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NYSE Content Advisory: Pre-Market update + RSAC rings NYSE Bell from San Francisco as cybersecurity conference begins

NEW YORK, April 28, 2025 /PRNewswire/ — The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today’s NYSE Pre-market update for market insights before trading begins. 

Kristen Scholer delivers the pre-market update on April 28th

  • The annual RSAC Conference begins in San Francisco today, bringing together leaders in the cybersecurity space to talk about the path ahead. Companies expected to attend include Microsoft, Alphabet, and CrowdStrike.
  • Tech earnings take center stage this week as Microsoft and Meta are set to report results on Wednesday, while Apple and Amazon will report on Thursday.
  • Markets anticipate the release of Friday’s Jobs Report, expecting to show 130,000 jobs added last month. That would be down from March’s better than anticipated 228,000 jobs.

Opening Bell
RSAC marks the start of their annual cybersecurity conference in San Francisco

Closing Bell
Goldman Sachs Asset Management celebrates their active Municipal Bond ETF offerings (NYSE Arca: GMUB, GUMI, GMNY, GCAL)

Watch NYSE TV Live every weekday 9:00-10:00am ET

 

Invitation to Minesto’s Webinar: Interim Management Statement Q1 2025

GOTHENBURG, Sweden, April 28, 2025 /PRNewswire/ — On April 30, Minesto, leading ocean energy developer, will publish their Interim Management Statement 1 January – 31 March 2025. Dr Martin Edlund, CEO, and Gustav Kvibling, CFO, will present details of the report in a webinar and share key updates from Minesto, followed by a Q&A session.

The webinar will take place online at 10am (CEST) on Wednesday 30 April 2025.

The presentation will be held in English.
The webinar will be broadcast through Finwire TV.
Following the session, a recording will be available online.

Welcome! Please register your attendance here: https://www.finwire.tv/webcast/minesto/q1-2025/ 

The Interim Management Statement is scheduled for publication at 08.30 (CEST) on Wednesday 30 April, it will be distributed through press release and available at www.minesto.com

For additional information please contact
Cecilia Sernhage, Chief Communications Officer
+46 735 23 71 58
ir@minesto.com 

About Minesto

Minesto is a leading marine energy technology company with the mission to minimise the global carbon footprint of the energy industry by enabling commercial power production from the ocean.

Minesto’s award winning and patented product is the only verified marine power plant that operates cost efficiently in areas with low-flow tidal streams and ocean currents.

With more than €45 million of awarded funding from the European Regional Development Fund through the Welsh European Funding Office, European Innovation Council and InnoEnergy, Minesto is the European Union’s largest investment in marine energy to date.

Minesto was founded in 2007 and has operations in Sweden, the Faroe Islands, Wales and Taiwan. The major shareholders in Minesto are BGA Invest and Corespring New Technology. The Minesto share (MINEST) is traded on Nasdaq First North Growth Market. Certified Adviser is G&W Fondkommission.

Read more about Minesto at www.minesto.com

Press images and other media material is available for download via minesto.com/media

Financial information including reports, prospectuses and company descriptions are available in Swedish at www.minesto.com/investor.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/minesto-ab/r/invitation-to-minesto-s-webinar–interim-management-statement-q1-2025,c4141621

The following files are available for download:

 

BGM Completes Acquisition of YX to Advance AI-Powered Intelligent Platform

CHENGDU, China, April 28, 2025 /PRNewswire/ — BGM Group Ltd. (NASDAQ: BGM) (the “Company” or BGM)  today announced the completion of its acquisition of YX Management Company Ltd. (“YX”), an leading intelligent mobility technology platform, on April 25, 2025. As previously disclosed, BGM acquired 100% of YX by issuing 47.5 million Class A ordinary shares to YX’s existing shareholders, representing a valuation of US$95.0 million. Upon completion of the acquisition, YX’s shareholders collectively own approximately 32.6% of BGM’s equity interests and approximately 2.2% of the total voting power.

This acquisition represents a significant step in BGM’s AI-driven transformation, enhancing its capabilities in large-scale operations, digital infrastructure, and commercializing cutting-edge technologies. YX’s expertise in business model optimization, rapid technology iteration, and cross-industry resource integration will strengthen BGM’s intelligent platform. With the completion of this acquisition, BGM will further accelerate the deep integration of AI into its core businesses across intelligent insurance, intelligent mobility, and digital services, continuously expanding the scope and commercial potential of its intelligent platform.

Mr. Chen Xin, Chief Executive Officer of BGM, stated:”The successful completion of this transaction marks an important milestone in our AI strategy. By integrating YX’s technological expertise and industry resources, we will further accelerate the application of AI across key sectors such as insurance and mobility, advancing our core businesses toward an AI Agent-driven model. We believe AI-powered innovation and strategic execution will fuel BGM’s long-term growth, delivering sustained value to shareholders, customers, and partners.”

