Exhibit 99.1

ETAO INTERNATIONAL CO., LTD AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In U.S. dollars, except for share and per share data)

	As of
	6/30/2023			12/31/2022
Assets
Current assets:
Cash	$	772,048		$	693,781
Restricted Cash		1,327,463			-
Accounts Receivable		1,211,866			1,425,824
Advances to Suppliers		4,069			66,638
Other Receivables and prepayments		55,526			59,682
Inventory		115,512			301,810
Total current assets		3,486,484			2,547,735
Property, plants and equipment, net		185,979			173,342
Intangible assets, net		22,780			24,005
Longterm prepaid expenses		(15,362	)		-
Right-of-use assets		447,645			471,716
Related party receivable		300,975			147,385
Total non-current assets		942,017			816,448
TOTAL ASSETS	$	4,428,501		$	3,364,183
Liabilities
Current liabilities:
Bank Loans	$	137,574		$	166,717
Accounts Payable-Trade		222,494			342,446
Customer Advances		285,265			310,548
Accrued expenses and other Payables		426,498			419,887
Operating lease payable, current		116,747			123,025
Total current liabilities		1,188,578			1,362,623
Note payable		1,319,487			-
Related party payable		84,513			597,387
Operating lease payable, non-current		303,431			319,748
TOTAL LIABILITIES		2,896,009			2,279,758
Commitments and contingencies
Equity
Class B ordinary shares					330
Class A ordinary shares (US$0.0001 par value per share; 96,700,000 shares issued and outstanding as of December 31, 2022		9,670			9,670
Additional Paid in Capital		877,742,498			877,742,498
Accumulated deficit		(876,019,100	)		(876,517,003	)
Accumulated other comprehensive loss		(176,551	)		(100,955	)
Etao’s shareholders’ equity		1,556,517			1,134,540
Non-controlling Interest		(24,025	)		(50,115	)
TOTAL EQUITY		1,532,492			1,084,425
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	4,428,501		$	3,364,183

ETAO INTERNATIONAL CO., LTD AND SUBSIDIARIES,
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE LOSS
(In U.S. dollars, except for share and per share data)

	For the six months ended June 30,
	2023			2022
Net revenue	$	1,923,283		$	1,093,836
Cost of revenue		(1,209,423	)		(603,592	)
Gross profit		713,860			490,244
Operating expenses:
Selling expense		(350,936	)		(76,055	)
General and administrative		(1,857,617	)		(133,875	)
Research and developing Expense		(22,055	)		-
Total operating expenses		(2,230,608	)		(209,930	)
Income (loss) from operations		(1,516,748	)		280,314
Other income (loss):
Other income		38,053			2,371
Interest income		2,918			-
Interest expense		(4,004	)		(3,694	)
Other expenses		(352	)		(2,322	)
Total other income/(loss)		36,615			(3,645	)
Profit (loss) before income tax expense		(1,480,133	)		276,669
Income tax expense		(7,146	)		(614	)
Net profit (loss) from continuing business	$	(1,487,729	)	$	276,055
Non-controlling interest (income) loss		(24,700	)		(79,812	)
Net profit (loss) attributed to shareholders		(1,511,979	)		196,243
Other comprehensive income (loss):
Foreign currency translation loss, net of income taxes		(75,596	)		(16,716	)
Total comprehensive income (loss)	$	(1,587,575	)	$	179,527
Loss per ordinary share, basic and diluted		(1.15	)
Weighted average number of ordinary shares outstanding, basic and diluted		102,445,851