HONG
KONG, July 22, 2024 /PRNewswire/ -- CCSC
Technology International Holdings Limited (the "Company" or "CCSC")
(Nasdaq: CCTG), a Hong Kong-based
company that engages in the sale, design and manufacturing of
interconnect products, including connectors, cables and wire
harnesses, today announced its financial results for the fiscal
year ended March 31, 2024.
Mr. Kung Lok Chiu, Chief
Executive Officer and Director of the Company, commented, "We
believe we have demonstrated resilience and adaptability throughout
a challenging fiscal year 2024. Despite market fluctuations, we
remain dedicated to innovation and excellence. We have worked to
enhance our operational efficiencies and invested strategically in
research and development to advance our product developments.
Additionally, our Nasdaq listing in January
2024 marks a significant milestone for the Company,
providing us with a platform for future growth. Furthermore, we
entered into a strategic cooperation framework agreement with
Innogetic International Limited ("Innogetic") in
May 2024. In the future, we
anticipate exploring and applying digital technology such as
artificial intelligence ("AI") in the field of manufacturing to
further advancements in our business. As we explore AI applications
in the manufacturing sector in partnership with Innogetic, we
endeavor to further the innovation and efficiency in our
manufacturing process and enhance our position in the industry.
Moreover, CCSC is planning to commence construction of a new
European supply chain management center in the Republic of Serbia
in second half of 2024. We believe that this strategic
expansion, if and when it is established, will support our business
by driving long-term growth."
"We are committed to adopting advanced technologies, developing
replicable and scalable solutions, and fostering innovative ideas
and products. Looking forward, we are excited about our strategic
initiatives aimed at market expansion, product innovation, and
enhancing client services. We believe that our commitment to
quality and customer satisfaction can drive us forward and create
long-term value for our shareholders," concluded Mr. Kung Lok Chiu.
Fiscal Year 2024 Financial Highlights
- Revenue was $14.7 million for
fiscal year 2024, compared to $24.1
million for fiscal year 2023.
- Gross profit was $3.9 million for
fiscal year 2024, compared to $7.9
million for fiscal year 2023.
- Loss from operations was $1.8
million for fiscal year 2024, compared to income from
operations of $1.8 million for fiscal
year 2023.
- Net loss was $1.3 million for
fiscal year 2024, compared to net income of $2.2 million for fiscal year 2023.
- Basic and diluted loss per share was $0.13 for fiscal year 2024, compared to basic and
diluted earnings per share of $0.22
for fiscal year 2023.
Fiscal Year 2024 Financial Results
Revenue
Total revenue was $14.7 million
for fiscal year 2024, which decreased by 38.7% from $24.1 million for fiscal year 2023.
The following table sets forth revenue by interconnect
products:
|
|
For the years ended
March 31,
|
|
|
Change
|
|
|
($
millions)
|
|
2024
|
|
|
%
|
|
|
2023
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
Cables and wire
harnesses
|
|
|
13.6
|
|
|
|
92.4
|
%
|
|
|
22.2
|
|
|
|
92.3
|
%
|
|
|
(8.6)
|
|
|
|
(38.7)
|
%
|
|
Connectors
|
|
|
1.1
|
|
|
|
7.6
|
%
|
|
|
1.8
|
|
|
|
7.7
|
%
|
|
|
(0.7)
|
|
|
|
(39.3)
|
%
|
|
Total
|
|
|
14.7
|
|
|
|
100.0
|
%
|
|
|
24.0
|
|
|
|
100.0
|
%
|
|
|
(9.3)
|
|
|
|
(38.7)
|
%
|
Revenue generated from cables and wire harnesses decreased by
38.7%, to $13.6 million for fiscal
year 2024, from $22.2 million for
fiscal year 2023. Revenue generated from connectors decreased by
39.3%, to $1.1 million for fiscal
year 2024, from $1.8 million for
fiscal year 2023.
The decrease was primarily attributable to the decrease in the
total sales volume due to customers' shift towards zero
inventory instead of advanced procurement, and the decrease
of the average selling price of our products for fiscal year
2024.
