Helport AI Reports Fiscal Year 2025 Financial Results
Fiscal Year 2025 Revenue increases 18% Year over Year to $34.9 Million
Strong Enterprise AI Adoption Across Industry Sectors and Global Expansion Fueled by Leading AI-Powered Software
SINGAPORE and SAN DIEGO, Nov. 18, 2025 (GLOBE NEWSWIRE) -- Helport AI Limited (NASDAQ: HPAI) (“We,” “Helport AI,” or the “Company”), an artificial intelligence (“AI”) technology company serving enterprise clients with intelligent customer communication software and services, today announced financial results for its fiscal year ended June 30, 2025.
Fiscal Year 2025 Highlights:
- Average monthly subscribed seats were 40,935 for the fiscal year ended June 30, 2025, representing an increase of 41.49% % from 28,932 in the fiscal year ended June 30, 2024.
- Revenue for the fiscal year ended June 30, 2025, was $34.9 million, representing an increase of 17.9% from $29.6 million in the fiscal year ended June 30, 2024, driven by increased enterprise adoption of AI-driven solutions.
- Gross profit for fiscal year ended June 30, 2025 was $19.1 million, representing an increase of 3.0% from $18.6 million in the fiscal year ended June 30, 2024, as a result of continued investment in AI infrastructure and product innovation.
- Net income was $1.9 million for fiscal year ended June 30, 2025, compared to $7.4 million in fiscal year ended June 30, 2024, representing a decrease of 74.8%, primarily due to increased investments in international expansion, research and development (R&D), and general and administrative expenses associated with operating as a public company.
- Net cash provided by operating activities was $9.1 million for the fiscal year ended June 30, 2025, which is intended to be used in part to support business expansion and strategic initiatives.
- As of June 30, 2025, there were 37,430,968 ordinary shares and 18,844,987 warrants issued and outstanding of the Company.
Second Half of Fiscal Year 2025 & Subsequent Operational Highlights
Partnerships
- The Company’s U.S. mortgage business has grown with 15 new enterprise customers since June 30, 2025, all of whom are using the AI+business process outsourcing (“BPO”) model, whereby AI-enabled contact center agents deliver outbound sales calls.
- A new commercial partnership with Best Life & Co., a cloud-based real estate brokerage firm in Michigan, has been announced to deploy Helport AI’s AI-powered sales platform across its mortgage operations.
- Expanded partnership with Atome, one of Southeast Asia’s leading digital finance platforms, after delivering strong results using Helport AI’s AI+BPO model.
Technology & Launch Updates
- Unveiled “HyperX,” a digital agent platform that transforms enterprise knowledge into action. Trained on companies’ proprietary data, HyperX enables one-click deployment of expert AI agents capable of understanding complex operations, executing tasks, and interacting with users across digital environments.
- Launched AI+BPO service offering, combining turn-key, in-house AI technology paired with contact center agents, aimed to accelerate new customer acquisition and enable proof of concept. This integrated software-and-services model is expected to drive revenue growth across international markets.
- Launched “HelportGo”, the Company’s flagship mobile application designed to improve productivity for on-the-go professionals. Extending enterprise-grade AI capabilities directly to individual users on demand, HelportGo aims to offer immediate, transformative call assistance to facilitate conversion of conversations into structured, actionable business intelligence.
- Introduced “Helport Remote”, a workforce monitoring and management tool designed to support the evolving needs of remote contact centers. Engineered specifically for large-scale, multinational contact center operations, Helport Remote aims to empower management teams to achieve greater visibility, control, and efficiency in an increasingly decentralized workforce environment.
- Launched the specialized version of AI-powered software tailored for the consumer financing industry, a step forward in Helport AI’s mission to transform financial services through automation, real-time intelligence, and regulatory compliance.
- Launched the latest upgraded version of “Helport AI Insurance Edition”, an AI-powered solution designed specifically for the insurance sector.
Operational Updates
- Opened new offices in Mexico, Bolivia, Indonesia, and Thailand to serve demand from current customers in these regions.
- Opened new office in the Philippines in January 2025, establishing a “Global Center of Excellence” to drive AI operations and service offerings in the BPO industry.
- The Philippines office now employs approximately 265 personnel, including 200 billable AI-enabled agents in debt collection and 46 in mortgage accounts as part of the Company’s AI+BPO operations.
