$FEBO
Fenbo Holdings Ltd

2023 Q4 Form 20-F Financial Statement

#000149315224016826 Filed on April 29, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022 Q4
Revenue $15.25M
YoY Change -87.26%
Cost Of Revenue $12.42M
YoY Change -87.69%
Gross Profit $2.830M
YoY Change -84.95%
Gross Profit Margin 18.56%
Selling, General & Admin $2.880M
YoY Change -85.31%
% of Gross Profit 101.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization 506.0K hkds
YoY Change -90.9%
% of Gross Profit 17.88%
Operating Expenses $2.880M
YoY Change -86.48%
Operating Profit -$50.00K
YoY Change -98.0%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$121.0K
YoY Change -124.2%
Pretax Income -1.331M hkds
YoY Change -114.79%
Income Tax $17.00K
% Of Pretax Income
Net Earnings -$188.0K
YoY Change -102.16%
Net Earnings / Revenue -1.23%
Basic Earnings Per Share -$1.86
Diluted Earnings Per Share -$1.86
COMMON SHARES
Basic Shares Outstanding 11.00M shares 10.08M shares
Diluted Shares Outstanding 10.08M shares

Balance Sheet

Concept 2023 Q4 2023 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $5.933M 13.85M hkds
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $1.804M 15.86M hkds
Prepaid Expenses $224.0K 2.813M hkds
Receivables
Other Receivables $137.0K 801.0K hkds
Total Short-Term Assets $12.54M 71.32M hkds
YoY Change -82.42%
LONG-TERM ASSETS
Property, Plant & Equipment $159.0K 1.498M hkds
YoY Change -89.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $646.0K 8.615M hkds
YoY Change -92.5%
TOTAL ASSETS
Total Short-Term Assets $12.54M 71.32M hkds
Total Long-Term Assets $646.0K 8.615M hkds
Total Assets $13.18M 79.94M hkds
YoY Change -83.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.366M 13.80M hkds
YoY Change -82.85%
Accrued Expenses $904.0K 5.799M hkds
YoY Change -84.41%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.507M 41.34M hkds
YoY Change -86.68%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.507M 41.34M hkds
Total Long-Term Liabilities
Total Liabilities $5.532M 43.89M hkds
YoY Change -87.4%
SHAREHOLDERS EQUITY
Retained Earnings $3.677M 30.18M hkds
YoY Change -87.82%
Common Stock $1.000K 8.000K hkds
YoY Change -87.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.652M 36.04M hkds
YoY Change
Total Liabilities & Shareholders Equity $13.18M 79.94M hkds
YoY Change -83.51%

Cashflow Statement

Concept 2023 Q4 2023 2022 Q4
OPERATING ACTIVITIES
Net Income -$188.0K
YoY Change -102.16%
Depreciation, Depletion And Amortization 506.0K hkds
YoY Change -90.9%
Cash From Operating Activities $1.244M
YoY Change -78.18%
INVESTING ACTIVITIES
Capital Expenditures $36.00K
YoY Change -93.45%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$36.00K
YoY Change -93.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.329M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $2.983M
YoY Change -40.7%
NET CHANGE
Cash From Operating Activities $1.244M
Cash From Investing Activities -$36.00K
Cash From Financing Activities $2.983M
Net Change In Cash $4.191M
YoY Change -58.83%
FREE CASH FLOW
Cash From Operating Activities $1.244M
Capital Expenditures $36.00K
Free Cash Flow $1.208M
YoY Change -76.54%

