EX-99.1 2 agmhex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

On July 30, 2025, AGM Technology Limited (“AGM HK”) completed the previously announced sale of all shares of AGM Tianjin Construction Development Co., Ltd. (“AGM Tianjin”) and its subsidiary, Beijing AnGaoMeng Technology Service Co., Ltd. (“AGM Beijing”), to Huai’an Qiguangdian Network Technology Co., Ltd. (“HQ Network”), pursuant to the equity transfer agreement, dated July 28, 2025. Pursuant to the terms of the equity transfer agreement, HQ Network agreed to purchase AGM Tianjin and AGM Beijing for a consideration of US$5,000. Upon closing of the transaction, AGM HK will no longer have control over AGM Tianjin or AGM Beijing.

 

On September 9, 2025, AGM Group Holdings Inc. (the “Company” or “AGM Holdings”) completed the previously announced sale of all shares of AGM HK, a wholly-owned subsidiary of AGM Holdings primarily sale of cryptocurrency mining machines and standardized computing equipment, to Mr. Peng Liu, pursuant to the equity transfer agreement dated September 5, 2025. Pursuant to the terms of the equity transfer agreement, Mr. Peng Liu agreed to purchase AGM HK for a consideration of US$6,850,000. Upon closing of the transaction, the Company will no longer have control over AGM HK.

 

We refer to the equity transfer agreements dated July 28, 2025 and September 5, 2025 as the “Equity Transfer Agreements” and the foregoing transactions contemplated by the Equity Transfer Agreements collectively as the “Transactions”.

 

The unaudited pro forma condensed consolidated financial information and related notes have been derived from company historical consolidated financial statements, and were prepared based on the most reliable information available to management, along with their estimates, and in accordance with Article 11 of Regulation S-X. The unaudited pro forma consolidated financial information is for informational and illustrative purposes only and is not intended to be indicative of what actual results would have been had the Transaction occurred on the dates assumed, nor does such data purport to represent the consolidated financial results of the Company for future periods. The actual financial position and results of operations may differ significantly from the unaudited pro forma amounts reflected herein due to a variety of factors.

 

The unaudited pro forma consolidated financial information is based on historical financial statements of the Company as adjusted for the unaudited pro forma effects of the Transaction. The unaudited pro forma consolidated financial statements as of June 30, 2025 and for the six months ended June 30, 2025, the years ended December 31, 2024 and 2023 should be read in conjunction with:

 

● the accompany notes to the unaudited proforma consolidated financial statements; and

 

● the historical unaudited condensed consolidated financial statements and accompanying notes of the Company included in its Form 6-K for the six months ended June 30, 2025 filed with the U.S. Securities and Exchange Commission (the “SEC”) on October 10, 2025; and
   
● the historical audited consolidated financial statements and accompanying notes of the Company included in its Annual Report on Form 20-F for the year ended December 31, 2024 filed with the SEC on May 13, 2025.

 

Pro forma accounting adjustments are prepared using the assumptions set forth in the notes to the pro forma financial information. The results set forth in the notes to the pro forma financial information reflect preliminary estimates of the Transaction accounting adjustments.

 

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The Company’s historical consolidated financial statements have been adjusted in accordance with Article 11 of Regulation S-X in the accompanying unaudited pro forma condensed consolidated financial statements and related notes to give effect to the following pro forma Transaction accounting adjustments further described in Note 2, Pro Forma Adjustments and Assumptions:

 

●AGM Tianjin and AGM Beijing Adjustments and AGM HK Adjustments:

 

²The separation and transfer of the operations, assets, and liabilities included in the Company’s historical financial results directly attributable to AGM Tianjin, AGM Beijing and AGM HK in accordance with the Accounting Standards Codification (“ASC”) 205, Presentation of Financial Statements (“ASC 205”) to Purchase; and

 

●Transaction Accounting Adjustments

 

²Recovery of elimination of intercompany balances

 

The unaudited pro forma condensed consolidated financial statements do not include autonomous entity adjustment or management adjustments to reflect any potential synergies or dis-synergies that may arise from or in connection with the Transaction.

