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Shawn “JAY-Z” Carter Issues Statement After Jane Doe Lawsuit Regarding False Rape Allegations Gets Dismissed With Prejudice

NEW YORK, Feb. 15, 2025 /PRNewswire/ — Today, Shawn “JAY-Z” Carter issued the below statement in response to the dismissal of Tony Buzbee’s Jane Doe lawsuit with prejudice:

“Today is a victory. The frivolous, fictitious and appalling allegations have been dismissed. This civil suit was without merit and never going anywhere. The fictional tale they created was laughable, if not for the seriousness of the claims. I would not wish this experience on anyone. The trauma that my wife, my children, my loved ones and I have endured can never be dismissed.

This 1-800 lawyer gets to file a suit hiding behind Jane Doe, and when they quickly realize that the money grab is going to fail, they get to walk away with no repercussions. The system has failed.

The court must protect victims, OF COURSE, while with the same ethical responsibility, the courts must protect the innocent from being accused without a shred of evidence. May the truth prevail for all victims and those falsely accused equally.”

Carter’s attorney, Alex Spiro, also shared a statement in the wake of the dismissal of the lawsuit that Buzbee filed in December 2024, saying:

“The false case against JAY-Z, that never should have been brought, has been dismissed with prejudice. By standing up in the face of heinous and false allegations, Jay has done what few can – he pushed back, he never settled, he never paid 1 red penny, he triumphed and cleared his name.”

NBC News exposed the plaintiff’s false claims in a story published in December. The plaintiff originally told NBC News that she spoke with musician Benji Madden at the after party where the alleged assault took place, but a representative for Benji and his brother Joel confirmed to the publication that neither of the brothers attended the 2000 VMAs because they were on tour in the Midwest. Furthermore, the plaintiff said her father picked her up after the alleged assault, but he denied her account, telling NBC News that he “cannot verify the claims.”

The plaintiff’s fabricated lies further unraveled after she indicated that she watched the 2000 Video Music Awards show on a jumbotron outside of Radio City Music Hall. However, according to the New York Police Department, there was no permit issued for a jumbotron that year. She also said she “stumbled” upon a limousine despite the fact that the limousine area was blocks away from the venue.

The false claim that the assault took place at “a large white residence with a gated U-shaped driveway” in New York roughly a 20-minute drive from Radio City Music Hall on Sept. 7, 2000 was also debunked. It ultimately came to light that there were no houses in New York that matched the plaintiff’s descriptions within a 20-minute radius.

ASCO GU|RemeGen Announced Highly Encouraging Data from the Phase II Clinical Trial Evaluating Disitamab Vedotin plus Immunotherapy as Perioperative Regimen for Bladder Cancer

YANTAI, China, Feb. 15, 2025 /PRNewswire/ — On the morning of February 14, 2025 (UTC-8), at the ongoing 2025 American Society of Clinical Oncology Genitourinary Cancers Symposium (ASCO GU) held in San Francisco, USA, Professor Xinan Sheng from Peking University Cancer Hospital delivered the latest efficacy and safety data from the phase II clinical trial (NCT05297552, Study ID: RC48-C017) of Disitamab Vedotin (DV) in combination Toripalimab as the neoadjuvant therapy for HER2-expressing muscle-invasive bladder cancer (MIBC) in an oral presentation. This marks the first public disclosure of results from a prospective clinical study investigating an ADC drug in combination with an immunotherapy as a perioperative therapy for MIBC. The pathological complete response (pCR) rate reached an impressive 63.6%, which is a breakthrough improvement compared with traditional neoadjuvant chemotherapies (36%-42%). ASCO GU is one of the top urologic oncology conferences that leading experts worldwide in this field attend.

The NCT05297552 study explored the synergy between the targeted therapy and immunotherapy in the perioperative setting for MIBC. Specifically, it assessed the safety and efficacy of the novel combination therapy featuring DV, a HER2-targeting ADC drug initially developed by RemeGen Co., Ltd. (RemeGen), and Toripalimab, a PD-1 inhibitor. In May 2024, based on the NCT05297552 study, the Center for Drug Evaluation (CDE) of China’s National Medical Products Administration (NMPA) granted breakthrough therapy designation to DV. The preliminary results of this study were presented at the 2024 ASCO Annual Meeting and led to widespread attention and discussion among experts worldwide. The updated data at ASCO GU further validated the clinical benefits of this therapeutic approach.

In the NCT05297552 study, 47 eligible patients (10.6% with HER2 IHC 1+, 57.4% with IHC 2+, and 31.9% with IHC 3+) received the investigational neoadjuvant therapy, among whom 33 patients underwent radical cystectomy and pelvic lymph node dissection (RC + PLND). As of the data cut-off date on December 3, 2024, the study demonstrated promising efficacy and manageable safety profiles:

  • The pathological complete response (pCR) rate reached an impressive 63.6% (95% CI: 45.1% – 79.6%), nearly doubling that observed with traditional neoadjuvant chemotherapies (36%-42%). The pathological response rate was 75.8% (95% CI: 57.7% – 88.9%). The study showed that for patients with baseline clinical stage of T2N0, the postoperative pCR rate reached 85.7%. A pCR rate of 55.6% was also achieved in patients with other pathological subtypes of urothelial carcinoma at baseline. Patients benefited significantly regardless of PD-L1 positive/negative and regardless of HER2 expression status (IHC 1+/2+/3+), among whom the pCR rate stood at 84.6% for HER2 IHC 3+ patients.
  • The 12-month event-free survival (EFS) rate of all patients who underwent radical cystectomy was 92.5%, and the 18-month EFS rate was 85.9%.
  • The therapy exhibited a manageable safety profile. The incidence of grade 3 or higher treatment-emergent adverse events (TEAEs) was only 27.7%, notably lower than the traditional chemotherapy regimen (40%-50%), suggesting a favorable tolerability.

RemeGen is advancing research on targeted and personalized therapies for bladder cancer through indication expansion and therapy innovation of DV, aiming to provide more potent treatment options for patients worldwide. Currently, studies are in-progress to explore the feasibility of expanding DV-based regimens from later-line to front-line treatment for locally advanced or metastatic urothelial cancer. There are also plans to broaden the research of DV as a neoadjuvant therapy for MIBC to the entire perioperative period and investigate the synergy between DV and chemotherapy or other immunotherapies in treating urothelial cancer. 

