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DH Holdings, Inc. Reports Full Year 2020 Audited Financial Results

QINGDAO, China, April 27, 2021 /PRNewswire/ — TDH Holdings, Inc. (NASDAQ: PETZ) (“TDH” or the “Company”), a PRC-based company that specializes in the development, manufacturing and sales of pet food products in China and beyond, announced today its financial results for the twelve months ended December 31, 2020.

Full Year 2020 Financial Highlights:

 For the Twelve Months Ended December 31, 

 ($ millions, except per share data) 

2020

2019

 % Change 

 Revenues 

$0.82

$12.65

-93.55%

 Gross loss 

($0.04)

($1.52)

97.25%

 Gross loss margin 

-5.13%

-12.04%

6.91 pp*

 Loss from operations

($1.93)

($6.96)

72.32%

 Operating loss margin 

-236.25%

-55.02%

-181.23 pp*

 Net loss attributable to
common stockholders 

($0.87)

($8.63)

89.86%

 Loss per share – basic and
diluted 

($0.02)

($0.41)

95.35%

 * pp: percentage points 

  • Revenues decreased by 93.55% from $12.65 million in fiscal year 2019 to $0.82 million in fiscal year 2020, with decrease in sales from overseas markets, domestic market and E-commerce platform. The decrease in total revenues in 2020 was mainly due to: (1) decrease in sales orders due to our uncompetitive sales prices for our products which made them less attractive to our customers; (2) partially suspension of our overseas E-commerce business due to the estimated gross loss; (3) suspension of our production and operations commencing in November 2019 and ending in May 2020 due to our defaults on loan repayments to financial institutions, claims from our suppliers and creditors and labor arbitration derived from our cutting down certain employees. The COVID-19 outbreak and spread further caused disruption in our supply chain, transportation and our sales activities from the beginning of 2020 to May 2020. As a result, we had the inability to fulfill customer orders on a timely manner and we received reduced sales orders from our customers and our sales volume significantly decreased in 2020 as compared to 2019.
  • Gross loss was $0.04 million in fiscal year 2020 as compared to gross loss of $1.52 million in fiscal year 2019. The decrease in gross loss was a result of stop taking unprofitable orders, and the slightly improvement of our cost management.
  • Operating loss was $1.93 million in fiscal year 2020 as compared to operating loss of $6.96 million in 2019. The continuous deficit from operation was mainly due to the fact that our sales revenue continued to decrease, while we continued to incur fixed overhead costs and high operating expenses during 2020. The decrease in loss from operations was the combined result of improvement in gross margin and decrease in our total operating expenses in 2020 as compared to 2019.
  • Net loss attributable to common stockholders was $0.87 million, or a loss per share of $0.02, for the year of 2020 as compared to net loss of $8.63 million, or a loss per share of $0.41, for 2019.

Full Year 2020 Financial Results
Revenues
The Company generates its revenues from product sales, mainly including sales for pet chews, dried pet snacks and wet canned pet foods in oversea markets, domestic markets and by e-commerce platform. Revenue consists of the invoiced value for the sales, net of value-added tax (“VAT”), business tax, and applicable local government levies. For the year of 2020, total revenues decreased by $11.83 million, or 93.55%, to $0.82 million from $12.65 million in 2019. The decrease in total revenues in 2020 was mainly due to: (1) decrease in sales orders due to the uncompetitive selling prices of our products which made our products less attractive to our customers; (2) partial suspension of our overseas E-commerce business due to the estimated gross loss; (3) suspension of our production and operations commencing in November 2019 and ending in May 2020 due to our defaults on loan repayments to financial institutions, claims from our suppliers and creditors and labor arbitration derived from our cutting down certain employees. The COVID-19 outbreak and spread further caused disruption in our supply chain, transportation and our sales activities from the beginning of 2020 to May 2020. As a result, we had the inability to fulfill customer orders on a timely manner and we received reduced sales orders from our customers and our sales volume significantly decreased in 2020 as compared to 2019.