- Appointed Hiu-Yu “Vanessa” Chan as chief commercial officer (“CCO”) of the Company, an experienced executive who previously worked for Google LLC and ServiceNow, Inc., to lead commercial expansion, strategic partnerships, and revenue acceleration initiatives in North America.
- Appointed Di Shen, the secretary of the Company, to serve as the interim Chief Financial Officer and a Director of the Company.
Outlook for First Half Fiscal Year 2026 & Beyond
- Revenue Growth: Accelerating revenue materialization from a robust pipeline of customers in the Company’s core sectors of BPO contact centers, mortgage sales, insurance, and consumer financing. Undertaking further expansion in the U.S. and Southeast Asia through enterprise partnerships and focused execution in these core industries.
- Profitability & Cost Optimization: Improving AI training efficiency and cloud infrastructure to enhance margins over time.
- AI+BPO Monetization: Expanding in-house AI + human service delivery model to facilitate new customer acquisition and accelerate revenue realization. Leveraging this software plus service offering to scale user base and revenue generation across global markets.
- Continued R&D Innovation: Investing in AI capabilities, including HyperX optimization, multilingual automation, and industry-specific integrations.
Management Commentary
“Fiscal year 2025 delivered revenue growth of 17.9% on continued enterprise adoption of AI-powered software in verticals including BPO contact centers, consumer financing, and mortgage sales,” said Guanghai Li, chief executive officer of Helport AI. “To support this growth, we continued to make investments in mobile applications, technology improvements, industry-tailored software and cloud infrastructure. We also increased R&D, as well as the build-out of our sales and marketing teams as part of our international expansion. Although these critical initiatives to scale our platform and expand into new markets temporarily impacted gross margins and profitability, we continued to maintain profitability during the year. Our AI-powered customer contact software platform is now transforming how a wide variety of enterprises are engaging with their customers by addressing communication challenges and automating workflows.”
“Partnerships with enterprise customers grew substantially in 2025, specifically in North America and Southeast Asia. In the U.S., a new commercial partnership with Best Life & Co. is transforming the mortgage value chain through automation, intelligence, and scale. By combining Best Life & Co.’s outbound sales teams with Helport AI’s AI-enabled remote agents, the partnership has already shown positive results – pre-approved loan applications have doubled since rollout began in July, resulting in more leads for Best Life’s loan officers.”
“In the Philippines, we partnered with Atome in May 2025, launching AI-enabled support teams to train and onboard Atome contact center agents. By June, one Helport AI team was already showing standout performance, achieving strong results within just a month. By July, Helport teams continued to perform exceptionally well in Atome’s regional scorecards, reflecting the growing strength of the partnership. Our discussion are ongoing to explore potential expansion of this program with Atome.
“On the technology front, the second half of fiscal year 2025 delivered multiple new products and updates. Our new HelportGo mobile app brings enterprise-grade AI call assistance directly to mobile professionals, delivering a comprehensive suite of AI-driven client services and customer relationship management features. HelportGo includes purpose-built, plug-and-play templates, each tailored to verticals such as real estate, insurance, and financial services.”
“We also launched updated versions of our AI-powered software tailored for the consumer financing, mortgage, and insurance industries. These updates demonstrate our ability to provide smart, domain-specific AI applications for our growing customer base across multiple industry sectors.”
“Operationally, we maintained our focus on strategic investments in both our team and infrastructure, enhancing our capabilities and extending our global presence. In addition to expanding our offices in the Philippines and the U.S., we opened new offices in Mexico, Bolivia, Indonesia, and Thailand to serve demand from current customers in these regions. We also welcomed Hiu-Yu “Vanessa” Chan as the Company’s COO. Vanessa brings over 23 years of enterprise leadership experience across AI, SaaS, and strategic expansion, having held senior roles at Google Cloud, SAP, ServiceNow, and McKinsey. As CCO, she is leading commercial expansion and revenue acceleration initiatives across North America. In addition, we appointed the secretary of the Company, Di Shen, as our interim Chief Financial Officer and also as a Director of the Company.”
