UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

For the month of December 2024

 

Mingzhu Logistics Holdings Limited

(Exact name of registrant as specified in its charter)

 

27F, Yantian Modern Industry Service Center
No. 3018 Shayan Road, Yantian District
Shenzhen, Guangdong, China 518081

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒ Form 40-F ☐

 

 

 

 

 

 

EXPLANATORY NOTE

 

The Company is furnishing this Form 6-K to provide six-month interim financial statements and incorporate such financial statements into the Company’s registration statements referenced below.

 

This Form 6-K is hereby incorporated by reference into the registration statements of the Company on Form S-8 (Registration Number 333-278083, filed on March 20, 2024), and the registration statements of the Company on Form F-3, as amended (Registration Number 333-267839, initially filed on October 12, 2024) to the extent not superseded by documents or reports subsequently filed or furnished by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

 

Financial Statements and Exhibits.

 

Exhibit No.   Description
99.1   Unaudited Interim Consolidated Financial Statements as of June 30, 2024 and for the Six Months Ended June 30, 2024 and 2023
99.2   Operating and Financial Review and Prospects in Connection with the Unaudited Interim Consolidated Financial Statements for the Six Months Ended June 30, 2024 and 2023
101.INS*   Inline XBRL Instance Document
101.SCH*   Inline XBRL Taxonomy Extension Schema Document
101.CAL*   Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*   Inline XBRL Taxonomy Extension Label Linkbase Document
101.LAB*   Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.PRE*   Inline XBRL Taxonomy Extension Definition Linkbase Document
104*   Cover Page Interactive Data File formatted as Inline XBRL and contained in Exhibit 101

 

1

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  MINGZHU LOGISTICS HOLDINGS LIMITED
     
Date: December 31, 2024 By: /s/ Jinlong Yang
    Name: Jinlong Yang
    Title: Chief Executive Officer

 

 

2

 

 

Exhibit 99.1

 

MINGZHU LOGISTICS HOLDINGS LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

 

   As of   As of 
   June 30,
   December 31,
 
   2024   2023 
   USD   USD 
   (Unaudited)     
ASSETS        
CURRENT ASSETS        
Cash  $1,278,953   $3,676,382 
Accounts receivable, net   15,950,622    31,566,845 
Prepayments   18,392,024    17,261,010 
Other receivables   372,242    184,942 
Loans receivable*   28,171,455    29,156,394 
Amount due from related parties   2,650,543    1,996,190 
Total current assets   66,815,839    83,841,763 
           
NON-CURRENT ASSET          
Property and equipment, net   1,328,427    1,462,795 
Deferred tax assets   1,510,011    105,845 
Deposits   1,047,450    834,307 
Goodwill   41,092,847    41,109,592 
Total non-current asset   44,978,735    43,512,539 
Total assets  $111,794,574   $127,354,302 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
CURRENT LIABILITIES:          
Short-term bank borrowings  $5,958,080   $6,809,651 
Accounts payable   8,205,470    18,431,506 
Other payables and accrued liabilities   33,306,049    33,568,108 
Amount due to related parties   7,738,201    8,211,968 
Tax payable   2,128,662    2,199,851 
Current maturities of long-term bank borrowings   108,904    391,178 
Current portion of capital lease and financing obligations   
-
    9,529 
Current maturities of loans from other financial institutions   13,702,060    13,054,470 
Total current liabilities   71,147,426    82,676,261 
           
NON-CURRENT LIABILITIES          
Long-term bank borrowings   379,924    121,088 
Long-term portion of capital lease and financing obligations   133,889    
-
 
Total non-current liabilities   513,813    121,088 
Total liabilities   71,661,239    82,797,349 
           
SHAREHOLDERS’ EQUITY          
Ordinary shares: $0.001 par value, 50,000,000 shares authorized, 37,496,322 and 27,529,372 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively   37,496    27,529 
Share subscription receivables   (847,086)   (847,086)
Additional paid-in capital   45,511,758    41,220,949 
Statutory reserves   890,140    890,021 
(Accumulated loss) retained earnings   (4,896,710)   4,901,797 
Accumulated other comprehensive loss   (562,263)   (1,636,257)
Total shareholders’ equity   40,133,335    44,556,953 
Total liabilities and shareholders’ equity  $111,794,574   $127,354,302 

 

*Loans receivable mainly comprise of interest-free advances to third parties as a result of strategic business cooperation.