 

The unaudited pro forma condensed consolidated balance sheets as of June 30, 2025 give effect to the Transaction as if it had occurred on June 30, 2025. The unaudited pro forma condensed consolidated statements of operations for the six months ended June 30, 2025 and for the years ended December 31, 2024 and 2023 give effect to the Transaction as if occurred on January 1, 2023, the beginning of the earliest period presented.

 

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AGM GROUP HOLDINGS, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

AS OF JUNE 30, 2025

(Amounts in US$, except for number of shares)

 

       Pro Forma Adjustments
(Note 2(a))		            
   AGM GROUP HOLDINGS, INC.   AGM Tianjin and AGM Beijing Adjustments   AGM
HK Adjustments		   Transaction Accounting Adjustments   Note     Pro Forma 
ASSETS                       
CURRENT ASSETS:                            
Cash and cash equivalents  $532,848   $(5,134)  $(477)  $-      $527,237 
Restricted cash   2    -    (2)   -       - 
Accounts receivable, net   31,426,844    (237,477)   (12,114,038)   -       19,075,329 
Inventories   9,440,200    -    -    -       9,440,200 
Advances to suppliers, net   4,241,091    (2,419)   -    -       4,238,672 
Prepayment and other current assets, net   9,803,453    (11,030)   6,444,006    7,187,264   2(b)   23,423,693 
Due from Intercompany   -    (2,794)   (35,889,064)   35,891,858   2(b)   - 
Total current assets   55,444,438    (258,854)   (41,559,575)   43,079,122       56,705,131 
NON - CURRENT ASSETS:                            
Property and equipment, net   8,404    (8,096)   -    -       308 
Intangible assets, net   26,787    -    -    -       26,787 
Deferred tax assets   8,933,023    -    (8,626,262)   -       306,761 
Total non - current assets   8,968,214    (8,096)   (8,626,262)   -       333,856 
TOTAL ASSETS  $64,412,652   $(266,950)   (50,185,837)  $43,079,122      $57,038,987 
                             
LIABILITIES AND SHAREHOLDERS’ EQUITY                            
CURRENT LIABILITIES:                            
Accounts payable  $7,018,267   $-    (7,018,267)  $-      $- 
Accrued expenses and other payables   3,438,703    (1,128,408)   (322,794)   15,135,074   2(b)   17,122,575 
Advances from customers   539    -    (539)   -       - 
Due to related parties   2,173,365    -    (1,993,346)   -       180,019 
Income tax payable   16,025,604    (2,391)   (15,386,692)   -       636,521 
Due to Intercompany   -    (7,512,743)   (20,431,305)   27,944,048   2(b)   - 
Total current liabilities   28,656,478    (8,643,542)   (45,152,943)   43,079,122       17,939,115 
NON - CURRENT LIABILITIES:                            
Total non - current liabilities   -    -    -    -       - 
TOTAL LIABILITIES  $28,656,478   $(8,643,542)   (45,152,943)  $43,079,122      $17,939,115 
                             
SHAREHOLDERS’ EQUITY:                            
Class A Ordinary Shares (4,000,000 shares authorized with par value of $0.05, 1,974,163 shares issued and outstanding as of June 30, 2025, respectively)  $98,708   $-   $-   $-      $98,708 
Class B Ordinary Shares (4,000,000 shares authorized with par value of $0.05, 42,000 shares issued and outstanding as of June 30, 2025, respectively)   2,100    -    -    -       2,100 
Additional paid-in capital   31,217,741    -    -    -       31,217,741 
Retained earnings   2,962,341    9,858,604    (5,032,894)   -       7,788,051 
Accumulated other comprehensive loss   1,475,284    (1,482,012)   -    -       (6,728)
Total shareholders’ equity   35,756,174    8,376,592    (5,032,894)           39,099,872 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $64,412,652   $(266,950)   (50,185,837)  $43,079,122      $57,038,987 

 

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AGM GROUP HOLDINGS, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE SIX MOUTHS ENDED JUNE 30, 2025

(Amounts in US$, except for number of shares)

 

