Exhibit 99.1
E-HOME HOUSEHOLD SERVICE HOLDINGS LIMITED
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
AS OF DECEMBER 31, 2024 AND JUNE 30, 2024
AND
FOR THE SIX MONTHS ENDED DECEMBER 31, 2024 AND 2023
E-HOME HOUSEHOLD SERVICE HOLDINGS LIMITED
INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
F-1
E-HOME HOUSEHOLD SERVICE HOLDINGS LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2024 (UNAUDITED) AND JUNE 30, 2024
(IN U.S. DOLLARS, EXCEPT FOR NUMBER OF SHARES DATA)
| December 31, 2024 (Unaudited) | June 30, 2024 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Restricted cash | ||||||||
| Accounts receivable | ||||||||
| Advances to suppliers | ||||||||
| Inventories | ||||||||
| Loan receivable | ||||||||
| Prepayment, receivables and other current assets | ||||||||
| Total current assets | ||||||||
| Non-current assets | ||||||||
| Property, plant and equipment, net | ||||||||
| Intangible assets, net | ||||||||
| Operating lease - right-of-use assets, net | ||||||||
| Long-term deposits and other non-current assets | ||||||||
| Total non-current assets | ||||||||
| TOTAL ASSETS | $ | $ | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued expenses | $ | $ | ||||||
| Advances from customers | ||||||||
| Taxes payable | ||||||||
| Current maturities of operating lease liabilities | ||||||||
| Due to related parties | ||||||||
| Short-term loan | ||||||||
| Total current liabilities | ||||||||
| Non-current liabilities | ||||||||
| Long-term portion of operating lease liabilities | ||||||||
| Deferred tax liabilities, net | ||||||||
| Total non-current liabilities | ||||||||
| TOTAL LIABILITIES | ||||||||
| Commitments and contingencies (Note 18) | ||||||||
| SHAREHOLDERS’ EQUITY | ||||||||
| Ordinary shares, $ | ||||||||
| Additional paid-in capital | ||||||||
| Statutory reserve | ||||||||
| Accumulate deficits | ( | ) | ( | ) | ||||
| Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
| Total equity attributable to shareholders | ||||||||
| Non-controlling interest | ( | ) | ||||||
| TOTAL SHAREHOLDERS’ EQUITY | ||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | $ | ||||||
| * |
The accompanying notes are an integral part of these condensed consolidated financial statements.
F-2
E-HOME HOUSEHOLD SERVICE HOLDINGS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER
COMPREHENSIVE LOSS
FOR THE SIX MONTHS ENDED DECEMBER 31, 2024 AND 2023
(IN U.S. DOLLARS, EXCEPT SHARES DATA)
(UNAUDITED)
| For the six months ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Revenues | ||||||||
| Installation and maintenance | $ | $ | ||||||
| Housekeeping | ||||||||
| Senior care services | ||||||||
| Educational consulting services | ||||||||
| Sales of pharmaceutical products | ||||||||
| Total revenues | ||||||||
| Cost of revenues | ||||||||
| Installation and maintenance | ||||||||
| Housekeeping | ||||||||
| Senior care services | ||||||||
| Educational consulting services | ||||||||
| Sales of pharmaceutical products | ||||||||
| Total cost of revenues | ||||||||
| Gross profit | ||||||||
| Operating expenses | ||||||||
| Sales and marketing expenses | ||||||||
| General and administrative expenses | ||||||||
| Total operating expenses | ||||||||
| Loss from operations | ( | ) | ( | ) | ||||
| Other income (expenses), net | ||||||||
| Interest income | ||||||||
| Interest expenses | ( | ) | ( | ) | ||||
| Amortization of financing cost | ( | ) | ||||||
| Other (expenses) income, net | ( | ) | ||||||
| Total other expenses, net | ( | ) | ( | ) | ||||
| Loss before income taxes | ( | ) | ( | ) | ||||
| Income tax expense | ||||||||
| Net loss | $ | ( | ) | $ | ( | ) | ||
| Including: | ||||||||
| Net loss attributable to the Company’s shareholders | ( | ) | ( | ) | ||||
| Net loss attributable to non-controlling interests | ( | ) | ||||||
| Net loss | $ | ( | ) | $ | ( | ) | ||
| Other comprehensive (loss) income | ||||||||
| Foreign currency translation adjustment, net of nil tax | ( | ) | ||||||
| Total comprehensive loss | $ | ( | ) | $ | ( | ) | ||
| Net loss per ordinary share - basic | ( | ) | ( | ) | ||||
| Net loss per ordinary share - diluted | ( | ) | ( | ) | ||||
| Weighted average number of ordinary shares outstanding - basic | * | |||||||
| Weighted average number of ordinary shares outstanding - diluted | * | |||||||
| * |
The accompanying notes are an integral part of these condensed consolidated financial statements.
