$CFOO
China Foods Holdings Ltd.

2023 Q2 Form 10-Q Financial Statement

#000149315223016784 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $6.840K $10.35K $68.80K
YoY Change -92.79% -84.96% -58.96%
Cost Of Revenue $1.538K $9.497K $18.84K
YoY Change -94.6% -49.59% -87.74%
Gross Profit $5.302K $2.708K $49.96K
YoY Change -92.01% -94.58% 257.88%
Gross Profit Margin 77.51% 26.17% 72.62%
Selling, General & Admin $139.3K $110.9K $124.9K
YoY Change 26.13% -11.22% -44.68%
% of Gross Profit 2626.46% 4096.01% 250.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.16K $14.35K $19.75K
YoY Change -14.56% -27.34% -8.4%
% of Gross Profit 267.07% 529.95% 39.53%
Operating Expenses $139.3K $110.9K $124.9K
YoY Change 26.13% -11.21% -44.68%
Operating Profit -$134.0K -$108.2K -$74.97K
YoY Change 204.14% 44.34% -64.62%
Interest Expense $0.00 $10.00 $340.00
YoY Change -100.0% -97.06% -33.33%
% of Operating Profit
Other Income/Expense, Net $241.00 $341.00 $80.00
YoY Change -97.73% 326.25% -98.73%
Pretax Income -$133.7K -$107.9K -$74.56K
YoY Change 300.12% 44.68% -63.64%
Income Tax $2.270K
% Of Pretax Income
Net Earnings -$133.7K -$107.9K -$76.82K
YoY Change 254.46% 40.41% -62.54%
Net Earnings / Revenue -1954.85% -1042.53% -111.66%
Basic Earnings Per Share -$0.01 -$0.01 $0.00
Diluted Earnings Per Share -$0.01 -$0.01 -$3.793K
COMMON SHARES
Basic Shares Outstanding 20.25M shares 20.25M shares 20.25M shares
Diluted Shares Outstanding 20.25M shares 20.25M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $240.0K $309.4K $493.7K
YoY Change -49.71% -37.34% -32.41%
Cash & Equivalents $243.7K $309.4K $493.7K
Short-Term Investments
Other Short-Term Assets $60.00K $59.27K $356.3K
YoY Change -80.77% -83.37% -16.81%
Inventory $121.5K $129.6K $332.1K
Prepaid Expenses
Receivables $5.104K $5.096K
Other Receivables $2.766K $2.905K
Total Short-Term Assets $431.3K $506.3K $1.316M
YoY Change -63.45% -61.52% -11.73%
LONG-TERM ASSETS
Property, Plant & Equipment $25.85K $41.25K $112.9K
YoY Change -72.17% -63.46% -34.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $28.61K $51.13K $116.7K
YoY Change -70.31% -56.18% -33.66%
TOTAL ASSETS
Total Short-Term Assets $431.3K $506.3K $1.316M
Total Long-Term Assets $28.61K $51.13K $116.7K
Total Assets $459.9K $557.4K $1.432M
YoY Change -63.97% -61.09% -14.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.398K
YoY Change
Accrued Expenses $160.0K $134.4K $167.1K
YoY Change -3.17% -19.57% 68.42%
Deferred Revenue $69.97K $73.92K
YoY Change -71.66%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $688.1K $648.1K $892.7K
YoY Change -16.77% -27.41% 15.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $216.4K
YoY Change -17.25%
Total Long-Term Liabilities $0.00 $0.00 $216.4K
YoY Change -100.0% -100.0% -17.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $688.1K $648.1K $892.7K
Total Long-Term Liabilities $0.00 $0.00 $216.4K
Total Liabilities $690.0K $648.1K $1.109M
YoY Change -31.67% -41.57% 7.18%
SHAREHOLDERS EQUITY
Retained Earnings -$1.514M -$1.380M
YoY Change 46.59%
Common Stock $1.292M $1.292M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$228.2K -$90.67K $323.3K
YoY Change
Total Liabilities & Shareholders Equity $459.9K $557.4K $1.432M
YoY Change -63.97% -61.09% -14.05%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$133.7K -$107.9K -$76.82K
YoY Change 254.46% 40.41% -62.54%
Depreciation, Depletion And Amortization $14.16K $14.35K $19.75K
YoY Change -14.56% -27.34% -8.4%
Cash From Operating Activities -$70.00K -$75.45K -$140.7K
YoY Change -609.09% -46.36% -52.95%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.00K $3.343K 29.15K
YoY Change -158.91% -88.53% 41.44%
NET CHANGE
Cash From Operating Activities -70.00K -$75.45K -140.7K
Cash From Investing Activities
Cash From Financing Activities 20.00K $3.343K 29.15K
Net Change In Cash -50.00K -$72.36K -111.5K
YoY Change 147.52% -35.11% -59.94%
FREE CASH FLOW
Cash From Operating Activities -$70.00K -$75.45K -$140.7K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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309354 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
493683 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_840_eus-gaap--UseOfEstimates_zOAtneO1fRSc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86E_zu5m5tmKssP6">Use of estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant areas for which management uses estimates include:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">revenue recognition at point in time and over time;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales returns at point in time and allowances;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inventory;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">estimated lives for tangible and intangible assets; and</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">income tax valuation allowances</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These estimates require the use of judgment as future events and the effect of these events cannot be predicted with certainty. The estimates will change as new events occur, as more experience is acquired and as more information is obtained. We evaluate and update our assumptions and estimates on an ongoing basis and we may consult outside experts to assist as considered necessary.</span></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; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2023Q1 us-gaap Depreciation