       Pro Forma Adjustments
(Note 2(a))		         
   AGM GROUP
HOLDINGS,
INC.		   AGM Tianjin
and AGM
Beijing
Adjustments		   AGM
HK
Adjustments		   Transaction
Accounting
Adjustments
(Note 2(b))		   Pro
Forma		 
Revenues  $20,309,043   $(229,748)  $(27,392,200)  $27,392,200   $20,079,295 
Cost of revenues       (17,952,964)   221,482    27,392,200    (27,392,718)   (17,732,000)
Gross profit   2,356,079    (8,266)   -    (518)   2,347,295 
                          
Operating expenses                         
Selling, general & administrative expenses   (2,680,892)   3,557    658,168    -    (2,019,167)
Total operating expenses   (2,680,892)   3,557    658,168    -    (2,019,167)
                          
(Loss)/income from operations   (324,813)   (4,709)   658,168    (518)   328,128 
                          
Other income/(expenses)                         
Other income       27,912    (1,295)   (2,151)   518    24,984 
Other expenses   (260,191)   258,973    1,199    -    (19)
Total other (expenses)/income   (232,279)   257,678    (952)   518    24,965 
                          
(Loss)/income from continuing operation before provision of income taxes   (557,092)   252,969    657,216    -    353,093 
Provision for income taxes benefit/(expenses)   5,630,045    2,383    (5,912,454)   -    (280,026)
                          
Net income from continuing operation  $5,072,953   $255,352   $(5,255,238)  $-   $73,067 
                          
Income earnings per common share                         
Continuing operations - Basic and Diluted   3.70                   0.05 
                          
Weighted average Class A ordinary shares outstanding,basic and diluted   1,370,765                   1,370,765 

 

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AGM GROUP HOLDINGS, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2024

(Amounts in US$, except for number of shares)

 

       Pro Forma Adjustments
(Note 2(a))		         
   AGM GROUP
HOLDINGS,
INC.		   AGM Tianjin
and AGM
Beijing
Adjustments		   AGM
HK
Adjustments		   Transaction
Accounting
Adjustments
(Note 2(b))		   Pro
Forma		 
Revenues  $32,044,575   $-   $(32,044,575)  $-   $- 
Cost of revenues       (25,188,174)   -    25,188,174    -    - 
Gross profit   6,856,401    -    (6,856,401)   -    - 
                          
Operating expenses                         
Selling, general & administrative expenses   (909,042)   4,969    (679,002)   -    (1,583,075)
Total operating expenses   (909,042)   4,969    (679,002)   -    (1,583,075)
                          
Income/(loss) from operations   5,947,359    4,969    (7,535,403)   -    (1,583,075)
                          
Other income/(expenses)                         
Other income       50,438    (3,335)   (4,026)   -    43,077 
Other expenses   (259,269)   127,344    82,256    -    (49,669)
Total other (expenses)/income   (208,831)   124,009    78,230    -    (6,592)
                          
Income from continuing operation before provision of income taxes   5,738,528    128,978    (7,457,173)   -    (1,589,667)
Provision for income taxes expenses   (2,330,891)   102,651    1,864,293    -    (363,947)
                          
Net income from continuing operation  $3,407,637   $231,629   $(5,592,880)  $-   $(1,953,614)
                          
Income earnings per common share                         
Continuing operations - Basic and Diluted   7.02                   (4.03)
                          
Weighted average Class A ordinary shares outstanding,basic and diluted   485,098                              485,098 

 

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AGM GROUP HOLDINGS, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2023

(Amounts in US$, except for number of shares)

 

       Pro Forma Adjustments
(Note 2(a))		         
   AGM GROUP
HOLDINGS,
INC.		   AGM Tianjin
and AGM
Beijing
Adjustments		   AGM
HK Adjustments		   Transaction
Accounting
Adjustments
(Note 2(b))		   Pro
Forma		 
Revenues  $68,758,258   $-   $(68,758,258)  $             -   $- 
Cost of revenues       (65,605,382)   -    65,605,382    -    - 
Gross profit   3,152,876    -    (3,152,876)   -    - 
                          
