Exhibit 99.1
ETAO INTERNATIONAL CO., LTD AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In U.S. dollars, except for share and per share data)
| As of | ||||||||
| 6/30/2023 | 12/31/2022 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash | $ | 772,048 | $ | 693,781 | ||||
| Restricted Cash | 1,327,463 | - | ||||||
| Accounts Receivable | 1,211,866 | 1,425,824 | ||||||
| Advances to Suppliers | 4,069 | 66,638 | ||||||
| Other Receivables and prepayments | 55,526 | 59,682 | ||||||
| Inventory | 115,512 | 301,810 | ||||||
| Total current assets | 3,486,484 | 2,547,735 | ||||||
| Property, plants and equipment, net | 185,979 | 173,342 | ||||||
| Intangible assets, net | 22,780 | 24,005 | ||||||
| Longterm prepaid expenses | (15,362 | ) | - | |||||
| Right-of-use assets | 447,645 | 471,716 | ||||||
| Related party receivable | 300,975 | 147,385 | ||||||
| Total non-current assets | 942,017 | 816,448 | ||||||
| TOTAL ASSETS | $ | 4,428,501 | $ | 3,364,183 | ||||
| Liabilities | ||||||||
| Current liabilities: | ||||||||
| Bank Loans | $ | 137,574 | $ | 166,717 | ||||
| Accounts Payable-Trade | 222,494 | 342,446 | ||||||
| Customer Advances | 285,265 | 310,548 | ||||||
| Accrued expenses and other Payables | 426,498 | 419,887 | ||||||
| Operating lease payable, current | 116,747 | 123,025 | ||||||
| Total current liabilities | 1,188,578 | 1,362,623 | ||||||
| Note payable | 1,319,487 | - | ||||||
| Related party payable | 84,513 | 597,387 | ||||||
| Operating lease payable, non-current | 303,431 | 319,748 | ||||||
| TOTAL LIABILITIES | 2,896,009 | 2,279,758 | ||||||
| Commitments and contingencies | ||||||||
| Equity | ||||||||
| Class B ordinary shares | 330 | |||||||
| Class A ordinary shares (US$0.0001 par value per share; 96,700,000 shares issued and outstanding as of December 31, 2022 | 9,670 | 9,670 | ||||||
| Additional Paid in Capital | 877,742,498 | 877,742,498 | ||||||
| Accumulated deficit | (876,019,100 | ) | (876,517,003 | ) | ||||
| Accumulated other comprehensive loss | (176,551 | ) | (100,955 | ) | ||||
| Etao’s shareholders’ equity | 1,556,517 | 1,134,540 | ||||||
| Non-controlling Interest | (24,025 | ) | (50,115 | ) | ||||
| TOTAL EQUITY | 1,532,492 | 1,084,425 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 4,428,501 | $ | 3,364,183 | ||||
ETAO INTERNATIONAL CO., LTD AND SUBSIDIARIES,
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE LOSS
(In U.S. dollars, except for share and per share data)
| For the six months ended June 30, | ||||||||
| 2023 | 2022 | |||||||
| Net revenue | $ | 1,923,283 | $ | 1,093,836 | ||||
| Cost of revenue | (1,209,423 | ) | (603,592 | ) | ||||
| Gross profit | 713,860 | 490,244 | ||||||
| Operating expenses: | ||||||||
| Selling expense | (350,936 | ) | (76,055 | ) | ||||
| General and administrative | (1,857,617 | ) | (133,875 | ) | ||||
| Research and developing Expense | (22,055 | ) | - | |||||
| Total operating expenses | (2,230,608 | ) | (209,930 | ) | ||||
| Income (loss) from operations | (1,516,748 | ) | 280,314 | |||||
| Other income (loss): | ||||||||
| Other income | 38,053 | 2,371 | ||||||
| Interest income | 2,918 | - | ||||||
| Interest expense | (4,004 | ) | (3,694 | ) | ||||
| Other expenses | (352 | ) | (2,322 | ) | ||||
| Total other income/(loss) | 36,615 | (3,645 | ) | |||||
| Profit (loss) before income tax expense | (1,480,133 | ) | 276,669 | |||||
| Income tax expense | (7,146 | ) | (614 | ) | ||||
| Net profit (loss) from continuing business | $ | (1,487,729 | ) | $ | 276,055 | |||
| Non-controlling interest (income) loss | (24,700 | ) | (79,812 | ) | ||||
| Net profit (loss) attributed to shareholders | (1,511,979 | ) | 196,243 | |||||
| Other comprehensive income (loss): | ||||||||
| Foreign currency translation loss, net of income taxes | (75,596 | ) | (16,716 | ) | ||||
| Total comprehensive income (loss) | $ | (1,587,575 | ) | $ | 179,527 | |||
| Loss per ordinary share, basic and diluted | (1.15 | ) | ||||||
| Weighted average number of ordinary shares outstanding, basic and diluted | 102,445,851 | |||||||
