2024 Q2 Form 20-F Financial Statement

#000121390024091443 Filed on October 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 2023 Q2
Revenue $48.52M $48.52M $28.23M
YoY Change 71.88% 71.88% 74.72%
Cost Of Revenue $45.77M $45.77M $26.17M
YoY Change 74.91% 74.91% 68.73%
Gross Profit $2.750M $2.750M $2.062M
YoY Change 33.38% 33.38% 217.86%
Gross Profit Margin 5.67% 5.67% 7.3%
Selling, General & Admin $953.1K $953.1K $808.1K
YoY Change 17.95% 17.96% 191.28%
% of Gross Profit 34.65% 34.66% 39.19%
Research & Development $79.99K $79.99K $58.16K
YoY Change 37.53% 37.91% -43.27%
% of Gross Profit 2.91% 2.91% 2.82%
Depreciation & Amortization $10.57K $6.700K
YoY Change 25.8% 318.75%
% of Gross Profit 0.38% 0.32%
Operating Expenses $1.033M $1.033M $866.3K
YoY Change 19.26% 19.3% 127.99%
Operating Profit $1.717M $1.717M $1.196M
YoY Change 43.61% 43.58% 344.92%
Interest Expense $34.91K $34.91K -$20.90K
YoY Change -267.03% -266.24% 109.84%
% of Operating Profit 2.03% 2.03% -1.75%
Other Income/Expense, Net -$16.91K $18.00K $15.50K
YoY Change -209.1% 12.51% 1862.03%
Pretax Income $1.735M $1.735M $1.190M
YoY Change 45.77% 45.82% 358.56%
Income Tax $443.6K $443.6K $220.7K
% Of Pretax Income 25.56% 25.56% 18.54%
Net Earnings $1.292M $1.292M $969.8K
YoY Change 33.2% 33.16% 296.48%
Net Earnings / Revenue 2.66% 2.66% 3.44%
Basic Earnings Per Share $0.04
Diluted Earnings Per Share $0.04 $0.04 $0.03
COMMON SHARES
Basic Shares Outstanding 30.60M shares
Diluted Shares Outstanding 30.60M shares

Balance Sheet

Concept 2024 Q2 2024 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.919M $6.919M $1.299M
YoY Change 432.65% 432.65%
Cash & Equivalents $6.656M $6.656M $1.203M
Short-Term Investments $263.5K $263.5K $95.80K
Other Short-Term Assets $8.262M $8.262M $2.405M
YoY Change 243.58% 243.58%
Inventory
Prepaid Expenses $3.351M
Receivables $226.7K $198.7K -$29.60K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $15.38M $15.38M $3.674M
YoY Change 318.6% 318.6%
LONG-TERM ASSETS
Property, Plant & Equipment $126.7K $126.7K $233.4K
YoY Change -45.7% -45.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $556.8K
YoY Change -100.0% -100.0%
Total Long-Term Assets $126.7K $126.7K $790.1K
YoY Change -83.96% -83.96%
TOTAL ASSETS
Total Short-Term Assets $15.38M $15.38M $3.674M
Total Long-Term Assets $126.7K $126.7K $790.1K
Total Assets $15.51M $15.51M $4.464M
YoY Change 247.35% 247.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $653.7K $653.7K $54.70K
YoY Change 1095.05% 1095.05%
Accrued Expenses $102.4K $102.4K $131.1K
YoY Change -21.86% -21.86%
Deferred Revenue
YoY Change
Short-Term Debt $833.5K $833.5K $511.4K
YoY Change 62.99% 62.99%
Long-Term Debt Due $27.34K
YoY Change
Total Short-Term Liabilities $3.867M $3.867M $2.577M
YoY Change 50.07% 50.07%
LONG-TERM LIABILITIES
Long-Term Debt $301.7K $301.7K $249.1K
YoY Change 21.11% 21.11%
Other Long-Term Liabilities $66.37K $66.37K $72.10K
YoY Change -7.95% -7.95%
Total Long-Term Liabilities $368.0K $368.1K $321.2K
YoY Change 14.58% 14.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.867M $3.867M $2.577M
Total Long-Term Liabilities $368.0K $368.1K $321.2K
Total Liabilities $4.235M $4.235M $2.898M
YoY Change 46.14% 46.14%
SHAREHOLDERS EQUITY
Retained Earnings $723.2K -$568.5K
YoY Change -227.22%
Common Stock $10.59M $2.177M
YoY Change 386.49%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.27M $11.27M $1.567M
YoY Change
Total Liabilities & Shareholders Equity $15.51M $15.51M $4.464M
YoY Change 247.35% 247.35%

Cashflow Statement

Concept 2024 Q2 2024 2023 Q2
OPERATING ACTIVITIES
Net Income $1.292M $1.292M $969.8K
YoY Change 33.2% 33.16% 296.48%
Depreciation, Depletion And Amortization $10.57K $6.700K
YoY Change 25.8% 318.75%
Cash From Operating Activities -$747.6K -$1.077M
YoY Change -14.28% -1086.36%
INVESTING ACTIVITIES
Capital Expenditures $55.37K $41.90K
YoY Change 21.69% 381.61%
Acquisitions
YoY Change
Other Investing Activities -$3.074M
YoY Change
Cash From Investing Activities -$3.129M -$41.90K
YoY Change 6777.04% 381.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $8.975M $0.00
YoY Change 350.05% -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $9.324M -153.0K
YoY Change 417.23% -318.26%
NET CHANGE
Cash From Operating Activities -$747.6K -1.077M
Cash From Investing Activities -$3.129M -41.90K
Cash From Financing Activities $9.324M -153.0K
Net Change In Cash $5.453M -1.272M
YoY Change 516.11% -845.6%
FREE CASH FLOW
Cash From Operating Activities -$747.6K -$1.077M
Capital Expenditures $55.37K $41.90K
Free Cash Flow -$802.9K -$1.119M
YoY Change -12.5% -1213.43%