Empower Web3 Startups- WConnect Launches Soon

HONG KONG, Feb. 15, 2025 /PRNewswire/ — CoinW, a global leader in cryptocurrency trading, proudly announces the launch of its flagship online forum series, WConnect – Connecting Legends. This initiative is designed to unite CoinW users with iconic Layer 1 blockchains and their transformative projects. By collaborating with leading ecosystems like Solana, and other prominent players, WConnect seeks to empower the next wave of Web3 unicorns.

The series will offer a dynamic space where industry leaders, developers, and enthusiasts converge to exchange ideas, explore trends, and ignite innovation. WConnect stands as a beacon of opportunity, fostering a vibrant ecosystem where visionary startups can flourish.

Empower Web3 Startups- WConnect Launches Soon
Empower Web3 Startups- WConnect Launches Soon

Connecting Blockchain Ecosystems 

WConnect is a flagship online forum series introduced by CoinW. 

It aims to bring together industry leaders and developer communities in different blockchain ecosystems to jointly explore industry trends. This is a great opportunity to exchange technical experience and explore development opportunities. 

The WConnect series will play a key role in this cooperation as a core platform, which will promote blockchain collaboration and amplify the impact of innovation. 

It will focus on in-depth discussions around the following key themes:

AI, RWA and DeFi Trends: Explore industry innovation and breakthrough developments.
Professional Trading Strategies: Share trading strategies and discover potential projects.
Layer 1 Ecosystem: Focus on potential projects in Sui, Solana ecosystem.
Project Development Challenges: Get valuable guidance from the experience of front-line developers.
Web3 Future Development: Prospects for industry-wide adoption and trends in innovation.

WConnect’s online events will be broadcast simultaneously on Twitter Space and YouTube. At the same time, CoinW’s global users can likewise access its events through CoinW’s live channel. 

Each episode will further expand WConnect’s reach through recordings and highlight clips, connecting with users in the CoinW ecosystem.The first episode of the WConnect series will focus on the role of Layer 1 ecosystems in promoting blockchain innovation and growth. Mainstream Layer 1 projects built on Sui and Solana will be among the topics for discussion. 

Industry movers and shakers, technical experts and community leaders from popular projects, media partners such as Cointelegram will be invited to share progress within their projects. They are also encouraged to provide input on future development directions. 

$100,000 Prize Pool Trading Competition 

To celebrate this milestone, CoinW is launching a $100,000 Trading Competition Series. The competitions will showcase standout projects like CETUS, NAVX, SCA, and HIPPO, with diverse reward categories such as new user incentives, daily trading bonuses, and competitive trading challenges with generous USDT prizes.

  • New User Rewards: Register and trade at least $100 USDT in SUI, CETUS, NAVX, SCA, or HIPPO to receive 5 USDT. A total of 10,000 USDT is available on a first-come, first-served basis.
  • Daily Trading Challenge: Trade $100 USDT or more each day to qualify for a weekly prize pool of $5,000 USDT, encouraging consistent participation and engagement.
  • SCA Trading Challenge: Compete for a share of a 20,000 USDT prize pool by trading at least $100 USDT in SCA/USDT, with rewards distributed based on trading volume.
  • NAVX Lucky Lottery: Trade a minimum of $200 USDT in NAVX/USDT to enter a lucky draw and win prizes ranging from 5 to 20 USDT. A total of 600 winners will be selected randomly.
  • CETUS Net Purchase Contest: Compete for a share of 10,000 USDT by ranking in the top 30 net CETUS purchasers. An additional 5,000 USDT will be distributed proportionally to participants who trade at least $100 USDT.
  • HIPPO Trading Safari: Reach specified trading volume milestones to win rewards from a 10,000 USDT prize pool, with limited spots available for each tier.

Additionally, join WConnect’s airdrop event by completing simple social tasks, such as joining the official Telegram group and sharing event posts. Participants will enter a draw to win USDT and Sui token rewards.

Expanding Influence 

CoinW’s WConnect series will initially focus on the Sui and Solana ecosystem. This also marks a continuation of CoinW’s partnership with Solana, reinforcing the collaboration established earlier through initiatives such as the Solana Founders Villa. As highlighted in their previous partnership, CoinW and Solana have jointly supported emerging Web3 founders, fostering innovation and ecosystem growth. Through WConnect, CoinW and Solana will continue working together, providing resources and exposure to promising projects in the Solana ecosystem and beyond.

Moving forward, WConnect will continue expanding its scope, featuring other leading Layer 1 ecosystems to empower more projects and developers.

About CoinW

Founded in 2017, CoinW is a globally trusted cryptocurrency exchange serving over 13 million users in 14 countries. With cutting-edge technology, advanced security, and a focus on empowering blockchain innovation, CoinW supports communities worldwide in realizing the transformative power of digital assets.

Twitter Official:https://twitter.com/CoinWOfficial

Research Institute Telegram: https://t.me/CoinW_Research

Telegram EN: https://t.me/coinwoff

Telegram Announcement Official: https://t.me/coinwofficialchannel

YouTube Official: https://www.youtube.com/@CoinWOfficial

Tabbit Tours (Japan) sells “Sports Support Bus x Bicycle” tours around the ancient city of Ishioka, where you can cycle only to your desired destinations

TOKYO, Feb. 15, 2025 /PRNewswire/ — Tabbit Tours (Mito City, Ibaraki Prefecture, President Yuji Kashimura) has recently started selling a day trip tour to Ishioka City, Ibaraki Prefecture, by bus and bicycle, “Enjoy the Mito Kaido and Edo Culture with the Sports Support Bus and Active Bicycle Tour of Ishioka.” Utilizing the “Sports Support Bus” (https://ssb-tours.com/), which allows bicycles to be loaded onto the bus, the tour offers a new way to enjoy the ancient city of Ishioka while only visiting the places of your choice. Tourism Media Services spoke to the organisers to find out more about the tour.

■Tell me about the tour.
The tour is being carried out as part of the “Regional Tourism New Discovery Project” promoted by the Japan Tourism Agency in 2024, and the “Edo Kaido Project” initiative by the Ministry of Land, Infrastructure, Transport and Tourism’s Kanto Regional Transport Bureau to brand the charms of the wider Kanto region (one metropolis and 10 prefectures) under the unified theme of “Edo Kaido” and revitalize the region through promoting highway tourism.