About BGM Group Ltd.

BGM Group Ltd. has a strategic focus on the technology fields of AI application, intelligent robots, algorithmic computing power, cloud computing, and biopharmaceuticals.

In terms of AI application implementation, the group relies on advanced analytics and AI Agent technology, and utilizes the two platforms of Du Xiao Bao and Bao Wang to provide comprehensive and professional AI solutions and intelligent robot services for insurance companies, insurance brokers, and consumers. Its services cover multiple key scenarios such as sales and marketing, underwriting assessment, claims processing, and customer service. The group is capable of analyzing consumer data, building consumer profiles, accurately predicting insurance needs, and providing highly customized services for consumers.

In the field of biopharmaceuticals, the group’s biopharmaceutical division mainly produces oxytetracycline API, crude heparin sodium, and licorice preparations, which are widely supplied to the global animal husbandry, pharmaceutical, and drug retail markets. The group deeply integrates AI-assisted decision-making into every link of production and manufacturing, achieving supply chain optimization, process efficiency improvement, and market trend prediction. This provides scientific decision-making basis for the management and offers high-quality products and precise services for consumers.

Forward-looking Statements

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates”, “target”, “going forward”, “outlook” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

For investor and media inquiries, please contact:

info@qiliancorp.com

Nature’s Miracle Holding Inc. Announces Purchase of EV Trucks and Launch of Mobile E-Farm Business in Southern California

ONTARIO, Calif., April 28, 2025 /PRNewswire/ — Nature’s Miracle Holding Inc. (OTCQB:NMHI) (“Nature’s Miracle” or the “Company”), a leader in vertical farming technology, today announced that the Company has entered into an agreement to purchase five EV trucks with ZO Motors North America, LLC (“ZO Motors”). This purchase is expected to be fulfilled by the 2nd quarter of 2025 and will be financed by the State of California electric vehicle rebate program. Nature’s Miracle will modify these EVs into Mobile Vertical Farming truck where micro green and herbs can be grown inside the trucks. The EV-based Mobil Vertical Farm may also qualify for USDA subsidy and financing as well. Nature’s Miracle is expected to receive up to 100 of these EVs by the end of 2025.

Nature’s Miracle Community Based Mobile E Farms
Nature’s Miracle Community Based Mobile E Farms

 The Mobile Vertical Farm will be launched and deployed in the Los Angels, CA market in the second quarter of 2025. Each truck, powered entirely by electricity, has 11,000 pounds payload and has box size similar to a 20-foot container. Nature’s Miracle will install hydroponic growing equipment inside the box of the truck to grow micro-green and herbs products.  Each Mobile Vertical Farm can grow about 3,000 pounds of fresh micro green and herbs products and meet up to 40 people’s need for fresh salad annually. In addition utilizing  environmentally friendly EV technology and save up to 90% of water for the growing, these Mobile Vertical Farm can bring fresh and affordable supply of vegetables to consumers and businesses at their doorsteps.

Tie “James” Li, Chairman and CEO of the Company remarked “we are extremely excited to launch our Mobile E-Farm model in partnership with ZO Motors. The Mobile E-Farm truck can revolutionize the way consumers and businesses obtain fresh and affordable supply of vegetable in their community. We are also proud to utilize the environmentally friendly EV and hydroponic technologies to produce and deliver the fresh micro green products in Southern California.”

About Nature’s Miracle Holding Inc.

Nature’s Miracle (www.Nature-Miracle.com) is a growing agriculture technology company providing products and services to growers in the Controlled Environment Agriculture (“CEA”) industry in the U.S.  The Company’s Common Stock trades on the OTCQB market (“OTCQB”) under the symbol “NMHI”.

About ZO Motors

ZO Motors (www.zo-motors.com) is a Fontana, CA based global leader in zero-emission commercial vehicles, dedicated to delivering sustainable transportation solutions for industries including commercial vehicle, port and aviation ground logistics as well as transit and tourist transportation. With manufacturing facilities in Asia and North America, ZO Motors is at the forefront of innovation, combining cutting-edge technology with a commitment to reducing environmental impact.

Forward-Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intends,” “may,” “will,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release may include, for example: the intended use of proceeds from the offering; successful launch and implementation of Nature’s Miracle’s joint projects with manufacturers and other supply chain participants of steel, rubber and other materials; changes in Nature’s Miracle’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; Nature’s Miracle’s ability to develop and launch new products and services; Nature’s Miracle’s ability to successfully and efficiently integrate future expansion plans and opportunities; Nature’s Miracle’s ability to grow its business in a cost-effective manner; Nature’s Miracle’s product development timeline and estimated research and development costs; the implementation, market acceptance and success of Nature’s Miracle’s business model; developments and projections relating to Nature’s Miracle’s competitors and industry; and Nature’s Miracle’s approach and goals with respect to technology.

These forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing views as of any subsequent date, and no obligation is undertaken to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: the ability to maintain the listing of the Company’s shares on the OTC; changes in applicable laws or regulations; the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; the risk of downturns and the possibility of rapid change in the highly competitive industry in which Nature’s Miracle’s operates; the risk that Nature’s Miracle’s and its current and future collaborators are unable to successfully develop and commercialize Nature’s Miracle’s products or services, or experience significant delays in doing so; the risk that the Company may never achieve or sustain profitability; the risk that the Company will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; the risk that the Company experiences difficulties in managing its growth and expanding operations; the risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations; the risk that Nature’s Miracle’s is unable to secure or protect its intellectual property; the possibility that Nature’s Miracle’s may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties described in Nature’s Miracle’s filings from time to time with the SEC.

For more information, please contact:

Nature’s Miracle Holding, Inc.
George Yutuc, CFO COO
george.yutuc@nature-miracle.com  or
info@nature-miracle.com

Yiren Digital Files 2024 Annual Report on Form 20-F

BEIJING, April 28, 2025 /PRNewswire/ — Yiren Digital Ltd. (NYSE: YRD) (“Yiren Digital” or the “Company”), an AI-powered platform providing a comprehensive suite of financial and lifestyle services in China, today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the U.S. Securities and Exchange Commission on April 28, 2025.

The annual report can be accessed on the Company’s investor relations website at https://ir.yiren.com. The Company will provide a hard copy of the annual report containing its audited consolidated financial statements, free of charge, to its shareholders and holders of American Depositary Shares upon request.

About Yiren Digital 

Yiren Digital Ltd. is an advanced, AI-powered platform providing a comprehensive suite of financial and lifestyle services in China. Our mission is to elevate customers’ financial well-being and enhance their quality of life by delivering digital financial services, tailor-made insurance solutions, and premium lifestyle services. We support clients at various growth stages, addressing financing needs arising from consumption and production activities, while aiming to augment the overall well-being and security of individuals, families, and businesses.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yiren Digital’s control. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to Yiren Digital’s ability to attract and retain borrowers and investors on its marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, PRC regulations and policies relating to the peer-to-peer lending service industry in China, general economic conditions in China, and Yiren Digital’s ability to meet the standards necessary to maintain the listing of its ADSs on the NYSE or other stock exchange, including its ability to cure any non-compliance with the NYSE’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in Yiren Digital’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Yiren Digital does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

Marvion Inc. Announces Annual Financial Results for 2024 with 134% Gain in Year-to-Year Revenue

HONG KONG, April 28, 2025 /PRNewswire/ — Marvion Inc. (OTC: MNVC) filed and reported the financial results with the period ended 31 December, 2025.  For annual fiscal period ended 31 December, 2024, the company achieved a revenue of $1,544,108 with a gross profit of $763,805, which is 134% growth in revenue and 171% growth in gross profit, compared to the fiscal year ended 31 December, 2023.

CEO of Marvion Inc. Mr. Chan Sze Yu spoke for Marvion, “With industry market pressures coming from the tariff wars, we continue to work very hard to hold tight to our business operations and keep looking for new business opportunities to maintain a business growth in the future.  With our past track records and business relationships with major cross-regional logistic operators, we are still seeing growth opportunities, and we will continue be working extremely hard to maintain a business growth in the coming years.”

“We have faced some extra non-business operational expenses in 2024 when we have decided to become a publicly traded company on the OTC Markets, such cost would expect to reduce a lot in 2025.  Our fourth warehouse will be ready in Q2 2025 which will allow us to expand our services in a larger scope,” added Mr. Chan.

About Marvion

Mavion (MVNC) is a group provides logistics and warehousing services in the Hong Kong market.  The group provides one-stop transport and storage solutions to business clients.

Website: http://www.unitedksk.com

For media queries, please contact: 
ir@unitedksk.com 

 

TDH Holdings, Inc. Reports Full Year 2024 Audited Financial Results

BEIJING, April 28, 2025 /PRNewswire/ — TDH Holdings, Inc. (NASDAQ: PETZ) (“TDH” or the “Company”), a PRC-based company that is an operator and manager of commercial real estate properties, announced today its financial results for the fiscal year ended December 31, 2024.