“Looking ahead to the fiscal year ending June 30, 2026, we are leveraging our technology platform to focus on accelerating revenue growth and improving profitability. We are expanding our presence in high-growth markets including North America and Southeast Asia. Customer successes across the consumer financing and mortgage sectors highlight how we are customizing our AI-driven solutions to meet specific industry needs and driving greater adoption among small and medium sized businesses in the financial services sector. Moving forward, we remain committed to investing in R&D and developing next-generation, enterprise AI products that further distinguish Helport AI in the marketplace. At the same time, we are sharpening our focus on cost optimization as we endeavor to reduce AI training expenses, streamline cloud infrastructure, and enhance unit economics across deployments to strengthen profitability and deliver sustained, long-term value for our shareholders,” concluded Li.
Financial Review for the Fiscal Year Ended June 30, 2025
Revenue
Our revenues increased by approximately US$5.28 million, or 17.86%, from US$29.58 million for the fiscal year ended June 30, 2024 to US$34.86 million for the fiscal year ended June 30, 2025.
Revenues from AI service increased by approximately US$5.07 million, or 17.14%, from US$29.58 million for the fiscal year ended June 30, 2024 to US$34.64 million for the fiscal year ended June 30, 2025. Since January 2025, we have refined our settlement terms, in which the basis for settlement has been revised from subscribed seats to subscribed users, with a corresponding adjustment to the unit sales price. The revenue growth was primarily driven by the expansion of our core customer base: six key customers recorded positive growth in user numbers, with two top-tier customers achieving a growth rate exceeding 50%. The increase in average monthly subscribed users was driven by (i) our efforts in optimization and development in our service offerings and software platform, (ii) our abilities to improve overall cost performance for customers in their business management process, and (iii) the growing demand for AI software in the professional technology services market. During 2025, we entered the U.S. market and secured several customers, demonstrating initial business traction and expansion potential.
Since January 2025, we further expanded our service portfolio in the launch of our AI+BPO service and for the fiscal year ended June 30, 2025, revenue generated from AI+BPO service was US$212,604.
Cost of Revenue
Our cost of revenues increased by approximately US$4.73 million, or 43.05%, from US$11.00 million for the fiscal year ended June 30, 2024 to US$15.73 million for the fiscal year ended June 30, 2025.
Cost of revenues related to AI services increased by approximately US$4.55 million, or 41.34%, from US$11.00 million for the fiscal year ended June 30, 2024 to US$15.54 million for the fiscal year ended June 30, 2025, mainly due to the corresponding rise in outsourced operation costs as revenue increased. The growth rate of cost of revenue is proportionally higher than that of revenue, primarily driven by the increased amortization of software, a fixed cost, resulting from our higher investments in software to serve new markets and application scenarios. These investments are expected to enable us to enhance our product and service offerings with differentiated, competitive technology - particularly through the development of industry-specific application scenarios. These tailored solutions are essential for entering new sectors, such as insurance, mortgage sales, and government services, as well as for localizing our platform to meet the regulatory and operational demands of new geographic regions like North America and Southeast Asia.
Cost of revenues related to AI+BPO services were US$187,436 and nil for the fiscal years ended June 30, 2025 and 2024.
Gross Profit
As a result of the foregoing, we recorded a gross profit of US$19.12 million and US$18.58 million for the fiscal years ended June 30, 2025 and 2024, respectively. This reduction of gross profit margin from 62.81% to 54.87% was the result of the aforementioned elevated amortization costs from software and increased outsourcing operation fees, which we believe are necessary for our future growth and profitability.
Selling and Marketing Expenses
Our selling expenses increased from US$97,984 for the fiscal year ended June 30, 2024 to US$1.15 million for the fiscal year ended June 30, 2025, which was mainly due to (i) an increase of payroll expenses of US$0.74 million, primarily driven by the establishment and ramp-up of dedicated sales and marketing teams in our U.S. subsidiary and Philippines office; and (ii) an increase of share-based compensation expense of US$0.18 million, resulting from share grants under the Company’s 2024 Equity Incentive Plan. The U.S. team expansion is part of our broader international growth strategy, aimed at strengthening our presence in North America—a key strategic market. As part of this effort, we expanded our U.S. office presence, increasing headcount to support go-to-market execution, client onboarding, business development, and marketing in the region. In February 2024, we established the U.S. team, and by June 2025, it had expanded to 27 staff, among whom, 11 were engaged in selling and marketing activities.