The Sports Support Bus is a vehicle that can carry sports gear in addition to passengers, making for an active trip. It can carry up to 10 bicycles, allowing you to cycle only in places that are easy and fun to ride, and allows you to easily travel long distances and ups and downs by bus, making for a new kind of trip.

■What kind of experience can you get on the tour.
On the tour, after a bicycle fitting and riding practice, participants will explore historic sites and gourmet spots in Ishioka, an ancient eastern capital with a history spanning over 1,300 years. The tour includes visits to Fuchu-juku, a post town that flourished during the Edo period and still retains traditional signboard architecture, as well as Kokubunji Temple, a nationally designated Special Historic Site. Additionally, participants will visit Hitachi-no-Kuni Soshagu Shrine, famous for hosting the “Ishioka no Omatsuri,” one of the three major festivals in the Kanto region.

The tour also offers a unique hands-on experience of Edo-period culture through a “flint-making experience.”

The cycling route covers approximately 25 km, including the Koiseyama Cycling Road, which is popular among couples and families due to the saying, “If you ride together, you won’t pass each other, and love will blossom.” Other highlights include Asahi Pass, where Mount Fuji can be seen on clear days.

■Overview and Application Details
The tour is scheduled for May 10 and May 18, 2025. The participation fee is ¥27,500 per adult and ¥26,000 per child (elementary school students). Infants can join for free; however, they must sit on a guardian’s lap on the bus, and meals are not included. The tour includes one lunch. Adults can rent a bicycle for an additional fee.

The tour departs from and returns to JR Ishioka Station, with the meeting time set for 9:30 AM and the expected end time around 5:30 PM. The minimum number of participants required to operate the tour is five.

Reservations can be made through the official website: https://www.tabbit.jp/domestic/sbt001.

■A final remark.
We hope you will take your bike on a tour of Ishioka, a city full of sights, on board a sports support bus that will crisscross the city.

Tabbit Tours, the organizer and operator of this tour, is also planning additional trips using its Sports Support Bus. Once the details are finalized, they will be published and introduced on the website.

For more information, please visit the Tabbit Tours website: https://www.tabbit.jp/.

■About Tourism Media Service:
An online news platform specializing in the tourism industry. It provides the latest news on regional development and travel information, as well as feature articles on topics such as trends and observations, contributed by over 100 experts, every day.

CONTACT: For inquiries regarding this matter, please contact:
Email: t-nagaki@two-links.co.jp
Contact person: Toshimichi Nagaki

Five USANA Country/Region Markets Recognized for Product Excellence by Euromonitor International

USANA Malaysia, Philippines, Singapore, Taiwan, and Hong Kong all awarded

KUALA LUMPUR, Malaysia, Feb. 15, 2025 /PRNewswire/ — Five of USANA Health Sciences’ Asia Pacific markets were recently awarded by the prestigious Euromonitor International. These distinctions are based on Euromonitor’s market research of USANA’s retail value share among all supplement brands in the market.*

No.1 Combination Dietary Supplement for seven consecutive years in Malaysia
No.1 Combination Dietary Supplement for seven consecutive years in Malaysia

USANA received the following recognition:

  • No.1 Combination Dietary Supplement for seven consecutive years in Malaysia
  • No.1 Dietary Supplements in the Philippines for six consecutive years
  • No.1 brand in Co-Enzyme Q10 in Taiwan for four consecutive years
  • No.1 Direct Selling Brand for Calcium Supplements in Hong Kong for three consecutive years
  • No.1 for Combination Dietary Supplements in Malaysia and Singapore when combined
  • No. 1 Calcium Supplements in Malaysia

To learn more about USANA, please visit USANA.com.

“We are immensely proud to receive these prestigious Euromonitor awards, which are a testament to USANA’s unwavering commitment to science and innovation,” said Vivienne Lee, USANA regional vice president. “To have several of our markets recognized shows that USANA’s quality is truly worldwide.” 

Euromonitor International is the world’s leading provider of global business intelligence, market analysis, and consumer insights. They combine global expertise with local insight from analysts around the world to help clients anticipate industry, economic, and consumer trends to lead disruptive change.

“These accolades reflect the trust our customers place in our products and the dedication of our team,” continued Vivienne. “I extend my heartfelt gratitude to our associates and customers for their continued support and belief in USANA. I know how important these kinds of awards are to our customers and how much they help them all grow their business.” 

Brand Claim 1:
No.1 in Combination Dietary Supplements in Malaysia for 7 Consecutive Years
“Source Euromonitor International Limited; Consumer Health, Combination Dietary Supplements; % retail value share, 2018-2024 data.”

Brand Claim 2:
No. 1 Dietary Supplements in The Philippines for 6 Consecutive Years
“Source Euromonitor International Limited; Dietary Supplements, % retail value share, 2024 data. CH2025ed.”

Brand Claim 3:
No. 1 for Combination Dietary Supplements in Malaysia and Singapore when combined
“Source Euromonitor International Limited; Vitamins & Dietary Supplements; % retail value share, 2024 data. CH2025ed.”

Brand Claim 4:
No.1 brand in Co-Enzyme Q10 in Taiwan for 4 Consecutive Years
“Source Euromonitor International Limited; Passport – Consumer Health 2025ed, retail value sales data in 2024.”

USANA獲評連續四年爲台灣輔酶Q10第一品牌

註:「根據歐睿國際有限公司;Passport – Consumer Health 2025版,2024年零售金額數據」

Brand Claim 5:
No.1 Direct Selling Brand for Calcium Supplements in Hong Kong for 3 Consecutive Years
“Source Euromonitor International Limited; Passport – Consumer Health 2025ed, retail value sales data in 2024”

USANA獲評連續三年香港第一鈣補充品直銷品牌

根據歐睿國際有限公司;Passport – Consumer Health 2025版,2024年零售價值數據

Brand Claim 6:
No.1 in Calcium Supplements in Malaysia
“Source Euromonitor International Limited; Consumer Health 2025 edition; % retail value share, 2024 data.”

About USANA
USANA (NYSE:USNA) prides itself in providing consumers nutritional products around the world. From its award-winning supplements to its innovative Celavive skincare and Active Nutrition lines, USANA has proven for over 30 years why it’s a company you can trust. How about giving us a try? Shop at USANA.com or learn more at whatsupUSANA.com.

