Increased Registered Users to Over 2.68 Million as of
Reported Gross Profit of Approximately
Closed
Hosted First-Ever AI Robot for TikTok Live Commerce in
Announced Collaboration with AIO Synergy Solutions on Development of
“TGL continued to be a leading innovator in our markets, hosting first-ever events on TikTok and Meta Platforms, and signing partnerships with regional leaders like AIO Synergy Solutions to collaborate on the development of a data center for artificial intelligence applications,” said
“Throughout the second quarter, TGL took steps that I believe have strengthened the Company, allowing us to invest in further innovation. These steps included our
Recent Business Highlights
- Over 2.68 million registered users as of
December 31, 2023 . - 53% of paid users transacted three or more times in the quarter ended
December 31, 2023 . - Quarterly active users for the quarter ended
December 31, 2023 were 156,979. - Paid users down by 64% year-over-year.
- A total of 0.58 million transactions were transacted by our registered users in the quarter ended
December 31, 2023 . - Signed a memorandum of understanding between ZCITY and Malaysia’s leading healthcare group,
UCSI Hospital , to pioneer stem cell healthcare tourism forIndonesia ,Hong Kong andChina . - Signed an agreement for Treasure Global’s Abe Yus to supply its high-selling curry puffs to the world’s largest convenience store chain.
- Announced major shareholder lock-up agreement.
- Unveiled premium store, paving the way for an elevated ZCITY experience and substantial growth.
- Announced closing of
$4.0 million public offering. - Signed agreement to retire convertible debt notes.
- Hosted historic artificial intelligence (“AI”) robot for TikTok Live Commerce in
Malaysia . - Entered booming global gaming market, launching 10 mini games integrated with AI Game Creator in ZCITY’s 3D World.
- Launched ZCITY Live Commerce solution on Meta Platforms.
- Collaborated with AIO Synergy Solutions on development of data center for AI applications.
Financial Results for the Second Quarter of Fiscal Year 2024
Total revenues for the second quarter ended
Gross profit for the second quarter of the 2024 fiscal year was approximately
Net loss of approximately
Cash and cash equivalents were approximately
Outlook for Third Quarter of Fiscal Year 2024
The Company believes it is well-positioned to capitalize on the economic growth of
For the second half of the fiscal year 2024, TGL will continue to focus on strengthening the Company by expanding its higher-margin revenue channels like health care, computer and food and beverage products, and its member subscription revenue, allowing the Company to increase gross profit.
Conference Call and Webcast Information
The Company will host a conference call and audio webcast today,
Event: | Treasure Global Second Quarter of Fiscal Year 2024 Results Conference Call |
Date: | |
Time: | |
Live Call: | 877-704-4453 (Toll Free) or +1-201-389-0920 (International) |
Webcast: | https://viavid.webcasts.com/starthere.jsp?ei=1654371&tp_key=065b94d7d1 |
For interested individuals unable to join the conference call, a replay will be available through
About
For more information, please visit https://treasureglobal.co/.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are characterized by future or conditional verbs such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the fiscal year ended
For further information, please contact:
ir_us@treasuregroup.co
Malaysian Investor Contacts
ir_my@treasuregroup.co
Media Contact
mediacontact@treasuregroup.co
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
2023 | 2023 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents | $ | 1,226,570 | $ | 4,593,634 | |||
Accounts receivable, net | 185,630 | 163,169 | |||||
Inventories, net | 126,884 | 400,543 | |||||
Other receivables and other current assets | 426,602 | 613,125 | |||||
Other receivable, a related party | 12,581 | 12,379 | |||||
Prepayments | 401,111 | 248,551 | |||||
Total current assets | 2,379,378 | 6,031,401 | |||||
OTHER ASSETS | |||||||
Property and equipment, net | 233,674 | 279,600 | |||||
Intangible assets, net | 1,626,449 | - | |||||
