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Shenzhen, China, Dec. 29, 2023 (GLOBE NEWSWIRE) — Meiwu Technology Co., Limited (NASDAQ: WNW) (“Meiwu” or the “Company”), an internet and cellular commerce firm offering natural and inexperienced meals merchandise to prospects on its on-line platform and in its shops, enterprise brief message service (“SMS”) and data expertise to serve designated medical insurance coverage establishments in China. The Company as we speak introduced its unaudited monetary outcomes for the six months ended June 30, 2023.
First Half Fiscal Year of 2023 Operating Highlights
| ● | Registered customers of the Company’s on-line platform generated from promoting meals merchandise have been 729,131 as of June 30, 2023, in comparison with 711,534 as of June 30, 2022. | |
| ● | Average day by day energetic customers (“DAUs”) of the Company’s on-line platform generated from promoting meals merchandise decreased to roughly 63.4 in comparison with 197.3 in the identical interval of 2022. | |
| ● | Number of retailers carried within the Company’s on-line platform generated from promoting meals merchandise have been 26 as of June 30, 2023, in comparison with 504 as of June 30, 2022. | |
| ● | Type of products carried within the Company’s on-line platform generated from promoting meals merchandise have been 8 as of June 30, 2023, in comparison with 3,225 as of June 30, 2022. | |
| ● | Quantity of billing brief messages of the Company’s income generated from brief message service (“SMS”) elevated to roughly 984.33 million in comparison with 79.41 million in the identical interval of 2022. | |
| ● | Average unit value of brief messages of the Company’s income generated from SMS elevated to roughly $0.0083 in comparison with $0.0077 in the identical interval of 2022. |
First Half Fiscal Year of 2023 Financial Highlights
| ● | Total revenues within the first half fiscal yr of 2023 elevated by 816.90% to US$10.68 million in comparison with US$1.17 million in the identical interval of 2022. | |
| ● | Net loss within the first half fiscal yr of 2023 decreased by 94.96% to US$0.28 million from US$5.53 million in the identical interval of 2022. |
First Half Fiscal Year of 2023 Key Operating Metrics
The Company screens the next key metrics to guage the expansion of its enterprise, measure the effectiveness of its advertising efforts, establish developments affecting its enterprise, and make strategic selections.
Registered customers of the Company’s on-line platform. The Company defines this metric as the full variety of the registered customers of the Company’s on-line platform as of the tip of the interval. As an internet and cellular e-commerce enterprise, the Company believes that this can be a key working metric for understanding the expansion of its enterprise. The Company views the variety of registered customers on the finish of a given interval as a key indicator of the attractiveness and value of its on-line platform. As of June 30, 2023, the registered customers of Meiwu’s on-line platform exceeded 729,131, as in comparison with 711,534 as of June 30, 2022. The Company believes that this improve in registered customers demonstrates the success that convert the offline customers to on-line customers.
Daily Active Users (DAUs). The Company defines day by day energetic customers, or DAUs, as customers who’ve logged in or accessed its on-line platform, whether or not on a cell phone or pill. The Company calculates DAUs utilizing inner firm information based mostly on the exercise of the consumer account and as adjusted to take away “duplicate” accounts. The DAU quantity is a metric that Meiwu’s administration makes use of to handle their operations. In specific, its administration units day by day targets of DAUs and screens the DAUs to see whether or not to make changes as to the promotional actions and promoting campaigns. For the six months ended June 30, 2023 and 2022, the common DAUs have been 63.4 and 197.3 respectively.
Number of retailers. The Company defines this metric as the full variety of the retailers which promote items on Meiwu’s on-line platform as of the tip of the interval. Merchants promote items on Meiwu’s on-line platform after passing the Company’s screening course of. Different companies provide completely different merchandise. The variety of retailers have been 26 as of June 30, 2023, in comparison with 504 as of June 30, 2022.
Type of products. The Company defines this metric as the kind of the products which offered in Meiwu’s on-line platform as of the tip of the interval. As of June 30, 2023, the kind of the products of Meiwu’s on-line platform have been 8, as in comparison with 3,225 as of June 30, 2022.