 

1

 

 

MINGZHU LOGISTICS HOLDINGS LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Unaudited)

 

   For the Six Months Ended
June 30,		 
   2024   2023 
   USD   USD 
REVENUES  $22,894,170   $56,090,997 
           
COSTS AND EXPENSES          
Costs of trucking services   17,585,225    32,840,752 
Costs of liquor distributions   3,704    
-
 
Costs of Car-hailing and driver management services   
-
    13,020,751 
Costs of car owner services   4,973,927    8,576,401 
General and administrative expenses   11,239,095    2,112,502 
Sales and marketing expenses   196,676    442,500 
Total costs and expenses   33,998,627    56,992,906 
           
LOSS FROM OPERATIONS   (11,104,457)   (901,909)
           
OTHER (EXPENSES) INCOME          
Interest expenses   (137,645)   (413,618)
Other expenses   (8,440)   (12,815)
Other income   (28,700)   482,540 
Total other (loss) income, net   (174,785)   56,107 
           
LOSS BEFORE INCOME TAXES   (11,279,242)   (845,802)
           
BENEFIT FOR INCOME TAXES   (1,480,854)   (40,166)
           
NET LOSS   (9,798,388)   (805,636)
           
OTHER COMPREHENSIVE (LOSS) INCOME          
Foreign currency translation adjustment   1,073,994    285,185 
COMPREHENSIVE LOSS  $(8,724,394)  $(520,451)
           
Weighted average shares used in computation:          
Basic   32,532,902    21,429,877 
           
LOSSES PER SHARE - BASIC  $(0.30)  $(0.04)

 

2

 

 

MINGZHU LOGISTICS HOLDINGS LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

 

           Share   Additional       Retained Earnings   Accumulated Other     
           Subscription   Paid-in   Statutory   (Accumulated   Comprehensive     
   Shares*   Amount   Receivables   Capital   Reserve   Losses)   Loss   Total 
       USD   USD   USD   USD   USD   USD   USD 
BALANCE, December 31, 2023   27,529,372   $27,529   $(847,086)  $41,220,949   $890,021   $4,901,797   $(1,636,257)  $44,556,953 
                                         
Net loss for the period   -    
-
    
-
    
-
    
-
    (9,798,388)   
-
    (9,798,388)
Foreign currency translation adjustment   -    
-
    
-
    
-
    
-
    
-
    1,073,994    1,073,994 
Appropriation to statutory reserve   -    
-
    
-
    
-
    119    (119)   
-
    
-
 
Issuance of shares   9,967,000    9,967    
-
    4,290,809    
-
    
-
    
-
    4,300,776 
BALANCE, June 30, 2024   37,496,372   $37,496   $(847,086)  $45,511,758   $890,140   $(4,896,710)  $(562,263)  $40,133,335 

 

3

 

 

MINGZHU LOGISTICS HOLDINGS LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   For the Six Months Ended
June 30,		 
　  2024   2023 
　  USD   USD 
Cash flows from operating activities:  　   　 
Net loss  $(9,798,388)  $(805,636)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:        　 
Gain on disposals of equipment   (88,287)   
-
 
Allowance for credit losses   5,598,985    19,413 
Written-off of allowance for doubtful accounts   63    
-
 
Depreciation for property and equipment   102,173    851,324 
Deferred income tax benefit   (869,094)   (12,532)
Employee stock expenses   2,300,776    
-
 
Changes in operating assets and liabilities          
Accounts receivable   9,417,571    3,015,034 
Prepayments   (1,529,311)   (3,845,327)
Other receivables   (815,540)   (2,629,641)
Loans receivable   324,635    (1,992,268)
Deposits   (350,289)   (822,745)
Accounts payable   (9,626,013)   (2,821,222)
Other payables and accrued liabilities   (2,023,648)   5,356,422 
Tax payables   (21,347)   (278,606)
Net cash used in operating activities   (7,377,714)   (3,965,784)
　          
Cash flows from investing activities:          
Proceeds from disposal of equipment   88,287    31,102 
Cash provided by investing activities   88,287    31,102 
           