Media Contact: 
(801) 954-7645
media(at)USANAinc(dot)com

No.1 brand in Co-Enzyme Q10 in Taiwan for four consecutive years
No.1 brand in Co-Enzyme Q10 in Taiwan for four consecutive years

 

No.1 brand in Co-Enzyme Q10 in Taiwan for four consecutive years
No.1 brand in Co-Enzyme Q10 in Taiwan for four consecutive years

 

No.1 Direct Selling Brand for Calcium Supplements in Hong Kong for three consecutive years
No.1 Direct Selling Brand for Calcium Supplements in Hong Kong for three consecutive years

 

No.1 Direct Selling Brand for Calcium Supplements in Hong Kong for three consecutive years
No.1 Direct Selling Brand for Calcium Supplements in Hong Kong for three consecutive years

 

No.1 Dietary Supplements in the Philippines for six consecutive years
No.1 Dietary Supplements in the Philippines for six consecutive years

 

No.1 for Combination Dietary Supplements in Malaysia and Singapore when combined
No.1 for Combination Dietary Supplements in Malaysia and Singapore when combined

 

No. 1 Calcium Supplements in Malaysia
No. 1 Calcium Supplements in Malaysia

 

 

 

Five USANA Country/Region Markets Recognized for Product Excellence by Euromonitor International

USANA Malaysia, Philippines, Singapore, Taiwan, and Hong Kong all awarded

KUALA LUMPUR, Malaysia, Feb. 15, 2025 /PRNewswire/ — Five of USANA Health Sciences’ Asia Pacific markets were recently awarded by the prestigious Euromonitor International. These distinctions are based on Euromonitor’s market research of USANA’s retail value share among all supplement brands in the market.*

No.1 Combination Dietary Supplement for seven consecutive years in Malaysia
No.1 Combination Dietary Supplement for seven consecutive years in Malaysia

USANA received the following recognition:

  • No.1 Combination Dietary Supplement for seven consecutive years in Malaysia
  • No.1 Dietary Supplements in the Philippines for six consecutive years
  • No.1 brand in Co-Enzyme Q10 in Taiwan for four consecutive years
  • No.1 Direct Selling Brand for Calcium Supplements in Hong Kong for three consecutive years
  • No.1 for Combination Dietary Supplements in Malaysia and Singapore when combined
  • No. 1 Calcium Supplements in Malaysia

To learn more about USANA, please visit USANA.com.

“We are immensely proud to receive these prestigious Euromonitor awards, which are a testament to USANA’s unwavering commitment to science and innovation,” said Vivienne Lee, USANA regional vice president. “To have several of our markets recognized shows that USANA’s quality is truly worldwide.” 

Euromonitor International is the world’s leading provider of global business intelligence, market analysis, and consumer insights. They combine global expertise with local insight from analysts around the world to help clients anticipate industry, economic, and consumer trends to lead disruptive change.

“These accolades reflect the trust our customers place in our products and the dedication of our team,” continued Vivienne. “I extend my heartfelt gratitude to our associates and customers for their continued support and belief in USANA. I know how important these kinds of awards are to our customers and how much they help them all grow their business.” 

Brand Claim 1:
No.1 in Combination Dietary Supplements in Malaysia for 7 Consecutive Years
“Source Euromonitor International Limited; Consumer Health, Combination Dietary Supplements; % retail value share, 2018-2024 data.”

Brand Claim 2:
No. 1 Dietary Supplements in The Philippines for 6 Consecutive Years
“Source Euromonitor International Limited; Dietary Supplements, % retail value share, 2024 data. CH2025ed.”

Brand Claim 3:
No. 1 for Combination Dietary Supplements in Malaysia and Singapore when combined
“Source Euromonitor International Limited; Vitamins & Dietary Supplements; % retail value share, 2024 data. CH2025ed.”

Brand Claim 4:
No.1 brand in Co-Enzyme Q10 in Taiwan for 4 Consecutive Years
“Source Euromonitor International Limited; Passport – Consumer Health 2025ed, retail value sales data in 2024.”

USANA獲評連續四年爲台灣輔酶Q10第一品牌

註:「根據歐睿國際有限公司;Passport – Consumer Health 2025版,2024年零售金額數據」

Brand Claim 5:
No.1 Direct Selling Brand for Calcium Supplements in Hong Kong for 3 Consecutive Years
“Source Euromonitor International Limited; Passport – Consumer Health 2025ed, retail value sales data in 2024”

USANA獲評連續三年香港第一鈣補充品直銷品牌

根據歐睿國際有限公司;Passport – Consumer Health 2025版,2024年零售價值數據

Brand Claim 6:
No.1 in Calcium Supplements in Malaysia
“Source Euromonitor International Limited; Consumer Health 2025 edition; % retail value share, 2024 data.”

About USANA
USANA (NYSE:USNA) prides itself in providing consumers nutritional products around the world. From its award-winning supplements to its innovative Celavive skincare and Active Nutrition lines, USANA has proven for over 30 years why it’s a company you can trust. How about giving us a try? Shop at USANA.com or learn more at whatsupUSANA.com.

Media Contact: 
(801) 954-7645
media(at)USANAinc(dot)com

No.1 brand in Co-Enzyme Q10 in Taiwan for four consecutive years
No.1 brand in Co-Enzyme Q10 in Taiwan for four consecutive years

 

No.1 brand in Co-Enzyme Q10 in Taiwan for four consecutive years
No.1 brand in Co-Enzyme Q10 in Taiwan for four consecutive years

 

No.1 Direct Selling Brand for Calcium Supplements in Hong Kong for three consecutive years
No.1 Direct Selling Brand for Calcium Supplements in Hong Kong for three consecutive years

 

No.1 Direct Selling Brand for Calcium Supplements in Hong Kong for three consecutive years
No.1 Direct Selling Brand for Calcium Supplements in Hong Kong for three consecutive years

 

No.1 Dietary Supplements in the Philippines for six consecutive years
No.1 Dietary Supplements in the Philippines for six consecutive years

 

No.1 for Combination Dietary Supplements in Malaysia and Singapore when combined
No.1 for Combination Dietary Supplements in Malaysia and Singapore when combined

 

No. 1 Calcium Supplements in Malaysia
No. 1 Calcium Supplements in Malaysia

 

 

Photo – https://laotiantimes.com/wp-content/uploads/2025/02/usana_2025_euromonitor_my_v3-1.jpg

Photo – https://laotiantimes.com/wp-content/uploads/2025/02/usana_2025_euromonitor_tw_en-1.jpg