General and Administrative Expenses
Our general and administrative expenses increased by 78.89% from US$4.98 million for the fiscal year ended June 30, 2024 to US$8.91 million for the fiscal year ended June 30, 2025, which was primarily attributable to (i) an increase of US$1.74 million in professional service fees such as advisory fees, audit fees and legal fees associated with the closing of the business combination in August, 2024, (ii) an increase of US$0.53 million in payroll expenses resulting from the expansion of the management team’s headcount, (iii) an increase of US$0.5 million in withholding tax incurred from 10% withholding tax on AI services provided to our customers in China, (iv) an increase of share-based compensation expense of US$0.40 million to award the core employee and executives, as well as certain strategic external consultants, and (v) an increase of US$0.40 million in insurance expenses.
R&D Expenses
Our R&D expenses increased by US$2.01 million from US$4.30 million for the fiscal year ended June 30, 2024 to US$6.32 million for the fiscal year ended June 30, 2025. The increase was attributable to (i) an increase of US$3.59 million in product development fees, allowing us to better differentiate and diversify our product and services offerings with competitive technologies, especially as they relate to the development of industry-specific application scenarios, and (ii) an increase of US$0.81 million in technology service consulting fees for further improvement in our system development and platform optimization, and offset by a decrease of US$2.58 million in AI training service fees, as the AI model development during the fiscal year ended June 30, 2024 had already met short-term application scenarios, thereby reducing the related service fees.
Financial Expenses, net
Our financial expenses, net decreased from US$0.23 million in financial expenses, net for the fiscal year ended June 30, 2024 to US$0.11 million for the fiscal year ended June 30, 2025, which was primarily attributable to a decrease of US$0.07 million in interest expenses accrued for convertible promissory notes, which were automatically converted into the ordinary shares of the Company on August 2, 2024, and a decrease of US$0.06 million in foreign exchange gain.
Income Tax Expenses
As a result of our operating income position for the fiscal years ended June 30, 2025 and 2024, we incurred income tax expenses of US$0.54 million and US$1.60 million for the fiscal years ended June 30, 2025 and 2024, respectively.
Net Income
As a result of the foregoing, our net income decreased by US$5.51 million from US$7.37 million for the fiscal year ended June 30, 2024 to US$1.86 million for the fiscal year ended June 30, 2025.
Liquidity and Capital Resources
We had a cash balance of US$152,051 and US$2,581,086 as of June 30, 2025 and June 30, 2024, respectively. Our working capital was approximately US$4.68 million and US$10.63 million as of June 30, 2025 and June 30, 2024, respectively. We usually grant our customers a credit term between 180 days and 365 days in payment arrangements. Our days sales outstanding was 234 days, 221 days and 244 days, for the fiscal years ended June 30, 2025, 2024 and 2023, respectively, which remained stable in the past three years.
About Helport AI
Helport AI (NASDAQ: HPAI) is a global technology company serving enterprise clients with intelligent customer communication software and services. Its flagship product, “AI Assist”, acts as a real-time co-pilot for customer contact teams, delivering smart guidance and tools to drive sales, improve engagement, and reduce costs. The Company’s mission is to empower everyone to work like an expert — using AI to elevate, not replace, human capability. Learn more at www.helport.ai.
Forward-Looking Statements
Certain statements in this announcement are forward-looking, including, but not limited to, Helport AI’s business strategies, expansion plans, and anticipated results. These statements involve risks and uncertainties based on current expectations and projections. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions, although not all forward-looking statements contain these identifying words. Helport AI undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Helport AI believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and Helport AI cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in Helport AI’s registration statements and other filings with the U.S. Securities and Exchange Commission.