Cash flows from financing activities:          
Proceeds from short-term bank borrowings   2,203,740    4,876,613 
Repayments of short-term bank borrowings   (2,905,610)   (354,778)
Proceeds from long-term bank borrowings   312,369    
-
 
Repayment of long-term bank borrowings   (324,250)   
-
 
Repayments to other financial institutions   
-
    (784,097)
Proceeds of loans from other financial institutions   1,086,008    
-
 
Repayments of obligations under capital leases   (9,444)   
-
 
Amounts advanced from related parties   5,120,131    3,222,649 
Repayments to related parties   (146,135)   (4,257,112)
Net cash provided by financing activities   5,336,809    2,703,275 
　          
Effect of exchange rate change on cash   (444,811)   (148,541)
　          
Net decrease in cash   (2,397,429)   (1,379,948)
Cash at beginning of the period   3,676,382    5,687,311 
Cash at end of the period  $1,278,953   $4,307,363 
　          
Supplemental disclosure of cash flow information:          
Interest paid  $442,096   $504,655 
Income tax paid  $195,237   $10,620 
　          
Supplemental non-cash investing and financing information:          
Non-cash capital leases to acquire revenue equipment  $
-
   $
-
 
Uncollected receivable from disposal of revenue equipment  $
-
   $
-
 
　          
Reconciliation to amounts on consolidated balance sheets:          
Cash  $1,278,953   $4,307,362 
Restricted cash   
-
    
-
 
Total cash and restricted cash  $1,278,953   $4,307,362 

 

 

4

 

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Exhibit 99.2

 

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

 

Overview and Outlook

 

MingZhu Logistics Holdings Limited (“MingZhu Cayman” or “the Company”) is a holding company incorporated in the Cayman Islands on January 2, 2018 under the laws of the Cayman Islands. The Company are engaged in various businesses through our subsidiaries and controlled entities in China. Our operations are primarily based in the People’s Republic of China (“PRC”), where we derive all of revenues. We engaged in a number of diverse business activities, including trucking services, car owner services and liquor distribution.

 

Trucking services

 

The Company’s trucking services are provided through Shenzhen Yangang Mingzhu Freight Industry Co., Ltd. (“Mingzhu”) and its subsidiaries and newly acquired Variable Interest Entities (“VIE’), Xinjiang Feipeng Logistics Co., Ltd. (“Feipeng”) and its subsidiaries. Mingzhu is a trucking service provider in China since 2002. It has been accredited by the China Federation of Logistics and Purchasing as a 4A-grade trucking service provider. Its transportation services operate out of two terminals, one in the Guangdong region, and the other in the Xinjiang region. It primarily provides dedicated trucking services within the PRC. It has created a successful business model that has allowed us to expand our customer base and market coverage whilst maintaining good relationships with our existing customers. To further expand our market shares in Xinjiang region, we acquired Feipeng, which focuses on the short-distance coal transportation in Xinjiang region.

 

Car owner services

 

The Company’s car owner services are provided through Hainan Zhisheng Automobile Services Co., Ltd. (“Zhisheng”). Zhisheng was founded in 2018, Zhisheng provides diversified, differentiated and customized value-added auto related services to auto insurance companies, where the services include road security services, car maintenance services, car inspection services and other services. Zhisheng develops and operates a comprehensive auto related service platform for auto insurance companies combining intelligent human-vehicle interaction functions with car owner programs.

 

Liquor distribution

 

The Company’s liquor distribution is conducted through Xiamen Alliance Liquor Industry Group Co., Ltd. (“Liquor Alliance”). The Liquor Alliance was established on November 24, 2011. It is a liquor distributor operated in China. It mainly focuses on the wholesales of Baijiu and other high quality Chinese spirit.

 

Discontinued Operations

 

Historically, the Company had a strategy of developing car-hailing and driver management services.