The following table sets forth the disaggregation of revenue by
regions:
|
|
For the years ended
March 31,
|
|
|
Change
|
|
|
($
millions)
|
|
2024
|
|
|
%
|
|
|
2023
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
Europe
|
|
|
8.5
|
|
|
|
57.8
|
%
|
|
|
15.0
|
|
|
|
62.5
|
%
|
|
|
(6.5)
|
|
|
|
(43.3)
|
%
|
|
Asia
|
|
|
4.8
|
|
|
|
32.8
|
%
|
|
|
7.4
|
|
|
|
30.9
|
%
|
|
|
(2.6)
|
|
|
|
(34.9)
|
%
|
|
Americas
|
|
|
1.4
|
|
|
|
9.4
|
%
|
|
|
1.6
|
|
|
|
6.6
|
%
|
|
|
(0.2)
|
|
|
|
(12.4)
|
%
|
|
Total
|
|
|
14.7
|
|
|
|
100.0
|
%
|
|
|
24.0
|
|
|
|
100.0
|
%
|
|
|
(9.3)
|
|
|
|
(38.7)
|
%
|
Revenue generated from Europe
decreased by 43.3%, to $8.5 million
for fiscal year 2024, from $15.0
million for fiscal year 2023. The decrease was primarily due
to the decrease of sales in Denmark, Hungary and Bulgaria, which was partially offset by the
increase of sales in Italy.
Revenue generated from Asia
decreased by 34.9%, to $4.8 million
for fiscal year 2024, from $7.4
million for fiscal year 2023. The decrease was primarily due
to sales decreases in China of
$1.6 million, and sales decreases in
the Association of Southeast Asian Nations, or ASEAN, of
$1.0 million.
Revenue generated from the Americas decreased by 12.4%, to
$1.4 million for fiscal year 2024,
from $1.6 million for fiscal year
2023. The decrease was primarily due to the sales decrease in
North America of $0.2
million.
Cost of Revenue
Cost of revenue decreased by 33.1%, to $10.8 million for fiscal year 2024, from
$16.2 million for fiscal year 2023,
which was in line with the decrease of total revenue.
Inventory costs amounted to $7.3
million for fiscal year 2024, compared to $12.1 million for fiscal year 2023. The decrease
of inventory costs was primarily due to a 44.1% decrease in the
total sales volume, which was partially offset by an 8.5%
increase in the inventory cost per unit.
Labor costs amounted to $2.5
million for fiscal year 2024, compared to $2.9 million for fiscal year 2023. The decrease
of labor costs was primarily because we reduced the number of
manufacturing employees.
Gross Profit and Gross Margin
Gross profit decreased by 50.1%, to $3.9
million for fiscal year 2024, from $7.9 million for fiscal year 2023.
Gross profit margin decreased by 6.1%, to 26.6% for fiscal year
2024, from 32.7% for fiscal year 2023.
Operating Expenses
Operating expenses decreased by 5.1%, to $5.8 million for fiscal year 2024, from
$6.1 million for fiscal year 2023.
The expense reduction was mainly due to the decline in selling
expenses and research and development expenses. The decrease was
partially offset by the increase in the general and administrative
expenses.
Other Income
Other income decreased to $0.5
million for fiscal year 2024, from $0.7 million for fiscal year 2023.
Net (Loss)/Income
Net income decreased by 158.7%, to net loss of $1.3 million for fiscal year 2024, from net
income of $2.2 million for fiscal
year 2023.
Basic and Diluted (Loss)/Earnings per Share
Basic and diluted loss per share was $0.13 for fiscal year 2024, compared to earnings
per share of $0.22 for fiscal year
2023.
About CCSC Technology International Holdings Limited
CCSC Technology International Holdings Limited, is a
Hong Kong-based company that
engages in the sale, design and manufacturing of interconnect
products. The Company specializes in customized interconnect
products, including connectors, cables and wire harnesses that are
used for a range of applications in a diversified set of
industries, including industrial, automotive, robotics, medical
equipment, computer, network and telecommunication, and consumer
products. The Company produces both OEM ("original equipment
manufacturer") and ODM ("original design manufacture") interconnect
products for manufacturing companies that produce end products, as
well as electronic manufacturing services ("EMS") companies that
procure and assemble products on behalf of such manufacturing
companies. The Company has a diversified global customer base
located in more than 25 countries throughout Asia, Europe
and the Americas. For more information, please visit the Company's
website: http://ir.ccsc-interconnect.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking
statements, including, but not limited to, the Company's proposed
Offering. These forward-looking statements involve known and
unknown risks and uncertainties and are based on the Company's
current expectations and projections about future events that may
affect its financial condition, results of operations, business
strategy and financial needs. Investors can find many (but not all)
of these statements by the use of words such as "may," "will,"
"could," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "is/are likely to," "propose," "potential,"
"continue", or other similar expressions in this press release. The
Company undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and other
filings with the U.S. Securities and Exchange Commission.