 For the Twelve Months Ended December 31, 

2020

2019

Y/Y Change

Revenues
($’000)

% of
Total

Revenues
($’000)

% of
Total

Amount
($’000)

%

 Overseas 

$

226

27.77%

$

9,995

79.02%

$

-9,769

-97.74%

 Domestic 

575

70.52%

2,711

21.44%

-2,137

-78.80%

 E-commerce 

17

2.05%

84

0.66%

-67

-80.06%

 less: sales
tax and
additional
surcharge 

-3

-0.34%

-142

-1.12%

139

-98.04%

 Total 

$

815

100.00%

$

12,648

100.00%

$

-11,833

-93.55%

Overseas sales decreased by $9.77 million, or 97.74%, to $0.23 million for the year of 2020 from $10.00 million for 2019. Domestic sales decreased by $2.14 million, or 78.80%, to $0.57 million for the year of 2020 from $2.71 million for 2019. The decrease was due to the decrease in sales orders due to our uncompetitive sales price, the COVID-19 outbreak and spread further caused disruption in our supply chain, transportation and our sales activities from the beginning of 2020 to May 2020. Sales from the e-commerce channel decreased by $0.07 million, or 80.06%, to $0.02 million for the year of 2020 from $0.08 million for 2019, due to suspension of our overseas E-commerce business as the losses continue to grow.

 For the Twelve Months Ended December 31, 

2020

2019

 Y/Y Change 

Revenues
($’000)

% of
Total

Revenues
($’000)

% of
Total

Amount
($’000)

%

 Pet chews 

$

59

7.25%

$

6,470

51.15%

$

-6,411

-99.09%

 Dried pet snacks 

318

38.94%

4,618

36.51%

-4,301

-93.13%

 Wet canned pet food 

84

10.32%

1,310

10.36%

-1,226

-93.58%

 Dental health snacks 

20

2.44%

305

2.41%

-285

-93.48%

 Baked pet biscuits 

3

0.38%

87

0.69%

-84

-96.42%

 Others 

334

41.01%

0%

334

100.00%

 Less: sales tax and
additional surcharge 

-3

-0.34%

-142

-1.12%

139

-98.04%

 Total 

$

815

100.00%

$

12,648

100.00%

$

-11,833

-93.55%

Sales of pet chews decreased by $6.41 million, or 99.09%, to $0.06 million for the year 2020 from $6.47 million for 2019. Sales of dried pet snacks decreased by $4.3 million, or 93.13%, to $0.32 million for the year 2020 from $4.62 million for 2019. Sales of wet canned pet food decreased by $1.23 million, or 93.58%, to $0.08 million for the year 2020 from $1.31 million for 2019. Sales of dental health snacks decreased by $0.29 million, or 93.48%, to $0.02 million for the year 2020 from $0.31 million for 2019. These decreases were due to the decrease in sales orders due to our uncompetitive selling prices, the COVID-19 outbreak and spread further caused disruption in our supply chain, transportation and our sales activities from the beginning of 2020 to May 2020. Sales of pet chews, dried pet snacks, wet canned pet food, and dental health snacks accounted for 7.25%, 38.93%, 10.32%, and 2.44%, respectively, for the year of 2020, compared to 51.15%, 36.51%, 10.36%, and 2.41%, respectively, for 2019.

Cost of revenues
Cost of revenues consists primarily of raw materials, labor and factory overhead. Cost of revenues decreased by $13.31 million, or 93.95%, to $0.86 million for the year of 2020 from $14.17 million for 2019. This decrease in cost of revenues was mainly due to the 93.55% decrease in our total net revenue for the year ended December 31, 2020. As a percentage of revenues, cost of revenues was 105.13% for the year 2020, compared to 112.04% for 2019.

Gross loss and gross loss margin
Gross loss was $0.04 million for the year of 2020, compared to gross profit of $1.52 million for 2019. Gross loss margin was 5.13% for the year 2019, compared to gross loss margin of 12.04% for 2020.

Operating expense
Operating expense consists of selling expenses, general and administrative expenses and research and development expenses.

Selling expenses decreased by $0.8 million, or 87.18%, to $0.12 million for the year 2020 from $0.92 million for 2019. The decrease in our selling expense was in line with our reduced sales activities and decreased revenue in 2020.