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CY2024 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
5452531 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
909692 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>(c) Use of estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In preparing the CFS in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the CFS, as well as the reported amounts of revenue and expenses during the reporting periods. Significant items subject to such estimates and assumptions include, but are not limited to, the assessment of the allowance for doubtful accounts, useful lives of property and equipment and intangible assets, the recoverability of long-lived assets, uncertain tax position, purchase price allocations for business combination, impairment assessment for goodwill and realization of deferred tax assets. Actual results could differ from those estimates.</p>
CY2024 us-gaap Defined Contribution Plan Cost Recognized
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0.06 pure
CY2024Q2 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
7.1268 pure
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7.2258 pure
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6.7114 pure
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6.9415 pure
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CY2015Q2 us-gaap Security Deposit Liability
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CY2015Q2 us-gaap Security Deposit Liability
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CY2023Q2 hao Advances For Products And Services Purchasing From Third Parties
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CY2024Q2 us-gaap Supplies
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0.08 pure
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CY2024Q2 us-gaap Property Plant And Equipment Gross
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156448 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
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154305 usd
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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29705 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
10469 usd
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653694 usd
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us-gaap Payments For Rent
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431460 cny
us-gaap Payments For Rent
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65103 usd
CY2024 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
On June 21, 2021, Haoxi BJ extended the lease to June 30, 2023
CY2021Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
675120 cny
CY2021Q2 us-gaap Operating Lease Payments
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104555 usd
CY2022Q3 us-gaap Payments For Rent
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OperatingLeaseRightOfUseAsset
89544 usd
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89544 usd
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176676 usd
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
182218 usd
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P1Y
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0475 pure
CY2023Q1 hao Down Payment
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200000 cny
CY2023Q1 hao Down Payment
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28063 usd
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P3Y
CY2023Q1 us-gaap Repayments Of Debt Maturing In More Than Three Months
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CY2023Q1 us-gaap Repayments Of Debt Maturing In More Than Three Months
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CY2024Q2 us-gaap Loans Payable
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CY2023Q2 us-gaap Short Term Borrowings
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511409 usd
CY2024 us-gaap Interest Expense Debt
InterestExpenseDebt
41186 usd
CY2023 us-gaap Interest Expense Debt
InterestExpenseDebt
19775 usd
CY2024 hao Future Income Tax Description
FutureIncomeTaxDescription
The PRC State Tax Bureau further stipulates that annual taxable income less than RMB 3 million ($420,000) is subject to an effective EIT rate of 5% from January 1 to December 31, 2027.
CY2024 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
443582 usd
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
220653 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
15008 usd
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EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.25 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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-0.25 pure
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EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.25 pure
CY2024 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.25 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.25 pure
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EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.25 pure
CY2024 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0 pure
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-0.065 pure
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EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
-0.192 pure
CY2024 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.25 pure
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.185 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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0.058 pure
CY2024Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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142115 usd
CY2023Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
142115 usd
CY2022Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
384553 usd
CY2024Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
142115 usd
CY2023Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
142115 usd
CY2022Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
384553 usd
CY2024Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
142115 usd
CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
142115 usd
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
384553 usd
CY2024Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
142115 usd
CY2024Q2 hao Value Added Tax Payable
ValueAddedTaxPayable
366720 usd
CY2023Q2 hao Value Added Tax Payable
ValueAddedTaxPayable
75133 usd
CY2022Q2 hao Value Added Tax Payable
ValueAddedTaxPayable
-24298 usd
CY2024Q2 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
675842 usd
CY2023Q2 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
250868 usd
CY2022Q2 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
35490 usd
CY2024Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current And Noncurrent
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1796 usd
CY2023Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current And Noncurrent
AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent
2092 usd
CY2022Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current And Noncurrent
AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent
410 usd
CY2024Q2 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
1044357 usd
CY2023Q2 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
328093 usd
CY2022Q2 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
11601 usd
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2024Q2 us-gaap Deferred Costs
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CY2024Q2 us-gaap Operating Lease Liability Current
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CY2024Q2 us-gaap Long Term Debt Current
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CY2024Q2 us-gaap Commitments And Contingencies
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CY2023Q2 us-gaap Commitments And Contingencies
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CY2023 us-gaap Investment Income Interest
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CY2023 us-gaap Payments To Fund Longterm Loans To Related Parties
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CY2024 us-gaap Proceeds From Related Party Debt
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CY2024 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2023 us-gaap Income Taxes Paid Net
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CY2024 hao Operating Right Of Use Asset
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CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2023Q2 hao Loans To Third Parties
LoansToThirdParties
usd
CY2023Q2 us-gaap Prepaid Expense Current
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CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
usd
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
usd
CY2024Q2 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
usd
CY2023Q2 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
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CY2024 dei Amendment Flag
AmendmentFlag
false
CY2024 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2024 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
00000
CY2024 dei Entity Central Index Key
EntityCentralIndexKey
0001954594

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hao-20240630_lab.xml Edgar Link unprocessable
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