Full Year 2024 Financial Highlights:

 For the Twelve Months Ended December 31, 

 ($ millions, except per share data) 

2024

2023

 % Change 

  Revenues from continuing operations 

$0.56

74,664.72 %

 Gross profit (loss)

$0.24

(107,497.30) %

 Gross profit (loss) margin 

42.29 %

-29.44 %

71.73 pp*

 Loss from operations

($1.83)

($6.19)

(70.37) %

 Operating loss margin 

(325.10) %

(820,361.14) %

820,036.04 pp*

 Net income (loss) attributable to common
stockholders 

$2.68

$(23.63)

(111.36 %)

Earnings (loss) per share – basic and
diluted 

$0.26

$(2.29)

(111.36 %)

 * pp: percentage points 

 

  • Revenues from continuing operations increased by approximately 74,665% from $0 million in fiscal year 2023 to $0.56 million in fiscal year 2024. We discontinued our restaurant business segment during the second quarter of 2024 and started to focus on operating and managing commercial real estate properties going forward. Since the commercial real estate management business is a newly added business line, revenue from our continuing business only amounted to $0.56 million for the year ended December 31, 2024. We expect our revenue from the commercial real estate management business will continue to grow in the near future.
  • Gross profit from continuing operations was $0.24 million in fiscal year 2024 as compared to gross loss from continuing operations of $0 million in fiscal year 2023. The increase in gross margin from continuing operations was mainly attributable to gross profit generated from our commercial real estate property management services beginning in the second quarter of 2024 when we began to focus on this business line when we discontinued our restaurant business segment during the second quarter of 2024.

    Operating loss from continuing operations was $1.83 million in fiscal year 2024 as compared to an operating loss of $6.19 million in fiscal year 2023. Our operating loss as a percentage of total revenues was approximately negative 325% and approximately negative 820,361% for the years ended December 31, 2024 and 2023, respectively. Although total operating loss from continuing operations decreased in fiscal year 2024 as compared to fiscal year 2023, we still reported loss from continuing operations in fiscal year 2024 mainly due to limited revenue generated from commercial real estate property management business offset by higher amount of operating expenses during fiscal year 2024.

  • Net income attributable to common stockholders was $2.68 million, or an income per share of $0.26, for the fiscal year 2024 as compared to net loss of $23.63 million, or a loss per share of $2.29, for fiscal year 2023. The increase in our net income was due to increased revenue from our commercial real estate management business segment, increased investment income and decreased operating expenses for the year ended December 31, 2024.

Full Year 2024 Financial Results

Revenues

Due to the discontinuation of our restaurant business segment in the second quarter of 2024, the Company’s revenue streams are now primarily from its commercial real estate property management business. Revenues from continuing operations increased by approximately 74,665% from $0 million in fiscal year 2023 to $0.56 million in fiscal year 2024.

 For the Twelve Months Ended December 31, 

2024

2023

 Y/Y Change 

Revenues
($’000)

% of
Total

Revenues
($’000)

% of
Total

Amount ($’000)

%

 Pet food domestic sales 

$

$

1

100.00 %

$

(1)

-100.00 %

Commercial real estate business revenue

566

100.36 %

566

100.00 %

 Less: sales tax and additional surcharge 

(2)

-0.36 %

2

-100.00 %

 Total 

$

564

100.00 %

$

1

100.00 %

$

563

74,664.72 %

For the year ended December 31, 2024, revenue generated from continuing operations increased by $0.56 million or 100% from our commercial real estate property management business. We discontinued our pet food business in 2023 and also discontinued our restaurant business segment during the second quarter of 2024 and started to focus on operating and managing commercial real estate properties going forward. Since the commercial real estate management business is a newly added a business line, revenue from our continuing business only amounted to $0.56 million for the year ended December 31, 2024. We expect our revenue from the commercial real estate management business will continue to grow in the near future.

For the year ended December 31, 2024, in terms of continuing operations, our revenue generated from the commercial real estate business increased by $0.56 million or 100% as compared to fiscal year 2023, and there was no sales of petfood products in fiscal year 2024 due to its discontinuation during the 2023 fiscal year, and we discontinued our restaurant business segment during the second quarter of 2024.

Cost of revenues

Our cost of revenues from our continuing operations is primarily comprised of the cost of our payroll and employee benefit costs, lease and occupancy costs, depreciation and amortization costs and agency service costs. Our cost of revenues from continuing operations increased by $0.32 million or approximately 33,230% for the year ended December 31, 2024 as compared to the fiscal year ended December 31, 2023, primarily due to our focus on the commercial real estate business beginning in the second quarter of 2024. Our cost of revenues as a percentage of revenue was 58% and 129% for the years ended December 31, 2024, and 2023, respectively.

Gross profit (loss) and gross profit (loss) margin

Gross profit from continuing operations was $0.24 million for fiscal year 2024, compared to gross loss of $0 million for fiscal year 2023. Our gross margin from continuing operations was 42.29% for the year ended December 31, 2024, compared with a negative gross margin of -29.44% for the year ended December 31, 2023. The negative gross margin in fiscal year 2023 was primarily associated with limited petfood sales. The increase in gross margin in 2024 was mainly due to our focus on the commercial real estate property management service business line in the second quarter of 2024. The commercial real estate property management business line has higher gross margins than the gross margins associated with petfood sales.

Operating expense

Operating expense consists of selling expenses and general and administrative expenses.

