Chanson International (CHSN) - 2022 Q4 - Annual Report

Revenue Performance - Total revenue decreased by 9.7% to $13.3 million in fiscal year 2022, down from $14.7 million in fiscal year 2021[3] - Revenue from China stores decreased by 25.8% to $9.5 million in fiscal year 2022, compared to $12.8 million in fiscal year 2021[4] - Revenue from United States stores increased by 99.6% to $3.8 million in fiscal year 2022, up from $1.9 million in fiscal year 2021[6] - Revenue for 2022 was $13,272,075, a decrease of 9.1% from $14,690,295 in 2021[20] Profitability - Net loss for fiscal year 2022 was $1.3 million, compared to net income of $0.5 million in fiscal year 2021[11] - Gross profit decreased by 11.9% to $6.1 million in fiscal year 2022, with a gross margin of 46.0%[8] - Gross profit for 2022 was $6,102,671, down from $6,930,423 in 2021, reflecting a gross margin of 45.9%[20] - Total comprehensive loss for 2022 was $(1,657,910), compared to a comprehensive income of $595,721 in 2021[20] Expenses - Operating expenses were $7.5 million in fiscal year 2022, slightly up from $7.4 million in fiscal year 2021[9] - Total operating expenses increased to $7,540,696 in 2022, up from $7,375,307 in 2021, primarily due to higher selling and administrative expenses[20] Cash Flow - Cash as of December 31, 2022, was $2.9 million, down from $3.9 million as of December 31, 2021[11] - Cash provided by operating activities was $551,348 in 2022, a significant decrease from $1,778,246 in 2021[23] - Cash used in investing activities was $(860,034) in 2022, compared to $(2,030,921) in 2021, indicating reduced capital expenditures[23] - Cash provided by financing activities was $9,929 in 2022, a recovery from $(178,240) in 2021[23] - Cash and cash equivalents at the end of 2022 were $2,915,470, down from $3,896,812 at the end of 2021[23] Shareholder Information - Basic and diluted loss per share in fiscal year 2022 was $0.14, compared to earnings per share of $0.06 in fiscal year 2021[11] - Earnings per share for 2022 was $(0.14), down from $0.06 in 2021[20] - The company completed its initial public offering of 3,390,000 Class A ordinary shares at a price of $4.00 per share on April 3, 2023[12] Future Plans - The company plans to expand its product selection and open more stores across the United States to enhance brand awareness and shareholder value[2]