Form 10-Q EOS INC. For: Mar 31
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
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QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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FOR THE QUARTERLY PERIOD ENDED: |
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TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT |
FOR THE TRANSITION PERIOD FROM __________ TO __________
COMMISSION FILE NUMBER 000-55661
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
(Address of principal executive offices, Zip Code)
+886 -2-2586-8300
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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No ne |
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No ne |
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No ne |
Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes
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No
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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
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No
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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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Accelerated filer |
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☒ |
Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
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No
As of May 18, 2022, the number of shares of registrant’s common stock outstanding is 180,065,254 .
EOS, Inc.
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| 2 |
The following unaudited interim condensed consolidated financial statements of EOS Inc. are included in this Quarterly Report on Form 10-Q:
INDEX TO FINANCIAL STATEMENT
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| F-1 |
CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2022 AND DECEMBER 31, 2021 (UNAUDITED)
(In U.S. Dollars, except share data or otherwise stated)
March 31, 2022 | December 31, 2021 | |||||||
Assets | ||||||||
Current Assets | $ | $ | ||||||
Cash and cash equivalents | ||||||||
Accounts receivable | ||||||||
Inventory, net | ||||||||
Advance to suppliers | ||||||||
Security deposits | ||||||||
Prepaid expenses and other current assets | ||||||||
Total Current Assets | ||||||||
Non-Current Assets | ||||||||
Property and equipment, net | ||||||||
Operating lease right of use asset, net | ||||||||
Total Non-Current Assets | ||||||||
Total Assets | $ | $ | ||||||
Liabilities and Stockholders’ Equity | ||||||||
Current Liabilities | $ | $ | ||||||
Other payable and accrued expenses | ||||||||
Due to shareholders | ||||||||
Income tax payable | ||||||||
Other current liabilities | ||||||||
Operating lease liabilities - current | ||||||||
Short-term loan | ||||||||
Total Current Liabilities | ||||||||
Non-Current Liabilities | ||||||||
Long-term loan | ||||||||
Operating lease liabilities - non-current | ||||||||
Total Non-Current Liabilities | ||||||||
Total liabilities | ||||||||
Commitments and Contingencies | ||||||||
Stockholders’ Equity | ||||||||
Preferred stock ($ | ||||||||
Common stock ($ 0 , shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively) | ||||||||
Additional paid-in capital | ||||||||
Retained earnings | ||||||||
Accumulated other comprehensive income | ||||||||
Total stockholders’ equity | ||||||||
Non-controlling interest | ||||||||
Total Equity | ||||||||
Total Liabilities and Stockholders’ Equity | $ | $ | ||||||
The accompanying notes are an integral part of these consolidated financial statements.
| F-2 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
FOR THE THREE MONTHS ENDED MARCH 31, 202
2
(UNAUDITED)AND 2021
(In U.S. Dollars, except share data or otherwise stated)
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For the Three Months |
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Ended March 31, |
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2022 |
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2021 |
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Net sales |
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$ |
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Cost of sales |
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Gross profit |
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Selling, general and administrative expenses |
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Income (Loss) from operations |
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( |
) |
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Other income (expense) |
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Interest income (expense) |
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Other income (expense) |
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Gain (loss) on foreign currency exchange |
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Total other income (expense) |
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Income (loss) before income tax provision |
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( |
) |
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Income tax provision |
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Net Income (loss) |
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$ |
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Other Comprehensive Income (Loss): |
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- |
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Net income (loss) |
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Net income (loss) attributable to non-controlling interests |
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$ |
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Net income (loss) attributable to EOS and subsidiaries |
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Foreign currency translation adjustment, net of tax |
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Comprehensive (loss) |
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$ |
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Net (loss) income per share: |
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Basic and diluted |
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$ |
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Weighted average number of common shares: |
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Basic and diluted |
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The accompanying notes are an integral part of these consolidated financial statements.
| F-3 |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021
(UNAUDITED)
(In U.S. Dollars, except share data or otherwise stated)
Common Stock | Preferred Stock | Accumulated Addistional Paid-in | Retained | Accumulated Other Comprehensive Income/ | Non- Controlling | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Earning | (Loss) | Interest | Total | ||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Foreign currency translation adjustment | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||
Net loss | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Balance at December 31, 2020 | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||
Net loss | ||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements.
| F-4 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 202
2
(UNAUDITED) AND 2021
(In U.S. Dollars, except share data or otherwise stated)
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For the Three Months |
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Ended March 31, |
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Cash Flows from Operating Activities |
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2022 |
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2021 |
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Net income (loss) |
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$ |
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$ |
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Adjustments to reconcile net income to net cash provided by operating activities |
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Depreciation |
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Amortization of right-of-use asset |
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Changes in assets and liabilities: |
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Decrease (increase) in accounts receivable |
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Decrease (increase) in inventory |
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Decrease (increase) in advance to suppliers |
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