 

In the third quarter of 2023, the Company determined to dispose the car-hailing and driver management services business due to the declining performance. The disposal of the car-hailing and driver management services business represented strategic shifts of the Company and had a major impact on the Company’s financial results, and met the criteria for the discontinued operations.

 

 

 

 

Results of Operations

 

Disaggregated information of revenues derived from continued operations by types of services provided are as follows:

  

   For the Six months ended June 30,
2024		   For the Six months ended June 30,
2023		   Change   Change
(%)		 
Revenue                
Trucking services  $17,751,989   $33,937,508   $(16,185,519)   -47.7%
Car owner services   5,068,391    9,369,415    (4,301,024)   -45.9%
Liquor distribution services   73,790    -    73,790    n/a 
Car-hailing and driver management services        12,784,074    (12,784,074)   -100.0%
Total revenue  $22,894,170   $56,090,997   $(33,196,827)   -59.2%

 

Revenue for the six months ended June 30, 2024, decreased by $33.2 million or 59.2%, to $22.9 million from $56.1 million for the same period as last year. The Company planned to rebuild its logistics network and hence dropped out a significant number of customers which in turn led to a decrease in the revenues. In addition, On December 30, 2023, we terminated the VIE agreement with Zhejiang Cheyi Network Technology Co., Ltd., which caused a decrease of $12,784,073 in total revenues.

 

Costs

 

Disaggregated information of costs derived from continued operations by types of services provided are as follows:

 

   For the Six months ended June 30,
2024		   For the Six months ended June 30,
2023		   Change   Change
(%)		 
Costs                
Trucking services  $17,585,225   $32,840,752   $(15,255,527)   -46.5%
Car owner services   4,973,927    8,576,401    (3,602,474)   -42.0%
Liquor distribution services   3,704    -    3,704    n/a 
Car-hailing and driver management services   -    13,020,751    (13,020,751)   -100.0%
Total costs  $22,562,856   $54,437,904   $(31,875,048)   -58.6%

 

Total costs decreased by $31.9 million, or 58.6%, to $22.6 for the six months ended June 30, 2024 as compared to $54.4 million for the six months ended June 30, 2023. This decrease was mainly due to the decrease in revenues as mentioned above.

 

Gross Profit and Gross Margin

 

Our gross profit is equal to the difference between our revenues and our costs of different services provided. Our gross profit decreased by 80.0% to $331,314 during the six months ended June 30, 2024, from $1,653,093 for the same period in 2023. The decrease in gross profit was primarily due to the drop in revenues while the fixed costs including depreciation and subcontracting fees remain stable. The management expects to expand the market of liquor distribution services which have a higher profit margin.

 

General and administrative expenses

 

We experienced a significant increase in general and administrative expenses from $2.1 million for the six months ended June 30, 2023 to $11.2 million for the same period in 2024. The increase was principally due to the increase in credit losses we incurred, as we experienced a longer time of collection of payments from our customers. The management plans to put more effort into monitoring the turnover of accounts receivable by any possible ways including hiring debt collection agents.

 

Net Loss

 

As a result of the foregoing, our net loss totaled approximately $9.8 million for the six months ended June 30, 2024, as compared to a net loss of approximately $0.9 million for the six months ended June 30, 2023, representing an increase of $8.9 million.

 

2

 

 

Income Tax

 

We recorded a $1.5 million corporate income tax credit for the six months ended June 30, 2024 as compared to $40,166 for the same period last year. The significant change was mainly due to the recognition of credit losses mentioned above.

 

Changes in Financial Position and Cash Flows

 

Our business requires substantial amounts of cash to cover operating expenses as well as to fund capital expenditures, working capital changes, principal and interest payments on our obligations, lease payments, to support tax payments when we generate taxable income. Recently, we have financed our capital requirements with borrowings under our existing term loan facility, borrowings under our existing revolving credit facility, cash flows from operating activities, direct equipment financing, operating leases and proceeds from equipment sales.
 