General and administrative expenses decreased by $1.94 million, or 52.29%, to $1.77 million for the year 2020 from $3.70 million for 2019. The main reason for the decrease was because we have cut-down number of employees as a result of our business strategy adjustment when our business scale reduced in 2020, as a result, our salary paid to employees, office expenses incurred and business consulting expenses all decreased in 2020 as compared to 2019.

Impairment of long-lived assets other than goodwill charge was $Nil in 2020, as compared to $0.81 million in 2019.

As a result, total operating expenses decreased by $3.55 million, or 65.34%, to $1.88 million for the year of 2020 from $5.44 million for 2019. As a percentage of total revenues, total operating expenses was 231.11% for the year of 2020, compared to 42.98% for 2019.

Operating loss and operating loss margin
Loss from operations was $1.93 million for the year of 2020, compared to operating loss of $6.96 million for 2019. The continuous loss from operation was mainly due to decreased sales revenue.

Net loss and loss per share
Net loss was $0.87 million for the year of 2020, compared to net loss of $8.63 million for 2019. Net loss attributable to common stockholders was $0.87 million, or loss per share of $0.02, for the year of 2020. This is compared to net loss attributable to common stockholders of $8.63 million, or loss per share of $0.41, for 2019.

Financial Conditions
As of December 31, 2020, the Company had cash, cash equivalents and restricted cash of $6.75 million, compared to $6.50 million at December 31, 2019. Accounts receivable and inventories were $0.17 million and $0.25 million, respectively, as of December 31, 2020, compared to $0.02 million and $0.47 million, respectively, at the end of 2019. Total working capital deficit was $8.55 million as of December 31, 2020, as compared to working capital deficit of $7.27 million at the end of 2019.

Net cash used in operating activities was $2.63 million for the year of 2020, compared to $5.63 million for 2019. Net cash provided by investing activities was $3.36 million for the year of 2020, compared to $0.11 million for 2019. Net cash used in financing activities was $0.59 million for the year of 2020, compared to $9.52 million net cash provided by financing activities in 2019.

Going Concern
As reflected in our consolidated financial statements, our revenue decreased by approximately $11.83 million from approximately $12.65 million in 2019 to approximately $0.82 million in 2020. Net cash used in operating activities amounted to approximately $2.63 million for the year ended December 31, 2020. As of December 31, 2020, we had working capital deficit of approximately $8.55 million as compared to working capital deficit of approximately $7.3 million as of December 31, 2019. In addition, starting from November 2019, we temporarily suspended our manufacturing activities due to operating inefficiency, the suspension of our manufacturing activities led to reduced sales and operating cash flows, and consequently caused our inability to make the payments to settle vendor bills and repay the bank loans upon maturity. As a result, in late 2019, some of our vendors and several financial institutions initiated lawsuits against us for payment. Our inability to resolve these matters satisfactorily had material adverse effect on the Company’s financial condition in 2020. Furthermore, in December 2019, a novel strain of coronavirus (COVID-19) surfaced. COVID-19 spread rapidly throughout China and worldwide, which caused significant volatility in the PRC and international markets. There has been significant uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its impact on the PRC and international economies. To reduce the spread of the COVID-19, the Chinese government has employed measures including city lockdowns, quarantines, travel restrictions, suspension of business activities and school closures. Due to difficulties resulting from the COVID-19 outbreak and all the other aspects of our operating challenges, including, but not limited to, the extending temporary closure of our facilities and operations to until the middle of May 2020, pending lawsuits for supplier arrears, bank loans and employee compensation, limited support from the Company’s employees, delayed access to raw material supplies, reduced customer sales orders, and our inability to promote the sales to customers on a timely basis, our revenue for the year ended December 31, 2020 decreased significantly. Furthermore, certain premises including factory building and warehouse have been frozen for a period of three years following a court order issued in April 2020. These facts raised substantial doubt about our ability to continue as a going concern for the next 12 months from the date of this report.