For more information, please contact:
CCSC Technology International Holdings Limited
Investor Relations Department
Email: ir@ccsc-interconnect.com
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
|
CCSC TECHNOLOGY
INTERNATIONAL HOLDINGS LIMITED
|
|
CONSOLIDATED BALANCE
SHEETS
|
|
(Amount in
U.S. dollars, except for number of shares)
|
|
|
|
As of
March 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
Assets
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash
|
|
$
|
5,525,430
|
|
|
$
|
7,708,310
|
|
|
Restricted
cash
|
|
|
209,317
|
|
|
|
9,305
|
|
|
Accounts
receivable
|
|
|
2,750,214
|
|
|
|
2,260,222
|
|
|
Inventories,
net
|
|
|
2,023,456
|
|
|
|
2,187,518
|
|
|
Deferred initial public
offering costs
|
|
|
-
|
|
|
|
1,051,038
|
|
|
Prepaid expenses and
other current assets
|
|
|
1,474,405
|
|
|
|
814,308
|
|
|
Total current
assets
|
|
|
11,982,822
|
|
|
|
14,030,701
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
198,901
|
|
|
|
211,949
|
|
|
Intangible asset,
net
|
|
|
38,183
|
|
|
|
88,319
|
|
|
Operating right-of-use
assets
|
|
|
1,659,297
|
|
|
|
2,121,070
|
|
|
Finance lease
right-of-use asset
|
|
|
17,788
|
|
|
|
-
|
|
|
Deferred tax assets,
net
|
|
|
287,394
|
|
|
|
41,015
|
|
|
Other non-current
assets
|
|
|
3,753,646
|
|
|
|
41,844
|
|
|
Total non-current
assets
|
|
|
5,955,209
|
|
|
|
2,504,197
|
|
|
TOTAL
ASSETS
|
|
$
|
17,938,031
|
|
|
$
|
16,534,898
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
2,175,974
|
|
|
$
|
1,663,749
|
|
|
Advance from
customers
|
|
|
207,293
|
|
|
|
186,874
|
|
|
Accrued expenses and
other current liabilities
|
|
|
1,523,843
|
|
|
|
1,648,970
|
|
|
Taxes
payable
|
|
|
24,974
|
|
|
|
365,851
|
|
|
Operating lease
liabilities, current
|
|
|
506,061
|
|
|
|
485,051
|
|
|
Finance lease
liabilities, current
|
|
|
4,454
|
|
|
|
-
|
|
|
Long-term bank loan,
current portion
|
|
|
-
|
|
|
|
39,725
|
|
|
Total current
liabilities
|
|
|
4,442,599
|
|
|
|
4,390,220
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
|
Operating lease
liabilities, non-current
|
|
|
1,184,056
|
|
|
|
1,653,411
|
|
|
Finance lease
liabilities, non-current
|
|
|
13,709
|
|
|
|
-
|
|
|
Total non-current
liabilities
|
|
|
1,197,765
|
|
|
|
1,653,411
|
|
|
TOTAL
LIABILITIES
|
|
|
5,640,364
|
|
|
|
6,043,631
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
Ordinary Shares (par
value of US$0.0005 per share; 100,000,000 shares
authorized, 11,581,250 and 10,000,000 shares issued and outstanding
as of
March 31, 2024 and 2023)
|
|
|
5,791
|
|
|
|
5,000
|
|
|
Subscription
receivable
|
|
|
-
|
|
|
|
(5,000)
|
|
|
Additional paid-in
capital
|
|
|
4,855,795
|
|
|
|
1,236,773
|
|
|
Statutory
reserve
|
|
|
813,235
|
|
|
|
813,235
|
|
|
Retained
earnings
|
|
|
8,491,783
|
|
|
|
9,786,946
|
|
|
Accumulated other
comprehensive loss
|
|
|
(1,868,937)
|
|
|
|
(1,345,687)
|
|
|
Total shareholders'
equity
|
|
|
12,297,667
|
|
|
|
10,491,267
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
$
|
17,938,031
|
|
|
$
|
16,534,898
|
|
|
CCSC TECHNOLOGY
INTERNATIONAL HOLDINGS LIMITED
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE
(LOSS)/INCOME
|
|
(Amount in
U.S. dollars, except for number of shares)
|
|
|
|
For the years ended
March 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
|
Net
revenue
|
|
$
|
14,748,551
|
|
|
$
|
24,059,556
|
|
|
$
|
27,169,935
|
|
|
Cost of
revenue
|
|
|