Quantity of billing brief messages. The Company defines this metric as the full amount of the income generated from SMS for the interval. The Company account for income from prospects’ utilization of textual content message on the Company’s Communication Platform-as-a-Service (“CPaaS”) platform. For the six months ended June 30, 2023 and 2022, the amount of billing brief messages have been 984.33 million and 79.41 million respectively. The improve primarily because of the the acquisition of Mahaotiaodong (Xiamen) Technology Co., Ltd. (“Mahao”) on June 23, 2022.
Average unit value of brief messages. The Company defines this metric as the common unit value of the income generated from SMS for the interval. Different SMS channels provide completely different unit costs. For the six months ended June 30, 2023 and 2022, the common unit value of brief messages have been $0.0083 and $0.0077 respectively.
First Half Fiscal Year of 2023 Financial Results
Revenues within the first half fiscal yr of 2023 elevated by 815.90% to US$10.68 million in comparison with US$1.17 million in the identical interval of 2022. The improve is principally because of the acquisition of Mahao in June 2022. Mahao is an organization participating in offering web entry and associated companies based mostly in Xiamen, China, and generate the income of US$8.11 million for the six months ended June 30, 2023.
Total working bills within the first half fiscal yr of 2023 decreased by 57.72% to US$2.41 million from US$5.71 million in the identical interval of 2022.
| ● | Cost of revenues within the first half fiscal yr of 2023 elevated by 710.06% to US$8.23 million from US$1.02 million in the identical interval of 2022, primarily because of the finish of epidemic prevention and management and a rise in enterprise. The rise development of value of revenues was near the rise of the revenues. | |
| ● | Sales and advertising bills within the first half fiscal yr of 2023 elevated by 93.22% to US$0.80 million from US$0.41 million in the identical interval of 2022, primarily because of the launch of latest gross sales actions, gross sales personnel’s bonuses have elevated. | |
| ● | General and administrative bills within the first half fiscal yr of 2023 decreased by 70.62% to US$1.50 million from US$5.12 million in the identical interval of 2022, primarily because of the bills generated by convertible bonds in 2022. | |
| ● | Research and growth bills within the first half fiscal yr of 2023 decreased by 37.59% to US$0.11 million from US$0.17 million in the identical interval of 2022, primarily because of the completion of some utility growth and the departure of some R&D personnel. |
Gross Profit within the first half fiscal yr of 2023 was US$2.45 million, rising 1,529.45% from US$0.15 million in the identical interval of 2022. Gross margin within the first half fiscal yr of 2023 was 22.98%, in comparison with 12.92% for a similar interval of 2022.
Net loss within the first half fiscal yr of 2023 decreased by 94.96% to US$0.28 million from US$5.53 million in the identical interval of 2022. The foremost purpose for the lower in web loss is that the income in 2023 elevated in comparison with 2022.
Basic and diluted loss per share within the first half fiscal yr of 2023 was US$0.01, in comparison with US$0.17 in the identical interval of 2022.
Net money utilized in working actions within the first half fiscal yr of 2023 was US$0.33 million, in comparison with US$10.07 million in the identical interval of 2022. Mainly because of the lower in losses as income grew with the expansion of enterprise this yr.
As of June 30, 2023, the Company had money and money equivalents of US$15.78 million, in comparison with US$23.72 million as of December 31, 2022.