   For the Six Months Ended
June 30,		 
   2024   2023 
Net cash used in operating activities  $(7,377,714)  $(3,965,784)
Net cash provided by investing activities   88,287    31,102 
Net cash provided by financing activities   5,336,809    2,703,275 
Effect of exchange rate change on cash   (444,811)   (148,541)
Net decrease in cash   (2,397,429)   (1,379,948)
Cash and cash equivalents at beginning of the period   3,676,382    5,687,311 
Cash and cash equivalents at end of the period  $1,278,953   $4,307,363 

 

Our cash and cash equivalents dropped by $4.0 million to $1.3 million as of June 30, 2024, as we only need to maintain such a smaller balance of cash when our revenues and costs declined.

 

For the six months ended June 30, 2024, our net cash used in operating activities was $7.4 million, compared to net cash used in operating activities of $4.0 million for the six months ended June 30, 2023. The increase was mainly due to the decrease in other payables.

 

Our net cash provided by investing activities was $88,287 for the six months ended June 30, 2024, representing an increase of $57,185 from $31,102 for the six months ended June 30, 2023.

 

Our net cash provided by financing activities was $5.3 million for the six months ended June 30, 2024, representing an increase of $2.6 million from $2.7 million for the six months ended June 30, 2023. The increase was mainly due to the increase in advances from our related parties.

 

We believe the Company’s revenues and operations will continue to grow and the current working capital is sufficient to support its operations and debt obligations. However, we may need additional cash resources in the future if we experience changed business conditions or other developments and may also need additional cash resources in the future if we wish to pursue opportunities for investment, acquisition, strategic cooperation or other similar actions. If it is determined that the cash requirements exceed our amounts of cash on hand, we may seek to issue debt or equity securities or obtain a credit facility.

 

3

 

 

Recent Developments

 

On September 10, 2024, the Company entered into an Acquisition Agreement with HOLDCO 36, pursuant to which, among other things and subject to the terms and conditions contained therein, the Company intend to effect an acquisition of the HOLDCO 36 by the Company in accordance with this Agreement. Upon consummation of the Acquisition, the HOLDCO 36 shall become a wholly owned subsidiary of the Company.

 

On September 10, 2024, the Company entered into a Termination Agreement with Oxylus Global Inc. (the “Oxylus”), pursuant to which, the Company and the Oxylus mutually agreed to terminate the Acquisition Agreement signed on May 31, 2024. The Acquisition Agreement shall be of no further force or effect, and no party thereto shall have any continuing liabilities, damages, or obligations to the other party.

 

On October 21, 2024, the Company and its indirect wholly owned subsidiary, Shenzhen Yangang Mingzhu Freight Industries Co., Ltd., a company incorporated in China (“Shenzhen Mingzhu”), as the purchaser, entered into a software purchase agreement (the “Software Purchase Agreement”) with H&P International Holdings Limited, a company incorporated in Hong Kong (the “Seller”), as the seller, with respect to a certain Simulation Modeling Subsystem and Physical Simulation Subsystem of Intelligent Logistics Simulation System and related assets (the “Software”). Pursuant to the Software Purchase Agreement, Shenzhen Mingzhu agreed to acquire from the Seller all of the rights, title, and interests in the Software for consideration of an aggregate of 1,900,000 ordinary shares, at $1.20 per share, with an aggregate value of $2,280,000 (the “Consideration Shares”). In connection with the Software Purchase Agreement, on October 21, 2024, the Seller and four assignees entered into a deed of assignment with respect to the assignment of the Seller’s right to receive the Consideration Shares, and the Seller delivered to the Company and Shenzhen Mingzhu a notice of assignment.

 

On October 21, 2024, the Company completed the share issuance (the “Share Issuance”) and closed the acquisition of the Software, pursuant to the Software Purchase Agreement. The Company issued an aggregate of 1,900,000 ordinary shares, at US$1.20 per share, with an aggregate value of US$2,280,000 to the Assignees as consideration for all of the rights, title, and interests in Software.

 

The ordinary shares in the Share Issuance were issued in reliance on Rule 902 of Regulation S promulgated under the Securities Act of 1933, as amended, and the Assignees represented that they were not residents of the United States or “U.S. persons” as defined in Rule 902(k) of Regulation S and were not acquiring the Class A ordinary shares for the account or benefit of any U.S. person.