Operating expenses                         
Selling, general & administrative expenses   12,667,684    11,847    (14,095,934)   -    (1,416,403)
Total operating expenses   12,667,684    11,847    (14,095,934)   -    (1,416,403)
                          
Income/(loss) from operations   15,820,560    11,847    (17,248,810)   -    (1,416,403)
                          
Other income/(expenses)                         
Other income       37,071    (9)   (9,418)   -    27,644 
Other expenses   (348,569)   -    291,645    -    (56,924)
Gain on disposal of subsidiaries   -    -    6,850,000    -    6,850,000 
Total other (expenses)/income   (311,498)   (9)   7,132,227    -    6,820,720 
                          
Income from continuing operation before provision of income taxes   15,509,062    11,838    (10,116,583)   -    5,404,317 
Provision for income taxes (expenses) /benefit   (4,093,157)   (424)   4,241,645    -    148,064 
                          
Net income from continuing operation  $11,415,905   $11,414   $(5,874,938)  $-   $5,552,381 
                          
Income earnings per common share                         
Continuing operations - Basic and Diluted   23.53                   11.45 
                          
Weighted average Class A ordinary shares outstanding,basic and diluted   485,098                   485,098 

 

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NOTES TO UNAUDITED AND UNREVIEWED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS

 

1.Basis of Presentation

 

The unaudited pro forma condensed consolidated financial statements and related notes are prepared in accordance with Article 11 of Regulation S-X. While the historical consolidated financial statements reflect the Company’s past financial results, the pro forma condensed consolidated are included solely for information purposes and are intended to illustrate how the Transaction might have affected the historical consolidated financial statements had it been completed earlier, as indicated herein:

 

●The Unaudited Pro Forma Condensed Consolidated Balance Sheets as of June 30, 2025, as adjusted, gives effect to the Disposition Adjustments and Transaction Accounting Adjustments as if they had occurred or become effective on June 30, 2025.

 

●The Unaudited Pro Forma Condensed Consolidated Statements of Operations for the six months ended June 30, 2025 and for the years ended December 31, 2024 and 2023, as adjusted, to give effect to the Disposition Adjustments and Transaction Accounting Adjustments as if they had occurred or become effective on 1 January, 2023.

 

For purposes of the Unaudited Pro Forma Condensed Balance Sheets, the estimated pro forma loss on disposal is recognized in Shareholder’s Equity based on the historical net carrying value as of June 30, 2025 rather than as of the closing dates of the Transactions. The final loss on disposition will be calculated based on the final amount of consideration received, carrying value of AGM Tianjin and AGM HK at the closing date, and the finalization of the Company’s current fiscal year tax provision. As a result, the pro forma loss reflected herein may differ from the actual loss on the Transactions recorded as of the closing dates.

 

The unaudited pro forma condensed consolidated financial statements do not project the Company’s future consolidated financial statements, nor are they intended to represent or indicate the actual consolidated financial statements that the Company would have had if the Transaction had occurred on the indicated dates. Furthermore, the unaudited pro forma condensed consolidated financial statements do not reflect the realization of any expected cost savings, synergies, or dis-synergies resulting from the Transactions, and they do not encompass all actions that the Company undertake subsequent to the closing of the Transactions.

 

2.Pro Forma Adjustments

 

Adjustments included in the Pro Forma Adjustments column in the accompanying unaudited pro forma condensed consolidated financial statements are as follows:

 

(a) AGM Tianjin and AGM Beijing Adjustments and AGM HK Adjustments: The AGM Tianjin and AGM Beijing Adjustments and AGM HK Adjustments columns of the Unaudited Pro Forma Condensed Consolidated Balance Sheet and Unaudited Pro Forma Condensed Consolidated Statements of Operations represent the Pro Forma Adjustments to historical financial results directly attributable to the Transactions in accordance with ASC 205. This reflects the separation of these companies, including the elimination of associated assets, liabilities, equity, and income (loss) attributable to the Transactions, that were included in the Company’s historical financial statements.

 

(b) Represents the recovery of elimination between the Company and AGM Tianjin as well as AGM HK.

 

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