$QSJC
Tancheng Group Co Ltd

2023 Q2 Form 10-Q Financial Statement

#000168316823003329 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $854.1K $346.6K $0.00
YoY Change
Cost Of Revenue $737.5K $310.2K
YoY Change 345.05% 703.75%
Gross Profit $116.6K $36.41K
YoY Change 297.87% 851.48%
Gross Profit Margin 13.65% 10.51%
Selling, General & Admin $128.3K $273.8K $29.28K
YoY Change 823.62% 1868.2% 45.38%
% of Gross Profit 110.03% 751.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.631K $0.00 $0.00
YoY Change
% of Gross Profit 3.97% 0.0%
Operating Expenses $128.3K $273.8K $29.28K
YoY Change 823.62% 1868.2% 45.37%
Operating Profit -$11.69K -$237.4K -$29.28K
YoY Change -57.24% 1481.58% 45.37%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $80.00
YoY Change
Pretax Income -$11.28K -$237.3K -$29.28K
YoY Change -18.83% 1605.87% 45.38%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$11.28K -$237.3K -$29.28K
YoY Change -18.83% 1605.87% 45.37%
Net Earnings / Revenue -1.32% -68.46%
Basic Earnings Per Share $0.00 -$0.05 -$0.01
Diluted Earnings Per Share $0.00 -$0.05 -$0.01
COMMON SHARES
Basic Shares Outstanding 4.382M shares 4.382M shares 4.382M shares
Diluted Shares Outstanding 4.382M shares 4.382M shares 4.382M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.890K
YoY Change 440.0%
Cash & Equivalents $1.136M $274.4K $1.889K
Short-Term Investments
Other Short-Term Assets $0.00
YoY Change -100.0%
Inventory $1.088M $735.9K $671.7K
Prepaid Expenses
Receivables
Other Receivables $5.360K $440.5K $477.00
Total Short-Term Assets $3.982M $3.267M $1.889K
YoY Change 1592731.2% 742292.95% 98.84%
LONG-TERM ASSETS
Property, Plant & Equipment $135.1K $0.00
YoY Change
Goodwill
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $135.1K $0.00 $0.00
YoY Change 744.61%
TOTAL ASSETS
Total Short-Term Assets $3.982M $3.267M $1.889K
Total Long-Term Assets $135.1K $0.00 $0.00
Total Assets $4.117M $3.267M $1.889K
YoY Change 25236.71% 742292.95% 98.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $466.8K $85.21K
YoY Change
Accrued Expenses $68.40K
YoY Change 100.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.249M $4.439M $153.6K
YoY Change 4170.31% 4661.02% 92.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.249M $4.439M $153.6K
Total Long-Term Liabilities $0.00
Total Liabilities $5.249M $4.439M $153.6K
YoY Change 4170.31% 4661.02% 92.43%
SHAREHOLDERS EQUITY
Retained Earnings -$1.372M -$1.361M -$172.9K
YoY Change
Common Stock $4.382K $4.381K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.132M -$1.172M -$151.7K
YoY Change
Total Liabilities & Shareholders Equity $4.117M $3.267M $1.889K
YoY Change 25236.71% 742292.95% 98.84%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$11.28K -$237.3K -$29.28K
YoY Change -18.83% 1605.87% 45.37%
Depreciation, Depletion And Amortization $4.631K $0.00 $0.00
YoY Change
Cash From Operating Activities -$837.0K $0.00
YoY Change 36611.75% -100.0%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00
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 $1.041M $0.00
YoY Change 51929.3% -100.0%
NET CHANGE
Cash From Operating Activities -$837.0K $0.00
Cash From Investing Activities $0.00
Cash From Financing Activities $1.041M $0.00
Net Change In Cash $203.2K $0.00
YoY Change -72664.29% -100.0%
FREE CASH FLOW
Cash From Operating Activities -$837.0K $0.00
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2023Q1 us-gaap Use Of Estimates
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<p id="xdx_846_eus-gaap--UseOfEstimates_zQ1HXcNY5H1i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"/> <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(c)</b></span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_865_zXVoR2wa8ZM2">Use of estimates</span></b></span></td></tr> </table> <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 preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent liabilities at the balance sheet date, and revenue and expenses in the financial statements and accompanying notes. Significant accounting estimates reflected in the Company’s consolidated financial statements include economic lives and impairment of property, plant and equipment and allowance for doubtful accounts. Actual results could differ from those estimates and such differences could affect the results of operations reported in future periods.</p>
CY2023Q1 us-gaap Concentration Risk Credit Risk
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<p id="xdx_849_eus-gaap--ConcentrationRiskCreditRisk_zUnxSYj8gZJe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"/> <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(l)</b></span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_z8StXGsotpy1">Concentration of credit risk</span></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially expose the Company to significant concentration of credit risk consist primarily of cash and cash equivalents and other receivables. As of March 31, 2023 and December 31, 2022, substantially all of the Company’s cash and cash equivalents were deposited with financial institutions with high-credit ratings and quality. There was no single customer who constituting 10% or more of the Company’s net revenue for the three months ended March 31, 2022.</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">Details of customers which accounted for 10% or more of the Company’s total revenue for the three months ended March 31, 2023 are as follows:<b> </b></p> <table cellpadding="0" cellspacing="0" id="xdx_891_eus-gaap--SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_z8wuhH9VwOya" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Concentration of Risk)"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><span id="xdx_8B5_zR6erw50tMl4" style="display: none">Schedule of concentration of credit risk</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">% of total revenue</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: justify">Customer A</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20230101__20230331__srt--MajorCustomersAxis__custom--CustomerAMember_zMHBQWe35Qib" style="width: 14%; text-align: right" title="Total revenue">115,767</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20230331__srt--MajorCustomersAxis__custom--CustomerAMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zUwafoJktpb5" title="Total revenue percentage">33.4</span>%</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Customer B</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20230101__20230331__srt--MajorCustomersAxis__custom--CustomerBMember_zkXU7qy5MSwa" style="text-align: right" title="Total revenue">44,932</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20230331__srt--MajorCustomersAxis__custom--CustomerBMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zFF2rPiMFiLj" title="Total revenue percentage">13.0</span>%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify">Customer C</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20230101__20230331__srt--MajorCustomersAxis__custom--CustomerCMember_zu8CSj9aa0r1" style="text-align: right" title="Total revenue">43,413</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20230331__srt--MajorCustomersAxis__custom--CustomerCMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zMUgiCxb2c6f" title="Total revenue percentage">12.5</span>%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1pt">Customer D</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20230101__20230331__srt--MajorCustomersAxis__custom--CustomerDMember_zbRk7BKmOVja" style="border-bottom: Black 1pt solid; text-align: right" title="Total revenue">41,965</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20230331__srt--MajorCustomersAxis__custom--CustomerDMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zvRw9ut2AEt" title="Total revenue percentage">12.1</span>%</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20230101__20230331_z2LRVHMs4T3e" style="border-bottom: Black 2.5pt double; text-align: right" title="Total revenue">246,077</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20230331__srt--MajorCustomersAxis__custom--FourCustomersMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_z6tfEUzRwX46" title="Total revenue percentage">71.0</span>%</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A8_zvMEjtZXJUIf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
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