F-3
E-HOME HOUSEHOLD SERVICE HOLDINGS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE SIX MONTHS ENDED DECEMBER 31, 2024 AND 2023
(IN U.S. DOLLARS, EXCEPT SHARES DATA)
(UNAUDITED)
| Number of Shares* | Ordinary Shares* | Additional paid-in capital* | Statutory reserve | Accumulated deficits | Accumulated other comprehensive loss | Non-controlling interest | Total shareholders’ equity | |||||||||||||||||||||||||
| Balance as of June 30, 2023 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||||||||||
| Net loss | - | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||
| Foreign currency translation adjustment | - | ( | ) | |||||||||||||||||||||||||||||
| Shares issued to investors | ||||||||||||||||||||||||||||||||
| Shares issued under equity incentive plan | ||||||||||||||||||||||||||||||||
| Shares issued for conversion of convertible notes | ||||||||||||||||||||||||||||||||
| Balance as of December 31, 2023 | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||||||||||||
| Balance as of June 30, 2024 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||||||||||
| Net loss | - | ( | ) | ( | ) | |||||||||||||||||||||||||||
| Foreign currency translation adjustment | - | ( | ) | ( | ) | |||||||||||||||||||||||||||
| Disposal of equity in Zhongrun | - | ( | ) | |||||||||||||||||||||||||||||
| Shares issued to investors | ||||||||||||||||||||||||||||||||
| Reverse stock split | ( | ) | ||||||||||||||||||||||||||||||
| Balance as of December 31, 2024 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||||||
| * |
The accompanying notes are an integral part of these condensed consolidated financial statements.
F-4
E-HOME HOUSEHOLD SERVICE HOLDINGS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED DECEMBER 31, 2024 AND 2023
(IN U.S. DOLLARS)
(UNAUDITED)
| For the six months ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Cash provided by operating activities | ||||||||
| Net loss | $ | ( | ) | $ | ( | ) | ||
| Interest expense | ||||||||
| Estimated credit loss | ||||||||
| Depreciation and amortization | ||||||||
| Amortization of right-of-use assets | ||||||||
| Convertible note - Amortization of financing cost | ||||||||
| Equity incentive plan | ||||||||
| Written off of property, plant and equipment | ||||||||
| Investment loss from disposal of equity in Zhongrun | ||||||||
| Changes in operating assets and liabilities | ||||||||
| Accounts receivables | ||||||||
| Advance to suppliers | ||||||||
| Inventories | ||||||||
| Prepayment, receivables and other current assets | ||||||||
| Long-term deposits and other non-current assets | ||||||||
| Accounts payable and accrued expenses | ( | ) | ( | ) | ||||
| Advance from customers | ( | ) | ||||||
| Taxes payable | ( | ) | ||||||
| Operating lease liabilities | ( | ) | ( | ) | ||||
| Net cash (used in) provided by operating activities | ( | ) | ||||||
| Investing Activity | ||||||||
Loan receivable | ( | ) | ||||||
Due from related parties | ( | ) | ||||||
| Net cash used in investing activities | ( | ) | ( | ) | ||||
| Financing Activities | ||||||||
| Proceeds from share issuance | ||||||||
| Repayment convertible note | ( | ) | ||||||
| (Payment to) Collection from related parties | ( | ) | ||||||
| Net cash provided by financing activities | ||||||||
| Net increase in cash and cash equivalents | ||||||||
| Effects of currency translation | ( | ) | ||||||
| Cash and cash equivalents at beginning of period | ||||||||
| Cash and cash equivalents at end of period | $ | $ | ||||||
| SUPPLEMENTAL DISCLOSURES | ||||||||
| Income taxes paid | $ | $ | ||||||
| Interest paid | $ | $ | ||||||
| Non-cash transactions | ||||||||
| Disposal of equity in Zhongrun | $ | $ | ||||||
| Issuance of shares for convertible note principal and interest settlement | $ | $ | ||||||
| Issuance of shares to directors and consultants | $ | $ | ||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
F-5