About Meiwu Technology Company Limited
Meiwu Technology Company Limited is a British Virgin Islands firm included on December 4, 2018, and conduct our enterprise in China by way of our subsidiaries and variable curiosity entity, Meiwuzhishi Technology (Shenzhen) Co., Ltd (“VIE”). The VIE is an internet and cellular commerce firm and conduct our enterprise by way of our on-line retail retailer on the web site www.wnw108.com. The VIE promote a myriad of meals merchandise on the web site all of the meals merchandise bought on the web site are from the suppliers. The VIE don’t promote genetically modified meals and dedicated to offering our prospects with protected, high-quality, nutritious, tasty and non-genetically modified meals merchandise by way of our portfolio of trusted and well-known suppliers. Optimizing the Website and real-time information, the VIE ready to reply to and match provide with demand for meals merchandise consistent with client developments. On June 23, 2022, we had accomplished the acquisition of Mahaotiaodong (Xiamen) Technology Company Limited (“Mahao”). Mahao is an organization participating in offering web entry and associated companies based mostly in Xiamen, China. Mahao operated a brief message service platform to ship custom-made content material to terminal prospects. Mahao is a cellular info service supplier with wealthy trade expertise. Enterprise Short Message Service (“SMS”) is at present the principle enterprise type of Mahao. Mahao makes use of its amassed system growth expertise and enterprise understanding based mostly on prospects’ trade to supply skilled enterprise SMS companies to prospects. Mahao primarily gives prospects with a whole set of companies round enterprise SMS by way of varied kinds resembling custom-made system growth, enterprise immediate messaging platform, API system docking, and many others., together with early debugging and opening of buyer and Mahao platform docking, upkeep and upgrading of buyer SMS operation system throughout operation, and fixing issues resembling delay in SMS transmission, making certain easy and quick SMS transmission. At the identical time, Mahao takes auditing info safety and optimizing buyer expertise as its duty. Through a rigorous program, cellular info content material is audited to make sure that varied enterprise SMS messages, together with info verification, consumer notifications, member reminders, and advertising promotion, may be safely and successfully delivered to info recipients. On the premise of making certain environment friendly transmission of cellular info and content material safety, Mahao gives varied enterprise SMS companies, together with cellular enterprise state of affairs building, product operation help, client relationship administration and help, for varied monetary, web, e-commerce, categorical logistics and different enterprise prospects.
Safe Harbor Statement
Certain statements made on this launch are “forward looking statements” throughout the which means of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used on this press launch, the phrases “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of those phrases or comparable expressions (or the unfavorable variations of such phrases or expressions) are meant to establish forward-looking statements. These forward-looking statements should not ensures of future efficiency, circumstances or outcomes, and contain a variety of recognized and unknown dangers, uncertainties, assumptions and different vital elements, a lot of that are exterior the Company’s management, that would trigger precise outcomes or outcomes to vary materially from these mentioned within the forward-looking statements. Important elements, amongst others, are: the power to handle progress; skill to establish and combine different future acquisitions; skill to acquire extra financing sooner or later to fund capital expenditures; fluctuations basically financial and enterprise circumstances; prices or different elements adversely affecting our profitability; litigation involving patents, mental property, and different issues; potential modifications within the legislative and regulatory atmosphere; a pandemic or epidemic. The forward-looking statements contained on this launch are additionally topic to different dangers and uncertainties, together with these extra absolutely described within the Company’s filings with the Securities and Exchange Commission, together with the Company’s Amended Annual Report on Form 20F filed with the SEC on October 18, 2023, the Current Report on Form 6-Ok filed with the SEC on November 23, 2022, which can be amended every so often, and in our Quarterly Report on Form 6-Ok that will likely be filed following this earnings launch. The Company undertakes no obligation to replace or revise any forward-looking statements, whether or not because of new info, future occasions or in any other case, besides as required by relevant regulation. Such info speaks solely as of the date of this launch.