Investor Relations Contact:
Helport AI Investor Relations
Email: ir@helport.ai
Website: ir.helport.ai
External Investor Relations Contact:
Chris Tyson
Executive Vice President
MZ North America
Direct: 949-491-8235
HPAI@mzgroup.us
www.mzgroup.us
|
HELPORT AI LIMITED CONSOLIDATED BALANCE SHEETS (Amounts in and U.S. dollars (“US$"), except share data) | |||||||||
| As of June 30, | |||||||||
| 2025 | 2024 | ||||||||
| Cash | $ | 152,051 | $ | 2,581,086 | |||||
| Accounts receivable | 23,466,286 | 21,313,735 | |||||||
| Deferred offering costs | - | 817,871 | |||||||
| Amount due from a related party | 10,372 | - | |||||||
| Prepaid expenses and other receivables | 137,669 | 41,966 | |||||||
| Total current assets | 23,766,378 | 24,754,658 | |||||||
| Long-term investment | 29,643 | - | |||||||
| Intangible assets, net | 12,680,011 | 2,425,694 | |||||||
| Right-of-use assets, net | 705,522 | - | |||||||
| Total non-current assets | 13,415,176 | 2,425,694 | |||||||
| Total assets | $ | 37,181,554 | $ | 27,180,352 | |||||
| Accounts payable | $ | 3,478,345 | $ | 284,067 | |||||
| Income tax payable | 1,321,935 | 2,724,998 | |||||||
| Amount due to related parties | 2,659,556 | 965,776 | |||||||
| Convertible promissory notes | - | 4,889,074 | |||||||
| Warrant liabilities | 4,683,834 | - | |||||||
| Accrued expenses and other liabilities | 6,264,213 | 5,263,239 | |||||||
| Lease liabilities, current | 134,331 | - | |||||||
| Deferred tax liabilities | 548,889 | - | |||||||
| Total current liabilities | 19,091,103 | 14,127,154 | |||||||
| Lease liabilities, non-current | 625,080 | - | |||||||
| Total non-current liability | 625,080 | - | |||||||
| Total liabilities | 19,716,183 | 14,127,154 | |||||||
| Commitments and contingencies | |||||||||
| Ordinary shares (US$0.0001 par value per share; 500,000,000 authorized as of June 30, 2025 and 2024; 37,430,968 and 30,280,768 issued and outstanding as of June 30, 2025 and 2024, respectively)* | 3,743 | 3,028 | |||||||
| Additional paid-in capital* | 2,562,548 | 4,528 | |||||||
| Accumulated other comprehensive loss | (5,132 | ) | - | ||||||
| Retained earnings | 14,904,212 | 13,045,642 | |||||||
| Shareholders’ equity | 17,465,371 | 13,053,198 | |||||||
| Total liabilities and shareholders’ equity | $ | 37,181,554 | $ | 27,180,352 | |||||
|
HELPORT AI LIMITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Amounts in and U.S. dollars (“US$"), except share data) | ||||||||||||||
| For the year ended June 30, | ||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||
| Revenues | $ | 34,856,807 | $ | 29,575,625 | $ | 12,728,313 | ||||||||
| Cost of revenues | (15,732,419 | ) | (10,998,011 | ) | (4,882,792 | ) | ||||||||
| Gross profit | 19,124,388 | 18,577,614 | 7,845,521 | |||||||||||
| Selling expenses | (1,152,197 | ) | (97,984 | ) | (50,830 | ) | ||||||||
| General and administrative expenses | (8,907,597 | ) | (4,979,382 | ) | (1,625,887 | ) | ||||||||
| Research and development expenses | (6,316,962 | ) | (4,303,490 | ) | (375,410 | ) | ||||||||
| Total operating expenses | (16,376,756 | ) | (9,380,856 | ) | (2,052,127 | ) | ||||||||
| Income from operation | 2,747,632 | 9,196,758 | 5,793,394 | |||||||||||
| Financial expenses, net | (112,311 | ) | (226,713 | ) | (7,936 | ) | ||||||||
| Other (loss)/income, net | (1,550 | ) | 1,007 | - | ||||||||||
| Change in fair value of warrant liabilities | (237,055 | ) | - | - | ||||||||||
| Income before income tax expenses | 2,396,716 | 8,971,052 | 5,785,458 | |||||||||||
| Income tax expenses | (538,146 | ) | (1,601,933 | ) | (970,755 | ) | ||||||||
| Net income | $ | 1,858,570 | $ | 7,369,119 | $ | 4,814,703 | ||||||||
| Other comprehensive income, net of tax: | ||||||||||||||
| Net change in foreign currency translation adjustment | (5,132 | ) | - | - | ||||||||||
| Total comprehensive income | $ | 1,853,438 | $ | 7,369,119 | $ | 4,814,703 | ||||||||
| Earnings per ordinary share | ||||||||||||||
| Basic | 0.05 | 0.24 | 0.16 | |||||||||||
| Diluted | 0.05 | 0.24 | 0.16 | |||||||||||
| Weighted average number of ordinary shares outstanding* | ||||||||||||||