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CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
86.53
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-14.50
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-14.50
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.86
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.86
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10000000 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10000000 shares
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10084932 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10084932 shares
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10084932 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10084932 shares
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
37474000 hkd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
8653000 hkd
CY2022 us-gaap Stock Issued During Period Value Stock Dividend
StockIssuedDuringPeriodValueStockDividend
10000000 hkd
CY2022 FEBO Stock Issued During Period Value Accumulated Foreign Currency Translation Adjustment
StockIssuedDuringPeriodValueAccumulatedForeignCurrencyTranslationAdjustment
-2575000 hkd
CY2022 FEBO Stock Issued During Period Value Reorganization
StockIssuedDuringPeriodValueReorganization
2492000 hkd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
36044000 hkd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
36044000 hkd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-1462000 hkd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-1462000 hkd
CY2023 FEBO Stock Issued During Period Value Accumulated Foreign Currency Translation Adjustment
StockIssuedDuringPeriodValueAccumulatedForeignCurrencyTranslationAdjustment
-809000 hkd
CY2023 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
26003000 hkd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
59776000 hkd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
59776000 hkd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
7652000 usd
CY2022Q4 us-gaap Shares Outstanding
SharesOutstanding
10000000 shares
CY2022 us-gaap Net Income Loss
NetIncomeLoss
8653000 hkd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-1462000 hkd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-188000 usd
CY2022 us-gaap Depreciation
Depreciation
702000 hkd
CY2023 us-gaap Depreciation
Depreciation
506000 hkd
CY2023 us-gaap Depreciation
Depreciation
65000 usd
CY2022 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
4862000 hkd
CY2023 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
5410000 hkd
CY2023 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
693000 usd
CY2022 FEBO Interest On Lease Liabilities
InterestOnLeaseLiabilities
469000 hkd
CY2023 FEBO Interest On Lease Liabilities
InterestOnLeaseLiabilities
313000 hkd
CY2023 FEBO Interest On Lease Liabilities
InterestOnLeaseLiabilities
40000 usd
CY2022 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
12458000 hkd
CY2023 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-1000 hkd
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-10228000 hkd
CY2023 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-789000 hkd
CY2023 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-101000 usd
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-4217000 hkd
CY2023 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1475000 hkd
CY2023 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-189000 usd
CY2022 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
2977000 hkd
CY2023 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-2526000 hkd
CY2023 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-323000 usd
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2253000 hkd
CY2023 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
5073000 hkd
CY2023 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
649000 usd
CY2022 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
267000 hkd
CY2023 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
1398000 hkd
CY2023 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
179000 usd
CY2022 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-6015000 hkd
CY2023 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-6301000 hkd
CY2023 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-807000 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
5695000 hkd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
9728000 hkd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1244000 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
554000 hkd
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
284000 hkd
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
36000 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-554000 hkd
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-284000 hkd
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-36000 usd
CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
26003000 hkd
CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3329000 usd
CY2022 FEBO Advances To From Related Parties
AdvancesToFromRelatedParties
-5034000 hkd
CY2023 FEBO Advances To From Related Parties
AdvancesToFromRelatedParties
2704000 hkd
CY2023 FEBO Advances To From Related Parties
AdvancesToFromRelatedParties
346000 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5034000 hkd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
23299000 hkd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2983000 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
10175000 hkd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
32744000 hkd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
4191000 usd
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-318000 hkd
CY2023 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-255000 hkd
CY2023 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-34000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3996000 hkd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
13853000 hkd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1776000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
13853000 hkd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
46342000 hkd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
5933000 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
1581000 hkd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
1708000 hkd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
219000 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3492000 hkd
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-196000 hkd
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-25000 usd
CY2022 FEBO Dividend Made By Addition To Amount Due To Related Parties
DividendMadeByAdditionToAmountDueToRelatedParties
-10000000 hkd
CY2022 FEBO Consideration For Sale Of Property To Shareholder Settled By Deduction From Amount Due To Related Parties
ConsiderationForSaleOfPropertyToShareholderSettledByDeductionFromAmountDueToRelatedParties
13880000 hkd
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_844_eus-gaap--UseOfEstimates_z1qa3obReqi1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_865_zlYQuRL7hI0g">Use of estimates and assumptions</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company’s consolidated financial statements include the useful lives of property and equipment, the imputed interest rate of leases, impairment of long-lived assets, allowance for doubtful accounts, provision for contingent liabilities, revenue recognition, deferred taxes and uncertain tax position. Actual results could differ from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q4 us-gaap Foreign Currency Exchange Rate Remeasurement1
ForeignCurrencyExchangeRateRemeasurement1
0.9126 pure