Depreciation
14351 usd
CY2022Q1 us-gaap Depreciation
Depreciation
19618 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P10Y
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
123 usd
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
132 usd
CY2023Q1 CFOO Sales Tax Percentage
SalesTaxPercentage
0.17 pure
CY2023Q1 CFOO Sales Tax Percentage
SalesTaxPercentage
0.17 pure
CY2023Q1 CFOO Product Sales Returns
ProductSalesReturns
0 usd
CY2022Q1 CFOO Product Sales Returns
ProductSalesReturns
4741 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12205 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
68799 usd
CY2023Q1 us-gaap Income Tax Examination Likelihood Of Unfavorable Settlement
IncomeTaxExaminationLikelihoodOfUnfavorableSettlement
greater than fifty percent (50%) likelihood of being realized upon ultimate settlement
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-107871 usd
CY2023Q1 CFOO Working Capital
WorkingCapital
141802 usd
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12205 usd
CY2023Q1 us-gaap Cost Of Revenue
CostOfRevenue
9497 usd
CY2023Q1 us-gaap Gross Profit
GrossProfit
2708 usd
CY2023Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2328 usd
CY2023Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
108592 usd
CY2023Q1 us-gaap Operating Expenses
OperatingExpenses
110920 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-108212 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
68799 usd
CY2022Q1 us-gaap Cost Of Revenue
CostOfRevenue
18837 usd
CY2022Q1 us-gaap Gross Profit
GrossProfit
49962 usd
CY2022Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
8 usd
CY2022Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
124929 usd
CY2022Q1 us-gaap Operating Expenses
OperatingExpenses
124937 usd
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-74975 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12205 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
68799 usd
CY2023Q1 CFOO Rental Deposits
RentalDeposits
40241 usd
CY2022Q4 CFOO Rental Deposits
RentalDeposits
40115 usd
CY2023Q1 CFOO Purchase Deposits
PurchaseDeposits
19029 usd
CY2022Q4 CFOO Purchase Deposits
PurchaseDeposits
23835 usd
CY2023Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
2905 usd
CY2022Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
10863 usd
CY2023Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
62175 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
74813 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
129633 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
138582 usd
CY2023Q1 CFOO Allowance For Obsolete Inventories
AllowanceForObsoleteInventories
0 usd
CY2022Q1 CFOO Allowance For Obsolete Inventories
AllowanceForObsoleteInventories
0 usd
CY2023Q1 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company leased office and warehouse facilities under various non-cancelable operating leases expiring at the term of 1 to 2 year, through May 16, 2023
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
6848 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
20341 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7115 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
21024 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
13909 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
323748 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
322983 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
273016 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
258665 usd
CY2023Q1 CFOO Foreign Translation Difference Net
ForeignTranslationDifferenceNet
9487 usd
CY2022Q4 CFOO Foreign Translation Difference Net
ForeignTranslationDifferenceNet
8823 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
41245 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
55495 usd
CY2023Q1 us-gaap Depreciation
Depreciation
14351 usd
CY2022Q1 us-gaap Depreciation
Depreciation
19618 usd
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
20252309 shares
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
20252309 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
20252309 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
20252309 shares
CY2022Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
2268 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2268 usd
CY2023Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
477148 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
459505 usd
CY2023Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
477148 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
459505 usd
CY2023Q1 us-gaap Revenues
Revenues
10347 usd
CY2022Q1 us-gaap Revenues
Revenues
64058 usd

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