BIMI Medical(BIMI)

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Delisting of Securities of BIMI International Medical Inc.; The Dixie Group, Inc.; Clover Leaf Capital Corp.; Focus Impact BH3 Acquisition Company; Forza X1, Inc.; Vertex Energy, Inc; Slam Corp.; and HHG Capital Corporation from The Nasdaq Stock Market
GlobeNewswire News Room· 2025-01-10 22:13
Delisting Announcements - Nasdaq will delist the common stock of BIMI International Medical Inc, which was suspended on August 22, 2024 and has not traded since [1] - Nasdaq will delist the Class A ordinary shares, unit, and warrant of Slam Corp, which was suspended on August 27, 2024 and has not traded since [1] - Nasdaq will delist the common stock of Forza X1, Inc, which was suspended on October 10, 2024 and has not traded since [2] - Nasdaq will delist the Class A common stock, warrant, and unit of Focus Impact BH3 Acquisition Company, which was suspended on October 15, 2024 and has not traded since [2] - Nasdaq will delist the ordinary shares, unit, warrant, and right of HHG Capital Corporation, which was suspended on October 4, 2024 and has not traded since [3] - Nasdaq will delist the common stock of Vertex Energy, Inc, which was suspended on October 8, 2024 and has not traded since [3] - Nasdaq will delist the Class A common stock, unit, and rights of Clover Leaf Capital Corp, which was suspended on September 4, 2024 and has not traded since [5] - Nasdaq will delist the common stock of The Dixie Group, Inc, which was suspended on October 3, 2024 and has not traded since [5] Additional Information - More information about Nasdaq's delisting rules can be found in the Nasdaq Rule 5800 Series on their website [4]
BIMI Medical(BIMI) - 2023 Q3 - Quarterly Report
2023-12-18 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Stock, $0.001 par value BIMI The NASDAQ Capital Market FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ________ ...
BIMI Medical(BIMI) - 2023 Q2 - Quarterly Report
2023-11-21 16:00
Financial Performance - Revenues for the three months ended June 30, 2023, were $5,557,666, representing an increase of 96.7% compared to $2,829,034 for the same period in 2022[10]. - Gross profit for the six months ended June 30, 2023, was $4,574,321, compared to $844,923 for the same period in 2022, indicating a significant improvement[10]. - The company reported a net income of $1,054,125 for the three months ended June 30, 2023, compared to a net loss of $6,544,900 for the same period in 2022[10]. - Net income for the second quarter of 2023 was $1,844,389, a significant improvement compared to a net loss of $(9,286,796) in the same period of 2022[20]. - The company reported cash flows from operating activities of $2,247,448 for the second quarter of 2023, compared to cash used in operating activities of $(3,689,637) in the same quarter of 2022[20]. - The company reported a comprehensive income attributable to BIMI of $869,047 for the three months ended June 30, 2023, compared to a loss of $6,453,753 for the same period in 2022[10]. Operating Expenses and Equity - Operating expenses decreased to $1,584,636 for the three months ended June 30, 2023, from $3,239,365 in the same period of 2022, reflecting a reduction of approximately 51.0%[10]. - The total stockholders' equity increased to $12,512,496 as of June 30, 2023, compared to $5,217,233 as of December 31, 2022[7]. - The accumulated deficit decreased to $(68,298,681) as of June 30, 2023, from $(70,143,785) as of December 31, 2022[7]. Foreign Currency and Adjustments - The company experienced a foreign currency translation adjustment loss of $753,453 for the three months ended June 30, 2023[10]. - The foreign currency translation adjustment for the second quarter of 2023 was $227,068, compared to $(112,519) in the previous quarter[16]. Healthcare Operations and Strategic Focus - The company has been actively expanding its healthcare operations, including the acquisition of multiple hospitals in China[29]. - The company plans to continue its focus on the healthcare sector following its strategic shift from the energy saving industry[23]. - The company established new subsidiaries to enhance its participation in local healthcare projects, including Boyi (Liaoning) Technology Co., Ltd[26]. Acquisitions and Disposals - The Company entered into a stock purchase agreement to acquire Phenix Bio Inc. for a total consideration of $1,800,000, with $180,000 paid in cash and up to 5,270,000 shares of Common Stock contingent on performance[32]. - The Company has committed to a plan to dispose of several hospitals, which qualifies as held for sale operations under ASC 205-20[65]. - The Company sold its 100% equity interest in Zhuoda and its subsidiary Qianmei for the return of 44,000 shares of Common Stock, with the transaction closing on November 23, 2022[99]. Financial Reporting and Compliance - The Company is in the process of restating financial statements for the year ended December 31, 2022, due to incorrect accounting for the Phenix acquisition[46]. - The restatement of financial statements is not expected to materially affect the Company's liquidity or compliance with debt covenants[41]. - The company is taking steps to improve internal controls over financial reporting and has engaged a third-party consulting firm for assistance[48]. Assets and Liabilities - As of June 30, 2023, total cash and cash equivalents were $1,931,744, down from $2,336,636 at the beginning of the period[20]. - As of June 30, 2023, total assets held for sale amounted to $5,572,481, a decrease from $5,860,822 as of December 31, 2022, representing a decline of approximately 4.9%[68]. - Total current liabilities of held for sale businesses as of June 30, 2023, were $3,133,747, a decrease from $3,239,950 as of December 31, 2022, representing a reduction of about 3.3%[68]. Inventory and Receivables - The allowance for doubtful accounts was Nil as of June 30, 2023, indicating effective management of accounts receivable[59]. - As of June 30, 2023, accounts receivable net amounted to $6,380,387, an increase from $3,208,286 as of December 31, 2022, representing a 99.5% growth[165]. - Total inventories decreased to $7,182,524 as of June 30, 2023, from $7,654,242 as of December 31, 2022, indicating a decline of 6.2%[171]. Goodwill and Impairments - The Company recorded impairment losses totaling approximately $5.4 million related to goodwill from acquisitions in 2022[62]. - The company recognized an impairment of goodwill during the year, resulting in a remaining goodwill of $2,065,666 as of June 30, 2023, unchanged from the previous period[184]. - The company reported impairments for goodwill of Nil as of June 30, 2023, compared to $5,385,811 as of December 31, 2022[82]. Debt and Financing - The company issued convertible notes with a face amount of up to $6,550,000 at an original issue discount of 19.85%[192]. - The total interest expenses for long-term borrowings as of June 30, 2023, are projected to be $22,579,000 for the period from July 1, 2023, to June 30, 2025[190]. - The company issued 5,000,000 additional shares of Common Stock to Mr. Oudom if Phenix generates a net profit of at least $2,500,000 in 2023[157].
BIMI Medical(BIMI) - 2023 Q1 - Quarterly Report
2023-05-18 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 000-50155 BIMI International Medical Inc. (Exact name of registrant as specified in its charter) Delaware 02-0563302 ( ...
BIMI Medical(BIMI) - 2022 Q4 - Annual Report
2023-05-03 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended: December 31, 2022 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from __________ to __________ Commission File Number 000-50155 BIMI International Medical Inc. (Exact Name of Registrant as Specified in Its Charter) | --- | --- | --- | --- | |- ...