Our plan to alleviate the substantial doubt about our ability to continue as a going concern include attempting to improve our business profitability, our ability to generate sufficient cash flow from our operations to meet our operating needs on a timely basis, obtain additional working capital funds through debt and equity financings to eliminate inefficiencies in order to meet our anticipated cash requirements. We also plan to evaluate and identify suitable strategic or acquisition opportunities, complete such transactions on commercially favorable terms, or successfully integrate business operations, infrastructure and management philosophies of acquired businesses and companies. Given the operating difficulties and the COVID-19 outbreak, we resumed our business activities on May 18, 2020, with the support of the local government. We believe the negative impact of the COVID-19 coronavirus outbreak on our business to be temporary and for our sales activities have started to run as normal, which will help us to increase our sales in the near future. Due to the effects discussed above, to the extent that we experience a more adverse operating environment, incur unanticipated capital expenditures, or if we decide to accelerate our growth, then additional financing may be required. Currently, we are working to improve our liquidity and capital sources primarily through financial support from our principal shareholder and explore debt or equity financing possibilities. In order to fully implement our business plan and sustain continued growth, we may also need to raise capital from outside investors. On December 2, 2020, we entered into subscription agreements with four accredited investors for the sale of 9,100,000 of the Company’s common shares at the price $0.30 per share for the gross proceeds of approximately $2.73 million. We received the $2.73 million proceeds in April 2021. Our expectation, therefore, is that we will seek to access the capital markets in both the U.S. and China to obtain additional funds as needed. At the present time, however, we do not have commitments of funds from any third party. No assurance can be given that additional financing, if required, would be available on favorable terms or at all. If we do not secure capital needed for our operations, we may have to temporarily suspend or cease our operations.

Notice
Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.

About TDH Holdings, Inc.
Founded in April 2002, TDH Holdings, Inc. (the “Company”) (NASDAQ: PETZ), is a developer, manufacturer and distributer of a variety of pet food products under multiple brands that are sold in the China, Asia and Europe. More information about the Company can be found at www.tiandihui.com.

Safe Harbor Statement
This news release contains forward-looking statements.  Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate” or “continue” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. These statements are only predictions, uncertainties and other factors may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels or activity, performance or achievements expressed or implied by these forward-looking statements. Specifically, the Company’s statements regarding, among others, its growth and business outlook, the Company’s ability to execute on its business plan, secure necessary capital to sustain and maintain its operations, its ability to resume its operations at the previous levels, its ability to successfully resolve various legal proceedings in which it is involved, are forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict and many of which are beyond the control of the Company.  Actual results may differ from those projected in the forward-looking statements due to risks and uncertainties that are described more fully in the Company’s public reports filed with the U.S. Securities and Exchange Commission. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized.  In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by TDH or any other person that their objectives or plans will be achieved. The Company does not undertake any obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

TDH HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

December 31,

December 31,

2020

2019

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

6,566,549

$

5,114,175

Restricted cash

182,515

1,390,403

Short-term investments

3,138,578

Accounts receivable, net

168,499

21,657

Advances to suppliers, net

41,088

39,806

Inventories, net

247,245

473,216

Prepayments and other current assets,
net

172,481

153,633

Total current assets

10,516,955

7,192,890

NON-CURRENT ASSETS:

Property, plant and equipment, net

6,636,995

6,562,669

Land use rights, net

1,009,005

973,224

Long-term investments

71,757

Operating lease right-of-use assets

19,103

Operating lease right-of-use assets –
related parties 

270,852

286,670

Total non-current assets

7,935,955

7,894,320

Total assets

$

18,452,910

$

15,087,210

LIABILITIES AND
STOCKHOLDERS’ EQUITY
 (DEFICIT)

CURRENT LIABILITIES:

Accounts payable

$

3,209,763

$

3,436,939

Accounts payable – related parties

124,715

116,834

Notes payable

908,008

Advances from customers

90,834

116,155

Bank overdrafts

78,320

78,320

Short-term loans

8,391,323

7,624,061

Short-term loans – related parties

985,883

892,510

Taxes payable

60,729

57,521

Due to related parties

42,021

39,387

Operating lease liabilities, current 

9,913

Operating lease liabilities – related
parties, current 

195,231

137,347

Other current liabilities

5,882,164

1,054,818

Total current liabilities

19,070,896

14,461,900

NON-CURRENT LIABILITIES:

