41.63M shares 41.60M shares 40.21M shares
Diluted Shares Outstanding 41.71M shares 40.22M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.924M $7.889M $7.889M
YoY Change 20.29% 20.29%
Cash & Equivalents $2.924M $7.889M
Short-Term Investments
Other Short-Term Assets $1.875M $1.625M $2.754M
YoY Change -56.61% -26.44%
Inventory
Prepaid Expenses $812.7K $1.129M
Receivables $25.18M $25.47M $25.47M
Other Receivables $861.6K $1.877M $1.877M
Total Short-Term Assets $31.65M $37.98M $37.98M
YoY Change 25.99% 25.99%
LONG-TERM ASSETS
Property, Plant & Equipment $11.79M $11.01M $123.0M
YoY Change -80.78% 114.64%
Goodwill
YoY Change
Intangibles $83.88K $92.71K
YoY Change -27.59%
Long-Term Investments $270.8K $309.5K $309.5K
YoY Change -35.38% -35.38%
Other Assets $817.6K $711.6K $2.773M
YoY Change 39.15% 442.33%
Total Long-Term Assets $125.8M $129.0M $129.0M
YoY Change 120.95% 120.95%
TOTAL ASSETS
Total Short-Term Assets $31.65M $37.98M $37.98M
Total Long-Term Assets $125.8M $129.0M $129.0M
Total Assets $157.5M $167.0M $167.0M
YoY Change 88.62% 88.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.399M $6.004M $6.004M
YoY Change -19.87% -19.87%
Accrued Expenses $27.05M $24.62M $24.62M
YoY Change 98.97% 98.97%
Deferred Revenue $774.7K $276.5K
YoY Change -34.82%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $155.6K $155.6K $155.6K
YoY Change -21.58% -21.58%
Total Short-Term Liabilities $33.91M $32.96M $32.96M
YoY Change 34.69% 34.69%
LONG-TERM LIABILITIES
Long-Term Debt $133.9K $169.7K $169.7K
YoY Change -41.65% -41.65%
Other Long-Term Liabilities $88.70M $93.13M $93.13M
YoY Change 146.75% 146.75%
Total Long-Term Liabilities $88.83M $93.30M $93.30M
YoY Change 145.31% 145.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.91M $32.96M $32.96M
Total Long-Term Liabilities $88.83M $93.30M $93.30M
Total Liabilities $122.9M $127.8M $127.8M
YoY Change 102.08% 102.08%
SHAREHOLDERS EQUITY
Retained Earnings $19.12M $23.77M
YoY Change 45.57%
Common Stock $15.47M $15.47M
YoY Change 3867220.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $34.59M $39.24M $39.24M
YoY Change
Total Liabilities & Shareholders Equity $157.5M $167.0M $167.0M
YoY Change 88.62% 88.62%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2024
OPERATING ACTIVITIES
Net Income -$4.648M $259.4K $7.441M
YoY Change -268.72% -94.77% -46.55%
Depreciation, Depletion And Amortization $578.4K $561.1K $1.827M
YoY Change 48.72% 49.49% 38.89%
Cash From Operating Activities -$3.603M -$951.7K $3.041M
YoY Change -217.69% -171.86% -74.24%
INVESTING ACTIVITIES
Capital Expenditures $1.353M $2.128M $5.209M
YoY Change 18.18% 8274.18% 179.11%
Acquisitions
YoY Change
Other Investing Activities $36.71K -$629.1K -$2.229M
YoY Change 3151.06% -9.02%
Cash From Investing Activities -$1.317M -$2.757M -$7.438M
YoY Change -39.18% 6060.83% 72.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$44.84K 7.612M $7.789M
YoY Change -104.77% -5046.6% -345.1%
NET CHANGE
Cash From Operating Activities -$3.603M -951.7K $3.041M
Cash From Investing Activities -$1.317M -2.757M -$7.438M
Cash From Financing Activities -$44.84K 7.612M $7.789M
Net Change In Cash -$4.965M 3.904M $3.392M
YoY Change -370.38% 246.78% -21.28%
FREE CASH FLOW
Cash From Operating Activities -$3.603M -$951.7K $3.041M
Capital Expenditures $1.353M $2.128M $5.209M
Free Cash Flow -$4.956M -$3.080M -$2.168M
YoY Change -358.64% -337.08% -121.82%

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CY2024 us-gaap Nature Of Operations
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>1. Organization and principal activities</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Armlogi Holding Corp. and its consolidated subsidiaries (the “Company”) operate as a third-party logistics company, providing multi-model transportation and logistics services primarily in the United States.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s primary transportation services involve arranging shipments, on behalf of its customers, of materials that are generally larger than shipments handled by integrated carriers of primarily small parcels, such as FedEx, and UPS, including arranging and monitoring all aspects of material flow activity utilizing advanced information technology systems. The Company also provides other value-added logistics services, including warehousing services, materials management and distribution services, and customs house brokerage services, to complement its core transportation service offering.</p>
CY2024 us-gaap Use Of Estimates
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CY2024 us-gaap Concentration Risk Credit Risk