(10,825,943)
|
|
|
|
(16,190,985)
|
|
|
|
(19,694,031)
|
|
|
Gross profit
|
|
|
3,922,608
|
|
|
|
7,868,571
|
|
|
|
7,475,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
(1,039,882)
|
|
|
|
(1,097,150)
|
|
|
|
(866,136)
|
|
|
General and
administrative expenses
|
|
|
(4,134,394)
|
|
|
|
(3,898,894)
|
|
|
|
(3,318,815)
|
|
|
Research and
development expenses
|
|
|
(594,521)
|
|
|
|
(1,084,119)
|
|
|
|
(829,024)
|
|
|
Total operating
expenses
|
|
|
(5,768,797)
|
|
|
|
(6,080,163)
|
|
|
|
(5,013,975)
|
|
|
(Loss)/income from
operations
|
|
|
(1,846,189)
|
|
|
|
1,788,408
|
|
|
|
2,461,929
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
(expenses)/income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other non-operating
(expenses)/income, net
|
|
|
(35,509)
|
|
|
|
49,873
|
|
|
|
415,934
|
|
|
Government
subsidy
|
|
|
7,255
|
|
|
|
62,627
|
|
|
|
17,910
|
|
|
Foreign currency
exchange income/(loss)
|
|
|
425,308
|
|
|
|
562,527
|
|
|
|
(199,759)
|
|
|
Financial and interest
income/(expenses), net
|
|
|
67,636
|
|
|
|
22,455
|
|
|
|
(7,028)
|
|
|
Total other
income
|
|
|
464,690
|
|
|
|
697,482
|
|
|
|
227,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income before
income tax expense
|
|
|
(1,381,499)
|
|
|
|
2,485,890
|
|
|
|
2,688,986
|
|
|
Income tax
benefit/(expense)
|
|
|
86,336
|
|
|
|
(277,738)
|
|
|
|
(399,828)
|
|
|
Net
(loss)/income
|
|
|
(1,295,163)
|
|
|
|
2,208,152
|
|
|
|
2,289,158
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
(loss)/income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
(523,250)
|
|
|
|
(728,399)
|
|
|
|
368,037
|
|
|
Total comprehensive
(loss)/income
|
|
$
|
(1,818,413)
|
|
|
$
|
1,479,753
|
|
|
$
|
2,657,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
$
|
(0.13)
|
|
|
$
|
0.22
|
|
|
$
|
0.23
|
|
|
Weighted average
number of ordinary shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
|
10,288,525
|
|
|
|
10,000,000
|
|
|
|
10,000,000
|
|
|
CCSC TECHNOLOGY
INTERNATIONAL HOLDINGS LIMITED
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(Amount in
U.S. dollars, except for number of shares)
|
|
|
|
For the years ended
March 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
|
$
|
(1,295,163)
|
|
|
$
|
2,208,152
|
|
|
$
|
2,289,158
|
|
|
Adjustments to
reconcile net (loss)/income to net cash (used in)/provided
by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory
write-down
|
|
|
188,268
|
|
|
|
369,512
|
|
|
|
117,807
|
|
|
Depreciation and
amortization
|
|
|
238,757
|
|
|
|
221,106
|
|
|
|
330,269
|
|
|
Amortization of
right-of-use asset
|
|
|
509,086
|
|
|
|
526,546
|
|
|
|
330,812
|
|
|
Losses/(gains) from
disposal of fixed assets
|
|
|
2,188
|
|
|
|
5,621
|
|
|
|
(61,205)
|
|
|
Deferred tax
(benefit)/expense
|
|
|
(249,892)
|
|
|
|
51,780
|
|
|
|
(17,927)
|
|
|
Foreign currency
exchange (gains)/losses
|
|
|
(227,691)
|
|
|
|
(562,527)
|
|
|
|
199,759
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(500,747)
|
|
|
|
586,559
|
|
|
|
286,662
|
|
|
Inventories
|
|
|
(101,220)
|
|
|
|
2,028,980
|
|
|
|
(1,272,692)
|
|
|
Amount due from related
parties
|
|
|
-
|
|
|
|
478,285
|
|
|
|
(51,421)
|
|
|
Prepaid expenses and
other current assets
|
|
|
(704,610)
|
|
|
|
179,619
|
|
|
|
16,666
|
|
|
Operating right-of-use
assets
|
|
|
-
|
|
|
|
(2,240,092)
|
|
|
|
62,343
|
|
|
Other non-current
assets
|
|
|
(77,220)
|
|
|
|
41,314
|
|
|