Operating expenses from our continuing operations were $2.07 million and $6.19 million for the years ended December 31, 2024 and 2023, respectively, a decrease of $4.11 million, or 66.52% in fiscal year 2024 as compared to fiscal year 2023. The ratio of operating expenses as a percentage of revenue decreased from approximately 820,332% for the year ended December 31, 2023 to approximately 367% for the year ended December 31, 2024.

Selling expense from our continuing operations was $0 million for both years ended December 31, 2024, and 2023.

General and administrative expenses from our continuing operations were $1.75 million and $3.15 million for the years ended December 31, 2024 and 2023 respectively, representing a decrease of $1.40 million, or $44.51% in fiscal year 2024 as compared to fiscal year 2023. The main reason for the decrease was mainly due to decreased payroll expenses as a result of the decrease in the number of employees and the company’s cost control efforts.

Impairment of goodwill charge was $0.32 million in fiscal year 2024, as compared to $0 million in fiscal year 2023.

Operating loss and operating loss margin

Operating loss from our continuing operations was $1.83 million for fiscal year 2024, as compared to operating loss of $6.19 million for fiscal year 2023. Our operating loss as a percentage of total revenues was negative 325.10%, and 820,361.14% for the years ended December 31, 2024 and 2023, respectively. The decrease in loss from continuing operations was mainly due to decreased operating expenses in 2024.

Net income (loss) and earnings (loss) per share

  • Net income was $2.50 million for fiscal year 2024, compared to net loss of $23.63 million for fiscal year 2023. Net income attributable to common shareholders was $2.68 million, or earnings per share of $0.26, for the fiscal year 2024. This is compared to net loss attributable to common shareholders of $23.63 million, or loss per share of $2.29 for fiscal year 2023. The increase in our net income was due to increased revenue from our commercial real estate property business segment, decreased operating expenses and increased investment income for the year ended December 31, 2024.

Financial Conditions

As of December 31, 2024, the Company had cash and cash equivalents of $15.70 million, compared to $13.13 million as of December 31, 2023. Accounts receivable and inventories were $0.01 million and $0 million, respectively, as of December 31, 2024, compared to $0 million and $0 million, respectively, as of December 31, 2023. As of December 31, 2024, we had working capital of approximately $24.60 million, as compared to working capital of $23.83 million as of December 31, 2023.

Net cash used in operating activities was $0.23 million for the fiscal year 2024, compared to net cash used in operating activities of $2.49 million for fiscal year 2023. Net cash provided by investing activities was $2.78 million for fiscal year 2024, compared to net cash of $6.07 million used investing activities in fiscal 2023. Net cash provided by financing activities was $0 million for the fiscal year 2024, compared to $1.92 million net cash provided by financing activities in fiscal year 2023.

Liquidity

Our consolidated financial statements have been prepared assuming we will continue as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business.

For the year ended December 31, 2024, in June 2024, we discontinued our restaurant business and started to focus on owing, operating and managing commercial real estate properties going forward. Because the commercial real estate property management business is a newly added business line, our revenue generated from it only slightly increased by approximately $0.56 million as compared to 2023. In addition, we reported continued negative cash flows from operating activities of approximately $0.23 million in fiscal year 2024. Currently our revenue is substantially generated from the commercial real estate property business. Our business turnaround depends, in part, on our ability to successfully obtain and lease new properties.

If we are not able to effectively manage, lease and acquire new properties that successfully generate revenue, we may not be able to grow and maintain our business as anticipated, and our revenue may decline and our future business, financial condition and results of operations may be materially adversely affected. There can be no assurances that future revenue or capital infusion will be sufficient to enable us to develop our business to a level where we will be profitable or continuously to generate positive cash flows.

In assessing our liquidity, management monitors and analyzes our cash and cash equivalents, our ability to generate sufficient revenue sources in the future, and our operating and capital expenditure commitments. As of December 31, 2024, we had cash and cash equivalents of approximately $15.70 million. We also had short-term investments of approximately $12.95 million, which are highly liquid and can be converted into cash and used in our operations if needed.

As of December 31, 2024 our major liabilities included accounts payable of $0.12 million, advance from customers of $0.18 million, short-term loans-related parties of $0.26 million, due to related parties of $0.20 million, and operating lease liabilities -current portion of $0.49 million and non-current portion of operating lease liabilities of $1.74 million. Our working capital amounted to approximately $24.6 million as of December 31, 2024. Based on the current operating plan, management believes that the above-mentioned measures collectively will provide sufficient liquidity for the Company to meet its future liquidity and capital requirement for at least 12 months from the date the audited financial statements were issued.

Recent Developments

Discontinued operations

We discontinued our restaurant business segment during the second quarter of 2024. The Company now focuses on the management of commercial real estate. We believe this pivot to the commercial real estate management business is in the best interests of our shareholders due to high costs we were experiencing in the restaurant segment business line, and the Company believes it can obtain stable revenue from rental income and property appreciation income from the increasing demand in the commercial real estate market from small and medium sized enterprises.

Notice

Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.