Operating lease right-of-use assets | 42,557 | 61,377 | |||||
Investment in marketable securities | 647,565 | - | |||||
Total other assets | 2,550,245 | 340,977 | |||||
TOTAL ASSETS | $ | 4,929,623 | $ | 6,372,378 | |||
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | |||||||
CURRENT LIABILITIES | |||||||
Related party loan, current portion | $ | 5,893 | $ | 5,323 | |||
Insurance loan | - | 160,292 | |||||
Convertible notes payable, net of unamortized discounts of | - | 4,791,716 | |||||
Accounts payable | 168,539 | 42,853 | |||||
Customer deposits | 133,527 | 161,475 | |||||
Contract liability | 192,506 | 157,080 | |||||
Other payables and accrued liabilities | 612,988 | 723,396 | |||||
Other payables, related parties | 14,411 | 1,660 | |||||
Amount due to related parties | - | 320,960 | |||||
Operating lease liabilities | 33,194 | 40,274 | |||||
Income tax payables | 65,506 | 67,546 | |||||
Total current liabilities | 1,226,564 | 6,472,575 | |||||
NON-CURRENT LIABILITIES | |||||||
Operating lease liabilities, non-current | 10,785 | 22,036 | |||||
Related party loan, non-current portion | 5,564 | 8,099 | |||||
Total non-current liabilities | 16,349 | 30,135 | |||||
TOTAL LIABILITIES | 1,242,913 | 6,502,710 | |||||
COMMITMENTS AND CONTINGENCIES | |||||||
STOCKHOLDERS’ EQUITY (DEFICIENCY) | |||||||
Common stock, par value | 692 | 180 | |||||
Additional paid-in capital | 38,638,562 | 31,485,556 | |||||
Accumulated deficit | (34,774,677 | ) | (31,443,451 | ) | |||
Accumulated other comprehensive loss | (177,867 | ) | (172,617 | ) | |||
TOTAL STOCKHOLDERS’ EQUITY (DEFICIENCY) | 3,686,710 | (130,332 | ) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIENCY) | $ | 4,929,623 | $ | 6,372,378 | |||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | |||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
REVENUES | $ | 6,713,805 | $ | 20,444,168 | $ | 20,177,700 | $ | 36,000,508 | |||||||
COST OF REVENUES | (6,368,202 | ) | (20,210,159 | ) | (19,669,463 | ) | (35,729,406 | ) | |||||||
GROSS PROFIT | 345,603 | 234,009 | 508,237 | 271,102 | |||||||||||
SELLING | (510,640 | ) | (1,266,300 | ) | (1,272,343 | ) | (2,559,330 | ) | |||||||
GENERAL AND ADMINISTRATIVE | (786,043 | ) | (855,573 | ) | (2,023,210 | ) | (1,666,319 | ) | |||||||
RESEARCH AND DEVELOPMENT | (138,236 | ) | (167,933 | ) | (220,628 | ) | (297,230 | ) | |||||||
STOCK-BASED COMPENSATION | - | - | - | (439,332 | ) | ||||||||||
TOTAL OPERATING EXPENSES | (1,434,919 | ) | (2,289,806 | ) | (3,516,181 | ) | (4,962,211 | ) | |||||||
LOSS FROM OPERATIONS | (1,089,316 | ) | (2,055,797 | ) | (3,007,944 | ) | (4,691,109 | ) | |||||||
OTHER (EXPENSE) INCOME | |||||||||||||||
Other (expense) income, net | (225,721 | ) | 55,187 | (197,321 | ) | 69,512 | |||||||||
Interest expense | (21,593 | ) | (55 | ) | (69,442 | ) | (41,840 | ) | |||||||
Unrealized holding loss on marketable securities | (412,607 | ) | - | (352,435 | ) | - | |||||||||
Other income from software developing service, net of cost | 675,131 | - | 675,131 | - | |||||||||||
Amortization of debt discount | (119,402 | ) | - | (358,284 | ) | (998,076 | ) | ||||||||
TOTAL OTHER INCOME (EXPENSE), NET | (104,192 | ) | 55,132 | (302,351 | ) | (970,404 | ) | ||||||||
LOSS BEFORE INCOME TAXES | (1,193,508 | ) | (2,000,665 | ) | (3,310,295 | ) | (5,661,513 | ) | |||||||
PROVISION FOR INCOME TAXES | (6,006 | ) | (11,500 | ) | (20,931 | ) | (23,000 | ) | |||||||
NET LOSS | (1,199,514 | ) | (2,012,165 | ) | (3,331,226 | ) | (5,684,513 | ) | |||||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||
Foreign currency translation adjustment | (5,293 | ) | 49,998 | (5,250 | ) | (85,278 | ) | ||||||||
COMPREHENSIVE LOSS | $ | (1,204,807 | ) | $ | (1,962,167 | ) | $ | (3,336,476 | ) | $ | (5,769,791 | ) | |||
LOSS PER SHARE | |||||||||||||||
Basic and diluted | $ | (0.03 | ) | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.36 | ) | |||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | |||||||||||||||
Basic and diluted | 37,794,450 | 17,288,116 | 28,106,060 | 15,598,984 | |||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Source:
2024 GlobeNewswire, Inc., source