CY2022Q4 us-gaap Foreign Currency Exchange Rate Remeasurement1
ForeignCurrencyExchangeRateRemeasurement1
0.8866 pure
CY2023Q4 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
0.9070 pure
CY2022Q4 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
0.8642 pure
CY2023Q4 FEBO Foreign Currency Exchange Rate Translation
ForeignCurrencyExchangeRateTranslation
0.12803
CY2023Q4 FEBO Foreign Currency Exchange Rate Translation
ForeignCurrencyExchangeRateTranslation
1
CY2023 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
1342000 hkd
CY2022 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
1342000 hkd
CY2023 FEBO Value Added Tax Percentage
ValueAddedTaxPercentage
0.17 pure
CY2023 FEBO Value Added Tax Refundable Percentage
ValueAddedTaxRefundablePercentage
0.13 pure
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84D_eus-gaap--ConcentrationRiskCreditRisk_zdQ4LepJdwij" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86E_zrLS2OFbpQbe">Concentrations of Risks</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) Foreign currency risk</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A majority of the Group’s revenue and expense transactions are denominated in the functional currency of its subsidiaries.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--ConcentrationRiskBenchmarkDescription_c20230101__20231231_zMyE26RLjW8d" title="Concentration risk, description">For the Hong Kong operation, as the HK dollar is pegged to the USD since 1983, and since May 2005, the USD 1 is within the range of HKD 7.75 to HKD 7.85. The management considered that the foreign currency risk for Hong Kong dollar is limited under the pegging arrangement.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the PRC operations, the RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (“PBOC”). It is difficult to predict how market forces or PRC government policy may impact the exchange rate between the RMB and HKD in the future. The change in the value of the RMB relative to the HKD may affect the Company’s financial results reported in HKD without giving effect to any underlying changes in the Company’s business or results of operations. Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other China foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a result, the Company is exposed to foreign exchange risk as revenues and results of operations may be affected by fluctuations in the exchange rate between the HKD and RMB. If the RMB depreciates against the HKD, the value of RMB revenues, earnings and assets as expressed in HKD financial statements will decline. The Company has not entered into any hedging transactions in an effort to reduce its exposure to foreign exchange risk.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) Credit risk</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and accounts receivable. As of December 31, 2023 and 2022 substantially all of the Company’s cash was held by major financial institutions located in Hong Kong and the PRC, which management believes are of high credit quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the credit risk related to accounts receivable, the Company performs ongoing credit evaluations of its customers. The Company establishes an allowance for doubtful accounts based upon estimates, factors surrounding the credit risk of specific customers and other information. The allowance amounts were immaterial for all periods presented.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) Customer concentration risk</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has a high concentration risk. For the year ended December 31, 2023 and 2022, one customer accounted for the Group’s total revenue and the total balance of account receivables for the year ended December 31, 2023 and 2022</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) Vendor concentration risk</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended December 31, 2023, the five and ten largest vendors accounted for <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--FiveVendorMember_zC2OwOh6NwDf" title="Concentration risk percentage">59</span>% and <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--TenVendorMember_znnyiuXEh5u2" title="Concentration risk percentage">79</span>% of the Company’s total purchases respectively. For the year ended December 31, 2022, the five and ten largest vendors accounted for <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--FiveVendorMember_zxe2F78AfhKg" title="Concentration risk percentage">58</span>% and <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--TenVendorMember_zbdY8ehuXTAj" title="Concentration risk percentage">77</span>% of the Company’s total purchases respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
CY2023 us-gaap Concentration Risk Benchmark Description
ConcentrationRiskBenchmarkDescription
For the Hong Kong operation, as the HK dollar is pegged to the USD since 1983, and since May 2005, the USD 1 is within the range of HKD 7.75 to HKD 7.85. The management considered that the foreign currency risk for Hong Kong dollar is limited under the pegging arrangement.
CY2022Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
32938000 hkd
CY2023Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
31486000 hkd
CY2023Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
4031000 usd
CY2022Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
32938000 hkd
CY2023Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
31486000 hkd
CY2023Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
4031000 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
5182000 hkd
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
6171000 hkd
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
790000 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
2715000 hkd
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
2070000 hkd
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
265000 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
7963000 hkd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
5847000 hkd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
749000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
15860000 hkd
CY2023Q4 us-gaap Inventory Net
InventoryNet
14088000 hkd
CY2023Q4 us-gaap Inventory Net
InventoryNet
1804000 usd
CY2022Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
932000 hkd
CY2023Q4 us-gaap Deposits Assets Current
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CY2023Q4 us-gaap Deposits Assets Current
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CY2022Q4 us-gaap Value Added Tax Receivable Current
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CY2022Q4 us-gaap Prepaid Expense Current
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CY2023Q4 us-gaap Income Tax Receivable
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CY2022Q4 us-gaap Other Receivables Net Current
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CY2023Q4 us-gaap Other Receivables Net Current
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CY2023Q4 us-gaap Other Receivables Net Current
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CY2023Q4 us-gaap Property Plant And Equipment Gross
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CY2023Q4 us-gaap Property Plant And Equipment Gross
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CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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6394000 hkd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q4 us-gaap Property Plant And Equipment Net
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Depreciation