|
19,310
|
|
|
Accounts
payable
|
|
|
563,226
|
|
|
|
(2,054,385)
|
|
|
|
757,114
|
|
|
Advance from customers
|
|
|
22,060
|
|
|
|
113,383
|
|
|
|
(92,699)
|
|
|
Taxes
payable
|
|
|
(340,992)
|
|
|
|
112,295
|
|
|
|
220,736
|
|
|
Accrued expenses and
other current liabilities
|
|
|
(64,258)
|
|
|
|
(91,373)
|
|
|
|
117,673
|
|
|
Operating lease
liabilities
|
|
|
(490,319)
|
|
|
|
1,704,248
|
|
|
|
(409,019)
|
|
|
Financing Lease
liabilities
|
|
|
24
|
|
|
|
-
|
|
|
|
-
|
|
|
Amount due to related
parties
|
|
|
-
|
|
|
|
(215,388)
|
|
|
|
78,270
|
|
|
Net cash (used
in)/provided by operating activities
|
|
|
(2,528,503)
|
|
|
|
3,463,635
|
|
|
|
2,921,616
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
|
(156,999)
|
|
|
|
(153,409)
|
|
|
|
(376,785)
|
|
|
Prepayment of long-term
equipment and mold model
|
|
|
(3,639,312)
|
|
|
|
-
|
|
|
|
-
|
|
|
Proceed from disposal
of property and equipment
|
|
|
-
|
|
|
|
10,891
|
|
|
|
199,146
|
|
|
Purchase of intangible
asset
|
|
|
(29,476)
|
|
|
|
(64,364)
|
|
|
|
-
|
|
|
Net cash used in
investing activities
|
|
|
(3,825,787)
|
|
|
|
(206,882)
|
|
|
|
(177,639)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FORM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
short-term bank loans
|
|
|
-
|
|
|
|
136,784
|
|
|
|
107,076
|
|
|
Repayments of
short-term bank loans
|
|
|
-
|
|
|
|
(136,784)
|
|
|
|
(107,076)
|
|
|
Repayments of long-term
bank loans
|
|
|
(39,853)
|
|
|
|
(156,174)
|
|
|
|
(153,053)
|
|
|
Proceeds from issuance
of ordinary shares, net of issuance cost
of US$1.65 million
|
|
|
4,665,444
|
|
|
|
-
|
|
|
|
-
|
|
|
Payment for deferred
initial public offering costs
|
|
|
-
|
|
|
|
(596,446)
|
|
|
|
(459,265)
|
|
|
Capital contribution by
shareholder
|
|
|
5,000
|
|
|
|
-
|
|
|
|
462,469
|
|
|
Payment made for
principal portion of financing lease liabilities
|
|
|
(4,322)
|
|
|
|
-
|
|
|
|
(7,553)
|
|
|
Net cash provided
by/(used in) financing activities
|
|
|
4,626,269
|
|
|
|
(752,620)
|
|
|
|
(157,402)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and restricted cash
|
|
|
(254,847)
|
|
|
|
(72,458)
|
|
|
|
46,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and
restricted cash
|
|
|
(1,982,868)
|
|
|
|
2,431,675
|
|
|
|
2,632,990
|
|
|
Cash and restricted
cash, beginning of the year
|
|
|
7,717,615
|
|
|
|
5,285,940
|
|
|
|
2,652,950
|
|
|
Cash and restricted
cash, end of the year
|
|
$
|
5,734,747
|
|
|
$
|
7,717,615
|
|
|
$
|
5,285,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for income
tax
|
|
$
|
(859,882)
|
|
|
$
|
(119,679)
|
|
|
$
|
(471,259)
|
|
|
Cash received from
income tax refund
|
|
$
|
-
|
|
|
$
|
126,413
|
|
|
$
|
461,418
|
|
|
Cash paid for
interest
|
|
$
|
(228)
|
|
|
$
|
(4,986)
|
|
|
$
|
(8,650)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for operating
lease
|
|
$
|
(575,014)
|
|
|
$
|
(601,953)
|
|
|
$
|
(635,499)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of non-cash investing and financing
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Right-of-use assets
obtained in exchange for operating lease obligations
|
|
$
|
137,617
|
|
|
$
|
2,263,898
|
|
|
$
|
138,450
|
|
View original
content:https://www.prnewswire.com/news-releases/ccsc-technology-international-holdings-limited-reports-financial-results-for-fiscal-year-2024-302202911.html
SOURCE CCSC Technology International Holdings Limited