| Basic | 37,430,968 | 30,280,768 | 30,280,768 | |||||||||||
| Diluted | 37,430,968 | 30,280,768 | 30,280,768 | |||||||||||
|
HELPORT AI LIMITED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in and U.S. dollars (“US$"), except share data) | ||||||||||||||||||||||
| For the year ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||
| Net income | $ | 1,858,570 | $ | 7,369,119 | $ | 4,814,703 | ||||||||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||
| Amortization of intangible assets | 4,396,683 | 2,352,639 | 2,333,334 | |||||||||||||||||||
| Amortization of right-of-use assets | 101,838 | - | - | |||||||||||||||||||
| Share-based compensation | 584,150 | - | - | |||||||||||||||||||
| Investment loss | 539 | - | - | |||||||||||||||||||
| Interest expenses on loans from related parties | 45,131 | - | - | |||||||||||||||||||
| Deferred income tax | 548,889 | - | - | |||||||||||||||||||
| Change in fair value of warrant liabilities | 237,055 | - | - | |||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||
| Accounts receivable | (2,152,551 | ) | (6,813,674 | ) | (12,079,780 | ) | ||||||||||||||||
| Prepaid expenses and other receivables | 46,018 | (41,966 | ) | - | ||||||||||||||||||
| Accounts payable | 3,194,278 | (3,158,729 | ) | 2,547,916 | ||||||||||||||||||
| Amount due to related parties | (160,025 | ) | 21,640 | 7,626 | ||||||||||||||||||
| Accrued expenses and other liabilities | 1,854,267 |
3,702,668 |
951,932 |
|||||||||||||||||||
| Income tax payable | (1,403,063 | ) | 1,601,933 | 970,148 | ||||||||||||||||||
| Deferred tax liabilities | - | - | ||||||||||||||||||||
| Lease liabilities | (84,766 | ) | - | |||||||||||||||||||
| Net cash provided by/(used in) operating activities | 9,067,013 | 5,033,630 | (454,121 | ) | ||||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||
| Purchase of intangible assets | (14,651,000 | ) | (7,410,933 | ) | - | |||||||||||||||||
| Loans to related parties | (10,372 | ) | - | - | ||||||||||||||||||
| Net cash used in investing activities | (14,661,372 | ) | (7,410,933 | ) | - | |||||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||
| Payment for listing costs | (213,052 | ) | (817,871 | ) | - | |||||||||||||||||
| Loan from a third party | - | 977,156 | 66,545 | |||||||||||||||||||
| Repayment of loan from a third party | (199,582 | ) | (629,570 | ) | - | |||||||||||||||||
| Loans from related parties | 515,576 | 354,977 | 569,059 | |||||||||||||||||||
| Repayment of loans from related parties | (468,795 | ) | (3,638 | ) | (45,102 | ) | ||||||||||||||||
| Proceeds from convertible promissory notes | - | 4,889,074 | - | |||||||||||||||||||
| Cash inflow from reverse recapitalization | 1,136,951 | - | - | |||||||||||||||||||
| Proceeds from PIPE investments | 2,600,000 | - | - | |||||||||||||||||||
| Repayment of sponsor loans | (200,000 | ) | - | - | ||||||||||||||||||
| Net cash provided by financing activities | 3,171,098 | 4,770,128 | 590,502 | |||||||||||||||||||
| Effect of exchange rate changes | (5,774 | ) | 45,860 | (2,380 | ) | |||||||||||||||||
| Net change in cash | (2,429,035 | ) | 2,438,685 | 134,001 | ||||||||||||||||||
| Cash at the beginning of the year | 2,581,086 | 142,401 | 8,400 | |||||||||||||||||||
| Cash at the end of the year | $ | 152,051 | $ | 2,581,086 | 142,401 | |||||||||||||||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||||||||||||
| Obtaining operating right-of-use assets in exchange for operating lease liabilities | $ | 807,360 | $ | - | $ | - | ||||||||||||||||
| Net assets acquired from Reverse recapitalization | 7,514,745 | - | - | |||||||||||||||||||
| Financing funds received by a third party on behalf of the Group | 2,900,000 | - | - | |||||||||||||||||||
| Conversion from Convertible Promissory Notes | 5,020,253 | - | - | |||||||||||||||||||
| Offering costs recognized as additional paid-in capital | 1,030,923 | - | - | |||||||||||||||||||
| Issuance of New Promissory Notes to replace the Tristar’s original Sponsor Loans | 3,125,000 | - | - | |||||||||||||||||||
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