 

 

4

 
v3.24.4
Document And Entity Information
 6 Months Ended
Jun. 30, 2024
Document Information Line Items  
Entity Registrant Name Mingzhu Logistics Holdings Limited
Document Type 6-K
Current Fiscal Year End Date --12-31
Amendment Flag false
Entity Central Index Key 0001782037
Document Period End Date Jun. 30, 2024
Document Fiscal Year Focus 2024
Document Fiscal Period Focus Q2
Entity File Number 001-39564
v3.24.4
Interim Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash $ 1,278,953 $ 3,676,382
Accounts receivable, net 15,950,622 31,566,845
Prepayments 18,392,024 17,261,010
Other receivables 372,242 184,942
Loans receivable [1] 28,171,455 29,156,394
Total current assets 66,815,839 83,841,763
NON-CURRENT ASSET    
Property and equipment, net 1,328,427 1,462,795
Deferred tax assets 1,510,011 105,845
Deposits 1,047,450 834,307
Goodwill 41,092,847 41,109,592
Total non-current asset 44,978,735 43,512,539
Total assets 111,794,574 127,354,302
CURRENT LIABILITIES:    
Short-term bank borrowings 5,958,080 6,809,651
Accounts payable 8,205,470 18,431,506
Other payables and accrued liabilities 33,306,049 33,568,108
Tax payable 2,128,662 2,199,851
Current maturities of long-term bank borrowings 108,904 391,178
Current portion of capital lease and financing obligations 9,529
Current maturities of loans from other financial institutions 13,702,060 13,054,470
Total current liabilities 71,147,426 82,676,261
NON-CURRENT LIABILITIES    
Long-term bank borrowings 379,924 121,088
Long-term portion of capital lease and financing obligations 133,889
Total non-current liabilities 513,813 121,088
Total liabilities 71,661,239 82,797,349
SHAREHOLDERS’ EQUITY    
Ordinary shares: $0.001 par value, 50,000,000 shares authorized, 37,496,322 and 27,529,372 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 37,496 27,529
Share subscription receivables (847,086) (847,086)
Additional paid-in capital 45,511,758 41,220,949
Statutory reserves 890,140 890,021
(Accumulated loss) retained earnings (4,896,710) 4,901,797
Accumulated other comprehensive loss (562,263) (1,636,257)
Total shareholders’ equity 40,133,335 44,556,953
Total liabilities and shareholders’ equity 111,794,574 127,354,302
Related Party    
CURRENT ASSETS    
Amount due from related parties 2,650,543 1,996,190
CURRENT LIABILITIES:    
Amount due to related parties $ 7,738,201 $ 8,211,968
[1] Loans receivable mainly comprise of interest-free advances to third parties as a result of strategic business cooperation.
v3.24.4
Interim Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares
Jun. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Ordinary shares, par value (in Dollars per share) $ 0.001 $ 0.001
Ordinary shares, shares authorized 50,000,000 50,000,000
Ordinary shares, shares issued 37,496,322 27,529,372
Ordinary shares, shares outstanding 37,496,322 27,529,372
v3.24.4
Interim Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
REVENUES $ 22,894,170 $ 56,090,997
COSTS AND EXPENSES    
General and administrative expenses 11,239,095 2,112,502
Sales and marketing expenses 196,676 442,500
Total costs and expenses 33,998,627 56,992,906
LOSS FROM OPERATIONS (11,104,457) (901,909)
OTHER (EXPENSES) INCOME    
Interest expenses (137,645) (413,618)
Other expenses (8,440) (12,815)
Other income (28,700) 482,540
Total other (loss) income, net (174,785) 56,107
LOSS BEFORE INCOME TAXES (11,279,242) (845,802)
BENEFIT FOR INCOME TAXES (1,480,854) (40,166)
NET LOSS (9,798,388) (805,636)
OTHER COMPREHENSIVE (LOSS) INCOME    
Foreign currency translation adjustment 1,073,994 285,185
COMPREHENSIVE LOSS $ (8,724,394) $ (520,451)
Weighted average shares used in computation:    