Photo – https://laotiantimes.com/wp-content/uploads/2025/02/usana_2025_euromonitor_tw_v2-1.jpg

Photo – https://laotiantimes.com/wp-content/uploads/2025/02/usana_2025_euromonitor_hk_en-1.jpg

Photo – https://laotiantimes.com/wp-content/uploads/2025/02/usana_2025_euromonitor_hk_v3-1.jpg

Photo – https://laotiantimes.com/wp-content/uploads/2025/02/usana_2025_euromonitor_ph_v3-1.jpg

Photo – https://laotiantimes.com/wp-content/uploads/2025/02/usana_2025_euromonitor_sg-1.jpg

Photo – https://laotiantimes.com/wp-content/uploads/2025/02/usana_2025_euromonitor_my__calcium-1.jpg

Logo – https://laotiantimes.com/wp-content/uploads/2025/02/usana_logo-1.jpg

OSR Holdings, Inc. and OSR Holdings Co., Ltd. Announce Completion of Business Combination

OSR Holdings, Inc. to Begin Trading on the Nasdaq Stock Market LLC on Tuesday, February 18, 2025
Under the symbol “OSRH”

SEOUL, South Korea, Feb. 15, 2025 /PRNewswire/ — OSR Holdings, Inc. (formerly Bellevue Life Sciences Acquisition Corp. (the “Company”)) and OSR Holdings Co., Ltd. (“OSR”) announced today the completion of their business combination (the “Business Combination”).

The Company now operates as “OSR Holdings, Inc.” following the successful completion of the Business Combination.  Beginning on Tuesday, February 18, 2025, the common stock and warrants of the Company are expected to begin trading on the Nasdaq Stock Market LLC under the ticker symbols “OSRH” and “OSRHW,” respectively. 

About OSR Holdings, Inc.

OSR Holdings, Inc. was a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.  Following the successful completion of the Business Combination, the Company now owns approximately 67% of the outstanding stock of OSR, and OSR stockholders holding an additional 22% of the outstanding OSR shares have entered into agreements with the Company providing for the acquisition by the Company of such shares via put/call provisions commencing in 2026.

About OSR Holdings Co., Ltd.

OSR is a global healthcare company dedicated to advancing healthcare outcomes and improving the quality of life for people and their families. OSR aims to build and develop a robust portfolio of innovative and potentially transformative therapies and healthcare solutions. Its current operating businesses (through three wholly-owned subsidiaries) include (i) developing oral immunotherapies for the treatment of cancer, (ii) developing design-augmented biologics for age-related and other degenerative diseases and (iii) neurovascular intervention medical device and systems distribution in Korea. OSR’s vision is to acquire and operate a portfolio of innovative health-care related companies globally.

Forward Looking Statements

This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “goal,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding expectations and timing related to the execution of OSR’s mission to build and develop a robust portfolio of innovative and potentially transformative therapies and healthcare solutions. These forward-looking statements are based on information available to us as of the date of this communication and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control.

These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of the Company and OSR’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company and OSR. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about the Company and OSR that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include risks related to OSR’s ability to execute on its strategy; regulatory uncertainties; the potential need for financing to sustain the Company; market, financial, political and legal conditions; the effects of competition; changes in applicable laws or regulations; and the outcome of any government and regulatory proceedings, investigations and inquiries. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by the forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this communication. We anticipate that subsequent events and developments will cause our assessments to change. However, while we may elect to update these forward-looking statements at some point in the future, the Company and OSR specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s and OSR’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements. Additional information concerning certain of these risk factors is contained in the Company’s most recent filings with the U.S. Securities and Exchange Commission, including under the section entitled “Risk Factors” in the prospectus filed on January 31, 2025 by the Company and other documents filed by the Company, or to be filed by the Company, with the SEC.

Media Contact
Tae Min Lee
OSR Holdings Co., Ltd.
Analyst
taemin.lee@osr-holdings.com

Investor Contact
Kuk Hyoun Hwang
OSR Holdings, Inc.
Chairman & CEO
peter.hwang@osr-holdings.com

Lakeside Announces Fiscal 2025 Second Quarter and Six-Month Results

ITASCA, Ill., Feb. 15, 2025 /PRNewswire/ — Lakeside Holding Limited (“Lakeside” or the “Company”) (Nasdaq: LSH), a U.S.-based cross-border supply chain solution provider with a unique focus on the Asia-Pacific market operating through two specialized subsidiaries—American Bear Logistics and Hupan Pharmaceutical (Hubei) Co., Ltd., today announced financial results for its fiscal 2025 second quarter and first half ended December 31, 2024.

Management Commentary

Henry Liu, Chairman and Chief Executive Officer of Lakeside commented, “While we faced industry-wide headwinds in the second quarter, we’ve made tremendous strategic progress in positioning Lakeside for long-term growth. Our expansion into pharmaceutical logistics through Hupan Pharmaceutical, our new partnerships with major e-commerce platforms, and our significantly-expanded Dallas-Fort Worth facilities demonstrate our commitment to diversifying and strengthening our business. The strong growth in our Asia-based customer revenues, up 29.4% in the first half, validates our strategic shift toward serving the rapidly expanding cross-border e-commerce market. With these foundational pieces in place and our continued investment in operational capabilities, we’re excited about the opportunities ahead as we build a more robust, diversified logistics enterprise.”

Operational Highlights

E-Commerce & Cross-Border Logistics:

  • Entered one-year agreement with a major Asian e-commerce platform
  • Partnered with a leading global social media and e-commerce platform for customs brokerage services
  • Launched new Pick & Pack Fulfillment service for a major Chinese logistics partner

U.S. Facilities Expansion:

  • Expanded Dallas-Fort Worth operations:
    • More than doubled warehouse space from 20,000 to 46,657 square feet
    • Added staff to support expanded operations
    • Part of multi-hub strategy including Chicago O’Hare (ORD), Dallas-Fort Worth (DFW), and Los Angeles (LAX)

Medical/Pharmaceutical Business Development:

  • Acquired Hupan Pharmaceutical (Hubei) Co., Ltd:
    • Purchase price: RMB 4.0M ($0.6M)
    • Expected annual revenue contribution: $7M
    • Gained licenses for drug wholesale, retail, and medical device distribution
    • Partnerships with 15 major Wuhan hospitals
  • Established partnership with Sinopharm Group Hubei Co., Ltd. for:
    • Essential medicine storage
    • Transportation services
    • Logistics services
  • Signed RMB 11.0M ($1.5M) sales agreement with Sinopharm Holding Hubei New Special Medicine Co., Ltd:
    • One-year contract effective January 1, 2025
    • Covers critical medicines including Sodium Bicarbonate, Glucose, and Glucose Sodium Chloride

Financial Results for the Three Months Ending December 31, 2024:

Total revenues decreased by $1.5 million, or 31.3% to $3.4 million for the three months ended December 31, 2024, compared with $4.9 million for the three months ended December 31, 2023. The decrease was primarily driven by a significant decline in volume we handled from our cross-border airfreight solutions.

