6-K 1 ea183709-6k_jxluxventure.htm REPORT OF FOREIGN PRIVATE ISSUER

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

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

SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2023

 

Commission File Number 001-35715

 

JX Luxventure Limited

(Translation of registrant’s name into English)

 

Bin Hai Da Dao No. 270

Lang Qin Wan Guo Ji Du Jia Cun Zong He Lou

Xiu Ying District

Haikou City, Hainan Province 570100

People’s Republic of China

(Address of principal executive offices)

 

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

 

Form 20-F ☒ Form 40-F ☐

 

 

 

 

 

 

On August 16, 2023, JX Luxventure Limited (the “Company”) announced its unaudited condensed interim consolidated statements of financial position for the 6 month period ended on June 30, 2023, which are set forth below:

 

   As of 
   June 30,
2023
   December 31,
2022
 
Non-current assets        
Property, plant and equipment-net   2,507,799    2,789,704 
Long-term receivable   4,000,000    7,000,000 
    6,507,799    9,789,704 
Current assets          
Inventories   5,497,729    444,551 
Trade receivables   1,375,633    - 
Other receivables and prepayments   4,790,578    5,501,106 
Cash and cash equivalents   432,770    520,916 
    12,096,710    6,466,573 
Total assets   18,604,509    16,256,277 
           
Current liabilities          
Trade and other payables   1,307,722    1,319,076 
Due to related parties   3,075,457    2,611,097 
Income tax payable   -    212 
    4,383,179    3,930,385 
           
Total liabilities   4,383,179    3,930,385 
           
Equity          
Share capital   6,063    6,063 
Series A equity interest with preferential rights   1,240,000    1,240,000 
Series C equity interest with preferential rights   1,500,000    1,500,000 
Series D equity interest with preferential rights   3,120,000    3,120,000 
Share premium   77,959,554    77,959,554 
Other reserve   6,269,108    6,269,108 
Statutory surplus reserve   -    - 
Retained profits / (accumulated deficit)   (75,062,118)   (77,451,517)
Foreign currency translation reserve   (811,277)   (317,316)
    14,221,330    12,325,892 
Total liabilities and equity   18,604,509    16,256,277 

 

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   For the six months ended 
   June 30,
2023
   June 30,
2022
 
         
Revenue   21,533,147    51,493,943 
Cost of sales   (18,294,344)   (50,880,928)
Gross profit   3,238,803    613,014 
           
Other income   489    1,741 
Other gain/(losses)   53,813    (4,937)
Distribution and selling expenses   (60,271)   (433,418)
Administrative expenses   (843,434)   (14,152,152)
Gain/(loss) from operations   2,389,400    (13,975,751)
           
Finance costs   -    - 
           
Profit/(loss) before tax   2,389,400    (13,975,751)
Income tax income   -    - 
Loss from the continuing business   2,389,400    (13,975,751)
           
Loss from discontinued operations   -    (5,513,271)
           
Net profit/(loss) for the period   2,389,400    (19,489,022)
           
Other comprehensive loss          
- currency translation differences   (493,962)   (1,462,167)
Total comprehensive loss for the period   1,895,438    (20,951,188)
           
Loss per share of common stock attributable to the Company          
- Basic   0.39    (25.5)
- Diluted   0.38    (25.5)
Weighted average shares outstanding:          
- Basic   6,063,334    765,315 
- Diluted   6,366,334    765,315 

 

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   For the six months ended 
   June 30,
2023
   June 30,
2022
 
OPERATING ACTIVITIES        
Loss for the period   2,389,400    (19,489,022)
Adjustments for:          
Share-based payment   -    12,730,400 
Finance cost   -    33,569 
Interest income   (31)   (13,085)
Depreciation of property, plant and equipment & investment property   146,725    426,061 
Amortization of intangible assets, prepayments and premiums under operating leases   -    40,411 
Provision/ (reversal) of inventory obsolescence   -    37,471 
Bad debt provision/ (reversal) of trade receivables   (15,153)   3,383,792 
Gain on disposal of property, plant and equipment   -    308 
Operating cash flows before movements in working capital   2,520,941    (2,850,095)
           
Increase in trade and other receivables   (839,770)   19,774 
Increase in inventories   (5,324,478)   (176,995)
Increase in other current assets   -    (3,394)
Increase in deferred tax assets   (47,538)   - 
Decrease in trade and other payables   72,266    (58,990)
Decrease in income tax payable   -    (60,506)
CASH USED IN OPERATING ACTIVITIES   (3,618,580)   (3,130,206)
NET CASH USED IN OPERATING ACTIVITIES   (3,618,580)   (3,130,206)
           
INVESTING ACTIVITIES          
Interest received   31    13,085 
Proceeds on disposal of subsidiaries   3,000,000    - 
Purchase of property, plant and equipment   -    (1,047)
NET CASH FROM INVESTING ACTIVITIES   3,000,031    12,038 
           
FINANCING ACTIVITIES          
Proceeds from issuance of preferred shares   -    - 
Interest paid   -    (33,569)
Advance from related party   532,600    1,938,058 
NET CASH FROM FINANCING ACTIVITIES   532,600    1,904,489 
           
NET DECREASE IN CASH AND CASH EQUIVALENTS   (85,949)   (1,213,679)
Effects of foreign currency translation   (2,196)   (621,959)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   520,916    12,914,914 
CASH AND CASH EQUIVALENTS AT END OF PERIOD   432,770    11,079,276 
Supplemental information for Cashflow of Discontinued operations:                
NET CASH USED IN OPERATING ACTIVITIES     -          (1,819,740 )
NET CASH FROM INVESTING ACTIVITIES     -                        -  
NET CASH FROM FINANCING ACTIVITIES                  -          -  

 

On August 16, 2023, the Company issued the press release furnished herewith as Exhibit 99.1.

 

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SIGNATURES

 

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

 

Date: August 16, 2023 JX Luxventure Limited
     
  By: /s/ Sun Lei
  Sun Lei
  Chief Executive Officer  

 

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EXHIBIT INDEX

 

Exhibit
Number
  Description
99.1   Press Release

 

 

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