About TDH Holdings, Inc.

Founded in April 2002, TDH Holdings, Inc. (the “Company”) (NASDAQ: PETZ), a PRC-based company that is an owner, operator and manager of commercial real estate properties. More information about the Company can be found at www.tiandihui.com.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company’s statements regarding, among others, its growth and business outlook, the excepted revenue growth from the Company’s commercial real estate management business and the Company’s ability to execute on its business plan, are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; general risks affecting the commercial real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, changes in client preferences and space utilization, dependence on clients’ financial condition, and competition from other developers, owners and operators of real estate); changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the United States and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

Feng Zhang, CFO
Email: tdhpets@163.com
Phone: +86 183-1102-1983

 

 

 

TDH HOLDINGS, INC. AND SUBSIDIARIES


CONSOLIDATED BALANCE SHEETS

December 31,

December 31,

2024

2023

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

15,699,562

$

13,126,605

Short-term investments

12,952,597

13,317,882

Accounts receivable, net

5,748

Advances to suppliers, net

37,790

Prepayments and other current assets, net

103,519

63,074

Current assets held for sale associated with discontinued operation of Farlings and Bolings

713,715

Total current assets

28,799,216

27,221,277

NON-CURRENT ASSETS

Property, plant and equipment, net

2,363,989

657,124

Operating lease right-of-use assets

2,175,456

Non-current assets held for sale associated with discontinued operation of Farlings and Bolings

1,022,996

Total non-current assets

4,539,445

1,680,120

Total assets

$

33,338,661

$

28,901,397

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$

122,251

$

65,982

Advances from customers

183,173

295

Bank overdrafts

73,105

77,486

Short-term loans – related parties

261,725

277,408

Taxes payable

14,681

9,290

Due to related parties

200,318

1,963,794

Operating lease liabilities, current

486,121

Other current liabilities

2,859,061

166,025

Current liabilities held for sale associated with discontinued operation of Farlings and Bolings

828,764

Total current liabilities

4,200,435

3,389,044

NON-CURRENT LIABILITIES:

Operating lease liabilities, non-current

1,738,371

Non-current liabilities held for sale associated with discontinued operation of Farlings and Bolings

463,196

Total liabilities

5,938,806

3,852,240

SHAREHOLDERS’ EQUITY:

Common shares ($0.02 par value; 50,000,000 shares authorized; 10,323,268 shares issued and outstanding at December 31, 2024 and 2023)

206,465

206,465

Additional paid-in capital

51,129,439

51,129,439

Accumulated deficit

(23,937,478)

(26,622,000)

Accumulated other comprehensive loss

(95,784)

(95,066)

Total TDH Holdings, Inc. shareholders’ equity

27,302,642

24,618,838

Non-controlling interest

97,213

430,319

Total shareholders’ equity

27,399,855

25,049,157

Total liabilities and shareholders’ equity

$

33,338,661

$

28,901,397

The accompanying notes are an integral part of these consolidated financial statements.

F-3

 

 

 

TDH HOLDINGS, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For The Years Ended December 31,

2024

2023

2022

Net revenue

$

563,726

$

754

$

24,726

Total revenue

563,726

754

24,726

Cost of revenue

325,304

976

105,554

Total cost of revenue

325,304

976

105,554

Gross profit

238,422

(222)

(80,828)

Operating expenses:

Selling expense

22

146

General and administrative expense

1,745,247

3,145,280

2,952,355

Stock-based compensation expense

3,040,000

Impairment of long-lived assets other than goodwill

6,833

Impairment of goodwill

325,832

Total operating expenses

2,071,079

6,185,302

2,959,334

Loss from operations

(1,832,657)

(6,185,523)

(3,040,162)

Interest income (expense)

(68,858)

(14,276)

43,081

Other income (expense)

15,670

461,461

(21,375)

Investment income (loss), net

3,811,339

(2,644,576)

4,161,093

Total other income (expenses)

3,758,151

(2,197,391)

4,182,799

Income (loss) before income tax provision

1,925,494

(8,382,915)

1,142,637

Income tax provision

(182)

Net income (loss) from continuing operations

1,925,312

(8,382,915)

1,142,637

Net income (loss) from discontinued operations of Tiandihui

(15,095,547)

(339,054)

Net income (loss) from discontinued operations of Bo Lings and Far Lings

575,249

(153,054)

51,430

Net income (loss)

2,500,561

(23,631,516)

855,013

Less: Net income (loss) attributable to non-controlling interest

(183,961)

(5,344)

51,313

Net income (loss) attributable to TDH Holdings, Inc.

$

2,684,522

$

(23,626,172)

$

803,700

Comprehensive income (loss)

Net (loss) income

$

2,500,561

$

(23,631,516)

$

855,013

Other comprehensive income (loss)

Foreign currency translation adjustment

(718)

(523,315)

888,951

Total comprehensive income (loss)

2,499,843

(24,154,831)

1,743,964

Less: Comprehensive income (loss) attributable to non-controlling interest

(333,106)

(5,344)

51,313

Comprehensive income (loss) attributable to TDH Holdings, Inc.