Deferred tax liabilities

1,036

Operating lease liabilities – related
party, non-current 

274,794

286,875

Total liabilities

19,345,690

14,749,811

STOCKHOLDERS’ EQUITY (DEFICIT):

Common stock ($0.001 par value;
200,000,000 shares authorized;
45,849,995 shares issued and
outstanding at December 31, 2020 and
2019)

45,850

45,850

Additional paid-in capital

21,963,570

21,963,678

Statutory reserves

160,014

160,014

Accumulated deficit

-22,849,319

-21,974,651

Accumulated other comprehensive
income (loss)

-212,895

142,516

Total TDH Holdings, Inc.
stockholders’ equity (deficit)

-892,780

337,407

Noncontrolling interest

-8

Total stockholders’ equity (deficit)

-892,780

337,399

Total liabilities and stockholders’
equity (deficit)

$

18,452,910

$

15,087,210

TDH HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

For The Years Ended December 31,

2020

2019

2018

Net revenue

$

815,225

$

12,455,414

$

22,154,506

Net revenue -related parties

192,841

1,519,531

Total revenue

815,225

12,648,255

23,674,037

Cost of revenue

857,060

13,992,499

26,278,300

Cost of revenue – related parties

178,636

1,448,533

Total cost of revenue

857,060

14,171,135

27,726,833

Gross loss

-41,835

-1,522,880

-4,052,796

Operating expenses:

Selling expense

117,993

920,237

4,535,945

General and administrative expense

1,766,109

3,702,035

2,792,858

Research and development expense

1,062,582

Impairment of long-lived assets other than goodwill

813,344

Impairment of goodwill

1,599,591

Total operating
expenses

1,884,102

5,435,616

9,990,976

Loss from operations

-1,925,937

-6,958,496

-14,043,772

Interest expense

-1,180,489

-1,378,755

-233,101

Government subsidies

8,651

129,255

81,882

Other income

137,163

1,189

20,242

Other expense

-35,197

-290,655

-26,992

Investment income, net

2,120,241

Loss from equity method investment

-127,965

-17,524

Total other income (expenses)

1,050,369

-1,666,931

-175,493

Loss before income tax benefit

-875,568

-8,625,427

-14,219,265

Income tax benefit

-900

Net loss

-874,668

-8,625,427

-14,219,265

Less: Net loss attributable to noncontrolling interest

-8

-40

Net loss attributable to TDH Holdings, Inc.

$

-874,668

$

-8,625,419

$

-14,219,225

Comprehensive loss

Net loss

$

-874,668

$

-8,625,427

$

-14,219,265

Other comprehensive loss

Foreign currency translation adjustment

-355,411

-100,954

-65,123

Total comprehensive loss

$

-1,230,079

$

-8,726,381

$

-14,284,388

Less: Comprehensive loss attributable to noncontrolling interest

-8

-347

Comprehensive loss attributable to TDH Holdings, Inc.

$

-1,230,079

$

-8,726,373

$

-14,284,041

Loss per common share attributable to TDH Holdings, Inc.

Basic

$

-0.02

$

-0.41

$

-1.49

Diluted

$

-0.02

$

-0.41

$

-1.49

Weighted average common shares outstanding

Basic

45,849,995

21,022,598

9,558,493

Diluted

45,849,995

21,022,598

9,558,493

TDH HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS 

For The Years Ended December 31,

2020

2019

2018

Cash flows from
operating activities

Net loss

$

-874,668

$

-8,625,427

$

-14,219,265

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization expense

391,351

571,528

395,355

Fair value change of short-term investments

-2,120,241

Loss from equity method investment

127,965

17,524

Loss on disposal of subsidiaries

5,018

Impairment of goodwill

1,599,591

Impairment of long-lived assets other than goodwill

813,344

Inventory write-down

42,241

518,119

1,668,508

Allowance for credit losses

74,190

659,569

Deferred income taxes

-1,106

-3,861

-591

Loss (gain) on disposal of property, plant and equipment

-16,870

308,003

Non-cash lease expense

33,944

89,176

Gain on forgiveness of short-term loan

$

-6,265

$

$

Changes in operating assets and liabilities:

Accounts receivable, net

-112,177

329,042

1,302,573

Accounts receivable – related parties, net

306,301

-778,516

Inventories, net

201,730

2,009,862

4,203,927

Operating lease liabilities

-9,382

Operating lease liabilities – related parties 

16,262

16,404

Due from related parties, net

-2,206

Due to related parties

14,387

18,142

Advances to suppliers, net

-12,179

36,322

569,723

Prepayments and other current assets, net

-29,363

516,018

-291,336

Accounts payable

-416,506

-2,775,356

1,870,157

Accounts payable – related parties

-6,703

19,848

Interest payable

1,065,277

260,417

119,712

Interest payable – related parties

43,835

Notes payable

-1,046,257

1,204,910

Taxes payable

13,797

32,733

Advances from customers

-31,366

-42,923

-60,254

Advances from customer – related party

-7,397

Other current liabilities

-866,962

280,843

160,914

Net cash used in operating activities

$

-2,628,255

$

-5,626,618

$

-2,173,742

Cash flows from investing activities

Payments to acquire property, plant and equipment

-47,086

-121,560

-5,627,422

Proceeds from disposal of property, plant and equipment

233,747

Payments to acquire land use rights

-854,221

Acquisition of businesses, net of cash acquired

19,888

Disposal of subsidiaries

83

Loans to related parties

-132,147

Repayments from related parties

1,282

235,049

Payments for long-term investments

-235,605

Purchase of short-term investments

-38,743,908

Proceeds from sale of short-term investments

42,146,183

Net cash provided by (used in) investing activities

$

3,355,189

$

113,552

$

-6,594,458

Cash flows from financing activities

Proceeds from issuance of common shares

6,760,000

Purchase of noncontrolling interest

-100

Collection of stock subscription receivable

100,000

Proceeds from related parties

5,306

Repayments to related parties

-1,000

-385,420

Proceeds from bank overdrafts

78,162

Proceeds from short-term loans

107,829

1,046,275

8,400,090

Repayments of short-term loans

-746,437

-2,073,177

-1,508,056

Proceeds from short-term loans – related parties

49,350

4,791,403

1,176,690

Repayments of short-term loans – related parties

-1,080,947

-60,490

Net cash provided by (used in) financing activities

$

-589,358

$

9,520,716

$

7,728,120

Effect of exchange rate changes on cash, cash equivalents and restricted cash

106,910

-203,577

96,808

Net change in cash, cash equivalents and restricted cash

244,486

3,804,073

-943,272

Cash, cash equivalents and restricted cash, beginning of the year

6,504,578

2,700,505

3,643,777

Cash, cash equivalents and restricted cash, end of the year

$

6,749,064

$

6,504,578

$

2,700,505

Supplemental cash flow information

Interest paid

$

38,362

$

1,118,338

$

113,389

Income taxes paid

$

146

$

$

Non-cash investing and financial activities

Accrued interest added to short-term loan – related party

$

$

126,697

$

Operating expenses paid by related parties

$

$

$

157,094

Liabilities assumed in connection with purchase of property, plant and equipment

$

14,592

$

51,196

$

38,636

Notes payable reclassified to short-term loans

$

908,850

$

479,724

$

Receivables from related parties settled with payables to related parties

$

$

28,694

$

114,707

Receivables from common stock subscription settled with loan payables to a related party

$

$

4,240,000

$

Shares issuance in connection with acquisition of subsidiaries

$

$

$

1,053,020

Short-term loans settled by transferring an equity investment to the creditor

$

70,708

$

$

Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets

Cash and cash equivalents

$

6,566,549

$

5,114,175

$

893,020

Restricted cash

$

182,515

$

1,390,403

$

1,807,485

Total cash, cash equivalents, and restricted cash

$

6,749,064

$

6,504,578

$

2,700,505

Cision View original content:http://www.prnewswire.com/news-releases/dh-holdings-inc-reports-full-year-2020-audited-financial-results-301277140.html

Source: TDH Holdings, Inc.

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Written by THEDIGITALSPY.COM

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