Contacts
Meiwu Technology Company Limited
Xinliang Zhang
Email: meiwuBS@usmeiwu.com
MEIWU TECHNOLOGY COMPANY LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| December 31, 2022 |
June 30, 2023 |
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| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash | $ | 23,716,768 | $ | 15,783,731 | ||||
| Accounts receivable | 4,043,473 | 5,008,411 | ||||||
| Inventories, web | 344,823 | 259,269 | ||||||
| Advances to suppliers, web | 1,382,172 | 1,275,527 | ||||||
| Other present property | 386,954 | 426,942 | ||||||
| Total Current Assets | 29,874,190 | 22,753,880 | ||||||
| Property and tools, web | 183,386 | 121,453 | ||||||
| Right of use lease property, web | 227,603 | 166,530 | ||||||
| Intangible Assets | – | 6,757,409 | ||||||
| Deferred Offering Costs | 9,893 | – | ||||||
| Goodwill | 7,700,569 | 7,700,569 | ||||||
| Total Non-current Assets | 8,121,451 | 14,745,961 | ||||||
| TOTAL ASSETS | $ | 37,995,641 | $ | 37,499,841 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 4,990,647 | $ | 4,587,561 | ||||
| Short-term mortgage | 332,309 | 291,106 | ||||||
| Contract liabilities | 747,093 | 1,038,871 | ||||||
| Lease liabilities | 107,467 | 96,819 | ||||||
| Tax Payable | 204,232 | 388,520 | ||||||
| Accrued bills and different present liabilities | 1,964,469 | 2,441,940 | ||||||
| Total Current Liabilities | 8,346,217 | 8,844,817 | ||||||
| Due to associated events | 3,679,717 | 3,619,505 | ||||||
| Long-term mortgage | 218,722 | 156,031 | ||||||
| Convertible notes | 5,550,607 | – | ||||||
| Lease liabilities | 144,163 | 37,705 | ||||||
| Total Non-current Liabilities | 9,593,209 | 3,813,241 | ||||||
| TOTAL LIABILITIES | $ | 17,939,426 | $ | 12,658,058 | ||||
| Commitment and Contingencies | ||||||||
| Stockholders’ Equity | ||||||||
| Ordinary Shares, no par worth, limitless shares approved; 100,670,199 and 60,945,313 shares issued and excellent as of June 30, 2023 and December 31, 2022, respectively | $ | – | $ | – | ||||
| Additional paid-in capital | 38,571,534 | 44,515,801 | ||||||
| Accumulated deficit | (17,081,329 | ) | (17,349,240 | ) | ||||
| Accumulated different complete loss | (1,281,864 | ) | (2,161,936 | ) | ||||
| Equity attributable to homeowners of the Company | 20,208,341 | 25,004,624 | ||||||
| Non-controlling pursuits | (152,126 | ) | (162,841 | ) | ||||
| Total Stockholders’ Equity | 20,056,215 | 24,841,783 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 37,995,641 | $ | 37,499,841 | ||||
MEIWU TECHNOLOGY COMPANY LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER
COMPREHENSIVE LOSS
(Unaudited)
| For the Six Months Ended June 30, |
||||||||
| 2022 | 2023 | |||||||
| NET REVENUE | $ | 1,166,425 | $ | 10,683,243 | ||||
| COST OF REVENUE | (1,015,769 | ) | (8,228,377 | ) | ||||
| GROSS PROFIT | 150,656 | 2,454,866 | ||||||
| OPERATING EXPENSES | ||||||||
| Sales and Marketing Expenses | (414,750 | ) | (801,374 | ) | ||||
| General and Administrative Expenses | (5,122,188 | ) | (1,504,654 | ) | ||||
| Research and Development Expenses | (172,437 | ) | (107,626 | ) | ||||
| Total working bills | (5,709,375 | ) | (2,413,654 | ) | ||||
| (LOSS) INCOME FROM OPERATIONS | (5,558,719 | ) | 41,212 | |||||
| Gain on disposal of subsidiary | – | (29,279 | ) | |||||
| Other Income, web | 28,647 | (79,191 | ) | |||||
| LOSS BEFORE INCOME TAX | (5,530,072 | ) | (67,258 | ) | ||||
| Provision for Income Taxes | – | 211,368 | ||||||
| NET LOSS | (5,530,072 | ) | (278,626 | ) | ||||
| Less: web loss attributable to non-controlling curiosity | (24,926 | ) | (10,715 | ) | ||||
| OTHER COMPREHENSIVE LOSS | ||||||||
| Foreign Currency Translation Adjustment | (991,133 | ) | (880,073 | ) | ||||
| TOTAL COMPREHENSIVE LOSS | $ | (6,521,205 | ) | $ | (1,158,699 | ) | ||
| LOSS PER SHARE – BASIC AND DILUTED | (0.17 | ) | (0.01 | ) | ||||
| WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC AND DILUTED | 39,376,394 | 80,917,493 | ||||||
MEIWU TECHNOLOGY COMPANY LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| For the Six Months Ended June 30, |
||||||||
| 2022 | 2023 | |||||||
| Net money utilized in working actions | (10,073,063 | ) | (333,642 | ) | ||||
| Net money utilized in investing actions | (26,915 | ) | (6,762,905 | ) | ||||
| Net money offered by financing actions | 7,670,698 | 157,068 | ||||||
| Effect of modifications of overseas trade charge on money | 261,068 | (993,558 | ) | |||||
| Net lower in money | (2,168,212 | ) | (7,933,037 | ) | ||||
| Cash, starting of the interval | 26,634,332 | 23,716,768 | ||||||
| Cash, finish of the interval | 24,466,120 | 15,783,731 | ||||||
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