$

2,832,949

$

(24,149,487)

$

1,692,651

Earnings (loss) per common share attributable to TDH Holdings, Inc.

Basic

$

0.26

$

(2.29)

$

0.10

Diluted

$

0.26

$

(2.29)

$

0.10

Weighted average common shares outstanding

Basic

10,323,268

10,323,268

8,019,208

Diluted

10,323,268

10,323,268

8,019,208

The accompanying notes are an integral part of these consolidated financial statements.

F-4

 

 

 

TDH HOLDINGS, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Number of
Shares*

Common
Shares

Additional
Paid-in
Capital

Stock
Subscription
Receivable

Statutory
Reserves

Accumulated
Deficit

Accumulated
Other
Comprehensive
Income (Loss)

Total
Stockholders’
Equity
Attributable
to TDH

Non-
controlling
Interest

Total
Stockholders’
Equity

Balance, December 31, 2021

5,218,681

$

104,374

$

42,151,658

$

$

160,014

$

(28,969,627)

$

(460,702)

$

12,985,717

$

384,350

$

13,370,067

Net income

803,700

803,700

51,313

855,013

Issuance of common stock and
   warrants in private
   placements

4,000,000

80,000

5,937,781

6,017,781

6,017,781

Warrants exercised for cashless

1,104,587

22,091

22,091

22,091

Foreign currency translation
   adjustment

888,951

888,951

888,951

Balance, December 31, 2022

10,323,268

$

206,465

$

48,089,439

$

$

160,014

$

(28,165,927)

$

428,249

$

20,718,240

$

435,663

$

21,153,903

Net loss

(23,626,172)

(23,626,172)

(5,344)

(23,631,516)

Stock-based compensation
   expense

3,040,000

3,040,000

3,040,000

Adjustment to reflect the effect
   of disposal of Tiandihui and
   Chongaijiujiu

(160,014)

25,170,099

25,010,085

25,010,085

Foreign currency translation
   adjustment

(523,315)

(523,315)

(523,315)

Balance, December 31, 2023

10,323,268

$

206,465

$

51,129,439

$

$

$

(26,622,000)

$

(95,066)

$

24,618,838

$

430,319

$

25,049,157

Net income

2,684,522

2,684,522

(183,961)

2,500,561

Foreign currency translation
   adjustment

(718)

(718)

(149,145)

(149,863)

Balance, December 31, 2024

10,323,268

$

206,465

$

51,129,439

$

$

$

(23,937,478)

$

(95,784)

$

27,302,642

$

97,213

$

27,399,855

The accompanying notes are an integral part of these consolidated financial statements.

F-5

 

 

 

TDH HOLDINGS, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

For The Years Ended December 31,

2024

2023

2022

Cash flows from operating activities

Net income (loss)

$

2,684,522

$

(23,626,172)

$

803,700

Less: net income (loss) from discontinued operations

575,249

(15,248,601)

(287,624)

Net income (loss) from continuing operations

2,109,273

(8,377,571)

1,091,324

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation and amortization expense

111,642

22,649

17,114

Fair value change of short-term investments

(3,811,339)

2,644,576

(4,161,093)

Impairment of goodwill

325,832

Impairment of long-lived assets other than goodwill

1,964

6,833

Inventory write-down

69,677

11,532

Allowance for doubtful accounts

22,674

7,210

Loss (gain) on disposal of property, plant and equipment

59,009

37,766

153,983

Gain from operating lease contract modification

(408,198)

Amortization of operating lease right-of-use assets

(676,397)

2,623,288

Stock-based compensation

3,040,000

Changes in operating assets and liabilities:

Accounts receivable, net

114,462

40,894

93,952

Inventories, net

8,370

44,240

41,252

Operating lease liabilities

2,315,206

691,854

4,023,944

Advances to suppliers, net

(38,144)

(32,465)

8,197

Prepayments and other current assets, net

(1,660,998)

(3,210,336)

(2,714,557)

Accounts payable

66,823

(369,142)

(266,778)

Accounts payable – related parties

502,635

(132,081)

Interest payable

30,662

3,573

(411,112)

Taxes payable

6,982

(2,445)

(17,103)

Advances from customers

185,145

(6,974)

Advances from customer – related party

(13,799)

Other current liabilities

2,615,861

(1,239,570)

811,658

Net cash provided by (used in) operating activities from continuing operations

1,762,390

(3,492,712)

(1,857,721)

Net cash provided by (used in) operating activities from discontinued operations

(1,996,377)

999,987

(214,994)

Net cash used in operating activities

$

(233,987)

$

(2,492,725)

$

(2,072,715)

Cash flows from investing activities

Payments to acquire property and equipment

(1,881,370)