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CY2022 us-gaap Depreciation
Depreciation
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CY2023Q4 us-gaap Operating Lease Right Of Use Asset
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CY2023Q4 us-gaap Operating Lease Right Of Use Asset
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CY2022Q4 us-gaap Operating Lease Liability Current
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5626000 hkd
CY2023Q4 us-gaap Operating Lease Liability Current
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CY2023Q4 us-gaap Operating Lease Liability Current
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CY2023Q4 us-gaap Operating Lease Liability Noncurrent
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CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
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CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2023Q4 us-gaap Operating Lease Liability
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CY2023 us-gaap Operating Lease Right Of Use Asset Amortization Expense
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CY2023 us-gaap Operating Lease Right Of Use Asset Amortization Expense
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CY2022 FEBO Interest On Lease Liabilities
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CY2023 FEBO Interest On Lease Liabilities
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CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
807000 usd
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LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4154000 hkd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
531000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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200000 hkd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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26000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4354000 hkd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
557000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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96000 hkd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
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CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
4258000 hkd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
545000 usd
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EmployeeRelatedLiabilitiesCurrent
4561000 hkd
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585000 usd
CY2023Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
17000 hkd
CY2023Q4 us-gaap Taxes Payable Current
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2000 usd
CY2022Q4 us-gaap Other Notes Payable
OtherNotesPayable
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CY2023Q4 us-gaap Other Notes Payable
OtherNotesPayable
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CY2023Q4 us-gaap Other Notes Payable
OtherNotesPayable
317000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
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5799000 hkd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7049000 hkd
CY2023Q4 us-gaap Accrued Liabilities Current
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904000 usd
CY2022Q4 us-gaap Line Of Credit
LineOfCredit
11000000 hkd
CY2023Q4 us-gaap Line Of Credit
LineOfCredit
11000000 hkd
CY2023Q4 us-gaap Line Of Credit
LineOfCredit
11000000 hkd
CY2023 us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.0225 pure
CY2023Q4 us-gaap Other Borrowings
OtherBorrowings
396000 hkd
CY2022Q4 us-gaap Other Borrowings
OtherBorrowings
313000 hkd
CY2023Q4 us-gaap Debt Weighted Average Interest Rate
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0.036 pure
CY2022Q4 us-gaap Debt Weighted Average Interest Rate
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CY2023Q4 us-gaap Common Stock Shares Authorized
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300000000 shares
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-171000 usd
CY2022 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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1479000 hkd
CY2022 FEBO Effect Of Different Tax Rates Available To Different Jurisdictions
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-355000 hkd
CY2023 FEBO Effect Of Different Tax Rates Available To Different Jurisdictions
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131000 hkd
CY2023 FEBO Effect Of Different Tax Rates Available To Different Jurisdictions
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17000 usd
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense
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CY2022 us-gaap Income Tax Expense Benefit
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CY2023 us-gaap Income Tax Expense Benefit
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131000 hkd
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
17000 usd
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
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0.25 pure
CY2022Q4 us-gaap Other Liabilities Current
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5117000 hkd
CY2023Q4 us-gaap Other Liabilities Current
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2413000 hkd
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309000 usd
CY2022 us-gaap Related Party Transaction Amounts Of Transaction
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1349000 hkd
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CY2022 us-gaap Stock Issued During Period Value Stock Dividend
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CY2022 us-gaap Income Tax Expense Benefit
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312000 hkd
CY2023 us-gaap Income Tax Expense Benefit
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CY2023 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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8965000 hkd
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022Q4 us-gaap Shares Outstanding
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CY2022 us-gaap Net Income Loss
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CY2023 us-gaap Net Income Loss
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-1462000 hkd
CY2023 us-gaap Net Income Loss
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-188000 usd
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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10000000 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10000000 shares
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10084932 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10084932 shares
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10084932 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10084932 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10000000 shares
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CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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10084932 shares
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10084932 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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10084932 shares
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
86.53
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EarningsPerShareDiluted
86.53
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-14.50
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-14.50
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.86
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.86

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