  • Revenues from our cross-border airfreight solutions decreased by $1.1 million or 35.5%, from $3.1 million in the three months ended December 31, 2023, to $2.0 million in the three months ended December 31, 2024. The decrease was primarily due to a decrease in the volume of cross-border air freight processed, from approximately 8,217 tons for the three months ended December 31, 2023, to approximately 4,459 tons for the three months ended December 31, 2024.
  • Revenues from our cross-border ocean freight solutions decreased by $0.4 million, or 24.2%, from $1.8 million in the three months ended December 31, 2023, to $1.4 million in the three months ended December 31, 2024. This reduction was primarily due to a decrease in the volume of cross-border ocean freights processed and forwarded, dropping from 1,330 TEU in the three months ended December 31, 2023, to 1,046 TEU in the three months ended December 31, 2024.
  • For the three months ended December 31, 2024, our total revenue from pharmaceutical product distribution amounted to $0.2 million, compared to no revenue from this segment in the same period of the prior year. Starting from December 2024, we established a new revenue stream through the distribution of pharmaceutical products. We procured pharmaceuticals—primarily pharmaceutical solutions—directly from manufacturers and supplied them to distributors, hospitals, and clinics.

Revenues by Customer Geographic

For the three months ended December 31,

2024

2023

Revenues

Amount

% of
total
Revenues

Amount

% of
total
Revenues

Amount
Increase
(Decrease)

Percentage
Increase
(Decrease)

Revenue from cross-border freight solutions

Asia-based customers

$

2,750,202

76.5

%

$

2,602,745

52.9

%

$

147,457

5.7

%

U.S.-based customers

627,301

17.4

%

2,313,358

47.1

%

(1,686,057)

(72.9)

%

3,377,503

93.9

%

4,916,103

100.0

%

(1,538,600)

(31.3)

%

Revenue from distribution of pharmaceuticals

Asia-based customers

218,086

6.1

%

218,086

N/A

Total revenues

$

3,595,587

100.0

%

$

4,916,103

100.0

%

$

(1,320,514)

(26.9)

%

 

  • Revenues from Asia-based customers increased by $0.1 million, or 5.7%, from $2.6 million in the three months ended December 31, 2023, to $2.8 million in the three months ended December 31, 2024. The increase in revenues from Asia-based customers was driven by a surge in volume from these customers, particularly those serving large e-commerce platforms. This growth reflects the rising demand for our services, a direct result of the overall expansion of the U.S. e-commerce market.
  • Revenues from U.S.-based customers decreased by $1.7 million, or 72.9%, from $2.3 million in the three months ended December 31, 2023 to $0.6 million in the same period in 2024. The decrease in revenue from the U.S.-based customers in the three months ended December 31, 2024, compared to the same period in 2023, was primarily due to our strategic shift toward Asia-based e-commerce customers.

Total cost of revenues decreased by $0.2 million, or 5.6%, from $3.9 million in the three months ended December 31, 2023, to $3.6 million in the three months ended December 31, 2024.

Our overall gross loss was $42,231 in the three months ended December 31, 2024, compared to gross profit of $1,064,509 in same period last year . Our gross margin was mainly impacted by higher cost of revenue, particular in fixed overhead costs, and an industry-wide decline in revenue.

Our gross margin of distribution of pharmaceuticals was 44.2% for the three months ended December 31, 2024.

General and administrative expenses increased by $0.9 million, or 94.1%, from $1.0 million in the three months ended December 31, 2023, to $1.9 million in the three months ended December 31, 2024. These expenses represented 53.2% and 20.0% of our total revenues for the three months ended December 31, 2024 and 2023, respectively. The increase was primarily attributed to higher salary and employee benefit expenses and professional fees operating as a listed company.

Net loss was $1.9 million for the three months ended December 31, 2024, compared to a net income of $0.06 million for the three months ended December 31, 2023.

Financial Results for the Six Months Ending December 31, 2024:

Total revenues decreased by $1.6 million, or 17.7%, from $9.1 million for the six months ended December 31, 2023, to $7.5 million for the six months ended December 31, 2024. The decrease was primarily driven by a significant decline in volume we handled from our cross-border airfreight solutions.

  • Revenues from our cross-border airfreight solutions decreased by $1.3 million or 23.4%, from $5.5 million in the six months ended December 31, 2023, to $4.2 million in the six months ended December 31, 2024. The decrease was primarily due to a decrease in the volume of cross-border air freight processed, from approximately 16,034 tons for the six months ended December 31, 2023, to approximately 11,732 tons for the six months ended December 31, 2024.
  • Revenues from our cross-border ocean freight solutions decreased by $0.3 million, or 8.7%, from $3.5 million in the six months ended December 31, 2023, to $3.2 million in the six months ended December 31, 2024. This growth was primarily due to a decrease in the volume of cross-border ocean freights processed and forwarded, dropping from 2,620 TEU in the six months ended December 31, 2023, to 2,476 TEU in the six months ended December 31, 2024.