Basic (in Shares) 32,532,902 21,429,877
LOSSES PER SHARE - BASIC (in Dollars per share) $ (0.3) $ (0.04)
Trucking Services    
COSTS AND EXPENSES    
Costs and expenses $ 17,585,225 $ 32,840,752
Liquor Distributions    
COSTS AND EXPENSES    
Costs and expenses 3,704
Car-Hailing and Driver Management Services    
COSTS AND EXPENSES    
Costs and expenses 13,020,751
Car Owner Services    
COSTS AND EXPENSES    
Costs and expenses $ 4,973,927 $ 8,576,401
v3.24.4
Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) - 6 months ended Jun. 30, 2024 - USD ($)
Ordinary Shares
Share Subscription Receivables
Additional Paid-in Capital
Statutory Reserve
Retained Earnings (Accumulated Losses)
Accumulated Other Comprehensive Loss
Total
Balance at Dec. 31, 2023 $ 27,529 $ (847,086) $ 41,220,949 $ 890,021 $ 4,901,797 $ (1,636,257) $ 44,556,953
Balance (in Shares) at Dec. 31, 2023 27,529,372           27,529,372
Net loss for the period (9,798,388) $ (9,798,388)
Foreign currency translation adjustment 1,073,994 1,073,994
Appropriation to statutory reserve 119 (119)
Issuance of shares $ 9,967 4,290,809 4,300,776
Issuance of shares (in Shares) 9,967,000            
Balance at Jun. 30, 2024 $ 37,496 $ (847,086) $ 45,511,758 $ 890,140 $ (4,896,710) $ (562,263) $ 40,133,335
Balance (in Shares) at Jun. 30, 2024 37,496,372           37,496,322
v3.24.4
Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ (9,798,388) $ (805,636)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Gain on disposals of equipment (88,287)
Allowance for credit losses 5,598,985 19,413
Written-off of allowance for doubtful accounts 63
Depreciation for property and equipment 102,173 851,324
Deferred income tax benefit (869,094) (12,532)
Employee stock expenses 2,300,776
Changes in operating assets and liabilities    
Accounts receivable 9,417,571 3,015,034
Prepayments (1,529,311) (3,845,327)
Other receivables (815,540) (2,629,641)
Loans receivable 324,635 (1,992,268)
Deposits (350,289) (822,745)
Accounts payable (9,626,013) (2,821,222)
Other payables and accrued liabilities (2,023,648) 5,356,422
Tax payables (21,347) (278,606)
Net cash used in operating activities (7,377,714) (3,965,784)
Cash flows from investing activities:    
Proceeds from disposal of equipment 88,287 31,102
Cash provided by investing activities 88,287 31,102
Cash flows from financing activities:    
Proceeds from short-term bank borrowings 2,203,740 4,876,613
Repayments of short-term bank borrowings (2,905,610) (354,778)
Proceeds from long-term bank borrowings 312,369
Repayment of long-term bank borrowings (324,250)
Repayments to other financial institutions (784,097)
Proceeds of loans from other financial institutions 1,086,008
Repayments of obligations under capital leases (9,444)
Amounts advanced from related parties 5,120,131 3,222,649
Repayments to related parties (146,135) (4,257,112)
Net cash provided by financing activities 5,336,809 2,703,275
Effect of exchange rate change on cash (444,811) (148,541)
Net decrease in cash (2,397,429) (1,379,948)
Cash at beginning of the period 3,676,382 5,687,311
Cash at end of the period 1,278,953 4,307,363
Supplemental disclosure of cash flow information:    
Interest paid 442,096 504,655
Income tax paid 195,237 10,620
Supplemental non-cash investing and financing information:    
Non-cash capital leases to acquire revenue equipment
Uncollected receivable from disposal of revenue equipment
Reconciliation to amounts on consolidated balance sheets:    
Cash 1,278,953 4,307,362
Restricted cash
Total cash and restricted cash $ 1,278,953 $ 4,307,362
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