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Certain risks and concentration</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The Company’s financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and restricted cash, receivables, loan receivables and other current assets. As of June 30, 2024 and 2023, substantially all of the Company’s cash and restricted cash were held in EastWest Bank </span>   <span style="font-family: Times New Roman, Times, Serif">located in the U.S., which management considers to be of high credit quality.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended June 30, 2024 and 2023, the Company’s five largest customers collectively accounted for approximately 53.0% and 62.0% of its total revenue, respectively. During the year ended June 30, 2024, the Company’s top five suppliers collectively accounted for 60% (2023: 69%) of its total purchases. One supplier accounted for approximately 50% and 62% of the total purchases during the years ended June 30, 2024 and 2023, and no other suppliers accounted for more than 10% of the total purchases over the same period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As of June 30, 2024 and 2023, the largest three accounts receivable balances from customers accounted for 58% and 41% of the total balance of accounts receivable</span>  <span style="font-family: Times New Roman, Times, Serif">and other receivables, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority.
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CY2024Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
34000 shares
CY2024Q2 us-gaap Share Price
SharePrice
4.62
CY2024 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0446 pure
CY2024 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2024 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1 pure
CY2024 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
7441218 usd
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
13921538 usd
CY2024 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40205836 shares
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40000000 shares
CY2024 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.19
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.35
CY2024 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40216109 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40000000 shares
CY2024 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.19
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.35
CY2024Q2 us-gaap Debt Instrument Fee Amount
DebtInstrumentFeeAmount
2061673 usd
CY2024 us-gaap Debt Instrument Repaid Principal
DebtInstrumentRepaidPrincipal
500000 usd
CY2024Q1 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2025-01-24
CY2024Q1 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.032 pure
CY2024Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
2700 usd
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 us-gaap Deferred Costs Current
DeferredCostsCurrent
usd
CY2023Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
usd
CY2023Q2 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
usd
CY2023Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
usd
CY2024Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2023Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2024 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.19
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.35
CY2024 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
usd
CY2023 us-gaap Investment Income Interest
InvestmentIncomeInterest
usd
CY2023 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
usd
CY2024 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
usd
CY2023 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
usd
CY2023Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
usd
CY2024 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
usd
CY2023 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
usd
CY2023 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
usd
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
usd
CY2024Q2 btoc Finance Lease Liability Payments Due After Year Three
FinanceLeaseLiabilityPaymentsDueAfterYearThree
usd
CY2024 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
usd
CY2023 btoc Rental Expense
RentalExpense
usd
CY2023 us-gaap Interest Income Other
InterestIncomeOther
usd
CY2024 us-gaap Dividends
Dividends
usd
CY2024 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
7441218 usd
CY2024 dei Amendment Flag
AmendmentFlag
false
CY2024 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2024 dei Entity Central Index Key
EntityCentralIndexKey
0001972529

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