Revenues by Customer Geographic

For the six months ended December 31,

2024

2023

Revenues

Amount

% of
total
Revenues

Amount

% of
total
Revenues

Amount
Increase
(Decrease)

Percentage
Increase
(Decrease)

Revenue from cross-border freight solutions

Asia-based customers

$

5,559,837

72.4

%

$

4,296,968

47.4

%

$

1,262,869

29.4

%

U.S.-based customers

1,899,220

24.7

%

4,767,611

52.6

%

(2,868,391)

(60.2)

%

7,459,057

97.2

%

9,064,579

100.0

%

(1,605,522)

(17.7)

%

Revenue from distribution of pharmaceuticals

Asia-based customers

218,086

2.8

%

218,086

N/A

Total revenues

$

7,677,143

100.0

%

$

9,064,579

100.0

%

$

(1,387,436)

(15.3)

%

 

  • Revenues from Asia-based customers increased by $1.3 million, or 29.4%, from $4.3 million in the six months ended December 31, 2023, to $5.6 million in the six months ended December 31, 2024. The increase in revenues from Asia-based customers was driven by an increase in volume from these customers, particularly those serving large e-commerce platforms. This growth reflects the rising demand for our services, a direct result of the overall expansion of the U.S. e-commerce market.
  • Revenues from cross-border freight solutions for the U.S.-based customers decreased by $2.9 million, or 60.2%, from $4.8 million in the six months ended December 31, 2023 to $1.9 million in the same period in 2024. The decrease in revenue from the U.S.-based customers in the three months ended December 31, 2024, compared to the same period in 2023, was primarily due to our strategic shift toward Asia-based e-commerce customers.

Cost of revenues decreased by $0.2 million, or 2.1%, from $7.4 million in the six months ended December 31, 2023, to $7.2 million in the six months ended December 31, 2024.

Gross profit decreased by $1.2 million, or 71.9%, from $1.7 million in the six months ended December 31, 2023, to $0.5 million in the six months ended December 31, 2024. Our gross margin of cross-border freight solution was 5.1% for the six months ended December 31, 2024, compared to 18.9% for the six months ended December 31, 2023. The decline in gross margin was primarily attributable to reduced revenue from cross-border airfreight solutions and an increase in our cost of revenue in warehouse services, custom declaration and terminal charges, freights arranged charges and overhead costs allocated.

General and administrative expenses increased by $1.9 million, or 103.7%, from $1.8 million in the six months ended December 31, 2023, to $3.7 million in the six months ended December 31, 2024. These expenses represented 48.8% and 20.3% of our total revenues for the six months ended December 31, 2024 and 2023, respectively. The increase was primarily attributed to higher salary and employee benefit expenses, professional fees, office expenses and traveling, insurance expenses and entertainment expenses, operating as a listed company.

Net loss was $3.3 million for the six months ended December 31, 2024, compared to a net loss of $0.2 million for the six months ended December 31, 2023.

Conference Call & Audio Webcast

Lakeside’s management team will hold an earnings conference call at 4:30 PM Eastern Time (3:30 PM Central Time) on Tuesday, February 17 to discuss the Company’s financial results and provide an overview of the Company’s operations. Management will lead the conference call and be available to answer questions.

To access the call by phone, please dial 1- 877-407-9716 (international callers, please dial 1- 201-493-6779) approximately 10 minutes before the start of the call. Refer to conference ID: LAKESIDE. **NOTE: THIS CONFERENCE ID WILL BE REQUIRED FOR ENTRY

A live audio conference call webcast will be available online at
https://viavid.webcasts.com/starthere.jsp?ei=1708554&tp_key=b4f1b10725

About Lakeside Holding Limited

Lakeside Holding Limited is a U.S.-based cross-border supply chain solution provider with a unique focus on the Asia-Pacific market. Through two specialized subsidiaries—American Bear Logistics and Hupan Pharmaceutical (Hubei) Co., Ltd.—Lakeside delivers tailored logistics solutions spanning general and specialized sectors.

American Bear Logistics, with strategic hubs in Chicago, Dallas, Los Angeles, and New York, offers customized cross-border ocean and airfreight solutions, connecting Asia-based logistics service companies and e-commerce platforms with the U.S. market.

Lakeside recently acquired Hupan Pharmaceutical (Hubei) Co., Ltd., expanding its service scope and enhancing its pharmaceutical logistics and distribution capabilities within China. This strategic move underscores Lakeside’s commitment to advancing integrated cross-border logistics solutions.

For more information, please visit https://lakeside-holding.com.

Safe Harbor Statement

This press release contains forward-looking statements that reflect our current expectations and views of future events. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You can identify some of these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements involve various risks and uncertainties. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. We qualify all of our forward-looking statements by these cautionary statements.

Investor Relations Contact:

Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com

 

(tables follow)

 

LAKESIDE HOLDING LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

As of
December 31,
2024

(unaudited)

As of
June 30,
2024

(audited)

ASSETS

CURRENT ASSETS

Cash

$

1,123,414

$

123,550

Accounts receivable – third parties, net

1,645,774

2,082,152

Accounts receivable – related party, net

207,293

763,285

Prepayment and other receivable

49,476

Contract assets

31,388

129,506

Inventory, net

10,328

Due from related parties

682,980

441,279

Loan to a third party

686,697

Total current assets

4,437,350

3,539,772

NON-CURRENT ASSETS

Investment in other entity

15,741

15,741

Property and equipment at cost, net of accumulated depreciation

514,073

344,883

Intangible asset, net

418,867

Right of use operating lease assets

4,074,617

3,471,172

Right of use financing lease assets

110,998

37,476

Deferred tax asset

89,581

Deferred offering costs

1,492,798

Deposit and prepayment

265,480

202,336

Total non-current assets

5,399,776

5,653,987

TOTAL ASSETS

$

9,837,126

$

9,193,759

LIABILITIES AND EQUITY

CURRENT LIABILITIES

Accounts payables – third parties

$

1,233,142

$

1,161,858

Accounts payables – related parties

71,557

227,722

Accrued liabilities and other payables

1,244,501

1,335,804

Current portion of obligations under operating leases                                                                   

2,203,766

1,186,809

Current portion of obligations under financing leases

48,865

37,619

Loans payable, current

609,935

746,962

Dividend payable

98,850

Tax payable

79,825

79,825

Due to shareholders

1,018,281

Total current liabilities

5,491,591

5,893,730

NON-CURRENT LIABILITIES

Loans payable, non-current

174,846

136,375

Deferred tax liabilities

104,717

Obligations under operating leases, non-current

2,339,439

2,506,402

Obligations under financing leases, non-current

80,252

17,460

Total non-current liabilities

2,699,254

2,660,237

TOTAL LIABILITIES

$

8,190,845

$

8,553,967

Commitments and Contingencies

EQUITY

Common stocks, $0.0001 par value, 200,000,000 shares authorized,
7,500,000 and 6,000,000 issued and outstanding as of December 31,
2024 and June 30, 2024, respectively

750

600

Subscription receivable

(600)

Additional paid-in capital

4,942,791

642,639

Accumulated other comprehensive income

(9,214)

2,972

Deficits

(3,288,046)