(7,655)

Disposal of subsidiaries

578,400

Cash obtained from business acquisition

16,047

Purchase of short-term investments

(46,777,749)

(37,066,925)

(42,483,794)

Proceeds from sale of short-term investments

50,944,982

31,024,365

41,150,967

Investment in equity

(99,280)

Leasehold improvement

(16,836)

Net cash provided by (used in) investing activities from continuing operations

2,781,030

(6,067,051)

(1,332,827)

Net cash provided by investing activities from discontinued operations

Net cash provided by (used in) investing activities

2,781,030

(6,067,051)

(1,332,827)

Cash flows from financing activities

Collection of stock subscription receivable

6,017,781

Proceeds from related parties

22,410

Repayments to related parties

(6,774)

Payment to related party

1,928,329

15,289

Net cash provided by financing activities from continuing operations

1,921,554

6,055,480

Net cash provided by financing activities from discontinued operations

Net cash provided by financing activities

$

$

1,921,554

$

6,055,480

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(508,863)

(1,557,522)

(303,788)

Net change in cash, cash equivalents and restricted cash

2,038,180

(8,195,743)

2,346,150

Cash, cash equivalents and restricted cash, beginning of the year

13,661,382

21,857,125

19,510,975

Cash, cash equivalents and restricted cash, end of the year

$

15,699,562

$

13,661,382

$

21,857,125

Less: cash and restricted cash of discontinued operations at the end of the period

534,777

1,856,529

Cash and restricted cash of continued operations at the end of the period

$

15,699,562

$

13,126,605

$

20,000,596

Supplemental cash flow information

Interest paid

$

$

$

Income taxes paid

$

$

$

Non-cash investing and financing activities

Liabilities assumed in connection with purchase of property, plant and equipment

$

$

$

Notes payable reclassified to short-term loans

$

$

$

Short-term loans settled by transferring an equity investment to the creditor

$

$

$

Cashless exercise of warrants

$

$

$

Right of use assets obtained in exchange for operating lease obligations

$

$

$

Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets

Cash and cash equivalents

$

15,699,562

$

13,126,605

$

20,000,596

Restricted cash

$

$

534,777

$

1,856,529

Total cash, cash equivalents, and restricted cash

$

15,699,562

$

13,661,382

$

21,857,125

The accompanying footnotes are an integral part of these financial statements.

F-6

Kangpu Biopharmaceuticals Received CDE Approval for Phase IIb Clinical Trial of KPG-818 in Moderate to Severe Cutaneous Manifestations of SLE

HEFEI, China, April 28, 2025 /PRNewswire/ — Kangpu Biopharmaceuticals, Ltd. announced today that the Center for Drug Evaluation (CDE) of China’s National Medical Products Administration (NMPA) has approved Phase IIb clinical trial of KPG-818 capsule for the treatment of moderate to severe cutaneous manifestations of systemic lupus erythematosus (SLE).

About Cutaneous Manifestations of SLE

SLE is a complex, heterogeneous, inflammatory, chronic autoimmune disease in which the body’s immune system attacks its own tissues, including skin, joints, and kidneys. Skin is the second most frequently affected organ system of SLE. The majority of SLE patients experience cutaneous manifestations over the course of the disease. Cutaneous manifestations of SLE carries a significant burden with regard to psychosocial well-being and medical costs.

Treatment options for cutaneous manifestations of SLE are limited, and current therapies (e.g., glucocorticoids, antimalarials, immunosuppressants) often lack efficacy or carry systemic side effects. There are tremendous unmet medical needs for novel therapeutics, especially an oral agent.

About KPG-818

KPG-818 is a novel oral molecular glue modulator of the E3 ubiquitin ligase complex CRL4-CRBN. It demonstrated high binding affinity to CRBN and potent degradation of zinc-finger transcription factors Aiolos (IKZF3) and Ikaros (IKZF1). KPG-818 effectively regulates immune cells (B cells, T cells, and pDC cells) and the release of multiple cytokines, possessing immunomodulatory, anti-angiogenic and anti-tumor effects. In the Phase IIa clinical study in SLE patients completed in the US, KPG-818 was well tolerated and demonstrated promising preliminary efficacy in SLE patients with cutaneous manifestations. KPG-818 was well tolerated in healthy subjects in a Phase I clinical study completed in China. 

About Kangpu Biopharmaceuticals, Ltd.

Kangpu Biopharmaceuticals, Ltd. is a clinical-stage company focused on the discovery and development of innovative therapeutics for the treatment of solid tumors, hematologic malignancies, autoimmune diseases, and inflammatory disorders through novel solutions, including targeted protein degradation. Kangpu has developed a robust pipeline of potential first-in-class and best-in-class drug candidates based on proprietary technology platforms, including NeoMIDES®, gDACs®, and X-SYNERGY®.

For more information, please visit www.KangpuGroup.com.