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TDH(PETZ) - 2023 Q4 - Annual Report
PETZTDH(PETZ)2023-10-31 16:00

Revenue and Profitability - Revenues from continuing operations increased by 6.97% to 1.55millionforthefirsthalfof2023,comparedto1.55 million for the first half of 2023, compared to 1.45 million for the same period in 2022[2] - Gross profit rose by 20.96% to 0.48million,withagrossprofitmarginof31.140.48 million, with a gross profit margin of 31.14%, up from 27.54% in the prior year[2] - Net income attributable to common stockholders was 0.06 million, or earnings per share of 0.01,comparedtoanetlossof0.01, compared to a net loss of 0.09 million, or loss per share of 0.14,intheprioryear[2]−ThenetlossattributabletoTDHHoldings,Inc.was0.14, in the prior year[2] - The net loss attributable to TDH Holdings, Inc. was 64,600 for the six months ended June 30, 2023, a significant improvement from a loss of 896,000inthesameperiodof2022[24]−Thecompanyreportedacomprehensiveincomeof896,000 in the same period of 2022[24] - The company reported a comprehensive income of 1,201,781 for the six months ended June 30, 2023, compared to 517,179inthesameperiodof2022,anincreaseof132.2517,179 in the same period of 2022, an increase of 132.2%[24] - Basic earnings per share attributable to TDH Holdings, Inc. was 0.01 for the six months ended June 30, 2023, compared to a loss of 0.14inthesameperiodof2022[24]OperatingExpenses−Totaloperatingexpensesdecreasedby46.460.14 in the same period of 2022[24] Operating Expenses - Total operating expenses decreased by 46.46% to 1.38 million, primarily due to reduced general and administrative expenses following the discontinuation of the pet food business[8] - Total operating expenses decreased to 1,377,963forthesixmonthsendedJune30,2023,downfrom1,377,963 for the six months ended June 30, 2023, down from 2,573,806 in the same period of 2022, a reduction of 46.3%[24] Cash Flow and Assets - Cash, cash equivalents, and restricted cash totaled 19.19millionasofJune30,2023,downfrom19.19 million as of June 30, 2023, down from 23.15 million at December 31, 2022[12] - Net cash used in operating activities was 2.35millionforthefirsthalfof2023,comparedto2.35 million for the first half of 2023, compared to 0.87 million for the same period in the prior year[13] - Cash and cash equivalents decreased to 17,977,195asofJune30,2023,from17,977,195 as of June 30, 2023, from 21,857,125 at December 31, 2022, a decline of about 17.5%[20] - Total current assets decreased to 32,992,695asofJune30,2023,from32,992,695 as of June 30, 2023, from 33,781,754 at December 31, 2022, representing a decline of approximately 2.3%[20] - Current liabilities decreased to 12,696,876asofJune30,2023,from12,696,876 as of June 30, 2023, from 14,675,344 at December 31, 2022, a reduction of approximately 13.5%[20] Strategic Focus - The company plans to focus resources on expanding and improving its restaurant segment following the discontinuation of the pet food manufacturing business[2] Other Income and Expenses - Total net other income decreased by 38.67% to 0.91million,primarilyduetoadeclineininvestmentincome[10]ChangesinShareholders′Equity−Totalshareholders′equityincreasedto0.91 million, primarily due to a decline in investment income[10] Changes in Shareholders' Equity - Total shareholders' equity increased to 22,286,583 as of June 30, 2023, compared to 21,153,903atDecember31,2022,markinganincreaseofapproximately5.321,153,903 at December 31, 2022, marking an increase of approximately 5.3%[21] Investment Activities - Net cash used in investing activities from continuing operations was 2,151,459,000, a decrease from 6,058,766,000inthelastperiod[29]−Thecompanyexperiencedafairvaluechangeofshort−terminvestmentsresultinginalossof6,058,766,000 in the last period[29] - The company experienced a fair value change of short-term investments resulting in a loss of 917,411,000, compared to a loss of 1,075,565,000previously[29]DepreciationandAmortization−Thecompanyreporteddepreciationandamortizationexpenseof1,075,565,000 previously[29] Depreciation and Amortization - The company reported depreciation and amortization expense of 87,175,000, compared to $14,449,000 in the previous period[29]