(5,819)

Total equity

1,646,281

639,792

TOTAL LIABILITIES AND EQUITY

$

9,837,126

$

9,193,759

 

 

LAKESIDE HOLDING LIMITED

CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

Six Months Ended
December 31,

Three Months Ended
December 31,

2024

2023

2024

2023

Revenue from cross-border freight
solutions – third party

$

6,702,063

$

8,639,983

$

3,102,276

$

4,585,696

Revenue from cross-border freight
solutions – related parties

756,994

424,596

275,227

330,407

Revenue from distribution of pharmaceutical
products – third parties

218,086

218,086

Total revenue

7,677,143

9,064,579

3,595,589

4,916,103

Cost of revenue from cross-border
freight solutions – third party

6,153,994

6,329,650

3,159,709

3,424,053

Cost of revenue from cross-border
freight solutions – related party

921,050

1,022,877

356,320

427,541

Cost of revenue from pharmaceutical
products – related parties

121,791

121,791

Total cost of revenue

7,196,835

7,352,527

3,637,820

3,851,594

Gross profit (loss)

480,308

1,712,052

(42,231)

1,064,509

Operating expenses:

Selling expenses

54,488

54,488

General and administrative expenses

3,749,059

1,840,831

1,911,853

985,053

Loss from deconsolidation of a subsidiary

73,151

Provision (reversal) of allowance for expected
credit loss

1,956

49,591

(10,881)

(2,531)

Total operating expenses

3,805,503

1,963,573

1,955,460

982,522

Income (loss) from operations

(3,325,195)

(251,521)

(1,997,691)

81,987

Other income

Other income, net

201,541

88,449

91,753

41,500

Interest expense

(68,992)

(53,864)

(40,882)

(31,079)

Total other income

132,549

34,585

50,871

10,421

(Loss) income before income taxes

(3,192,646)

(216,936)

(1,946,820)

92,408

Income tax expense (credit)

89,581

26,125

28,184

Net (loss) income

(3,282,227)

(243,061)

(1,946,820)

64,224

Less: net loss attributable to non-controlling interest

(3,025)

Net (loss) income attributable to the Company

(3,282,227)

(240,036)

(1,946,820)

64,224

Other comprehensive (loss) income:

Foreign currency translation income

(12,186)

3,122

(25,179)

Comprehensive (loss) income

(3,294,413)

(239,939)

(1,971,999)

64,224

Less: comprehensive loss attributable to
non-controlling interest

(3,119)

Comprehensive (loss) income attributable
to the Company

$

(3,294,413)

$

(236,820)

$

(1,971,999)

$

64,224

(Loss) earnings per share – basic and diluted

$

(0.44)

$

(0.04)

$

(0.26)

$

0.01

Weighted Average Shares Outstanding –
basic and diluted

7,500,000

6,000,000

7,500,000

6,000,000

 

LAKESIDE HOLDING LIMITED

CONDENSSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

For the Six Months Ended
December 31,

2024

2023

Cash flows from operating activities:

Net loss

$

(3,282,227)

$

(243,061)

Adjustments to reconcile net loss to net cash provided by
operating activities:

Depreciation – G&A

50,804

35,991

Depreciation – cost of revenue

36,328

36,328

Amortization and interest expense of operating lease assets                                                          

989,003

439,142

Depreciation of right-of-use finance assets

15,480

14,385

Provision of allowance for expected credit loss

1,956

49,591

Deferred tax expense

89,581

26,125

Loss from derecognition of shares in subsidiary

73,151

Changes in operating assets and liabilities:

Accounts receivable – third parties

424,648

(479,056)

Accounts receivable – related parties

565,766

(192,609)

Contract assets

98,118

(27,169)

Inventories, net

(10,328)

Due from related parties

(241,702)

40,740

Prepayment, other deposit

(112,620)

(23,269)

Accounts payables – third parties

28,285

539,542

Accounts payables – related parties

(156,165)

241,721

Accrued expense and other payables

312,722

122,547

Operating lease liabilities

(742,649)

(396,263)

Net cash (used in) provided by operating activities

(1,933,000)

257,836

Cash flows from investing activities:

Purchase of furniture and equipment

(36,072)

Payment for leasehold improvement

(75,008)

Net cash payment for asset acquisition

(552,721)

Loan to a third party

(686,697)

Payment made for investment in other entity

(29,906)

Net cash outflow from deconsolidation of a subsidiary
(Appendix A)

(48,893)

Net cash used in investing activities

(1,350,498)

(78,799)

Cash flows from financing activities:

Proceeds from loans

195,000

225,000

Repayment of loans

(339,914)

(185,856)

Repayment of equipment and vehicle loans

(55,877)

(59,708)

Principal payment of finance lease liabilities

(14,964)

(13,429)

Payment for deferring offering cost

(140,000)

Advances from Hupan Pharmaceutical prior to acquisition

276,365

Proceeds from initial public offering, net of share issuance
costs

5,351,281

Advanced to related parties

(311,185)

Proceeds from shareholders

158,455

Repayment to shareholders

(805,345)

Net cash provided by (used in) financing activities

4,295,361

(15,538)

Effect of exchange rate changes on cash

(11,999)

3,216

Net increase in cash

999,864

166,715

Cash, beginning of the period

123,550

174,018

Cash, end of the period

$

1,123,414

$

340,733

SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:

Cash paid for income tax

$

$

Cash paid for interest

$

45,953

$

15,503

SUPPLEMENTAL SCHEDULE OF NON-CASH IN
INVESTING AND FINANCING ACTIVITIES

Deferred offering costs within due to shareholders

$

$

500,826

Deferred offering costs within accrued expense and other
payables

$

$

241,176

Additions to property and equipment included in loan
payable

$

102,235

Additions to leasehold improvement and furniture and
fixture through account payable

$

42,803

$

Settlement of due to shareholder and advance to related
party

$

311,815

NON-CASH ACTIVITIES

Right of use assets obtained in exchange for operating lease
obligations

$

1,445,498

$

Right of use assets obtained in exchange for finance lease
obligation

$

89,003

$

19,982

APPENDIX A – Net cash outflow from deconsolidation of
a subsidiary

Working capital, net

$

29,812

Investment in other entity recognized

(15,741)

Elimination of NCl at deconsolidation of a subsidiary

10,187

Loss from deconsolidation of a subsidiary

(73,151)

Cash

$

(48,893)